# EDGAR Filing Document

**Accession Number:** 0001047304
**File Stem:** 0001193125-26-072308
**Filing Date:** 2026-2
**Character Count:** 6173032
**Document Hash:** 0ba6ace4b6afd4fec352c950e6883982
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-072308.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001193125-26-072308

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 112

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0001047304

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08399
- **FILM NUMBER:** 26680611

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? N-CSR

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

#### INVESTMENT COMPANIES
Investment Company Act file number: 811-08399

### PIMCO Variable Insurance Trust

#### (Exact name of registrant as specified in charter)
650 Newport Center Drive, Newport Beach, CA 92660

#### (Address of principal executive office)

#### Bijal Y. Parikh

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

#### PIMCO Variable Insurance Trust

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

#### (Name and address of agent for service)
Copies to:

#### Adam T. Teufel

#### Dechert LLP

#### 1900 K Street, N.W.

#### Washington, D.C. 20006
Registrant's telephone number, including area code: (888) 877-4626

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

**Item 1.** **Reports to Stockholders.** <br>

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

● PIMCO All Asset Portfolio Administrative Class

● PIMCO All Asset Portfolio Advisor Class

● PIMCO All Asset Portfolio Institutional Class

● PIMCO All Asset Portfolio Class M

● PIMCO Balanced Allocation Portfolio Administrative Class

● PIMCO CommodityRealReturn® Strategy Portfolio Administrative Class

● PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class

● PIMCO CommodityRealReturn® Strategy Portfolio Class M

● PIMCO CommodityRealReturn® Strategy Portfolio Institutional Class

● PIMCO Dynamic Bond Portfolio Administrative Class

● PIMCO Dynamic Bond Portfolio Advisor Class

● PIMCO Dynamic Bond Portfolio Class M

● PIMCO Dynamic Bond Portfolio Institutional Class

● PIMCO Emerging Markets Bond Portfolio Administrative Class

● PIMCO Emerging Markets Bond Portfolio Advisor Class

● PIMCO Emerging Markets Bond Portfolio Class M

● PIMCO Emerging Markets Bond Portfolio Institutional Class

● PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class

● PIMCO Global Bond Opportunities Portfolio (Unhedged) Advisor Class

● PIMCO Global Bond Opportunities Portfolio (Unhedged) Institutional Class

● PIMCO Global Core Bond (Hedged) Portfolio Administrative Class

● PIMCO Global Diversified Allocation Portfolio Administrative Class

● PIMCO Global Diversified Allocation Portfolio Advisor Class

● PIMCO Global Managed Asset Allocation Portfolio Administrative Class

● PIMCO Global Managed Asset Allocation Portfolio Advisor Class

● PIMCO Global Managed Asset Allocation Portfolio Institutional Class

● PIMCO High Yield Portfolio Administrative Class

● PIMCO High Yield Portfolio Advisor Class

● PIMCO High Yield Portfolio Institutional Class

● PIMCO Income Portfolio Administrative Class

● PIMCO Income Portfolio Advisor Class

● PIMCO Income Portfolio Institutional Class

● PIMCO International Bond Portfolio (U.S. Dollar-Hedged) Administrative Class

● PIMCO International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class

● PIMCO International Bond Portfolio (U.S. Dollar-Hedged) Institutional Class

● PIMCO International Bond Portfolio (Unhedged) Administrative Class

● PIMCO International Bond Portfolio (Unhedged) Advisor Class

● PIMCO International Bond Portfolio (Unhedged) Institutional Class

● PIMCO Long-Term U.S. Government Portfolio Administrative Class

● PIMCO Long-Term U.S. Government Portfolio Advisor Class

● PIMCO Long-Term U.S. Government Portfolio Institutional Class

● PIMCO Low Duration Portfolio Administrative Class

● PIMCO Low Duration Portfolio Advisor Class

● PIMCO Low Duration Portfolio Institutional Class

● PIMCO Real Return Portfolio Administrative Class

● PIMCO Real Return Portfolio Advisor Class

● PIMCO Real Return Portfolio Institutional Class

● PIMCO Short-Term Portfolio Administrative Class

● PIMCO Short-Term Portfolio Advisor Class

● PIMCO Short-Term Portfolio Institutional Class

● PIMCO Total Return Portfolio Administrative Class

● PIMCO Total Return Portfolio Advisor Class

● PIMCO Total Return Portfolio Institutional Class

(b) Not applicable to open-end investment companies.

# Administrative Class

# PIMCO All Asset Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g05s71.jpg)

This annual shareholder report contains important information about the PIMCO All Asset Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $52 | 0.49% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Positions in developed ex-U.S. equities, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in emerging markets equities, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in emerging market bonds, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in commodities, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in U.S. and global core bonds, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g15n20.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **1/31/16** | $9857 | $10146 | $10129 | $10036 |
| **2/29/16** | $9846 | $10244 | $10213 | $10065 |
| **3/31/16** | $10502 | $10328 | $10360 | $10136 |
| **4/30/16** | $10821 | $10346 | $10388 | $10214 |
| **5/31/16** | $10568 | $10389 | $10328 | $10279 |
| **6/30/16** | $10921 | $10587 | $10497 | $10348 |
| **7/31/16** | $11164 | $10650 | $10530 | $10386 |
| **8/31/16** | $11209 | $10645 | $10477 | $10446 |
| **9/30/16** | $11328 | $10644 | $10557 | $10515 |
| **10/31/16** | $11361 | $10541 | $10544 | $10581 |
| **11/30/16** | $11095 | $10366 | $10390 | $10636 |
| **12/31/16** | $11293 | $10395 | $10401 | $10705 |
| **1/31/17** | $11541 | $10357 | $10478 | $10790 |
| **2/28/17** | $11744 | $10446 | $10504 | $10851 |
| **3/31/17** | $11854 | $10441 | $10511 | $10890 |
| **4/30/17** | $11899 | $10512 | $10558 | $10947 |
| **5/31/17** | $12047 | $10573 | $10552 | $10984 |
| **6/30/17** | $12062 | $10543 | $10469 | $11036 |
| **7/31/17** | $12302 | $10578 | $10522 | $11084 |
| **8/31/17** | $12451 | $10674 | $10594 | $11170 |
| **9/30/17** | $12449 | $10625 | $10543 | $11270 |
| **10/31/17** | $12530 | $10670 | $10560 | $11324 |
| **11/30/17** | $12588 | $10687 | $10548 | $11399 |
| **12/31/17** | $12822 | $10710 | $10598 | $11468 |
| **1/31/18** | $13129 | $10634 | $10519 | $11562 |
| **2/28/18** | $12799 | $10610 | $10471 | $11639 |
| **3/31/18** | $12849 | $10698 | $10556 | $11688 |
| **4/30/18** | $12849 | $10658 | $10542 | $11765 |
| **5/31/18** | $12683 | $10698 | $10591 | $11838 |
| **6/30/18** | $12536 | $10718 | $10621 | $11897 |
| **7/31/18** | $12668 | $10721 | $10580 | $11955 |
| **8/31/18** | $12488 | $10754 | $10651 | $12024 |
| **9/30/18** | $12555 | $10713 | $10577 | $12096 |
| **10/31/18** | $12170 | $10692 | $10495 | $12172 |
| **11/30/18** | $12267 | $10744 | $10529 | $12214 |
| **12/31/18** | $12129 | $10899 | $10572 | $12271 |
| **1/31/19** | $12679 | $11015 | $10690 | $12312 |
| **2/28/19** | $12703 | $11028 | $10700 | $12397 |
| **3/31/19** | $12782 | $11225 | $10843 | $12493 |
| **4/30/19** | $12843 | $11232 | $10890 | $12588 |
| **5/31/19** | $12720 | $11394 | $11008 | $12643 |
| **6/30/19** | $13110 | $11553 | $11118 | $12691 |
| **7/31/19** | $13049 | $11644 | $11135 | $12771 |
| **8/31/19** | $12888 | $11908 | $11278 | $12834 |
| **9/30/19** | $13021 | $11853 | $11185 | $12905 |
| **10/31/19** | $13208 | $11833 | $11216 | $12992 |
| **11/30/19** | $13208 | $11819 | $11218 | $13080 |
| **12/31/19** | $13572 | $11795 | $11296 | $13170 |
| **1/31/20** | $13358 | $12008 | $11443 | $13248 |
| **2/29/20** | $12892 | $12155 | $11542 | $13308 |
| **3/31/20** | $11385 | $11965 | $11331 | $13304 |
| **4/30/20** | $11997 | $12159 | $11561 | $13257 |
| **5/31/20** | $12399 | $12194 | $11633 | $13300 |
| **6/30/20** | $12761 | $12254 | $11757 | $13416 |
| **7/31/20** | $13174 | $12388 | $11925 | $13536 |
| **8/31/20** | $13278 | $12299 | $12094 | $13640 |
| **9/30/20** | $13083 | $12343 | $12051 | $13730 |
| **10/31/20** | $12912 | $12344 | $12002 | $13802 |
| **11/30/20** | $14068 | $12415 | $12094 | $13888 |
| **12/31/20** | $14659 | $12453 | $12244 | $14002 |
| **1/31/21** | $14911 | $12386 | $12320 | $14090 |
| **2/28/21** | $15295 | $12193 | $12231 | $14195 |
| **3/31/21** | $15546 | $12145 | $12251 | $14318 |
| **4/30/21** | $15955 | $12177 | $12407 | $14469 |
| **5/31/21** | $16365 | $12204 | $12523 | $14620 |
| **6/30/21** | $16616 | $12264 | $12533 | $14800 |
| **7/31/21** | $16700 | $12416 | $12821 | $14927 |
| **8/31/21** | $16813 | $12391 | $12797 | $15029 |
| **9/30/21** | $16524 | $12274 | $12744 | $15153 |
| **10/31/21** | $16789 | $12242 | $12847 | $15351 |
| **11/30/21** | $16435 | $12330 | $12878 | $15535 |
| **12/31/21** | $17039 | $12280 | $12940 | $15705 |
| **1/31/22** | $16757 | $12087 | $12783 | $15862 |
| **2/28/22** | $16521 | $11926 | $12907 | $16033 |
| **3/31/22** | $16652 | $11669 | $12714 | $16257 |
| **4/30/22** | $16047 | $11355 | $12595 | $16384 |
| **5/31/22** | $16047 | $11340 | $12590 | $16598 |
| **6/30/22** | $14937 | $11168 | $12279 | $16872 |
| **7/31/22** | $15525 | $11452 | $12721 | $16934 |
| **8/31/22** | $15206 | $11153 | $12418 | $17015 |
| **9/30/22** | $14014 | $10795 | $11796 | $17154 |
| **10/31/22** | $14470 | $10758 | $11925 | $17309 |
| **11/30/22** | $15265 | $11032 | $12071 | $17420 |
| **12/31/22** | $15021 | $10902 | $11990 | $17497 |
| **1/31/23** | $15805 | $11153 | $12150 | $17660 |
| **2/28/23** | $15334 | $10975 | $12006 | $17790 |
| **3/31/23** | $15473 | $11219 | $12342 | $17872 |
| **4/30/23** | $15579 | $11276 | $12366 | $18013 |
| **5/31/23** | $15190 | $11232 | $12226 | $18113 |
| **6/30/23** | $15582 | $11225 | $12167 | $18232 |
| **7/31/23** | $15936 | $11229 | $12222 | $18336 |
| **8/31/23** | $15617 | $11215 | $12168 | $18498 |
| **9/30/23** | $15207 | $11021 | $12044 | $18645 |
| **10/31/23** | $14888 | $10943 | $12030 | $18737 |
| **11/30/23** | $15580 | $11319 | $12259 | $18838 |
| **12/31/23** | $16244 | $11681 | $12513 | $18953 |
| **1/31/24** | $16190 | $11658 | $12559 | $19092 |
| **2/29/24** | $16244 | $11578 | $12446 | $19243 |
| **3/31/24** | $16541 | $11683 | $12546 | $19385 |
| **4/30/24** | $16138 | $11495 | $12417 | $19518 |
| **5/31/24** | $16486 | $11596 | $12590 | $19605 |
| **6/30/24** | $16517 | $11697 | $12686 | $19685 |
| **7/31/24** | $16927 | $11923 | $12874 | $19792 |
| **8/31/24** | $17131 | $12053 | $12963 | $19906 |
| **9/30/24** | $17459 | $12193 | $13130 | $20031 |
| **10/31/24** | $16911 | $12028 | $12956 | $20155 |
| **11/30/24** | $17308 | $12171 | $13015 | $20291 |
| **12/31/24** | $16852 | $12078 | $12900 | $20445 |
| **1/31/25** | $17139 | $12125 | $13056 | $20620 |
| **2/28/25** | $17408 | $12271 | $13281 | $20746 |
| **3/31/25** | $17403 | $12219 | $13417 | $20821 |
| **4/30/25** | $17364 | $12340 | $13498 | $20950 |
| **5/31/25** | $17558 | $12299 | $13444 | $21052 |
| **6/30/25** | $17943 | $12417 | $13555 | $21196 |
| **7/31/25** | $17924 | $12407 | $13592 | $21322 |
| **8/31/25** | $18454 | $12475 | $13824 | $21486 |
| **9/30/25** | $18729 | $12567 | $13821 | $21638 |
| **10/31/25** | $18888 | $12666 | $13843 | $21772 |
| **11/30/25** | $19167 | $12692 | $13890 | $21856 |
| **12/31/25** | $19245 | $12665 | $13864 | $22009 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 14.20% | 5.60% | 6.77% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.86% | 0.34% | 2.39% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 7.47% | 2.52% | 3.32% |
| Consumer Price Index + 500 Basis Points | 7.65% | 9.47% | 8.21% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $199030 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $159 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Affiliated Investments | 100.1% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-Real Fund | 19.5% |
| PIMCO All Asset: Multi-RAE PLUS Fund | 18.9% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 7.7% |
| PIMCO Total Return Fund | 7.7% |
| PIMCO Low Duration Fund | 5.4% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.1% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.1% |
| PIMCO High Yield Fund | 3.3% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.2% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.14% as a result of the Portfolio's exposure to fees and expenses related to the Portfolio's investment in underlying funds.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g53d15.jpg)

# PIMCO All Asset Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0328TSRAR_123125

# Advisor Class

# PIMCO All Asset Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g05s71.jpg)

This annual shareholder report contains important information about the PIMCO All Asset Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $63 | 0.59% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Positions in developed ex-U.S. equities, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in emerging markets equities, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in emerging market bonds, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in commodities, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in U.S. and global core bonds, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g43a46.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Advisor Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **1/31/16** | $9869 | $10146 | $10129 | $10036 |
| **2/29/16** | $9848 | $10244 | $10213 | $10065 |
| **3/31/16** | $10506 | $10328 | $10360 | $10136 |
| **4/30/16** | $10822 | $10346 | $10388 | $10214 |
| **5/31/16** | $10571 | $10389 | $10328 | $10279 |
| **6/30/16** | $10918 | $10587 | $10497 | $10348 |
| **7/31/16** | $11170 | $10650 | $10530 | $10386 |
| **8/31/16** | $11214 | $10645 | $10477 | $10446 |
| **9/30/16** | $11329 | $10644 | $10557 | $10515 |
| **10/31/16** | $11351 | $10541 | $10544 | $10581 |
| **11/30/16** | $11087 | $10366 | $10390 | $10636 |
| **12/31/16** | $11290 | $10395 | $10401 | $10705 |
| **1/31/17** | $11536 | $10357 | $10478 | $10790 |
| **2/28/17** | $11737 | $10446 | $10504 | $10851 |
| **3/31/17** | $11843 | $10441 | $10511 | $10890 |
| **4/30/17** | $11888 | $10512 | $10558 | $10947 |
| **5/31/17** | $12033 | $10573 | $10552 | $10984 |
| **6/30/17** | $12045 | $10543 | $10469 | $11036 |
| **7/31/17** | $12294 | $10578 | $10522 | $11084 |
| **8/31/17** | $12441 | $10674 | $10594 | $11170 |
| **9/30/17** | $12436 | $10625 | $10543 | $11270 |
| **10/31/17** | $12516 | $10670 | $10560 | $11324 |
| **11/30/17** | $12573 | $10687 | $10548 | $11399 |
| **12/31/17** | $12801 | $10710 | $10598 | $11468 |
| **1/31/18** | $13104 | $10634 | $10519 | $11562 |
| **2/28/18** | $12778 | $10610 | $10471 | $11639 |
| **3/31/18** | $12825 | $10698 | $10556 | $11688 |
| **4/30/18** | $12825 | $10658 | $10542 | $11765 |
| **5/31/18** | $12661 | $10698 | $10591 | $11838 |
| **6/30/18** | $12513 | $10718 | $10621 | $11897 |
| **7/31/18** | $12642 | $10721 | $10580 | $11955 |
| **8/31/18** | $12465 | $10754 | $10651 | $12024 |
| **9/30/18** | $12528 | $10713 | $10577 | $12096 |
| **10/31/18** | $12137 | $10692 | $10495 | $12172 |
| **11/30/18** | $12243 | $10744 | $10529 | $12214 |
| **12/31/18** | $12104 | $10899 | $10572 | $12271 |
| **1/31/19** | $12646 | $11015 | $10690 | $12312 |
| **2/28/19** | $12670 | $11028 | $10700 | $12397 |
| **3/31/19** | $12745 | $11225 | $10843 | $12493 |
| **4/30/19** | $12818 | $11232 | $10890 | $12588 |
| **5/31/19** | $12685 | $11394 | $11008 | $12643 |
| **6/30/19** | $13078 | $11553 | $11118 | $12691 |
| **7/31/19** | $13005 | $11644 | $11135 | $12771 |
| **8/31/19** | $12847 | $11908 | $11278 | $12834 |
| **9/30/19** | $12975 | $11853 | $11185 | $12905 |
| **10/31/19** | $13171 | $11833 | $11216 | $12992 |
| **11/30/19** | $13171 | $11819 | $11218 | $13080 |
| **12/31/19** | $13525 | $11795 | $11296 | $13170 |
| **1/31/20** | $13314 | $12008 | $11443 | $13248 |
| **2/29/20** | $12856 | $12155 | $11542 | $13308 |
| **3/31/20** | $11332 | $11965 | $11331 | $13304 |
| **4/30/20** | $11959 | $12159 | $11561 | $13257 |
| **5/31/20** | $12353 | $12194 | $11633 | $13300 |
| **6/30/20** | $12709 | $12254 | $11757 | $13416 |
| **7/31/20** | $13128 | $12388 | $11925 | $13536 |
| **8/31/20** | $13230 | $12299 | $12094 | $13640 |
| **9/30/20** | $13022 | $12343 | $12051 | $13730 |
| **10/31/20** | $12854 | $12344 | $12002 | $13802 |
| **11/30/20** | $14004 | $12415 | $12094 | $13888 |
| **12/31/20** | $14595 | $12453 | $12244 | $14002 |
| **1/31/21** | $14842 | $12386 | $12320 | $14090 |
| **2/28/21** | $15219 | $12193 | $12231 | $14195 |
| **3/31/21** | $15477 | $12145 | $12251 | $14318 |
| **4/30/21** | $15879 | $12177 | $12407 | $14469 |
| **5/31/21** | $16295 | $12204 | $12523 | $14620 |
| **6/30/21** | $16538 | $12264 | $12533 | $14800 |
| **7/31/21** | $16621 | $12416 | $12821 | $14927 |
| **8/31/21** | $16731 | $12391 | $12797 | $15029 |
| **9/30/21** | $16435 | $12274 | $12744 | $15153 |
| **10/31/21** | $16709 | $12242 | $12847 | $15351 |
| **11/30/21** | $16348 | $12330 | $12878 | $15535 |
| **12/31/21** | $16936 | $12280 | $12940 | $15705 |
| **1/31/22** | $16674 | $12087 | $12783 | $15862 |
| **2/28/22** | $16427 | $11926 | $12907 | $16033 |
| **3/31/22** | $16553 | $11669 | $12714 | $16257 |
| **4/30/22** | $15945 | $11355 | $12595 | $16384 |
| **5/31/22** | $15945 | $11340 | $12590 | $16598 |
| **6/30/22** | $14852 | $11168 | $12279 | $16872 |
| **7/31/22** | $15427 | $11452 | $12721 | $16934 |
| **8/31/22** | $15115 | $11153 | $12418 | $17015 |
| **9/30/22** | $13928 | $10795 | $11796 | $17154 |
| **10/31/22** | $14375 | $10758 | $11925 | $17309 |
| **11/30/22** | $15169 | $11032 | $12071 | $17420 |
| **12/31/22** | $14926 | $10902 | $11990 | $17497 |
| **1/31/23** | $15709 | $11153 | $12150 | $17660 |
| **2/28/23** | $15232 | $10975 | $12006 | $17790 |
| **3/31/23** | $15365 | $11219 | $12342 | $17872 |
| **4/30/23** | $15468 | $11276 | $12366 | $18013 |
| **5/31/23** | $15089 | $11232 | $12226 | $18113 |
| **6/30/23** | $15467 | $11225 | $12167 | $18232 |
| **7/31/23** | $15830 | $11229 | $12222 | $18336 |
| **8/31/23** | $15502 | $11215 | $12168 | $18498 |
| **9/30/23** | $15097 | $11021 | $12044 | $18645 |
| **10/31/23** | $14768 | $10943 | $12030 | $18737 |
| **11/30/23** | $15478 | $11319 | $12259 | $18838 |
| **12/31/23** | $16122 | $11681 | $12513 | $18953 |
| **1/31/24** | $16070 | $11658 | $12559 | $19092 |
| **2/29/24** | $16122 | $11578 | $12446 | $19243 |
| **3/31/24** | $16409 | $11683 | $12546 | $19385 |
| **4/30/24** | $16016 | $11495 | $12417 | $19518 |
| **5/31/24** | $16355 | $11596 | $12590 | $19605 |
| **6/30/24** | $16399 | $11697 | $12686 | $19685 |
| **7/31/24** | $16799 | $11923 | $12874 | $19792 |
| **8/31/24** | $16999 | $12053 | $12963 | $19906 |
| **9/30/24** | $17314 | $12193 | $13130 | $20031 |
| **10/31/24** | $16780 | $12028 | $12956 | $20155 |
| **11/30/24** | $17167 | $12171 | $13015 | $20291 |
| **12/31/24** | $16699 | $12078 | $12900 | $20445 |
| **1/31/25** | $16997 | $12125 | $13056 | $20620 |
| **2/28/25** | $17259 | $12271 | $13281 | $20746 |
| **3/31/25** | $17251 | $12219 | $13417 | $20821 |
| **4/30/25** | $17213 | $12340 | $13498 | $20950 |
| **5/31/25** | $17402 | $12299 | $13444 | $21052 |
| **6/30/25** | $17792 | $12417 | $13555 | $21196 |
| **7/31/25** | $17754 | $12407 | $13592 | $21322 |
| **8/31/25** | $18289 | $12475 | $13824 | $21486 |
| **9/30/25** | $18571 | $12567 | $13821 | $21638 |
| **10/31/25** | $18707 | $12666 | $13843 | $21772 |
| **11/30/25** | $18997 | $12692 | $13890 | $21856 |
| **12/31/25** | $19069 | $12665 | $13864 | $22009 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 14.19% | 5.49% | 6.67% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.86% | 0.34% | 2.39% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 7.47% | 2.52% | 3.32% |
| Consumer Price Index + 500 Basis Points | 7.65% | 9.47% | 8.21% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $199030 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $159 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Affiliated Investments | 100.1% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-Real Fund | 19.5% |
| PIMCO All Asset: Multi-RAE PLUS Fund | 18.9% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 7.7% |
| PIMCO Total Return Fund | 7.7% |
| PIMCO Low Duration Fund | 5.4% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.1% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.1% |
| PIMCO High Yield Fund | 3.3% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.2% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.14% as a result of the Portfolio's exposure to fees and expenses related to the Portfolio's investment in underlying funds.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g53d15.jpg)

# PIMCO All Asset Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1854TSRAR_123125

# Institutional Class

# PIMCO All Asset Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g05s71.jpg)

This annual shareholder report contains important information about the PIMCO All Asset Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $36 | 0.34% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Positions in developed ex-U.S. equities, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in emerging markets equities, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in emerging market bonds, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in commodities, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in U.S. and global core bonds, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g74s96.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **1/31/16** | $9869 | $10146 | $10129 | $10036 |
| **2/29/16** | $9848 | $10244 | $10213 | $10065 |
| **3/31/16** | $10510 | $10328 | $10360 | $10136 |
| **4/30/16** | $10827 | $10346 | $10388 | $10214 |
| **5/31/16** | $10587 | $10389 | $10328 | $10279 |
| **6/30/16** | $10930 | $10587 | $10497 | $10348 |
| **7/31/16** | $11182 | $10650 | $10530 | $10386 |
| **8/31/16** | $11226 | $10645 | $10477 | $10446 |
| **9/30/16** | $11349 | $10644 | $10557 | $10515 |
| **10/31/16** | $11371 | $10541 | $10544 | $10581 |
| **11/30/16** | $11106 | $10366 | $10390 | $10636 |
| **12/31/16** | $11308 | $10395 | $10401 | $10705 |
| **1/31/17** | $11565 | $10357 | $10478 | $10790 |
| **2/28/17** | $11766 | $10446 | $10504 | $10851 |
| **3/31/17** | $11878 | $10441 | $10511 | $10890 |
| **4/30/17** | $11923 | $10512 | $10558 | $10947 |
| **5/31/17** | $12081 | $10573 | $10552 | $10984 |
| **6/30/17** | $12089 | $10543 | $10469 | $11036 |
| **7/31/17** | $12339 | $10578 | $10522 | $11084 |
| **8/31/17** | $12487 | $10674 | $10594 | $11170 |
| **9/30/17** | $12478 | $10625 | $10543 | $11270 |
| **10/31/17** | $12570 | $10670 | $10560 | $11324 |
| **11/30/17** | $12627 | $10687 | $10548 | $11399 |
| **12/31/17** | $12865 | $10710 | $10598 | $11468 |
| **1/31/18** | $13170 | $10634 | $10519 | $11562 |
| **2/28/18** | $12841 | $10610 | $10471 | $11639 |
| **3/31/18** | $12895 | $10698 | $10556 | $11688 |
| **4/30/18** | $12895 | $10658 | $10542 | $11765 |
| **5/31/18** | $12730 | $10698 | $10591 | $11838 |
| **6/30/18** | $12577 | $10718 | $10621 | $11897 |
| **7/31/18** | $12731 | $10721 | $10580 | $11955 |
| **8/31/18** | $12541 | $10754 | $10651 | $12024 |
| **9/30/18** | $12613 | $10713 | $10577 | $12096 |
| **10/31/18** | $12219 | $10692 | $10495 | $12172 |
| **11/30/18** | $12326 | $10744 | $10529 | $12214 |
| **12/31/18** | $12195 | $10899 | $10572 | $12271 |
| **1/31/19** | $12729 | $11015 | $10690 | $12312 |
| **2/28/19** | $12766 | $11028 | $10700 | $12397 |
| **3/31/19** | $12847 | $11225 | $10843 | $12493 |
| **4/30/19** | $12921 | $11232 | $10890 | $12588 |
| **5/31/19** | $12786 | $11394 | $11008 | $12643 |
| **6/30/19** | $13179 | $11553 | $11118 | $12691 |
| **7/31/19** | $13118 | $11644 | $11135 | $12771 |
| **8/31/19** | $12958 | $11908 | $11278 | $12834 |
| **9/30/19** | $13095 | $11853 | $11185 | $12905 |
| **10/31/19** | $13293 | $11833 | $11216 | $12992 |
| **11/30/19** | $13293 | $11819 | $11218 | $13080 |
| **12/31/19** | $13648 | $11795 | $11296 | $13170 |
| **1/31/20** | $13436 | $12008 | $11443 | $13248 |
| **2/29/20** | $12985 | $12155 | $11542 | $13308 |
| **3/31/20** | $11452 | $11965 | $11331 | $13304 |
| **4/30/20** | $12086 | $12159 | $11561 | $13257 |
| **5/31/20** | $12478 | $12194 | $11633 | $13300 |
| **6/30/20** | $12850 | $12254 | $11757 | $13416 |
| **7/31/20** | $13274 | $12388 | $11925 | $13536 |
| **8/31/20** | $13377 | $12299 | $12094 | $13640 |
| **9/30/20** | $13176 | $12343 | $12051 | $13730 |
| **10/31/20** | $13006 | $12344 | $12002 | $13802 |
| **11/30/20** | $14182 | $12415 | $12094 | $13888 |
| **12/31/20** | $14763 | $12453 | $12244 | $14002 |
| **1/31/21** | $15027 | $12386 | $12320 | $14090 |
| **2/28/21** | $15409 | $12193 | $12231 | $14195 |
| **3/31/21** | $15676 | $12145 | $12251 | $14318 |
| **4/30/21** | $16097 | $12177 | $12407 | $14469 |
| **5/31/21** | $16505 | $12204 | $12523 | $14620 |
| **6/30/21** | $16761 | $12264 | $12533 | $14800 |
| **7/31/21** | $16845 | $12416 | $12821 | $14927 |
| **8/31/21** | $16957 | $12391 | $12797 | $15029 |
| **9/30/21** | $16667 | $12274 | $12744 | $15153 |
| **10/31/21** | $16945 | $12242 | $12847 | $15351 |
| **11/30/21** | $16579 | $12330 | $12878 | $15535 |
| **12/31/21** | $17187 | $12280 | $12940 | $15705 |
| **1/31/22** | $16921 | $12087 | $12783 | $15862 |
| **2/28/22** | $16671 | $11926 | $12907 | $16033 |
| **3/31/22** | $16805 | $11669 | $12714 | $16257 |
| **4/30/22** | $16203 | $11355 | $12595 | $16384 |
| **5/31/22** | $16203 | $11340 | $12590 | $16598 |
| **6/30/22** | $15088 | $11168 | $12279 | $16872 |
| **7/31/22** | $15689 | $11452 | $12721 | $16934 |
| **8/31/22** | $15355 | $11153 | $12418 | $17015 |
| **9/30/22** | $14159 | $10795 | $11796 | $17154 |
| **10/31/22** | $14629 | $10758 | $11925 | $17309 |
| **11/30/22** | $15420 | $11032 | $12071 | $17420 |
| **12/31/22** | $15183 | $10902 | $11990 | $17497 |
| **1/31/23** | $15980 | $11153 | $12150 | $17660 |
| **2/28/23** | $15495 | $10975 | $12006 | $17790 |
| **3/31/23** | $15637 | $11219 | $12342 | $17872 |
| **4/30/23** | $15760 | $11276 | $12366 | $18013 |
| **5/31/23** | $15374 | $11232 | $12226 | $18113 |
| **6/30/23** | $15769 | $11225 | $12167 | $18232 |
| **7/31/23** | $16121 | $11229 | $12222 | $18336 |
| **8/31/23** | $15804 | $11215 | $12168 | $18498 |
| **9/30/23** | $15402 | $11021 | $12044 | $18645 |
| **10/31/23** | $15066 | $10943 | $12030 | $18737 |
| **11/30/23** | $15772 | $11319 | $12259 | $18838 |
| **12/31/23** | $16440 | $11681 | $12513 | $18953 |
| **1/31/24** | $16405 | $11658 | $12559 | $19092 |
| **2/29/24** | $16458 | $11578 | $12446 | $19243 |
| **3/31/24** | $16741 | $11683 | $12546 | $19385 |
| **4/30/24** | $16340 | $11495 | $12417 | $19518 |
| **5/31/24** | $16705 | $11596 | $12590 | $19605 |
| **6/30/24** | $16742 | $11697 | $12686 | $19685 |
| **7/31/24** | $17150 | $11923 | $12874 | $19792 |
| **8/31/24** | $17372 | $12053 | $12963 | $19906 |
| **9/30/24** | $17705 | $12193 | $13130 | $20031 |
| **10/31/24** | $17141 | $12028 | $12956 | $20155 |
| **11/30/24** | $17555 | $12171 | $13015 | $20291 |
| **12/31/24** | $17090 | $12078 | $12900 | $20445 |
| **1/31/25** | $17376 | $12125 | $13056 | $20620 |
| **2/28/25** | $17663 | $12271 | $13281 | $20746 |
| **3/31/25** | $17643 | $12219 | $13417 | $20821 |
| **4/30/25** | $17605 | $12340 | $13498 | $20950 |
| **5/31/25** | $17817 | $12299 | $13444 | $21052 |
| **6/30/25** | $18208 | $12417 | $13555 | $21196 |
| **7/31/25** | $18189 | $12407 | $13592 | $21322 |
| **8/31/25** | $18737 | $12475 | $13824 | $21486 |
| **9/30/25** | $19018 | $12567 | $13821 | $21638 |
| **10/31/25** | $19176 | $12666 | $13843 | $21772 |
| **11/30/25** | $19454 | $12692 | $13890 | $21856 |
| **12/31/25** | $19540 | $12665 | $13864 | $22009 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 14.34% | 5.77% | 6.93% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.86% | 0.34% | 2.39% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 7.47% | 2.52% | 3.32% |
| Consumer Price Index + 500 Basis Points | 7.65% | 9.47% | 8.21% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $199030 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $159 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Affiliated Investments | 100.1% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-Real Fund | 19.5% |
| PIMCO All Asset: Multi-RAE PLUS Fund | 18.9% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 7.7% |
| PIMCO Total Return Fund | 7.7% |
| PIMCO Low Duration Fund | 5.4% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.1% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.1% |
| PIMCO High Yield Fund | 3.3% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.2% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.14% as a result of the Portfolio's exposure to fees and expenses related to the Portfolio's investment in underlying funds.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g53d15.jpg)

# PIMCO All Asset Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1875TSRAR_123125

# Class M

# PIMCO All Asset Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g05s71.jpg)

This annual shareholder report contains important information about the PIMCO All Asset Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class M | $84 | 0.79% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Positions in developed ex-U.S. equities, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in emerging markets equities, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in emerging market bonds, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in commodities, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* Positions in U.S. and global core bonds, through exposure to certain Underlying PIMCO Funds contributed to absolute performance, as these exposures posted positive returns. 

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g68l74.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class M** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **1/31/16** | $9859 | $10146 | $10129 | $10036 |
| **2/29/16** | $9849 | $10244 | $10213 | $10065 |
| **3/31/16** | $10499 | $10328 | $10360 | $10136 |
| **4/30/16** | $10813 | $10346 | $10388 | $10214 |
| **5/31/16** | $10564 | $10389 | $10328 | $10279 |
| **6/30/16** | $10912 | $10587 | $10497 | $10348 |
| **7/31/16** | $11152 | $10650 | $10530 | $10386 |
| **8/31/16** | $11195 | $10645 | $10477 | $10446 |
| **9/30/16** | $11304 | $10644 | $10557 | $10515 |
| **10/31/16** | $11336 | $10541 | $10544 | $10581 |
| **11/30/16** | $11063 | $10366 | $10390 | $10636 |
| **12/31/16** | $11259 | $10395 | $10401 | $10705 |
| **1/31/17** | $11513 | $10357 | $10478 | $10790 |
| **2/28/17** | $11712 | $10446 | $10504 | $10851 |
| **3/31/17** | $11813 | $10441 | $10511 | $10890 |
| **4/30/17** | $11858 | $10512 | $10558 | $10947 |
| **5/31/17** | $12002 | $10573 | $10552 | $10984 |
| **6/30/17** | $12008 | $10543 | $10469 | $11036 |
| **7/31/17** | $12255 | $10578 | $10522 | $11084 |
| **8/31/17** | $12400 | $10674 | $10594 | $11170 |
| **9/30/17** | $12389 | $10625 | $10543 | $11270 |
| **10/31/17** | $12468 | $10670 | $10560 | $11324 |
| **11/30/17** | $12525 | $10687 | $10548 | $11399 |
| **12/31/17** | $12743 | $10710 | $10598 | $11468 |
| **1/31/18** | $13043 | $10634 | $10519 | $11562 |
| **2/28/18** | $12720 | $10610 | $10471 | $11639 |
| **3/31/18** | $12763 | $10698 | $10556 | $11688 |
| **4/30/18** | $12763 | $10658 | $10542 | $11765 |
| **5/31/18** | $12589 | $10698 | $10591 | $11838 |
| **6/30/18** | $12436 | $10718 | $10621 | $11897 |
| **7/31/18** | $12576 | $10721 | $10580 | $11955 |
| **8/31/18** | $12390 | $10754 | $10651 | $12024 |
| **9/30/18** | $12458 | $10713 | $10577 | $12096 |
| **10/31/18** | $12071 | $10692 | $10495 | $12172 |
| **11/30/18** | $12165 | $10744 | $10529 | $12214 |
| **12/31/18** | $12031 | $10899 | $10572 | $12271 |
| **1/31/19** | $12565 | $11015 | $10690 | $12312 |
| **2/28/19** | $12589 | $11028 | $10700 | $12397 |
| **3/31/19** | $12659 | $11225 | $10843 | $12493 |
| **4/30/19** | $12731 | $11232 | $10890 | $12588 |
| **5/31/19** | $12587 | $11394 | $11008 | $12643 |
| **6/30/19** | $12981 | $11553 | $11118 | $12691 |
| **7/31/19** | $12909 | $11644 | $11135 | $12771 |
| **8/31/19** | $12741 | $11908 | $11278 | $12834 |
| **9/30/19** | $12872 | $11853 | $11185 | $12905 |
| **10/31/19** | $13066 | $11833 | $11216 | $12992 |
| **11/30/19** | $13054 | $11819 | $11218 | $13080 |
| **12/31/19** | $13407 | $11795 | $11296 | $13170 |
| **1/31/20** | $13200 | $12008 | $11443 | $13248 |
| **2/29/20** | $12736 | $12155 | $11542 | $13308 |
| **3/31/20** | $11243 | $11965 | $11331 | $13304 |
| **4/30/20** | $11848 | $12159 | $11561 | $13257 |
| **5/31/20** | $12243 | $12194 | $11633 | $13300 |
| **6/30/20** | $12593 | $12254 | $11757 | $13416 |
| **7/31/20** | $13005 | $12388 | $11925 | $13536 |
| **8/31/20** | $13105 | $12299 | $12094 | $13640 |
| **9/30/20** | $12894 | $12343 | $12051 | $13730 |
| **10/31/20** | $12728 | $12344 | $12002 | $13802 |
| **11/30/20** | $13872 | $12415 | $12094 | $13888 |
| **12/31/20** | $14445 | $12453 | $12244 | $14002 |
| **1/31/21** | $14688 | $12386 | $12320 | $14090 |
| **2/28/21** | $15059 | $12193 | $12231 | $14195 |
| **3/31/21** | $15307 | $12145 | $12251 | $14318 |
| **4/30/21** | $15715 | $12177 | $12407 | $14469 |
| **5/31/21** | $16111 | $12204 | $12523 | $14620 |
| **6/30/21** | $16354 | $12264 | $12533 | $14800 |
| **7/31/21** | $16422 | $12416 | $12821 | $14927 |
| **8/31/21** | $16531 | $12391 | $12797 | $15029 |
| **9/30/21** | $16245 | $12274 | $12744 | $15153 |
| **10/31/21** | $16514 | $12242 | $12847 | $15351 |
| **11/30/21** | $16146 | $12330 | $12878 | $15535 |
| **12/31/21** | $16741 | $12280 | $12940 | $15705 |
| **1/31/22** | $16470 | $12087 | $12783 | $15862 |
| **2/28/22** | $16214 | $11926 | $12907 | $16033 |
| **3/31/22** | $16346 | $11669 | $12714 | $16257 |
| **4/30/22** | $15751 | $11355 | $12595 | $16384 |
| **5/31/22** | $15736 | $11340 | $12590 | $16598 |
| **6/30/22** | $14657 | $11168 | $12279 | $16872 |
| **7/31/22** | $15236 | $11452 | $12721 | $16934 |
| **8/31/22** | $14914 | $11153 | $12418 | $17015 |
| **9/30/22** | $13729 | $10795 | $11796 | $17154 |
| **10/31/22** | $14182 | $10758 | $11925 | $17309 |
| **11/30/22** | $14958 | $11032 | $12071 | $17420 |
| **12/31/22** | $14712 | $10902 | $11990 | $17497 |
| **1/31/23** | $15478 | $11153 | $12150 | $17660 |
| **2/28/23** | $15012 | $10975 | $12006 | $17790 |
| **3/31/23** | $15152 | $11219 | $12342 | $17872 |
| **4/30/23** | $15253 | $11276 | $12366 | $18013 |
| **5/31/23** | $14866 | $11232 | $12226 | $18113 |
| **6/30/23** | $15244 | $11225 | $12167 | $18232 |
| **7/31/23** | $15581 | $11229 | $12222 | $18336 |
| **8/31/23** | $15261 | $11215 | $12168 | $18498 |
| **9/30/23** | $14874 | $11021 | $12044 | $18645 |
| **10/31/23** | $14536 | $10943 | $12030 | $18737 |
| **11/30/23** | $15229 | $11319 | $12259 | $18838 |
| **12/31/23** | $15863 | $11681 | $12513 | $18953 |
| **1/31/24** | $15812 | $11658 | $12559 | $19092 |
| **2/29/24** | $15863 | $11578 | $12446 | $19243 |
| **3/31/24** | $16136 | $11683 | $12546 | $19385 |
| **4/30/24** | $15736 | $11495 | $12417 | $19518 |
| **5/31/24** | $16084 | $11596 | $12590 | $19605 |
| **6/30/24** | $16119 | $11697 | $12686 | $19685 |
| **7/31/24** | $16507 | $11923 | $12874 | $19792 |
| **8/31/24** | $16702 | $12053 | $12963 | $19906 |
| **9/30/24** | $17018 | $12193 | $13130 | $20031 |
| **10/31/24** | $16480 | $12028 | $12956 | $20155 |
| **11/30/24** | $16857 | $12171 | $13015 | $20291 |
| **12/31/24** | $16392 | $12078 | $12900 | $20445 |
| **1/31/25** | $16678 | $12125 | $13056 | $20620 |
| **2/28/25** | $16947 | $12271 | $13281 | $20746 |
| **3/31/25** | $16914 | $12219 | $13417 | $20821 |
| **4/30/25** | $16878 | $12340 | $13498 | $20950 |
| **5/31/25** | $17078 | $12299 | $13444 | $21052 |
| **6/30/25** | $17443 | $12417 | $13555 | $21196 |
| **7/31/25** | $17406 | $12407 | $13592 | $21322 |
| **8/31/25** | $17937 | $12475 | $13824 | $21486 |
| **9/30/25** | $18199 | $12567 | $13821 | $21638 |
| **10/31/25** | $18347 | $12666 | $13843 | $21772 |
| **11/30/25** | $18606 | $12692 | $13890 | $21856 |
| **12/31/25** | $18683 | $12665 | $13864 | $22009 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class M | 13.98% | 5.28% | 6.45% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.86% | 0.34% | 2.39% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 7.47% | 2.52% | 3.32% |
| Consumer Price Index + 500 Basis Points | 7.65% | 9.47% | 8.21% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $199030 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $159 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Affiliated Investments | 100.1% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-Real Fund | 19.5% |
| PIMCO All Asset: Multi-RAE PLUS Fund | 18.9% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 7.7% |
| PIMCO Total Return Fund | 7.7% |
| PIMCO Low Duration Fund | 5.4% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.1% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.1% |
| PIMCO High Yield Fund | 3.3% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.2% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.14% as a result of the Portfolio's exposure to fees and expenses related to the Portfolio's investment in underlying funds.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Class M
![Image](g55574g53d15.jpg)

# PIMCO All Asset Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1855TSRAR_123125

# Administrative Class

# PIMCO Balanced Allocation Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Balanced Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $86 | 0.80% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Long exposure to U.S. equities contributed to absolute performance, as U.S. equities had positive returns. 

* Long exposure to eurozone equities contributed to absolute performance, as eurozone equities had positive returns. 

* Long exposure to Japanese equities contributed to absolute performance, as Japanese equities had positive returns. 

* U.S. interest rate strategies overall, including duration, curve positioning, and instrument selection, contributed to absolute performance due to long exposure to duration at the intermediate portion of the curve, as U.S. Treasury yields fell. 

* Long exposure to the euro ("EUR") contributed to absolute performance, as the EUR appreciated against the U.S. dollar. 

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the MSCI World Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g10f90.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Administrative Class** | **MSCI World Index** | **Bloomberg U.S. Aggregate Index** | **35% S&P 500 Index / 25% MSCI EAFE Index / 40% Bloomberg U.S. Aggregate Index** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **1/31/16** | $9502 | $9402 | $10138 | $9701 |
| **2/29/16** | $9307 | $9332 | $10210 | $9679 |
| **3/31/16** | $9794 | $9965 | $10303 | $10102 |
| **4/30/16** | $9946 | $10123 | $10343 | $10204 |
| **5/31/16** | $9989 | $10180 | $10345 | $10246 |
| **6/30/16** | $9913 | $10066 | $10531 | $10243 |
| **7/31/16** | $10251 | $10491 | $10598 | $10531 |
| **8/31/16** | $10272 | $10499 | $10586 | $10533 |
| **9/30/16** | $10305 | $10555 | $10580 | $10564 |
| **10/31/16** | $10163 | $10351 | $10499 | $10410 |
| **11/30/16** | $10142 | $10500 | $10250 | $10395 |
| **12/31/16** | $10294 | $10751 | $10265 | $10561 |
| **1/31/17** | $10447 | $11011 | $10285 | $10716 |
| **2/28/17** | $10654 | $11316 | $10354 | $10932 |
| **3/31/17** | $10733 | $11437 | $10349 | $11010 |
| **4/30/17** | $10875 | $11606 | $10428 | $11153 |
| **5/31/17** | $11049 | $11851 | $10509 | $11345 |
| **6/30/17** | $11071 | $11897 | $10498 | $11360 |
| **7/31/17** | $11246 | $12182 | $10543 | $11543 |
| **8/31/17** | $11290 | $12199 | $10638 | $11596 |
| **9/30/17** | $11421 | $12473 | $10587 | $11730 |
| **10/31/17** | $11553 | $12708 | $10593 | $11873 |
| **11/30/17** | $11684 | $12984 | $10580 | $12025 |
| **12/31/17** | $11784 | $13159 | $10628 | $12143 |
| **1/31/18** | $12103 | $13854 | $10506 | $12482 |
| **2/28/18** | $11751 | $13280 | $10406 | $12133 |
| **3/31/18** | $11649 | $12991 | $10473 | $12001 |
| **4/30/18** | $11660 | $13140 | $10395 | $12050 |
| **5/31/18** | $11726 | $13222 | $10469 | $12119 |
| **6/30/18** | $11706 | $13216 | $10456 | $12102 |
| **7/31/18** | $11938 | $13629 | $10459 | $12335 |
| **8/31/18** | $12027 | $13797 | $10526 | $12448 |
| **9/30/18** | $12041 | $13874 | $10458 | $12468 |
| **10/31/18** | $11465 | $12856 | $10376 | $11882 |
| **11/30/18** | $11576 | $13002 | $10438 | $11991 |
| **12/31/18** | $11126 | $12013 | $10630 | $11555 |
| **1/31/19** | $11686 | $12948 | $10742 | $12118 |
| **2/28/19** | $11890 | $13337 | $10736 | $12329 |
| **3/31/19** | $12070 | $13512 | $10942 | $12527 |
| **4/30/19** | $12338 | $13991 | $10945 | $12793 |
| **5/31/19** | $11980 | $13184 | $11139 | $12446 |
| **6/30/19** | $12488 | $14053 | $11279 | $13000 |
| **7/31/19** | $12513 | $14122 | $11304 | $13036 |
| **8/31/19** | $12462 | $13833 | $11597 | $13014 |
| **9/30/19** | $12616 | $14128 | $11535 | $13165 |
| **10/31/19** | $12823 | $14487 | $11570 | $13399 |
| **11/30/19** | $13017 | $14891 | $11564 | $13604 |
| **12/31/19** | $13240 | $15337 | $11556 | $13855 |
| **1/31/20** | $13253 | $15244 | $11778 | $13887 |
| **2/29/20** | $12668 | $13955 | $11990 | $13273 |
| **3/31/20** | $11545 | $12108 | $11920 | $12225 |
| **4/30/20** | $12316 | $13431 | $12132 | $13058 |
| **5/31/20** | $12721 | $14080 | $12188 | $13442 |
| **6/30/20** | $12975 | $14452 | $12265 | $13684 |
| **7/31/20** | $13359 | $15144 | $12448 | $14115 |
| **8/31/20** | $13842 | $16156 | $12348 | $14606 |
| **9/30/20** | $13580 | $15598 | $12341 | $14314 |
| **10/31/20** | $13295 | $15120 | $12286 | $14012 |
| **11/30/20** | $14334 | $17053 | $12406 | $15147 |
| **12/31/20** | $14713 | $17776 | $12424 | $15536 |
| **1/31/21** | $14585 | $17599 | $12334 | $15395 |
| **2/28/21** | $14727 | $18050 | $12156 | $15541 |
| **3/31/21** | $14961 | $18651 | $12005 | $15791 |
| **4/30/21** | $15388 | $19519 | $12099 | $16254 |
| **5/31/21** | $15574 | $19800 | $12139 | $16448 |
| **6/30/21** | $15693 | $20095 | $12224 | $16582 |
| **7/31/21** | $15912 | $20455 | $12361 | $16825 |
| **8/31/21** | $16131 | $20964 | $12337 | $17066 |
| **9/30/21** | $15664 | $20094 | $12231 | $16605 |
| **10/31/21** | $16134 | $21232 | $12227 | $17113 |
| **11/30/21** | $15930 | $20767 | $12263 | $16892 |
| **12/31/21** | $16325 | $21654 | $12232 | $17356 |
| **1/31/22** | $15730 | $20508 | $11968 | $16682 |
| **2/28/22** | $15339 | $19990 | $11835 | $16359 |
| **3/31/22** | $15374 | $20538 | $11506 | $16417 |
| **4/30/22** | $14386 | $18832 | $11069 | $15401 |
| **5/31/22** | $14480 | $18846 | $11141 | $15479 |
| **6/30/22** | $13625 | $17214 | $10966 | $14576 |
| **7/31/22** | $14373 | $18581 | $11234 | $15370 |
| **8/31/22** | $13764 | $17804 | $10917 | $14795 |
| **9/30/22** | $12742 | $16149 | $10445 | $13716 |
| **10/31/22** | $13230 | $17308 | $10310 | $14218 |
| **11/30/22** | $14084 | $18512 | $10689 | $15106 |
| **12/31/22** | $13693 | $17726 | $10641 | $14777 |
| **1/31/23** | $14482 | $18980 | $10968 | $15583 |
| **2/28/23** | $14114 | $18524 | $10684 | $15207 |
| **3/31/23** | $14490 | $19096 | $10956 | $15651 |
| **4/30/23** | $14684 | $19431 | $11022 | $15885 |
| **5/31/23** | $14508 | $19237 | $10902 | $15672 |
| **6/30/23** | $14984 | $20400 | $10863 | $16191 |
| **7/31/23** | $15250 | $21085 | $10856 | $16499 |
| **8/31/23** | $14966 | $20582 | $10786 | $16207 |
| **9/30/23** | $14418 | $19694 | $10512 | $15633 |
| **10/31/23** | $14079 | $19123 | $10346 | $15261 |
| **11/30/23** | $15079 | $20915 | $10815 | $16380 |
| **12/31/23** | $15759 | $21942 | $11229 | $17108 |
| **1/31/24** | $15813 | $22205 | $11198 | $17215 |
| **2/29/24** | $16120 | $23147 | $11040 | $17518 |
| **3/31/24** | $16502 | $23891 | $11142 | $17924 |
| **4/30/24** | $15936 | $23003 | $10860 | $17372 |
| **5/31/24** | $16520 | $24030 | $11044 | $17960 |
| **6/30/24** | $16710 | $24519 | $11149 | $18181 |
| **7/31/24** | $17043 | $24952 | $11409 | $18561 |
| **8/31/24** | $17413 | $25611 | $11573 | $18976 |
| **9/30/24** | $17653 | $26080 | $11728 | $19264 |
| **10/31/24** | $17168 | $25563 | $11437 | $18750 |
| **11/30/24** | $17597 | $26736 | $11558 | $19188 |
| **12/31/24** | $17170 | $26039 | $11369 | $18793 |
| **1/31/25** | $17566 | $26958 | $11430 | $19263 |
| **2/28/25** | $17792 | $26764 | $11681 | $19438 |
| **3/31/25** | $17405 | $25572 | $11685 | $19038 |
| **4/30/25** | $17519 | $25800 | $11731 | $19240 |
| **5/31/25** | $18052 | $27327 | $11647 | $19829 |
| **6/30/25** | $18603 | $28506 | $11826 | $20413 |
| **7/31/25** | $18623 | $28873 | $11795 | $20481 |
| **8/31/25** | $19065 | $29626 | $11936 | $20942 |
| **9/30/25** | $19455 | $30578 | $12067 | $21401 |
| **10/31/25** | $19766 | $31191 | $12142 | $21693 |
| **11/30/25** | $19844 | $31279 | $12217 | $21799 |
| **12/31/25** | $19954 | $31532 | $12199 | $21954 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 16.22% | 6.28% | 7.15% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| 35% S&P 500 Index / 25% MSCI EAFE Index / 40% Bloomberg U.S. Aggregate Index | 16.82% | 7.16% | 8.18% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $142946 |
| # of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 263% |
| Total Net Advisory Fees Paid During the Reporting Period | $884 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 12.3% |
| U.S. Government Agencies | 7.1% |
| Corporate Bonds & Notes | 4.1% |
| Asset-Backed Securities | 1.5% |
| Non-Agency Mortgage-Backed Securities | 0.3% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 42.4% |
| Affiliated Investments | 33.2% |
| Financial Derivative Instruments | (0.4%) |
| Other Assets and Liabilities, Net | (0.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO Balanced Allocation Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2055TSRAR_123125

# Administrative Class

# PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $349 | 3.19% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Short-term Treasury Inflation-Protected Securities ("TIPS") collateral contributed to relative performance, as short-term TIPS outperformed 3-month Treasury-Bills. 

* A eurozone yield curve steepening position contributed to relative performance, as the eurozone yield curve steepened. 

* A U.S. yield curve steepening position and short exposure to swap spreads contributed to relative performance, as the U.S. yield curve steepened and swap spreads widened. 

* Exposure to U.S. agency mortgage-backed securities ("MBS") contributed to relative performance, as agency MBS spreads tightened. 

* Overweight exposure to the precious metals sector from January to September 2025 contributed to relative performance, as the sector posted positive returns. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance, as CCAs posted negative returns. 

* Overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as U.S. breakeven inflation rates fell. 

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the S&P 500 Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g42a69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9841 | $9504 | $9832 |
| **2/29/16** | $9653 | $9491 | $9672 |
| **3/31/16** | $10200 | $10135 | $10042 |
| **4/30/16** | $11099 | $10174 | $10896 |
| **5/31/16** | $11041 | $10357 | $10876 |
| **6/30/16** | $11597 | $10384 | $11325 |
| **7/31/16** | $11016 | $10766 | $10746 |
| **8/31/16** | $10798 | $10782 | $10557 |
| **9/30/16** | $11237 | $10784 | $10887 |
| **10/31/16** | $11178 | $10587 | $10834 |
| **11/30/16** | $11295 | $10979 | $10979 |
| **12/31/16** | $11516 | $11196 | $11177 |
| **1/31/17** | $11589 | $11408 | $11192 |
| **2/28/17** | $11618 | $11861 | $11215 |
| **3/31/17** | $11306 | $11875 | $10917 |
| **4/30/17** | $11139 | $11997 | $10752 |
| **5/31/17** | $10956 | $12166 | $10610 |
| **6/30/17** | $10868 | $12242 | $10589 |
| **7/31/17** | $11153 | $12494 | $10829 |
| **8/31/17** | $11232 | $12532 | $10872 |
| **9/30/17** | $11205 | $12790 | $10856 |
| **10/31/17** | $11484 | $13089 | $11089 |
| **11/30/17** | $11402 | $13490 | $11038 |
| **12/31/17** | $11763 | $13640 | $11367 |
| **1/31/18** | $11977 | $14421 | $11593 |
| **2/28/18** | $11731 | $13890 | $11392 |
| **3/31/18** | $11711 | $13537 | $11322 |
| **4/30/18** | $11975 | $13589 | $11614 |
| **5/31/18** | $12141 | $13916 | $11779 |
| **6/30/18** | $11735 | $14002 | $11367 |
| **7/31/18** | $11451 | $14523 | $11124 |
| **8/31/18** | $11268 | $14996 | $10927 |
| **9/30/18** | $11466 | $15081 | $11137 |
| **10/31/18** | $11065 | $14050 | $10897 |
| **11/30/18** | $10847 | $14337 | $10835 |
| **12/31/18** | $10101 | $13042 | $10089 |
| **1/31/19** | $10772 | $14087 | $10638 |
| **2/28/19** | $10957 | $14540 | $10746 |
| **3/31/19** | $11004 | $14822 | $10727 |
| **4/30/19** | $11021 | $15422 | $10682 |
| **5/31/19** | $10615 | $14442 | $10322 |
| **6/30/19** | $10937 | $15460 | $10599 |
| **7/31/19** | $10868 | $15682 | $10528 |
| **8/31/19** | $10591 | $15434 | $10284 |
| **9/30/19** | $10656 | $15723 | $10405 |
| **10/31/19** | $10900 | $16063 | $10615 |
| **11/30/19** | $10621 | $16646 | $10343 |
| **12/31/19** | $11256 | $17149 | $10865 |
| **1/31/20** | $10448 | $17142 | $10065 |
| **2/29/20** | $9904 | $15731 | $9558 |
| **3/31/20** | $8208 | $13788 | $8334 |
| **4/30/20** | $8280 | $15555 | $8206 |
| **5/31/20** | $8784 | $16296 | $8562 |
| **6/30/20** | $9095 | $16620 | $8757 |
| **7/31/20** | $9735 | $17558 | $9257 |
| **8/31/20** | $10526 | $18820 | $9883 |
| **9/30/20** | $10131 | $18105 | $9552 |
| **10/31/20** | $10244 | $17623 | $9686 |
| **11/30/20** | $10714 | $19552 | $10027 |
| **12/31/20** | $11408 | $20304 | $10525 |
| **1/31/21** | $11804 | $20099 | $10802 |
| **2/28/21** | $12577 | $20653 | $11501 |
| **3/31/21** | $12389 | $21558 | $11254 |
| **4/30/21** | $13505 | $22708 | $12187 |
| **5/31/21** | $14016 | $22867 | $12519 |
| **6/30/21** | $14240 | $23401 | $12751 |
| **7/31/21** | $14659 | $23956 | $12985 |
| **8/31/21** | $14621 | $24685 | $12947 |
| **9/30/21** | $15286 | $23537 | $13591 |
| **10/31/21** | $15716 | $25186 | $13942 |
| **11/30/21** | $14563 | $25011 | $12923 |
| **12/31/21** | $15211 | $26132 | $13379 |
| **1/31/22** | $16351 | $24780 | $14553 |
| **2/28/22** | $17530 | $24038 | $15460 |
| **3/31/22** | $18911 | $24931 | $16797 |
| **4/30/22** | $19681 | $22757 | $17492 |
| **5/31/22** | $20044 | $22798 | $17759 |
| **6/30/22** | $17505 | $20916 | $15845 |
| **7/31/22** | $18605 | $22845 | $16521 |
| **8/31/22** | $18193 | $21913 | $16535 |
| **9/30/22** | $16023 | $19895 | $15195 |
| **10/31/22** | $16540 | $21506 | $15497 |
| **11/30/22** | $16987 | $22708 | $15922 |
| **12/31/22** | $16522 | $21399 | $15532 |
| **1/31/23** | $16522 | $22744 | $15456 |
| **2/28/23** | $15659 | $22189 | $14729 |
| **3/31/23** | $15809 | $23004 | $14699 |
| **4/30/23** | $15679 | $23363 | $14589 |
| **5/31/23** | $14587 | $23464 | $13766 |
| **6/30/23** | $15078 | $25015 | $14322 |
| **7/31/23** | $16097 | $25818 | $15219 |
| **8/31/23** | $15927 | $25407 | $15102 |
| **9/30/23** | $15729 | $24196 | $14997 |
| **10/31/23** | $15729 | $23687 | $15037 |
| **11/30/23** | $15531 | $25850 | $14698 |
| **12/31/23** | $15224 | $27025 | $14303 |
| **1/31/24** | $15338 | $27479 | $14360 |
| **2/29/24** | $15025 | $28946 | $14149 |
| **3/31/24** | $15572 | $29878 | $14617 |
| **4/30/24** | $15828 | $28657 | $15010 |
| **5/31/24** | $16170 | $30078 | $15273 |
| **6/30/24** | $15943 | $31157 | $15038 |
| **7/31/24** | $15426 | $31537 | $14432 |
| **8/31/24** | $15426 | $32302 | $14439 |
| **9/30/24** | $16224 | $32992 | $15140 |
| **10/31/24** | $15761 | $32692 | $14860 |
| **11/30/24** | $15819 | $34611 | $14920 |
| **12/31/24** | $15857 | $33786 | $15072 |
| **1/31/25** | $16527 | $34727 | $15668 |
| **2/28/25** | $16789 | $34274 | $15790 |
| **3/31/25** | $17551 | $32343 | $16411 |
| **4/30/25** | $16734 | $32124 | $15622 |
| **5/31/25** | $16501 | $34146 | $15532 |
| **6/30/25** | $16997 | $35882 | $15906 |
| **7/31/25** | $16968 | $36687 | $15833 |
| **8/31/25** | $17588 | $37431 | $16139 |
| **9/30/25** | $17935 | $38797 | $16486 |
| **10/31/25** | $18442 | $39706 | $16963 |
| **11/30/25** | $18919 | $39803 | $17506 |
| **12/31/25** | $18838 | $39827 | $17450 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 18.79% | 10.55% | 6.54% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg Commodity Index Total Return | 15.77% | 10.64% | 5.73% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $419719 |
| # of Portfolio Holdings | 692 |
| Portfolio Turnover Rate | 178% |
| Total Net Advisory Fees Paid During the Reporting Period | $1944 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 106.9% |
| U.S. Government Agencies | 16.5% |
| Asset-Backed Securities | 6.8% |
| Sovereign Issues | 6.6% |
| Non-Agency Mortgage-Backed Securities | 1.5% |
| Corporate Bonds & Notes | 0.5% |
| Other Investments | 0.1%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 32.6% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.5% |
| Other Assets and Liabilities, Net | (72.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.91% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1850TSRAR_123125

# Advisor Class

# PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $360 | 3.29% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Short-term Treasury Inflation-Protected Securities ("TIPS") collateral contributed to relative performance, as short-term TIPS outperformed 3-month Treasury-Bills. 

* A eurozone yield curve steepening position contributed to relative performance, as the eurozone yield curve steepened. 

* A U.S. yield curve steepening position and short exposure to swap spreads contributed to relative performance, as the U.S. yield curve steepened and swap spreads widened. 

* Exposure to U.S. agency mortgage-backed securities ("MBS") contributed to relative performance, as agency MBS spreads tightened. 

* Overweight exposure to the precious metals sector from January to September 2025 contributed to relative performance, as the sector posted positive returns. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance, as CCAs posted negative returns. 

* Overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as U.S. breakeven inflation rates fell. 

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the S&P 500 Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g65u08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9843 | $9504 | $9832 |
| **2/29/16** | $9642 | $9491 | $9672 |
| **3/31/16** | $10196 | $10135 | $10042 |
| **4/30/16** | $11085 | $10174 | $10896 |
| **5/31/16** | $11027 | $10357 | $10876 |
| **6/30/16** | $11589 | $10384 | $11325 |
| **7/31/16** | $11000 | $10766 | $10746 |
| **8/31/16** | $10785 | $10782 | $10557 |
| **9/30/16** | $11215 | $10784 | $10887 |
| **10/31/16** | $11158 | $10587 | $10834 |
| **11/30/16** | $11273 | $10979 | $10979 |
| **12/31/16** | $11487 | $11196 | $11177 |
| **1/31/17** | $11574 | $11408 | $11192 |
| **2/28/17** | $11588 | $11861 | $11215 |
| **3/31/17** | $11293 | $11875 | $10917 |
| **4/30/17** | $11113 | $11997 | $10752 |
| **5/31/17** | $10933 | $12166 | $10610 |
| **6/30/17** | $10843 | $12242 | $10589 |
| **7/31/17** | $11139 | $12494 | $10829 |
| **8/31/17** | $11201 | $12532 | $10872 |
| **9/30/17** | $11172 | $12790 | $10856 |
| **10/31/17** | $11447 | $13089 | $11089 |
| **11/30/17** | $11382 | $13490 | $11038 |
| **12/31/17** | $11722 | $13640 | $11367 |
| **1/31/18** | $11949 | $14421 | $11593 |
| **2/28/18** | $11690 | $13890 | $11392 |
| **3/31/18** | $11668 | $13537 | $11322 |
| **4/30/18** | $11945 | $13589 | $11614 |
| **5/31/18** | $12108 | $13916 | $11779 |
| **6/30/18** | $11689 | $14002 | $11367 |
| **7/31/18** | $11410 | $14523 | $11124 |
| **8/31/18** | $11229 | $14996 | $10927 |
| **9/30/18** | $11421 | $15081 | $11137 |
| **10/31/18** | $11026 | $14050 | $10897 |
| **11/30/18** | $10812 | $14337 | $10835 |
| **12/31/18** | $10058 | $13042 | $10089 |
| **1/31/19** | $10735 | $14087 | $10638 |
| **2/28/19** | $10916 | $14540 | $10746 |
| **3/31/19** | $10961 | $14822 | $10727 |
| **4/30/19** | $10978 | $15422 | $10682 |
| **5/31/19** | $10562 | $14442 | $10322 |
| **6/30/19** | $10892 | $15460 | $10599 |
| **7/31/19** | $10807 | $15682 | $10528 |
| **8/31/19** | $10535 | $15434 | $10284 |
| **9/30/19** | $10613 | $15723 | $10405 |
| **10/31/19** | $10836 | $16063 | $10615 |
| **11/30/19** | $10562 | $16646 | $10343 |
| **12/31/19** | $11199 | $17149 | $10865 |
| **1/31/20** | $10388 | $17142 | $10065 |
| **2/29/20** | $9853 | $15731 | $9558 |
| **3/31/20** | $8168 | $13788 | $8334 |
| **4/30/20** | $8239 | $15555 | $8206 |
| **5/31/20** | $8734 | $16296 | $8562 |
| **6/30/20** | $9054 | $16620 | $8757 |
| **7/31/20** | $9683 | $17558 | $9257 |
| **8/31/20** | $10459 | $18820 | $9883 |
| **9/30/20** | $10071 | $18105 | $9552 |
| **10/31/20** | $10182 | $17623 | $9686 |
| **11/30/20** | $10643 | $19552 | $10027 |
| **12/31/20** | $11337 | $20304 | $10525 |
| **1/31/21** | $11725 | $20099 | $10802 |
| **2/28/21** | $12502 | $20653 | $11501 |
| **3/31/21** | $12298 | $21558 | $11254 |
| **4/30/21** | $13429 | $22708 | $12187 |
| **5/31/21** | $13930 | $22867 | $12519 |
| **6/30/21** | $14146 | $23401 | $12751 |
| **7/31/21** | $14576 | $23956 | $12985 |
| **8/31/21** | $14520 | $24685 | $12947 |
| **9/30/21** | $15187 | $23537 | $13591 |
| **10/31/21** | $15608 | $25186 | $13942 |
| **11/30/21** | $14459 | $25011 | $12923 |
| **12/31/21** | $15091 | $26132 | $13379 |
| **1/31/22** | $16245 | $24780 | $14553 |
| **2/28/22** | $17400 | $24038 | $15460 |
| **3/31/22** | $18790 | $24931 | $16797 |
| **4/30/22** | $19521 | $22757 | $17492 |
| **5/31/22** | $19897 | $22798 | $17759 |
| **6/30/22** | $17368 | $20916 | $15845 |
| **7/31/22** | $18465 | $22845 | $16521 |
| **8/31/22** | $18062 | $21913 | $16535 |
| **9/30/22** | $15916 | $19895 | $15195 |
| **10/31/22** | $16421 | $21506 | $15497 |
| **11/30/22** | $16858 | $22708 | $15922 |
| **12/31/22** | $16398 | $21399 | $15532 |
| **1/31/23** | $16398 | $22744 | $15456 |
| **2/28/23** | $15509 | $22189 | $14729 |
| **3/31/23** | $15678 | $23004 | $14699 |
| **4/30/23** | $15551 | $23363 | $14589 |
| **5/31/23** | $14462 | $23464 | $13766 |
| **6/30/23** | $14964 | $25015 | $14322 |
| **7/31/23** | $15982 | $25818 | $15219 |
| **8/31/23** | $15789 | $25407 | $15102 |
| **9/30/23** | $15597 | $24196 | $14997 |
| **10/31/23** | $15569 | $23687 | $15037 |
| **11/30/23** | $15404 | $25850 | $14698 |
| **12/31/23** | $15097 | $27025 | $14303 |
| **1/31/24** | $15208 | $27479 | $14360 |
| **2/29/24** | $14876 | $28946 | $14149 |
| **3/31/24** | $15432 | $29878 | $14617 |
| **4/30/24** | $15681 | $28657 | $15010 |
| **5/31/24** | $16013 | $30078 | $15273 |
| **6/30/24** | $15788 | $31157 | $15038 |
| **7/31/24** | $15286 | $31537 | $14432 |
| **8/31/24** | $15258 | $32302 | $14439 |
| **9/30/24** | $16057 | $32992 | $15140 |
| **10/31/24** | $15607 | $32692 | $14860 |
| **11/30/24** | $15663 | $34611 | $14920 |
| **12/31/24** | $15696 | $33786 | $15072 |
| **1/31/25** | $16374 | $34727 | $15668 |
| **2/28/25** | $16628 | $34274 | $15790 |
| **3/31/25** | $17364 | $32343 | $16411 |
| **4/30/25** | $16544 | $32124 | $15622 |
| **5/31/25** | $16346 | $34146 | $15532 |
| **6/30/25** | $16794 | $35882 | $15906 |
| **7/31/25** | $16794 | $36687 | $15833 |
| **8/31/25** | $17396 | $37431 | $16139 |
| **9/30/25** | $17755 | $38797 | $16486 |
| **10/31/25** | $18247 | $39706 | $16963 |
| **11/30/25** | $18710 | $39803 | $17506 |
| **12/31/25** | $18654 | $39827 | $17450 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 18.85% | 10.47% | 6.43% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg Commodity Index Total Return | 15.77% | 10.64% | 5.73% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $419719 |
| # of Portfolio Holdings | 692 |
| Portfolio Turnover Rate | 178% |
| Total Net Advisory Fees Paid During the Reporting Period | $1944 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 106.9% |
| U.S. Government Agencies | 16.5% |
| Asset-Backed Securities | 6.8% |
| Sovereign Issues | 6.6% |
| Non-Agency Mortgage-Backed Securities | 1.5% |
| Corporate Bonds & Notes | 0.5% |
| Other Investments | 0.1%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 32.6% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.5% |
| Other Assets and Liabilities, Net | (72.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.91% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1838TSRAR_123125

# Institutional Class

# PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $333 | 3.04% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Short-term Treasury Inflation-Protected Securities ("TIPS") collateral contributed to relative performance, as short-term TIPS outperformed 3-month Treasury-Bills. 

* A eurozone yield curve steepening position contributed to relative performance, as the eurozone yield curve steepened. 

* A U.S. yield curve steepening position and short exposure to swap spreads contributed to relative performance, as the U.S. yield curve steepened and swap spreads widened. 

* Exposure to U.S. agency mortgage-backed securities ("MBS") contributed to relative performance, as agency MBS spreads tightened. 

* Overweight exposure to the precious metals sector from January to September 2025 contributed to relative performance, as the sector posted positive returns. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance, as CCAs posted negative returns. 

* Overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as U.S. breakeven inflation rates fell. 

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the S&P 500 Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g92k61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9840 | $9504 | $9832 |
| **2/29/16** | $9652 | $9491 | $9672 |
| **3/31/16** | $10203 | $10135 | $10042 |
| **4/30/16** | $11105 | $10174 | $10896 |
| **5/31/16** | $11032 | $10357 | $10876 |
| **6/30/16** | $11609 | $10384 | $11325 |
| **7/31/16** | $11026 | $10766 | $10746 |
| **8/31/16** | $10807 | $10782 | $10557 |
| **9/30/16** | $11237 | $10784 | $10887 |
| **10/31/16** | $11193 | $10587 | $10834 |
| **11/30/16** | $11296 | $10979 | $10979 |
| **12/31/16** | $11522 | $11196 | $11177 |
| **1/31/17** | $11610 | $11408 | $11192 |
| **2/28/17** | $11640 | $11861 | $11215 |
| **3/31/17** | $11329 | $11875 | $10917 |
| **4/30/17** | $11161 | $11997 | $10752 |
| **5/31/17** | $10978 | $12166 | $10610 |
| **6/30/17** | $10878 | $12242 | $10589 |
| **7/31/17** | $11180 | $12494 | $10829 |
| **8/31/17** | $11259 | $12532 | $10872 |
| **9/30/17** | $11237 | $12790 | $10856 |
| **10/31/17** | $11501 | $13089 | $11089 |
| **11/30/17** | $11435 | $13490 | $11038 |
| **12/31/17** | $11798 | $13640 | $11367 |
| **1/31/18** | $12013 | $14421 | $11593 |
| **2/28/18** | $11765 | $13890 | $11392 |
| **3/31/18** | $11749 | $13537 | $11322 |
| **4/30/18** | $12015 | $13589 | $11614 |
| **5/31/18** | $12181 | $13916 | $11779 |
| **6/30/18** | $11777 | $14002 | $11367 |
| **7/31/18** | $11492 | $14523 | $11124 |
| **8/31/18** | $11307 | $14996 | $10927 |
| **9/30/18** | $11512 | $15081 | $11137 |
| **10/31/18** | $11107 | $14050 | $10897 |
| **11/30/18** | $10905 | $14337 | $10835 |
| **12/31/18** | $10141 | $13042 | $10089 |
| **1/31/19** | $10817 | $14087 | $10638 |
| **2/28/19** | $11003 | $14540 | $10746 |
| **3/31/19** | $11054 | $14822 | $10727 |
| **4/30/19** | $11071 | $15422 | $10682 |
| **5/31/19** | $10662 | $14442 | $10322 |
| **6/30/19** | $10990 | $15460 | $10599 |
| **7/31/19** | $10920 | $15682 | $10528 |
| **8/31/19** | $10642 | $15434 | $10284 |
| **9/30/19** | $10711 | $15723 | $10405 |
| **10/31/19** | $10958 | $16063 | $10615 |
| **11/30/19** | $10676 | $16646 | $10343 |
| **12/31/19** | $11321 | $17149 | $10865 |
| **1/31/20** | $10506 | $17142 | $10065 |
| **2/29/20** | $9974 | $15731 | $9558 |
| **3/31/20** | $8266 | $13788 | $8334 |
| **4/30/20** | $8339 | $15555 | $8206 |
| **5/31/20** | $8830 | $16296 | $8562 |
| **6/30/20** | $9166 | $16620 | $8757 |
| **7/31/20** | $9793 | $17558 | $9257 |
| **8/31/20** | $10592 | $18820 | $9883 |
| **9/30/20** | $10211 | $18105 | $9552 |
| **10/31/20** | $10306 | $17623 | $9686 |
| **11/30/20** | $10782 | $19552 | $10027 |
| **12/31/20** | $11491 | $20304 | $10525 |
| **1/31/21** | $11891 | $20099 | $10802 |
| **2/28/21** | $12672 | $20653 | $11501 |
| **3/31/21** | $12466 | $21558 | $11254 |
| **4/30/21** | $13614 | $22708 | $12187 |
| **5/31/21** | $14111 | $22867 | $12519 |
| **6/30/21** | $14342 | $23401 | $12751 |
| **7/31/21** | $14785 | $23956 | $12985 |
| **8/31/21** | $14747 | $24685 | $12947 |
| **9/30/21** | $15425 | $23537 | $13591 |
| **10/31/21** | $15860 | $25186 | $13942 |
| **11/30/21** | $14674 | $25011 | $12923 |
| **12/31/21** | $15337 | $26132 | $13379 |
| **1/31/22** | $16510 | $24780 | $14553 |
| **2/28/22** | $17684 | $24038 | $15460 |
| **3/31/22** | $19085 | $24931 | $16797 |
| **4/30/22** | $19864 | $22757 | $17492 |
| **5/31/22** | $20232 | $22798 | $17759 |
| **6/30/22** | $17667 | $20916 | $15845 |
| **7/31/22** | $18781 | $22845 | $16521 |
| **8/31/22** | $18363 | $21913 | $16535 |
| **9/30/22** | $16195 | $19895 | $15195 |
| **10/31/22** | $16719 | $21506 | $15497 |
| **11/30/22** | $17149 | $22708 | $15922 |
| **12/31/22** | $16684 | $21399 | $15532 |
| **1/31/23** | $16684 | $22744 | $15456 |
| **2/28/23** | $15809 | $22189 | $14729 |
| **3/31/23** | $15966 | $23004 | $14699 |
| **4/30/23** | $15834 | $23363 | $14589 |
| **5/31/23** | $14752 | $23464 | $13766 |
| **6/30/23** | $15259 | $25015 | $14322 |
| **7/31/23** | $16294 | $25818 | $15219 |
| **8/31/23** | $16121 | $25407 | $15102 |
| **9/30/23** | $15920 | $24196 | $14997 |
| **10/31/23** | $15891 | $23687 | $15037 |
| **11/30/23** | $15719 | $25850 | $14698 |
| **12/31/23** | $15392 | $27025 | $14303 |
| **1/31/24** | $15508 | $27479 | $14360 |
| **2/29/24** | $15190 | $28946 | $14149 |
| **3/31/24** | $15751 | $29878 | $14617 |
| **4/30/24** | $16011 | $28657 | $15010 |
| **5/31/24** | $16359 | $30078 | $15273 |
| **6/30/24** | $16133 | $31157 | $15038 |
| **7/31/24** | $15607 | $31537 | $14432 |
| **8/31/24** | $15607 | $32302 | $14439 |
| **9/30/24** | $16426 | $32992 | $15140 |
| **10/31/24** | $15954 | $32692 | $14860 |
| **11/30/24** | $16013 | $34611 | $14920 |
| **12/31/24** | $16060 | $33786 | $15072 |
| **1/31/25** | $16741 | $34727 | $15668 |
| **2/28/25** | $17008 | $34274 | $15790 |
| **3/31/25** | $17789 | $32343 | $16411 |
| **4/30/25** | $16958 | $32124 | $15622 |
| **5/31/25** | $16720 | $34146 | $15532 |
| **6/30/25** | $17232 | $35882 | $15906 |
| **7/31/25** | $17202 | $36687 | $15833 |
| **8/31/25** | $17834 | $37431 | $16139 |
| **9/30/25** | $18194 | $38797 | $16486 |
| **10/31/25** | $18711 | $39706 | $16963 |
| **11/30/25** | $19168 | $39803 | $17506 |
| **12/31/25** | $19122 | $39827 | $17450 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 19.07% | 10.72% | 6.70% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg Commodity Index Total Return | 15.77% | 10.64% | 5.73% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $419719 |
| # of Portfolio Holdings | 692 |
| Portfolio Turnover Rate | 178% |
| Total Net Advisory Fees Paid During the Reporting Period | $1944 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 106.9% |
| U.S. Government Agencies | 16.5% |
| Asset-Backed Securities | 6.8% |
| Sovereign Issues | 6.6% |
| Non-Agency Mortgage-Backed Securities | 1.5% |
| Corporate Bonds & Notes | 0.5% |
| Other Investments | 0.1%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 32.6% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.5% |
| Other Assets and Liabilities, Net | (72.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.91% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2050TSRAR_123125

# Class M

# PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class M | $382 | 3.49% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Short-term Treasury Inflation-Protected Securities ("TIPS") collateral contributed to relative performance, as short-term TIPS outperformed 3-month Treasury-Bills. 

* A eurozone yield curve steepening position contributed to relative performance, as the eurozone yield curve steepened. 

* A U.S. yield curve steepening position and short exposure to swap spreads contributed to relative performance, as the U.S. yield curve steepened and swap spreads widened. 

* Exposure to U.S. agency mortgage-backed securities ("MBS") contributed to relative performance, as agency MBS spreads tightened. 

* Overweight exposure to the precious metals sector from January to September 2025 contributed to relative performance, as the sector posted positive returns. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance, as CCAs posted negative returns. 

* Overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as U.S. breakeven inflation rates fell. 

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the S&P 500 Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g79u74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9840 | $9504 | $9832 |
| **2/29/16** | $9637 | $9491 | $9672 |
| **3/31/16** | $10181 | $10135 | $10042 |
| **4/30/16** | $11083 | $10174 | $10896 |
| **5/31/16** | $11011 | $10357 | $10876 |
| **6/30/16** | $11577 | $10384 | $11325 |
| **7/31/16** | $10994 | $10766 | $10746 |
| **8/31/16** | $10776 | $10782 | $10557 |
| **9/30/16** | $11193 | $10784 | $10887 |
| **10/31/16** | $11135 | $10587 | $10834 |
| **11/30/16** | $11252 | $10979 | $10979 |
| **12/31/16** | $11462 | $11196 | $11177 |
| **1/31/17** | $11550 | $11408 | $11192 |
| **2/28/17** | $11564 | $11861 | $11215 |
| **3/31/17** | $11261 | $11875 | $10917 |
| **4/30/17** | $11078 | $11997 | $10752 |
| **5/31/17** | $10896 | $12166 | $10610 |
| **6/30/17** | $10798 | $12242 | $10589 |
| **7/31/17** | $11099 | $12494 | $10829 |
| **8/31/17** | $11162 | $12532 | $10872 |
| **9/30/17** | $11142 | $12790 | $10856 |
| **10/31/17** | $11405 | $13089 | $11089 |
| **11/30/17** | $11339 | $13490 | $11038 |
| **12/31/17** | $11684 | $13640 | $11367 |
| **1/31/18** | $11897 | $14421 | $11593 |
| **2/28/18** | $11651 | $13890 | $11392 |
| **3/31/18** | $11625 | $13537 | $11322 |
| **4/30/18** | $11889 | $13589 | $11614 |
| **5/31/18** | $12054 | $13916 | $11779 |
| **6/30/18** | $11640 | $14002 | $11367 |
| **7/31/18** | $11357 | $14523 | $11124 |
| **8/31/18** | $11158 | $14996 | $10927 |
| **9/30/18** | $11364 | $15081 | $11137 |
| **10/31/18** | $10963 | $14050 | $10897 |
| **11/30/18** | $10746 | $14337 | $10835 |
| **12/31/18** | $10010 | $13042 | $10089 |
| **1/31/19** | $10678 | $14087 | $10638 |
| **2/28/19** | $10845 | $14540 | $10746 |
| **3/31/19** | $10887 | $14822 | $10727 |
| **4/30/19** | $10904 | $15422 | $10682 |
| **5/31/19** | $10483 | $14442 | $10322 |
| **6/30/19** | $10827 | $15460 | $10599 |
| **7/31/19** | $10741 | $15682 | $10528 |
| **8/31/19** | $10466 | $15434 | $10284 |
| **9/30/19** | $10523 | $15723 | $10405 |
| **10/31/19** | $10766 | $16063 | $10615 |
| **11/30/19** | $10488 | $16646 | $10343 |
| **12/31/19** | $11109 | $17149 | $10865 |
| **1/31/20** | $10307 | $17142 | $10065 |
| **2/29/20** | $9784 | $15731 | $9558 |
| **3/31/20** | $8095 | $13788 | $8334 |
| **4/30/20** | $8166 | $15555 | $8206 |
| **5/31/20** | $8667 | $16296 | $8562 |
| **6/30/20** | $8968 | $16620 | $8757 |
| **7/31/20** | $9585 | $17558 | $9257 |
| **8/31/20** | $10369 | $18820 | $9883 |
| **9/30/20** | $9977 | $18105 | $9552 |
| **10/31/20** | $10089 | $17623 | $9686 |
| **11/30/20** | $10538 | $19552 | $10027 |
| **12/31/20** | $11229 | $20304 | $10525 |
| **1/31/21** | $11621 | $20099 | $10802 |
| **2/28/21** | $12387 | $20653 | $11501 |
| **3/31/21** | $12177 | $21558 | $11254 |
| **4/30/21** | $13282 | $22708 | $12187 |
| **5/31/21** | $13769 | $22867 | $12519 |
| **6/30/21** | $14000 | $23401 | $12751 |
| **7/31/21** | $14415 | $23956 | $12985 |
| **8/31/21** | $14359 | $24685 | $12947 |
| **9/30/21** | $15009 | $23537 | $13591 |
| **10/31/21** | $15434 | $25186 | $13942 |
| **11/30/21** | $14274 | $25011 | $12923 |
| **12/31/21** | $14906 | $26132 | $13379 |
| **1/31/22** | $16052 | $24780 | $14553 |
| **2/28/22** | $17179 | $24038 | $15460 |
| **3/31/22** | $18537 | $24931 | $16797 |
| **4/30/22** | $19277 | $22757 | $17492 |
| **5/31/22** | $19636 | $22798 | $17759 |
| **6/30/22** | $17138 | $20916 | $15845 |
| **7/31/22** | $18203 | $22845 | $16521 |
| **8/31/22** | $17818 | $21913 | $16535 |
| **9/30/22** | $15681 | $19895 | $15195 |
| **10/31/22** | $16193 | $21506 | $15497 |
| **11/30/22** | $16612 | $22708 | $15922 |
| **12/31/22** | $16161 | $21399 | $15532 |
| **1/31/23** | $16161 | $22744 | $15456 |
| **2/28/23** | $15284 | $22189 | $14729 |
| **3/31/23** | $15449 | $23004 | $14699 |
| **4/30/23** | $15320 | $23363 | $14589 |
| **5/31/23** | $14240 | $23464 | $13766 |
| **6/30/23** | $14742 | $25015 | $14322 |
| **7/31/23** | $15721 | $25818 | $15219 |
| **8/31/23** | $15553 | $25407 | $15102 |
| **9/30/23** | $15357 | $24196 | $14997 |
| **10/31/23** | $15329 | $23687 | $15037 |
| **11/30/23** | $15161 | $25850 | $14698 |
| **12/31/23** | $14851 | $27025 | $14303 |
| **1/31/24** | $14963 | $27479 | $14360 |
| **2/29/24** | $14626 | $28946 | $14149 |
| **3/31/24** | $15188 | $29878 | $14617 |
| **4/30/24** | $15412 | $28657 | $15010 |
| **5/31/24** | $15749 | $30078 | $15273 |
| **6/30/24** | $15541 | $31157 | $15038 |
| **7/31/24** | $15003 | $31537 | $14432 |
| **8/31/24** | $15003 | $32302 | $14439 |
| **9/30/24** | $15779 | $32992 | $15140 |
| **10/31/24** | $15322 | $32692 | $14860 |
| **11/30/24** | $15380 | $34611 | $14920 |
| **12/31/24** | $15404 | $33786 | $15072 |
| **1/31/25** | $16063 | $34727 | $15668 |
| **2/28/25** | $16321 | $34274 | $15790 |
| **3/31/25** | $17062 | $32343 | $16411 |
| **4/30/25** | $16230 | $32124 | $15622 |
| **5/31/25** | $16029 | $34146 | $15532 |
| **6/30/25** | $16476 | $35882 | $15906 |
| **7/31/25** | $16476 | $36687 | $15833 |
| **8/31/25** | $17057 | $37431 | $16139 |
| **9/30/25** | $17413 | $38797 | $16486 |
| **10/31/25** | $17882 | $39706 | $16963 |
| **11/30/25** | $18322 | $39803 | $17506 |
| **12/31/25** | $18285 | $39827 | $17450 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class M | 18.70% | 10.24% | 6.22% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg Commodity Index Total Return | 15.77% | 10.64% | 5.73% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $419719 |
| # of Portfolio Holdings | 692 |
| Portfolio Turnover Rate | 178% |
| Total Net Advisory Fees Paid During the Reporting Period | $1944 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 106.9% |
| U.S. Government Agencies | 16.5% |
| Asset-Backed Securities | 6.8% |
| Sovereign Issues | 6.6% |
| Non-Agency Mortgage-Backed Securities | 1.5% |
| Corporate Bonds & Notes | 0.5% |
| Other Investments | 0.1%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 32.6% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.5% |
| Other Assets and Liabilities, Net | (72.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.91% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Class M
![Image](g55574g26k39.jpg)

# PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2105TSRAR_123125

# Administrative Class

# PIMCO Dynamic Bond Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Dynamic Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $110 | 1.06% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front- and intermediate-end of the U.S. sovereign curve. 

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as agency MBS spreads tightened. 

* Long exposure to Australian duration detracted from performance, as interest rates rose across intermediate tenors of the Australian sovereign curve. 

* Short exposure to the Swiss franc detracted from performance, as the Swiss franc appreciated versus the U.S. dollar. 

* Short exposure to the Taiwan dollar detracted from performance, as the Taiwan dollar appreciated versus the U.S. dollar.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g83p97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9869 | $10146 | $10005 |
| **2/29/16** | $9739 | $10244 | $10010 |
| **3/31/16** | $9958 | $10328 | $10015 |
| **4/30/16** | $10106 | $10346 | $10020 |
| **5/31/16** | $10117 | $10389 | $10026 |
| **6/30/16** | $10116 | $10587 | $10031 |
| **7/31/16** | $10225 | $10650 | $10036 |
| **8/31/16** | $10262 | $10645 | $10042 |
| **9/30/16** | $10344 | $10644 | $10047 |
| **10/31/16** | $10416 | $10541 | $10054 |
| **11/30/16** | $10378 | $10366 | $10061 |
| **12/31/16** | $10473 | $10395 | $10068 |
| **1/31/17** | $10533 | $10357 | $10076 |
| **2/28/17** | $10625 | $10446 | $10085 |
| **3/31/17** | $10681 | $10441 | $10093 |
| **4/30/17** | $10726 | $10512 | $10103 |
| **5/31/17** | $10782 | $10573 | $10112 |
| **6/30/17** | $10799 | $10543 | $10122 |
| **7/31/17** | $10856 | $10578 | $10133 |
| **8/31/17** | $10925 | $10674 | $10144 |
| **9/30/17** | $10963 | $10625 | $10155 |
| **10/31/17** | $10991 | $10670 | $10166 |
| **11/30/17** | $11000 | $10687 | $10177 |
| **12/31/17** | $10998 | $10710 | $10189 |
| **1/31/18** | $11015 | $10634 | $10203 |
| **2/28/18** | $11013 | $10610 | $10217 |
| **3/31/18** | $11016 | $10698 | $10232 |
| **4/30/18** | $11009 | $10658 | $10252 |
| **5/31/18** | $11065 | $10698 | $10271 |
| **6/30/18** | $11050 | $10718 | $10291 |
| **7/31/18** | $11109 | $10721 | $10311 |
| **8/31/18** | $11105 | $10754 | $10331 |
| **9/30/18** | $11127 | $10713 | $10351 |
| **10/31/18** | $11153 | $10692 | $10372 |
| **11/30/18** | $11096 | $10744 | $10392 |
| **12/31/18** | $11111 | $10899 | $10413 |
| **1/31/19** | $11258 | $11015 | $10437 |
| **2/28/19** | $11311 | $11028 | $10462 |
| **3/31/19** | $11383 | $11225 | $10486 |
| **4/30/19** | $11457 | $11232 | $10509 |
| **5/31/19** | $11481 | $11394 | $10532 |
| **6/30/19** | $11547 | $11553 | $10554 |
| **7/31/19** | $11542 | $11644 | $10575 |
| **8/31/19** | $11392 | $11908 | $10595 |
| **9/30/19** | $11415 | $11853 | $10616 |
| **10/31/19** | $11485 | $11833 | $10635 |
| **11/30/19** | $11533 | $11819 | $10653 |
| **12/31/19** | $11659 | $11795 | $10672 |
| **1/31/20** | $11648 | $12008 | $10689 |
| **2/29/20** | $11635 | $12155 | $10707 |
| **3/31/20** | $11042 | $11965 | $10724 |
| **4/30/20** | $11291 | $12159 | $10737 |
| **5/31/20** | $11478 | $12194 | $10750 |
| **6/30/20** | $11645 | $12254 | $10763 |
| **7/31/20** | $11766 | $12388 | $10766 |
| **8/31/20** | $11890 | $12299 | $10768 |
| **9/30/20** | $11900 | $12343 | $10771 |
| **10/31/20** | $11959 | $12344 | $10773 |
| **11/30/20** | $12095 | $12415 | $10775 |
| **12/31/20** | $12220 | $12453 | $10777 |
| **1/31/21** | $12294 | $12386 | $10779 |
| **2/28/21** | $12324 | $12193 | $10782 |
| **3/31/21** | $12336 | $12145 | $10784 |
| **4/30/21** | $12372 | $12177 | $10786 |
| **5/31/21** | $12404 | $12204 | $10788 |
| **6/30/21** | $12389 | $12264 | $10789 |
| **7/31/21** | $12425 | $12416 | $10791 |
| **8/31/21** | $12420 | $12391 | $10792 |
| **9/30/21** | $12427 | $12274 | $10793 |
| **10/31/21** | $12349 | $12242 | $10795 |
| **11/30/21** | $12369 | $12330 | $10796 |
| **12/31/21** | $12377 | $12280 | $10797 |
| **1/31/22** | $12332 | $12087 | $10799 |
| **2/28/22** | $12238 | $11926 | $10801 |
| **3/31/22** | $12036 | $11669 | $10803 |
| **4/30/22** | $11870 | $11355 | $10812 |
| **5/31/22** | $11898 | $11340 | $10821 |
| **6/30/22** | $11726 | $11168 | $10830 |
| **7/31/22** | $11896 | $11452 | $10845 |
| **8/31/22** | $11728 | $11153 | $10866 |
| **9/30/22** | $11492 | $10795 | $10888 |
| **10/31/22** | $11491 | $10758 | $10917 |
| **11/30/22** | $11600 | $11032 | $10950 |
| **12/31/22** | $11590 | $10902 | $10989 |
| **1/31/23** | $11741 | $11153 | $11029 |
| **2/28/23** | $11672 | $10975 | $11068 |
| **3/31/23** | $11815 | $11219 | $11112 |
| **4/30/23** | $11860 | $11276 | $11157 |
| **5/31/23** | $11870 | $11232 | $11205 |
| **6/30/23** | $11881 | $11225 | $11253 |
| **7/31/23** | $11958 | $11229 | $11302 |
| **8/31/23** | $11984 | $11215 | $11354 |
| **9/30/23** | $11897 | $11021 | $11404 |
| **10/31/23** | $11795 | $10943 | $11456 |
| **11/30/23** | $12166 | $11319 | $11507 |
| **12/31/23** | $12413 | $11681 | $11560 |
| **1/31/24** | $12456 | $11658 | $11613 |
| **2/29/24** | $12441 | $11578 | $11663 |
| **3/31/24** | $12552 | $11683 | $11717 |
| **4/30/24** | $12488 | $11495 | $11769 |
| **5/31/24** | $12619 | $11596 | $11822 |
| **6/30/24** | $12653 | $11697 | $11872 |
| **7/31/24** | $12796 | $11923 | $11930 |
| **8/31/24** | $12897 | $12053 | $11985 |
| **9/30/24** | $13019 | $12193 | $12036 |
| **10/31/24** | $12935 | $12028 | $12087 |
| **11/30/24** | $13103 | $12171 | $12134 |
| **12/31/24** | $13095 | $12078 | $12181 |
| **1/31/25** | $13206 | $12125 | $12227 |
| **2/28/25** | $13341 | $12271 | $12268 |
| **3/31/25** | $13378 | $12219 | $12314 |
| **4/30/25** | $13389 | $12340 | $12359 |
| **5/31/25** | $13413 | $12299 | $12405 |
| **6/30/25** | $13612 | $12417 | $12449 |
| **7/31/25** | $13622 | $12407 | $12496 |
| **8/31/25** | $13821 | $12475 | $12543 |
| **9/30/25** | $13907 | $12567 | $12588 |
| **10/31/25** | $14017 | $12666 | $12633 |
| **11/30/25** | $14084 | $12692 | $12675 |
| **12/31/25** | $14173 | $12665 | $12717 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 8.23% | 3.01% | 3.55% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.86% | 0.34% | 2.39% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 4.39% | 3.31% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;ICE BofA SOFR Overnight Rate Index was first published on October 1, 2019. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Performance shown for the index is ICE BofA SOFR Overnight Rate Index. Prior to July 1, 2022, performance is that of 3 Month USD LIBOR. Prior to July 1, 2022, the 3 Month USD LIBOR was the Portfolio's primary benchmark. |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $93040 |
| # of Portfolio Holdings | 659 |
| Portfolio Turnover Rate | 1,001% |
| Total Net Advisory Fees Paid During the Reporting Period | $483 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 53.2% |
| Sovereign Issues | 19.2% |
| Corporate Bonds & Notes | 15.4% |
| Asset-Backed Securities | 10.8% |
| U.S. Treasury Obligations | 10.7% |
| Non-Agency Mortgage-Backed Securities | 5.5% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 21.4% |
| Affiliated Investments | 14.1% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (51.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO Dynamic Bond Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2008TSRAR_123125

# Advisor Class

# PIMCO Dynamic Bond Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Dynamic Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $121 | 1.16% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front- and intermediate-end of the U.S. sovereign curve. 

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as agency MBS spreads tightened. 

* Long exposure to Australian duration detracted from performance, as interest rates rose across intermediate tenors of the Australian sovereign curve. 

* Short exposure to the Swiss franc detracted from performance, as the Swiss franc appreciated versus the U.S. dollar. 

* Short exposure to the Taiwan dollar detracted from performance, as the Taiwan dollar appreciated versus the U.S. dollar.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g37d88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9868 | $10146 | $10005 |
| **2/29/16** | $9738 | $10244 | $10010 |
| **3/31/16** | $9955 | $10328 | $10015 |
| **4/30/16** | $10103 | $10346 | $10020 |
| **5/31/16** | $10113 | $10389 | $10026 |
| **6/30/16** | $10111 | $10587 | $10031 |
| **7/31/16** | $10220 | $10650 | $10036 |
| **8/31/16** | $10255 | $10645 | $10042 |
| **9/30/16** | $10336 | $10644 | $10047 |
| **10/31/16** | $10407 | $10541 | $10054 |
| **11/30/16** | $10369 | $10366 | $10061 |
| **12/31/16** | $10463 | $10395 | $10068 |
| **1/31/17** | $10521 | $10357 | $10076 |
| **2/28/17** | $10613 | $10446 | $10085 |
| **3/31/17** | $10668 | $10441 | $10093 |
| **4/30/17** | $10712 | $10512 | $10103 |
| **5/31/17** | $10767 | $10573 | $10112 |
| **6/30/17** | $10783 | $10543 | $10122 |
| **7/31/17** | $10839 | $10578 | $10133 |
| **8/31/17** | $10907 | $10674 | $10144 |
| **9/30/17** | $10944 | $10625 | $10155 |
| **10/31/17** | $10971 | $10670 | $10166 |
| **11/30/17** | $10979 | $10687 | $10177 |
| **12/31/17** | $10976 | $10710 | $10189 |
| **1/31/18** | $10993 | $10634 | $10203 |
| **2/28/18** | $10989 | $10610 | $10217 |
| **3/31/18** | $10991 | $10698 | $10232 |
| **4/30/18** | $10984 | $10658 | $10252 |
| **5/31/18** | $11039 | $10698 | $10271 |
| **6/30/18** | $11023 | $10718 | $10291 |
| **7/31/18** | $11081 | $10721 | $10311 |
| **8/31/18** | $11076 | $10754 | $10331 |
| **9/30/18** | $11097 | $10713 | $10351 |
| **10/31/18** | $11122 | $10692 | $10372 |
| **11/30/18** | $11064 | $10744 | $10392 |
| **12/31/18** | $11078 | $10899 | $10413 |
| **1/31/19** | $11223 | $11015 | $10437 |
| **2/28/19** | $11275 | $11028 | $10462 |
| **3/31/19** | $11347 | $11225 | $10486 |
| **4/30/19** | $11419 | $11232 | $10509 |
| **5/31/19** | $11442 | $11394 | $10532 |
| **6/30/19** | $11507 | $11553 | $10554 |
| **7/31/19** | $11501 | $11644 | $10575 |
| **8/31/19** | $11350 | $11908 | $10595 |
| **9/30/19** | $11373 | $11853 | $10616 |
| **10/31/19** | $11441 | $11833 | $10635 |
| **11/30/19** | $11488 | $11819 | $10653 |
| **12/31/19** | $11613 | $11795 | $10672 |
| **1/31/20** | $11601 | $12008 | $10689 |
| **2/29/20** | $11586 | $12155 | $10707 |
| **3/31/20** | $10995 | $11965 | $10724 |
| **4/30/20** | $11243 | $12159 | $10737 |
| **5/31/20** | $11427 | $12194 | $10750 |
| **6/30/20** | $11593 | $12254 | $10763 |
| **7/31/20** | $11713 | $12388 | $10766 |
| **8/31/20** | $11835 | $12299 | $10768 |
| **9/30/20** | $11844 | $12343 | $10771 |
| **10/31/20** | $11901 | $12344 | $10773 |
| **11/30/20** | $12036 | $12415 | $10775 |
| **12/31/20** | $12159 | $12453 | $10777 |
| **1/31/21** | $12232 | $12386 | $10779 |
| **2/28/21** | $12261 | $12193 | $10782 |
| **3/31/21** | $12272 | $12145 | $10784 |
| **4/30/21** | $12306 | $12177 | $10786 |
| **5/31/21** | $12338 | $12204 | $10788 |
| **6/30/21** | $12322 | $12264 | $10789 |
| **7/31/21** | $12356 | $12416 | $10791 |
| **8/31/21** | $12350 | $12391 | $10792 |
| **9/30/21** | $12356 | $12274 | $10793 |
| **10/31/21** | $12278 | $12242 | $10795 |
| **11/30/21** | $12296 | $12330 | $10796 |
| **12/31/21** | $12303 | $12280 | $10797 |
| **1/31/22** | $12258 | $12087 | $10799 |
| **2/28/22** | $12164 | $11926 | $10801 |
| **3/31/22** | $11962 | $11669 | $10803 |
| **4/30/22** | $11795 | $11355 | $10812 |
| **5/31/22** | $11822 | $11340 | $10821 |
| **6/30/22** | $11650 | $11168 | $10830 |
| **7/31/22** | $11818 | $11452 | $10845 |
| **8/31/22** | $11650 | $11153 | $10866 |
| **9/30/22** | $11415 | $10795 | $10888 |
| **10/31/22** | $11413 | $10758 | $10917 |
| **11/30/22** | $11520 | $11032 | $10950 |
| **12/31/22** | $11509 | $10902 | $10989 |
| **1/31/23** | $11658 | $11153 | $11029 |
| **2/28/23** | $11589 | $10975 | $11068 |
| **3/31/23** | $11730 | $11219 | $11112 |
| **4/30/23** | $11774 | $11276 | $11157 |
| **5/31/23** | $11783 | $11232 | $11205 |
| **6/30/23** | $11792 | $11225 | $11253 |
| **7/31/23** | $11868 | $11229 | $11302 |
| **8/31/23** | $11892 | $11215 | $11354 |
| **9/30/23** | $11806 | $11021 | $11404 |
| **10/31/23** | $11703 | $10943 | $11456 |
| **11/30/23** | $12071 | $11319 | $11507 |
| **12/31/23** | $12314 | $11681 | $11560 |
| **1/31/24** | $12356 | $11658 | $11613 |
| **2/29/24** | $12340 | $11578 | $11663 |
| **3/31/24** | $12449 | $11683 | $11717 |
| **4/30/24** | $12385 | $11495 | $11769 |
| **5/31/24** | $12514 | $11596 | $11822 |
| **6/30/24** | $12547 | $11697 | $11872 |
| **7/31/24** | $12687 | $11923 | $11930 |
| **8/31/24** | $12786 | $12053 | $11985 |
| **9/30/24** | $12906 | $12193 | $12036 |
| **10/31/24** | $12822 | $12028 | $12087 |
| **11/30/24** | $12987 | $12171 | $12134 |
| **12/31/24** | $12978 | $12078 | $12181 |
| **1/31/25** | $13087 | $12125 | $12227 |
| **2/28/25** | $13219 | $12271 | $12268 |
| **3/31/25** | $13255 | $12219 | $12314 |
| **4/30/25** | $13265 | $12340 | $12359 |
| **5/31/25** | $13287 | $12299 | $12405 |
| **6/30/25** | $13484 | $12417 | $12449 |
| **7/31/25** | $13492 | $12407 | $12496 |
| **8/31/25** | $13688 | $12475 | $12543 |
| **9/30/25** | $13772 | $12567 | $12588 |
| **10/31/25** | $13880 | $12666 | $12633 |
| **11/30/25** | $13945 | $12692 | $12675 |
| **12/31/25** | $14032 | $12665 | $12717 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 8.12% | 2.91% | 3.45% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.86% | 0.34% | 2.39% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 4.39% | 3.31% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;ICE BofA SOFR Overnight Rate Index was first published on October 1, 2019. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Performance shown for the index is ICE BofA SOFR Overnight Rate Index. Prior to July 1, 2022, performance is that of 3 Month USD LIBOR. Prior to July 1, 2022, the 3 Month USD LIBOR was the Portfolio's primary benchmark. |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $93040 |
| # of Portfolio Holdings | 659 |
| Portfolio Turnover Rate | 1,001% |
| Total Net Advisory Fees Paid During the Reporting Period | $483 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 53.2% |
| Sovereign Issues | 19.2% |
| Corporate Bonds & Notes | 15.4% |
| Asset-Backed Securities | 10.8% |
| U.S. Treasury Obligations | 10.7% |
| Non-Agency Mortgage-Backed Securities | 5.5% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 21.4% |
| Affiliated Investments | 14.1% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (51.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO Dynamic Bond Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2009TSRAR_123125

# Institutional Class

# PIMCO Dynamic Bond Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Dynamic Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $95 | 0.91% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front- and intermediate-end of the U.S. sovereign curve. 

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as agency MBS spreads tightened. 

* Long exposure to Australian duration detracted from performance, as interest rates rose across intermediate tenors of the Australian sovereign curve. 

* Short exposure to the Swiss franc detracted from performance, as the Swiss franc appreciated versus the U.S. dollar. 

* Short exposure to the Taiwan dollar detracted from performance, as the Taiwan dollar appreciated versus the U.S. dollar.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g35s53.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9870 | $10146 | $10005 |
| **2/29/16** | $9741 | $10244 | $10010 |
| **3/31/16** | $9961 | $10328 | $10015 |
| **4/30/16** | $10111 | $10346 | $10020 |
| **5/31/16** | $10123 | $10389 | $10026 |
| **6/30/16** | $10123 | $10587 | $10031 |
| **7/31/16** | $10234 | $10650 | $10036 |
| **8/31/16** | $10272 | $10645 | $10042 |
| **9/30/16** | $10355 | $10644 | $10047 |
| **10/31/16** | $10429 | $10541 | $10054 |
| **11/30/16** | $10392 | $10366 | $10061 |
| **12/31/16** | $10489 | $10395 | $10068 |
| **1/31/17** | $10550 | $10357 | $10076 |
| **2/28/17** | $10643 | $10446 | $10085 |
| **3/31/17** | $10701 | $10441 | $10093 |
| **4/30/17** | $10747 | $10512 | $10103 |
| **5/31/17** | $10804 | $10573 | $10112 |
| **6/30/17** | $10823 | $10543 | $10122 |
| **7/31/17** | $10882 | $10578 | $10133 |
| **8/31/17** | $10952 | $10674 | $10144 |
| **9/30/17** | $10992 | $10625 | $10155 |
| **10/31/17** | $11021 | $10670 | $10166 |
| **11/30/17** | $11031 | $10687 | $10177 |
| **12/31/17** | $11031 | $10710 | $10189 |
| **1/31/18** | $11050 | $10634 | $10203 |
| **2/28/18** | $11048 | $10610 | $10217 |
| **3/31/18** | $11053 | $10698 | $10232 |
| **4/30/18** | $11047 | $10658 | $10252 |
| **5/31/18** | $11105 | $10698 | $10271 |
| **6/30/18** | $11092 | $10718 | $10291 |
| **7/31/18** | $11152 | $10721 | $10311 |
| **8/31/18** | $11150 | $10754 | $10331 |
| **9/30/18** | $11173 | $10713 | $10351 |
| **10/31/18** | $11201 | $10692 | $10372 |
| **11/30/18** | $11145 | $10744 | $10392 |
| **12/31/18** | $11161 | $10899 | $10413 |
| **1/31/19** | $11310 | $11015 | $10437 |
| **2/28/19** | $11364 | $11028 | $10462 |
| **3/31/19** | $11439 | $11225 | $10486 |
| **4/30/19** | $11514 | $11232 | $10509 |
| **5/31/19** | $11539 | $11394 | $10532 |
| **6/30/19** | $11607 | $11553 | $10554 |
| **7/31/19** | $11604 | $11644 | $10575 |
| **8/31/19** | $11454 | $11908 | $10595 |
| **9/30/19** | $11479 | $11853 | $10616 |
| **10/31/19** | $11551 | $11833 | $10635 |
| **11/30/19** | $11600 | $11819 | $10653 |
| **12/31/19** | $11729 | $11795 | $10672 |
| **1/31/20** | $11719 | $12008 | $10689 |
| **2/29/20** | $11707 | $12155 | $10707 |
| **3/31/20** | $11112 | $11965 | $10724 |
| **4/30/20** | $11365 | $12159 | $10737 |
| **5/31/20** | $11553 | $12194 | $10750 |
| **6/30/20** | $11724 | $12254 | $10763 |
| **7/31/20** | $11847 | $12388 | $10766 |
| **8/31/20** | $11973 | $12299 | $10768 |
| **9/30/20** | $11985 | $12343 | $10771 |
| **10/31/20** | $12045 | $12344 | $10773 |
| **11/30/20** | $12184 | $12415 | $10775 |
| **12/31/20** | $12312 | $12453 | $10777 |
| **1/31/21** | $12388 | $12386 | $10779 |
| **2/28/21** | $12420 | $12193 | $10782 |
| **3/31/21** | $12433 | $12145 | $10784 |
| **4/30/21** | $12471 | $12177 | $10786 |
| **5/31/21** | $12505 | $12204 | $10788 |
| **6/30/21** | $12491 | $12264 | $10789 |
| **7/31/21** | $12529 | $12416 | $10791 |
| **8/31/21** | $12526 | $12391 | $10792 |
| **9/30/21** | $12534 | $12274 | $10793 |
| **10/31/21** | $12458 | $12242 | $10795 |
| **11/30/21** | $12478 | $12330 | $10796 |
| **12/31/21** | $12489 | $12280 | $10797 |
| **1/31/22** | $12445 | $12087 | $10799 |
| **2/28/22** | $12352 | $11926 | $10801 |
| **3/31/22** | $12149 | $11669 | $10803 |
| **4/30/22** | $11983 | $11355 | $10812 |
| **5/31/22** | $12012 | $11340 | $10821 |
| **6/30/22** | $11841 | $11168 | $10830 |
| **7/31/22** | $12014 | $11452 | $10845 |
| **8/31/22** | $11845 | $11153 | $10866 |
| **9/30/22** | $11609 | $10795 | $10888 |
| **10/31/22** | $11609 | $10758 | $10917 |
| **11/30/22** | $11720 | $11032 | $10950 |
| **12/31/22** | $11712 | $10902 | $10989 |
| **1/31/23** | $11866 | $11153 | $11029 |
| **2/28/23** | $11798 | $10975 | $11068 |
| **3/31/23** | $11944 | $11219 | $11112 |
| **4/30/23** | $11991 | $11276 | $11157 |
| **5/31/23** | $12003 | $11232 | $11205 |
| **6/30/23** | $12015 | $11225 | $11253 |
| **7/31/23** | $12094 | $11229 | $11302 |
| **8/31/23** | $12122 | $11215 | $11354 |
| **9/30/23** | $12036 | $11021 | $11404 |
| **10/31/23** | $11934 | $10943 | $11456 |
| **11/30/23** | $12311 | $11319 | $11507 |
| **12/31/23** | $12562 | $11681 | $11560 |
| **1/31/24** | $12608 | $11658 | $11613 |
| **2/29/24** | $12594 | $11578 | $11663 |
| **3/31/24** | $12707 | $11683 | $11717 |
| **4/30/24** | $12645 | $11495 | $11769 |
| **5/31/24** | $12779 | $11596 | $11822 |
| **6/30/24** | $12815 | $11697 | $11872 |
| **7/31/24** | $12961 | $11923 | $11930 |
| **8/31/24** | $13065 | $12053 | $11985 |
| **9/30/24** | $13191 | $12193 | $12036 |
| **10/31/24** | $13107 | $12028 | $12087 |
| **11/30/24** | $13278 | $12171 | $12134 |
| **12/31/24** | $13272 | $12078 | $12181 |
| **1/31/25** | $13387 | $12125 | $12227 |
| **2/28/25** | $13525 | $12271 | $12268 |
| **3/31/25** | $13564 | $12219 | $12314 |
| **4/30/25** | $13577 | $12340 | $12359 |
| **5/31/25** | $13603 | $12299 | $12405 |
| **6/30/25** | $13807 | $12417 | $12449 |
| **7/31/25** | $13818 | $12407 | $12496 |
| **8/31/25** | $14022 | $12475 | $12543 |
| **9/30/25** | $14111 | $12567 | $12588 |
| **10/31/25** | $14225 | $12666 | $12633 |
| **11/30/25** | $14294 | $12692 | $12675 |
| **12/31/25** | $14386 | $12665 | $12717 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 8.39% | 3.16% | 3.70% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.86% | 0.34% | 2.39% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 4.39% | 3.31% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;ICE BofA SOFR Overnight Rate Index was first published on October 1, 2019. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Performance shown for the index is ICE BofA SOFR Overnight Rate Index. Prior to July 1, 2022, performance is that of 3 Month USD LIBOR. Prior to July 1, 2022, the 3 Month USD LIBOR was the Portfolio's primary benchmark. |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $93040 |
| # of Portfolio Holdings | 659 |
| Portfolio Turnover Rate | 1,001% |
| Total Net Advisory Fees Paid During the Reporting Period | $483 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 53.2% |
| Sovereign Issues | 19.2% |
| Corporate Bonds & Notes | 15.4% |
| Asset-Backed Securities | 10.8% |
| U.S. Treasury Obligations | 10.7% |
| Non-Agency Mortgage-Backed Securities | 5.5% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 21.4% |
| Affiliated Investments | 14.1% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (51.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO Dynamic Bond Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2007TSRAR_123125

# Class M

# PIMCO Dynamic Bond Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Dynamic Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class M | $141 | 1.36% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front- and intermediate-end of the U.S. sovereign curve. 

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as agency MBS spreads tightened. 

* Long exposure to Australian duration detracted from performance, as interest rates rose across intermediate tenors of the Australian sovereign curve. 

* Short exposure to the Swiss franc detracted from performance, as the Swiss franc appreciated versus the U.S. dollar. 

* Short exposure to the Taiwan dollar detracted from performance, as the Taiwan dollar appreciated versus the U.S. dollar.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g89a76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9866 | $10146 | $10005 |
| **2/29/16** | $9735 | $10244 | $10010 |
| **3/31/16** | $9951 | $10328 | $10015 |
| **4/30/16** | $10096 | $10346 | $10020 |
| **5/31/16** | $10105 | $10389 | $10026 |
| **6/30/16** | $10101 | $10587 | $10031 |
| **7/31/16** | $10208 | $10650 | $10036 |
| **8/31/16** | $10242 | $10645 | $10042 |
| **9/30/16** | $10321 | $10644 | $10047 |
| **10/31/16** | $10390 | $10541 | $10054 |
| **11/30/16** | $10350 | $10366 | $10061 |
| **12/31/16** | $10442 | $10395 | $10068 |
| **1/31/17** | $10499 | $10357 | $10076 |
| **2/28/17** | $10588 | $10446 | $10085 |
| **3/31/17** | $10642 | $10441 | $10093 |
| **4/30/17** | $10684 | $10512 | $10103 |
| **5/31/17** | $10737 | $10573 | $10112 |
| **6/30/17** | $10751 | $10543 | $10122 |
| **7/31/17** | $10806 | $10578 | $10133 |
| **8/31/17** | $10872 | $10674 | $10144 |
| **9/30/17** | $10906 | $10625 | $10155 |
| **10/31/17** | $10932 | $10670 | $10166 |
| **11/30/17** | $10937 | $10687 | $10177 |
| **12/31/17** | $10932 | $10710 | $10189 |
| **1/31/18** | $10947 | $10634 | $10203 |
| **2/28/18** | $10942 | $10610 | $10217 |
| **3/31/18** | $10943 | $10698 | $10232 |
| **4/30/18** | $10933 | $10658 | $10252 |
| **5/31/18** | $10986 | $10698 | $10271 |
| **6/30/18** | $10969 | $10718 | $10291 |
| **7/31/18** | $11024 | $10721 | $10311 |
| **8/31/18** | $11017 | $10754 | $10331 |
| **9/30/18** | $11037 | $10713 | $10351 |
| **10/31/18** | $11060 | $10692 | $10372 |
| **11/30/18** | $11000 | $10744 | $10392 |
| **12/31/18** | $11012 | $10899 | $10413 |
| **1/31/19** | $11155 | $11015 | $10437 |
| **2/28/19** | $11205 | $11028 | $10462 |
| **3/31/19** | $11274 | $11225 | $10486 |
| **4/30/19** | $11344 | $11232 | $10509 |
| **5/31/19** | $11364 | $11394 | $10532 |
| **6/30/19** | $11427 | $11553 | $10554 |
| **7/31/19** | $11419 | $11644 | $10575 |
| **8/31/19** | $11268 | $11908 | $10595 |
| **9/30/19** | $11289 | $11853 | $10616 |
| **10/31/19** | $11355 | $11833 | $10635 |
| **11/30/19** | $11399 | $11819 | $10653 |
| **12/31/19** | $11521 | $11795 | $10672 |
| **1/31/20** | $11507 | $12008 | $10689 |
| **2/29/20** | $11491 | $12155 | $10707 |
| **3/31/20** | $10903 | $11965 | $10724 |
| **4/30/20** | $11146 | $12159 | $10737 |
| **5/31/20** | $11327 | $12194 | $10750 |
| **6/30/20** | $11490 | $12254 | $10763 |
| **7/31/20** | $11606 | $12388 | $10766 |
| **8/31/20** | $11725 | $12299 | $10768 |
| **9/30/20** | $11733 | $12343 | $10771 |
| **10/31/20** | $11787 | $12344 | $10773 |
| **11/30/20** | $11919 | $12415 | $10775 |
| **12/31/20** | $12039 | $12453 | $10777 |
| **1/31/21** | $12109 | $12386 | $10779 |
| **2/28/21** | $12136 | $12193 | $10782 |
| **3/31/21** | $12144 | $12145 | $10784 |
| **4/30/21** | $12176 | $12177 | $10786 |
| **5/31/21** | $12205 | $12204 | $10788 |
| **6/30/21** | $12187 | $12264 | $10789 |
| **7/31/21** | $12219 | $12416 | $10791 |
| **8/31/21** | $12212 | $12391 | $10792 |
| **9/30/21** | $12215 | $12274 | $10793 |
| **10/31/21** | $12136 | $12242 | $10795 |
| **11/30/21** | $12152 | $12330 | $10796 |
| **12/31/21** | $12157 | $12280 | $10797 |
| **1/31/22** | $12110 | $12087 | $10799 |
| **2/28/22** | $12015 | $11926 | $10801 |
| **3/31/22** | $11814 | $11669 | $10803 |
| **4/30/22** | $11647 | $11355 | $10812 |
| **5/31/22** | $11672 | $11340 | $10821 |
| **6/30/22** | $11501 | $11168 | $10830 |
| **7/31/22** | $11664 | $11452 | $10845 |
| **8/31/22** | $11496 | $11153 | $10866 |
| **9/30/22** | $11262 | $10795 | $10888 |
| **10/31/22** | $11259 | $10758 | $10917 |
| **11/30/22** | $11362 | $11032 | $10950 |
| **12/31/22** | $11350 | $10902 | $10989 |
| **1/31/23** | $11495 | $11153 | $11029 |
| **2/28/23** | $11425 | $10975 | $11068 |
| **3/31/23** | $11562 | $11219 | $11112 |
| **4/30/23** | $11603 | $11276 | $11157 |
| **5/31/23** | $11610 | $11232 | $11205 |
| **6/30/23** | $11617 | $11225 | $11253 |
| **7/31/23** | $11690 | $11229 | $11302 |
| **8/31/23** | $11712 | $11215 | $11354 |
| **9/30/23** | $11625 | $11021 | $11404 |
| **10/31/23** | $11522 | $10943 | $11456 |
| **11/30/23** | $11882 | $11319 | $11507 |
| **12/31/23** | $12119 | $11681 | $11560 |
| **1/31/24** | $12159 | $11658 | $11613 |
| **2/29/24** | $12141 | $11578 | $11663 |
| **3/31/24** | $12246 | $11683 | $11717 |
| **4/30/24** | $12181 | $11495 | $11769 |
| **5/31/24** | $12305 | $11596 | $11822 |
| **6/30/24** | $12336 | $11697 | $11872 |
| **7/31/24** | $12472 | $11923 | $11930 |
| **8/31/24** | $12567 | $12053 | $11985 |
| **9/30/24** | $12683 | $12193 | $12036 |
| **10/31/24** | $12598 | $12028 | $12087 |
| **11/30/24** | $12758 | $12171 | $12134 |
| **12/31/24** | $12747 | $12078 | $12181 |
| **1/31/25** | $12852 | $12125 | $12227 |
| **2/28/25** | $12980 | $12271 | $12268 |
| **3/31/25** | $13013 | $12219 | $12314 |
| **4/30/25** | $13021 | $12340 | $12359 |
| **5/31/25** | $13041 | $12299 | $12405 |
| **6/30/25** | $13232 | $12417 | $12449 |
| **7/31/25** | $13238 | $12407 | $12496 |
| **8/31/25** | $13427 | $12475 | $12543 |
| **9/30/25** | $13508 | $12567 | $12588 |
| **10/31/25** | $13611 | $12666 | $12633 |
| **11/30/25** | $13673 | $12692 | $12675 |
| **12/31/25** | $13755 | $12665 | $12717 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class M | 7.91% | 2.70% | 3.24% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.86% | 0.34% | 2.39% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 4.39% | 3.31% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;ICE BofA SOFR Overnight Rate Index was first published on October 1, 2019. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Performance shown for the index is ICE BofA SOFR Overnight Rate Index. Prior to July 1, 2022, performance is that of 3 Month USD LIBOR. Prior to July 1, 2022, the 3 Month USD LIBOR was the Portfolio's primary benchmark. |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $93040 |
| # of Portfolio Holdings | 659 |
| Portfolio Turnover Rate | 1,001% |
| Total Net Advisory Fees Paid During the Reporting Period | $483 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 53.2% |
| Sovereign Issues | 19.2% |
| Corporate Bonds & Notes | 15.4% |
| Asset-Backed Securities | 10.8% |
| U.S. Treasury Obligations | 10.7% |
| Non-Agency Mortgage-Backed Securities | 5.5% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 21.4% |
| Affiliated Investments | 14.1% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (51.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Class M
![Image](g55574g26k39.jpg)

# PIMCO Dynamic Bond Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2102TSRAR_123125

# Administrative Class

# PIMCO Emerging Markets Bond Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $126 | 1.17% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to emerging market local currencies like the Nigerian naira and the Turkish lira, contributed to relative performance, as the currencies had positive carry. 

* Overweight exposure to Ecuadorian sovereign debt contributed to relative performance, as spreads tightened. 

* Security selection within Mexican sovereign debt contributed to relative performance, as spreads tightened. 

* Overweight exposure to Senegalese sovereign debt detracted from relative performance, as spreads widened. 

* Security selection within Brazilian corporate debt detracted from relative performance, as Brazilian corporate spreads underperformed Brazilian sovereign spreads.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g50c61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9887 | $10146 | $9980 |
| **2/29/16** | $10069 | $10244 | $10182 |
| **3/31/16** | $10485 | $10328 | $10522 |
| **4/30/16** | $10758 | $10346 | $10723 |
| **5/31/16** | $10735 | $10389 | $10691 |
| **6/30/16** | $11184 | $10587 | $11090 |
| **7/31/16** | $11389 | $10650 | $11262 |
| **8/31/16** | $11623 | $10645 | $11465 |
| **9/30/16** | $11685 | $10644 | $11504 |
| **10/31/16** | $11555 | $10541 | $11335 |
| **11/30/16** | $11098 | $10366 | $10863 |
| **12/31/16** | $11331 | $10395 | $11019 |
| **1/31/17** | $11495 | $10357 | $11178 |
| **2/28/17** | $11745 | $10446 | $11410 |
| **3/31/17** | $11798 | $10441 | $11449 |
| **4/30/17** | $11993 | $10512 | $11636 |
| **5/31/17** | $12072 | $10573 | $11732 |
| **6/30/17** | $12016 | $10543 | $11702 |
| **7/31/17** | $12120 | $10578 | $11779 |
| **8/31/17** | $12329 | $10674 | $11983 |
| **9/30/17** | $12363 | $10625 | $11981 |
| **10/31/17** | $12422 | $10670 | $12003 |
| **11/30/17** | $12379 | $10687 | $11971 |
| **12/31/17** | $12449 | $10710 | $12046 |
| **1/31/18** | $12452 | $10634 | $12023 |
| **2/28/18** | $12235 | $10610 | $11787 |
| **3/31/18** | $12266 | $10698 | $11831 |
| **4/30/18** | $12113 | $10658 | $11658 |
| **5/31/18** | $11970 | $10698 | $11532 |
| **6/30/18** | $11837 | $10718 | $11416 |
| **7/31/18** | $12068 | $10721 | $11651 |
| **8/31/18** | $11792 | $10754 | $11427 |
| **9/30/18** | $12025 | $10713 | $11629 |
| **10/31/18** | $11758 | $10692 | $11370 |
| **11/30/18** | $11698 | $10744 | $11325 |
| **12/31/18** | $11860 | $10899 | $11491 |
| **1/31/19** | $12419 | $11015 | $11999 |
| **2/28/19** | $12506 | $11028 | $12073 |
| **3/31/19** | $12661 | $11225 | $12248 |
| **4/30/19** | $12679 | $11232 | $12263 |
| **5/31/19** | $12719 | $11394 | $12333 |
| **6/30/19** | $13146 | $11553 | $12709 |
| **7/31/19** | $13293 | $11644 | $12855 |
| **8/31/19** | $13296 | $11908 | $12926 |
| **9/30/19** | $13259 | $11853 | $12879 |
| **10/31/19** | $13338 | $11833 | $12927 |
| **11/30/19** | $13317 | $11819 | $12905 |
| **12/31/19** | $13612 | $11795 | $13148 |
| **1/31/20** | $13858 | $12008 | $13376 |
| **2/29/20** | $13772 | $12155 | $13268 |
| **3/31/20** | $11855 | $11965 | $11602 |
| **4/30/20** | $12113 | $12159 | $11857 |
| **5/31/20** | $12860 | $12194 | $12537 |
| **6/30/20** | $13267 | $12254 | $12902 |
| **7/31/20** | $13774 | $12388 | $13379 |
| **8/31/20** | $13844 | $12299 | $13419 |
| **9/30/20** | $13607 | $12343 | $13197 |
| **10/31/20** | $13608 | $12344 | $13181 |
| **11/30/20** | $14225 | $12415 | $13675 |
| **12/31/20** | $14525 | $12453 | $13921 |
| **1/31/21** | $14343 | $12386 | $13752 |
| **2/28/21** | $14000 | $12193 | $13399 |
| **3/31/21** | $13811 | $12145 | $13260 |
| **4/30/21** | $14146 | $12177 | $13514 |
| **5/31/21** | $14311 | $12204 | $13660 |
| **6/30/21** | $14408 | $12264 | $13782 |
| **7/31/21** | $14491 | $12416 | $13856 |
| **8/31/21** | $14640 | $12391 | $13983 |
| **9/30/21** | $14325 | $12274 | $13708 |
| **10/31/21** | $14244 | $12242 | $13717 |
| **11/30/21** | $13955 | $12330 | $13518 |
| **12/31/21** | $14153 | $12280 | $13710 |
| **1/31/22** | $13768 | $12087 | $13314 |
| **2/28/22** | $13057 | $11926 | $12581 |
| **3/31/22** | $13059 | $11669 | $12441 |
| **4/30/22** | $12342 | $11355 | $11759 |
| **5/31/22** | $12327 | $11340 | $11781 |
| **6/30/22** | $11569 | $11168 | $11129 |
| **7/31/22** | $11887 | $11452 | $11485 |
| **8/31/22** | $11788 | $11153 | $11351 |
| **9/30/22** | $11038 | $10795 | $10661 |
| **10/31/22** | $10990 | $10758 | $10670 |
| **11/30/22** | $11879 | $11032 | $11411 |
| **12/31/22** | $11929 | $10902 | $11455 |
| **1/31/23** | $12375 | $11153 | $11811 |
| **2/28/23** | $12078 | $10975 | $11550 |
| **3/31/23** | $12208 | $11219 | $11712 |
| **4/30/23** | $12259 | $11276 | $11771 |
| **5/31/23** | $12122 | $11232 | $11666 |
| **6/30/23** | $12378 | $11225 | $11891 |
| **7/31/23** | $12589 | $11229 | $12082 |
| **8/31/23** | $12404 | $11215 | $11914 |
| **9/30/23** | $12051 | $11021 | $11579 |
| **10/31/23** | $11953 | $10943 | $11411 |
| **11/30/23** | $12639 | $11319 | $12072 |
| **12/31/23** | $13267 | $11681 | $12652 |
| **1/31/24** | $13146 | $11658 | $12503 |
| **2/29/24** | $13238 | $11578 | $12589 |
| **3/31/24** | $13520 | $11683 | $12828 |
| **4/30/24** | $13255 | $11495 | $12571 |
| **5/31/24** | $13506 | $11596 | $12800 |
| **6/30/24** | $13582 | $11697 | $12884 |
| **7/31/24** | $13865 | $11923 | $13119 |
| **8/31/24** | $14167 | $12053 | $13425 |
| **9/30/24** | $14464 | $12193 | $13666 |
| **10/31/24** | $14202 | $12028 | $13421 |
| **11/30/24** | $14435 | $12171 | $13580 |
| **12/31/24** | $14253 | $12078 | $13377 |
| **1/31/25** | $14472 | $12125 | $13541 |
| **2/28/25** | $14736 | $12271 | $13764 |
| **3/31/25** | $14605 | $12219 | $13691 |
| **4/30/25** | $14571 | $12340 | $13679 |
| **5/31/25** | $14688 | $12299 | $13796 |
| **6/30/25** | $15076 | $12417 | $14110 |
| **7/31/25** | $15274 | $12407 | $14276 |
| **8/31/25** | $15553 | $12475 | $14494 |
| **9/30/25** | $15805 | $12567 | $14729 |
| **10/31/25** | $16195 | $12666 | $15053 |
| **11/30/25** | $16313 | $12692 | $15098 |
| **12/31/25** | $16387 | $12665 | $15176 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 14.98% | 2.44% | 5.06% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.86% | 0.34% | 2.39% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 13.45% | 1.74% | 4.26% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $205514 |
| # of Portfolio Holdings | 895 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid During the Reporting Period | $886 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 6.8% |
| Mexico | 6.6% |
| Brazil | 6.4% |
| Turkey | 5.9% |
| Argentina | 3.5% |
| Indonesia | 3.1% |
| Luxembourg | 3.1% |
| Saudi Arabia | 2.7% |
| Cayman Islands | 2.6% |
| Peru | 2.5% |
| Other Countries | 51.7% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 4.2% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO Emerging Markets Bond Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0333TSRAR_123125

# Advisor Class

# PIMCO Emerging Markets Bond Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $136 | 1.27% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to emerging market local currencies like the Nigerian naira and the Turkish lira, contributed to relative performance, as the currencies had positive carry. 

* Overweight exposure to Ecuadorian sovereign debt contributed to relative performance, as spreads tightened. 

* Security selection within Mexican sovereign debt contributed to relative performance, as spreads tightened. 

* Overweight exposure to Senegalese sovereign debt detracted from relative performance, as spreads widened. 

* Security selection within Brazilian corporate debt detracted from relative performance, as Brazilian corporate spreads underperformed Brazilian sovereign spreads.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g95g72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9886 | $10146 | $9980 |
| **2/29/16** | $10068 | $10244 | $10182 |
| **3/31/16** | $10483 | $10328 | $10522 |
| **4/30/16** | $10755 | $10346 | $10723 |
| **5/31/16** | $10730 | $10389 | $10691 |
| **6/30/16** | $11178 | $10587 | $11090 |
| **7/31/16** | $11382 | $10650 | $11262 |
| **8/31/16** | $11615 | $10645 | $11465 |
| **9/30/16** | $11676 | $10644 | $11504 |
| **10/31/16** | $11545 | $10541 | $11335 |
| **11/30/16** | $11088 | $10366 | $10863 |
| **12/31/16** | $11320 | $10395 | $11019 |
| **1/31/17** | $11482 | $10357 | $11178 |
| **2/28/17** | $11732 | $10446 | $11410 |
| **3/31/17** | $11784 | $10441 | $11449 |
| **4/30/17** | $11978 | $10512 | $11636 |
| **5/31/17** | $12055 | $10573 | $11732 |
| **6/30/17** | $11999 | $10543 | $11702 |
| **7/31/17** | $12101 | $10578 | $11779 |
| **8/31/17** | $12309 | $10674 | $11983 |
| **9/30/17** | $12342 | $10625 | $11981 |
| **10/31/17** | $12400 | $10670 | $12003 |
| **11/30/17** | $12356 | $10687 | $11971 |
| **12/31/17** | $12425 | $10710 | $12046 |
| **1/31/18** | $12426 | $10634 | $12023 |
| **2/28/18** | $12209 | $10610 | $11787 |
| **3/31/18** | $12239 | $10698 | $11831 |
| **4/30/18** | $12085 | $10658 | $11658 |
| **5/31/18** | $11941 | $10698 | $11532 |
| **6/30/18** | $11807 | $10718 | $11416 |
| **7/31/18** | $12037 | $10721 | $11651 |
| **8/31/18** | $11761 | $10754 | $11427 |
| **9/30/18** | $11992 | $10713 | $11629 |
| **10/31/18** | $11725 | $10692 | $11370 |
| **11/30/18** | $11664 | $10744 | $11325 |
| **12/31/18** | $11825 | $10899 | $11491 |
| **1/31/19** | $12381 | $11015 | $11999 |
| **2/28/19** | $12467 | $11028 | $12073 |
| **3/31/19** | $12621 | $11225 | $12248 |
| **4/30/19** | $12637 | $11232 | $12263 |
| **5/31/19** | $12676 | $11394 | $12333 |
| **6/30/19** | $13101 | $11553 | $12709 |
| **7/31/19** | $13246 | $11644 | $12855 |
| **8/31/19** | $13248 | $11908 | $12926 |
| **9/30/19** | $13210 | $11853 | $12879 |
| **10/31/19** | $13287 | $11833 | $12927 |
| **11/30/19** | $13265 | $11819 | $12905 |
| **12/31/19** | $13558 | $11795 | $13148 |
| **1/31/20** | $13802 | $12008 | $13376 |
| **2/29/20** | $13716 | $12155 | $13268 |
| **3/31/20** | $11805 | $11965 | $11602 |
| **4/30/20** | $12061 | $12159 | $11857 |
| **5/31/20** | $12804 | $12194 | $12537 |
| **6/30/20** | $13208 | $12254 | $12902 |
| **7/31/20** | $13712 | $12388 | $13379 |
| **8/31/20** | $13780 | $12299 | $13419 |
| **9/30/20** | $13543 | $12343 | $13197 |
| **10/31/20** | $13543 | $12344 | $13181 |
| **11/30/20** | $14156 | $12415 | $13675 |
| **12/31/20** | $14453 | $12453 | $13921 |
| **1/31/21** | $14271 | $12386 | $13752 |
| **2/28/21** | $13929 | $12193 | $13399 |
| **3/31/21** | $13740 | $12145 | $13260 |
| **4/30/21** | $14071 | $12177 | $13514 |
| **5/31/21** | $14234 | $12204 | $13660 |
| **6/30/21** | $14330 | $12264 | $13782 |
| **7/31/21** | $14411 | $12416 | $13856 |
| **8/31/21** | $14558 | $12391 | $13983 |
| **9/30/21** | $14243 | $12274 | $13708 |
| **10/31/21** | $14162 | $12242 | $13717 |
| **11/30/21** | $13873 | $12330 | $13518 |
| **12/31/21** | $14068 | $12280 | $13710 |
| **1/31/22** | $13685 | $12087 | $13314 |
| **2/28/22** | $12977 | $11926 | $12581 |
| **3/31/22** | $12978 | $11669 | $12441 |
| **4/30/22** | $12264 | $11355 | $11759 |
| **5/31/22** | $12248 | $11340 | $11781 |
| **6/30/22** | $11494 | $11168 | $11129 |
| **7/31/22** | $11808 | $11452 | $11485 |
| **8/31/22** | $11709 | $11153 | $11351 |
| **9/30/22** | $10964 | $10795 | $10661 |
| **10/31/22** | $10915 | $10758 | $10670 |
| **11/30/22** | $11797 | $11032 | $11411 |
| **12/31/22** | $11846 | $10902 | $11455 |
| **1/31/23** | $12287 | $11153 | $11811 |
| **2/28/23** | $11992 | $10975 | $11550 |
| **3/31/23** | $12120 | $11219 | $11712 |
| **4/30/23** | $12170 | $11276 | $11771 |
| **5/31/23** | $12033 | $11232 | $11666 |
| **6/30/23** | $12285 | $11225 | $11891 |
| **7/31/23** | $12494 | $11229 | $12082 |
| **8/31/23** | $12309 | $11215 | $11914 |
| **9/30/23** | $11958 | $11021 | $11579 |
| **10/31/23** | $11859 | $10943 | $11411 |
| **11/30/23** | $12539 | $11319 | $12072 |
| **12/31/23** | $13161 | $11681 | $12652 |
| **1/31/24** | $13040 | $11658 | $12503 |
| **2/29/24** | $13130 | $11578 | $12589 |
| **3/31/24** | $13409 | $11683 | $12828 |
| **4/30/24** | $13145 | $11495 | $12571 |
| **5/31/24** | $13392 | $11596 | $12800 |
| **6/30/24** | $13467 | $11697 | $12884 |
| **7/31/24** | $13747 | $11923 | $13119 |
| **8/31/24** | $14045 | $12053 | $13425 |
| **9/30/24** | $14338 | $12193 | $13666 |
| **10/31/24** | $14077 | $12028 | $13421 |
| **11/30/24** | $14307 | $12171 | $13580 |
| **12/31/24** | $14125 | $12078 | $13377 |
| **1/31/25** | $14341 | $12125 | $13541 |
| **2/28/25** | $14602 | $12271 | $13764 |
| **3/31/25** | $14471 | $12219 | $13691 |
| **4/30/25** | $14436 | $12340 | $13679 |
| **5/31/25** | $14550 | $12299 | $13796 |
| **6/30/25** | $14934 | $12417 | $14110 |
| **7/31/25** | $15128 | $12407 | $14276 |
| **8/31/25** | $15404 | $12475 | $14494 |
| **9/30/25** | $15652 | $12567 | $14729 |
| **10/31/25** | $16036 | $12666 | $15053 |
| **11/30/25** | $16152 | $12692 | $15098 |
| **12/31/25** | $16225 | $12665 | $15176 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 14.86% | 2.34% | 4.96% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.86% | 0.34% | 2.39% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 13.45% | 1.74% | 4.26% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $205514 |
| # of Portfolio Holdings | 895 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid During the Reporting Period | $886 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 6.8% |
| Mexico | 6.6% |
| Brazil | 6.4% |
| Turkey | 5.9% |
| Argentina | 3.5% |
| Indonesia | 3.1% |
| Luxembourg | 3.1% |
| Saudi Arabia | 2.7% |
| Cayman Islands | 2.6% |
| Peru | 2.5% |
| Other Countries | 51.7% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 4.2% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO Emerging Markets Bond Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1880TSRAR_123125

# Institutional Class

# PIMCO Emerging Markets Bond Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $110 | 1.02% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to emerging market local currencies like the Nigerian naira and the Turkish lira, contributed to relative performance, as the currencies had positive carry. 

* Overweight exposure to Ecuadorian sovereign debt contributed to relative performance, as spreads tightened. 

* Security selection within Mexican sovereign debt contributed to relative performance, as spreads tightened. 

* Overweight exposure to Senegalese sovereign debt detracted from relative performance, as spreads widened. 

* Security selection within Brazilian corporate debt detracted from relative performance, as Brazilian corporate spreads underperformed Brazilian sovereign spreads.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g43f62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9888 | $10146 | $9980 |
| **2/29/16** | $10072 | $10244 | $10182 |
| **3/31/16** | $10489 | $10328 | $10522 |
| **4/30/16** | $10764 | $10346 | $10723 |
| **5/31/16** | $10741 | $10389 | $10691 |
| **6/30/16** | $11192 | $10587 | $11090 |
| **7/31/16** | $11399 | $10650 | $11262 |
| **8/31/16** | $11634 | $10645 | $11465 |
| **9/30/16** | $11698 | $10644 | $11504 |
| **10/31/16** | $11569 | $10541 | $11335 |
| **11/30/16** | $11113 | $10366 | $10863 |
| **12/31/16** | $11348 | $10395 | $11019 |
| **1/31/17** | $11513 | $10357 | $11178 |
| **2/28/17** | $11765 | $10446 | $11410 |
| **3/31/17** | $11820 | $10441 | $11449 |
| **4/30/17** | $12017 | $10512 | $11636 |
| **5/31/17** | $12097 | $10573 | $11732 |
| **6/30/17** | $12043 | $10543 | $11702 |
| **7/31/17** | $12148 | $10578 | $11779 |
| **8/31/17** | $12360 | $10674 | $11983 |
| **9/30/17** | $12395 | $10625 | $11981 |
| **10/31/17** | $12456 | $10670 | $12003 |
| **11/30/17** | $12415 | $10687 | $11971 |
| **12/31/17** | $12486 | $10710 | $12046 |
| **1/31/18** | $12490 | $10634 | $12023 |
| **2/28/18** | $12274 | $10610 | $11787 |
| **3/31/18** | $12307 | $10698 | $11831 |
| **4/30/18** | $12155 | $10658 | $11658 |
| **5/31/18** | $12013 | $10698 | $11532 |
| **6/30/18** | $11881 | $10718 | $11416 |
| **7/31/18** | $12114 | $10721 | $11651 |
| **8/31/18** | $11839 | $10754 | $11427 |
| **9/30/18** | $12074 | $10713 | $11629 |
| **10/31/18** | $11807 | $10692 | $11370 |
| **11/30/18** | $11749 | $10744 | $11325 |
| **12/31/18** | $11914 | $10899 | $11491 |
| **1/31/19** | $12476 | $11015 | $11999 |
| **2/28/19** | $12565 | $11028 | $12073 |
| **3/31/19** | $12723 | $11225 | $12248 |
| **4/30/19** | $12742 | $11232 | $12263 |
| **5/31/19** | $12784 | $11394 | $12333 |
| **6/30/19** | $13215 | $11553 | $12709 |
| **7/31/19** | $13365 | $11644 | $12855 |
| **8/31/19** | $13369 | $11908 | $12926 |
| **9/30/19** | $13333 | $11853 | $12879 |
| **10/31/19** | $13414 | $11833 | $12927 |
| **11/30/19** | $13394 | $11819 | $12905 |
| **12/31/19** | $13693 | $11795 | $13148 |
| **1/31/20** | $13942 | $12008 | $13376 |
| **2/29/20** | $13858 | $12155 | $13268 |
| **3/31/20** | $11930 | $11965 | $11602 |
| **4/30/20** | $12191 | $12159 | $11857 |
| **5/31/20** | $12945 | $12194 | $12537 |
| **6/30/20** | $13356 | $12254 | $12902 |
| **7/31/20** | $13869 | $12388 | $13379 |
| **8/31/20** | $13941 | $12299 | $13419 |
| **9/30/20** | $13704 | $12343 | $13197 |
| **10/31/20** | $13707 | $12344 | $13181 |
| **11/30/20** | $14330 | $12415 | $13675 |
| **12/31/20** | $14634 | $12453 | $13921 |
| **1/31/21** | $14452 | $12386 | $13752 |
| **2/28/21** | $14109 | $12193 | $13399 |
| **3/31/21** | $13920 | $12145 | $13260 |
| **4/30/21** | $14259 | $12177 | $13514 |
| **5/31/21** | $14427 | $12204 | $13660 |
| **6/30/21** | $14527 | $12264 | $13782 |
| **7/31/21** | $14612 | $12416 | $13856 |
| **8/31/21** | $14764 | $12391 | $13983 |
| **9/30/21** | $14448 | $12274 | $13708 |
| **10/31/21** | $14368 | $12242 | $13717 |
| **11/30/21** | $14079 | $12330 | $13518 |
| **12/31/21** | $14280 | $12280 | $13710 |
| **1/31/22** | $13894 | $12087 | $13314 |
| **2/28/22** | $13177 | $11926 | $12581 |
| **3/31/22** | $13181 | $11669 | $12441 |
| **4/30/22** | $12459 | $11355 | $11759 |
| **5/31/22** | $12445 | $11340 | $11781 |
| **6/30/22** | $11682 | $11168 | $11129 |
| **7/31/22** | $12004 | $11452 | $11485 |
| **8/31/22** | $11906 | $11153 | $11351 |
| **9/30/22** | $11150 | $10795 | $10661 |
| **10/31/22** | $11102 | $10758 | $10670 |
| **11/30/22** | $12002 | $11032 | $11411 |
| **12/31/22** | $12055 | $10902 | $11455 |
| **1/31/23** | $12506 | $11153 | $11811 |
| **2/28/23** | $12208 | $10975 | $11550 |
| **3/31/23** | $12341 | $11219 | $11712 |
| **4/30/23** | $12394 | $11276 | $11771 |
| **5/31/23** | $12257 | $11232 | $11666 |
| **6/30/23** | $12517 | $11225 | $11891 |
| **7/31/23** | $12733 | $11229 | $12082 |
| **8/31/23** | $12547 | $11215 | $11914 |
| **9/30/23** | $12191 | $11021 | $11579 |
| **10/31/23** | $12093 | $10943 | $11411 |
| **11/30/23** | $12789 | $11319 | $12072 |
| **12/31/23** | $13427 | $11681 | $12652 |
| **1/31/24** | $13305 | $11658 | $12503 |
| **2/29/24** | $13400 | $11578 | $12589 |
| **3/31/24** | $13687 | $11683 | $12828 |
| **4/30/24** | $13421 | $11495 | $12571 |
| **5/31/24** | $13677 | $11596 | $12800 |
| **6/30/24** | $13755 | $11697 | $12884 |
| **7/31/24** | $14044 | $11923 | $13119 |
| **8/31/24** | $14352 | $12053 | $13425 |
| **9/30/24** | $14655 | $12193 | $13666 |
| **10/31/24** | $14391 | $12028 | $13421 |
| **11/30/24** | $14629 | $12171 | $13580 |
| **12/31/24** | $14446 | $12078 | $13377 |
| **1/31/25** | $14669 | $12125 | $13541 |
| **2/28/25** | $14939 | $12271 | $13764 |
| **3/31/25** | $14808 | $12219 | $13691 |
| **4/30/25** | $14775 | $12340 | $13679 |
| **5/31/25** | $14896 | $12299 | $13796 |
| **6/30/25** | $15292 | $12417 | $14110 |
| **7/31/25** | $15494 | $12407 | $14276 |
| **8/31/25** | $15779 | $12475 | $14494 |
| **9/30/25** | $16037 | $12567 | $14729 |
| **10/31/25** | $16434 | $12666 | $15053 |
| **11/30/25** | $16556 | $12692 | $15098 |
| **12/31/25** | $16634 | $12665 | $15176 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 15.15% | 2.60% | 5.22% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.86% | 0.34% | 2.39% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 13.45% | 1.74% | 4.26% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $205514 |
| # of Portfolio Holdings | 895 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid During the Reporting Period | $886 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 6.8% |
| Mexico | 6.6% |
| Brazil | 6.4% |
| Turkey | 5.9% |
| Argentina | 3.5% |
| Indonesia | 3.1% |
| Luxembourg | 3.1% |
| Saudi Arabia | 2.7% |
| Cayman Islands | 2.6% |
| Peru | 2.5% |
| Other Countries | 51.7% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 4.2% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO Emerging Markets Bond Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2051TSRAR_123125

# Class M

# PIMCO Emerging Markets Bond Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class M | $158 | 1.47% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to emerging market local currencies like the Nigerian naira and the Turkish lira, contributed to relative performance, as the currencies had positive carry. 

* Overweight exposure to Ecuadorian sovereign debt contributed to relative performance, as spreads tightened. 

* Security selection within Mexican sovereign debt contributed to relative performance, as spreads tightened. 

* Overweight exposure to Senegalese sovereign debt detracted from relative performance, as spreads widened. 

* Security selection within Brazilian corporate debt detracted from relative performance, as Brazilian corporate spreads underperformed Brazilian sovereign spreads.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g18e27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9885 | $10146 | $9980 |
| **2/29/16** | $10065 | $10244 | $10182 |
| **3/31/16** | $10478 | $10328 | $10522 |
| **4/30/16** | $10748 | $10346 | $10723 |
| **5/31/16** | $10722 | $10389 | $10691 |
| **6/30/16** | $11168 | $10587 | $11090 |
| **7/31/16** | $11370 | $10650 | $11262 |
| **8/31/16** | $11600 | $10645 | $11465 |
| **9/30/16** | $11659 | $10644 | $11504 |
| **10/31/16** | $11526 | $10541 | $11335 |
| **11/30/16** | $11068 | $10366 | $10863 |
| **12/31/16** | $11297 | $10395 | $11019 |
| **1/31/17** | $11458 | $10357 | $11178 |
| **2/28/17** | $11705 | $10446 | $11410 |
| **3/31/17** | $11755 | $10441 | $11449 |
| **4/30/17** | $11947 | $10512 | $11636 |
| **5/31/17** | $12021 | $10573 | $11732 |
| **6/30/17** | $11963 | $10543 | $11702 |
| **7/31/17** | $12063 | $10578 | $11779 |
| **8/31/17** | $12269 | $10674 | $11983 |
| **9/30/17** | $12300 | $10625 | $11981 |
| **10/31/17** | $12355 | $10670 | $12003 |
| **11/30/17** | $12309 | $10687 | $11971 |
| **12/31/17** | $12376 | $10710 | $12046 |
| **1/31/18** | $12375 | $10634 | $12023 |
| **2/28/18** | $12157 | $10610 | $11787 |
| **3/31/18** | $12185 | $10698 | $11831 |
| **4/30/18** | $12030 | $10658 | $11658 |
| **5/31/18** | $11885 | $10698 | $11532 |
| **6/30/18** | $11749 | $10718 | $11416 |
| **7/31/18** | $11976 | $10721 | $11651 |
| **8/31/18** | $11699 | $10754 | $11427 |
| **9/30/18** | $11927 | $10713 | $11629 |
| **10/31/18** | $11659 | $10692 | $11370 |
| **11/30/18** | $11597 | $10744 | $11325 |
| **12/31/18** | $11755 | $10899 | $11491 |
| **1/31/19** | $12305 | $11015 | $11999 |
| **2/28/19** | $12389 | $11028 | $12073 |
| **3/31/19** | $12540 | $11225 | $12248 |
| **4/30/19** | $12554 | $11232 | $12263 |
| **5/31/19** | $12591 | $11394 | $12333 |
| **6/30/19** | $13010 | $11553 | $12709 |
| **7/31/19** | $13153 | $11644 | $12855 |
| **8/31/19** | $13151 | $11908 | $12926 |
| **9/30/19** | $13112 | $11853 | $12879 |
| **10/31/19** | $13187 | $11833 | $12927 |
| **11/30/19** | $13162 | $11819 | $12905 |
| **12/31/19** | $13451 | $11795 | $13148 |
| **1/31/20** | $13690 | $12008 | $13376 |
| **2/29/20** | $13603 | $12155 | $13268 |
| **3/31/20** | $11706 | $11965 | $11602 |
| **4/30/20** | $11957 | $12159 | $11857 |
| **5/31/20** | $12692 | $12194 | $12537 |
| **6/30/20** | $13090 | $12254 | $12902 |
| **7/31/20** | $13588 | $12388 | $13379 |
| **8/31/20** | $13653 | $12299 | $13419 |
| **9/30/20** | $13416 | $12343 | $13197 |
| **10/31/20** | $13414 | $12344 | $13181 |
| **11/30/20** | $14019 | $12415 | $13675 |
| **12/31/20** | $14310 | $12453 | $13921 |
| **1/31/21** | $14127 | $12386 | $13752 |
| **2/28/21** | $13787 | $12193 | $13399 |
| **3/31/21** | $13597 | $12145 | $13260 |
| **4/30/21** | $13923 | $12177 | $13514 |
| **5/31/21** | $14082 | $12204 | $13660 |
| **6/30/21** | $14174 | $12264 | $13782 |
| **7/31/21** | $14252 | $12416 | $13856 |
| **8/31/21** | $14394 | $12391 | $13983 |
| **9/30/21** | $14081 | $12274 | $13708 |
| **10/31/21** | $13998 | $12242 | $13717 |
| **11/30/21** | $13711 | $12330 | $13518 |
| **12/31/21** | $13901 | $12280 | $13710 |
| **1/31/22** | $13521 | $12087 | $13314 |
| **2/28/22** | $12819 | $11926 | $12581 |
| **3/31/22** | $12818 | $11669 | $12441 |
| **4/30/22** | $12110 | $11355 | $11759 |
| **5/31/22** | $12093 | $11340 | $11781 |
| **6/30/22** | $11347 | $11168 | $11129 |
| **7/31/22** | $11655 | $11452 | $11485 |
| **8/31/22** | $11555 | $11153 | $11351 |
| **9/30/22** | $10817 | $10795 | $10661 |
| **10/31/22** | $10767 | $10758 | $10670 |
| **11/30/22** | $11636 | $11032 | $11411 |
| **12/31/22** | $11682 | $10902 | $11455 |
| **1/31/23** | $12115 | $11153 | $11811 |
| **2/28/23** | $11822 | $10975 | $11550 |
| **3/31/23** | $11946 | $11219 | $11712 |
| **4/30/23** | $11994 | $11276 | $11771 |
| **5/31/23** | $11857 | $11232 | $11666 |
| **6/30/23** | $12103 | $11225 | $11891 |
| **7/31/23** | $12307 | $11229 | $12082 |
| **8/31/23** | $12123 | $11215 | $11914 |
| **9/30/23** | $11775 | $11021 | $11579 |
| **10/31/23** | $11676 | $10943 | $11411 |
| **11/30/23** | $12343 | $11319 | $12072 |
| **12/31/23** | $12954 | $11681 | $12652 |
| **1/31/24** | $12832 | $11658 | $12503 |
| **2/29/24** | $12919 | $11578 | $12589 |
| **3/31/24** | $13191 | $11683 | $12828 |
| **4/30/24** | $12929 | $11495 | $12571 |
| **5/31/24** | $13170 | $11596 | $12800 |
| **6/30/24** | $13241 | $11697 | $12884 |
| **7/31/24** | $13514 | $11923 | $13119 |
| **8/31/24** | $13805 | $12053 | $13425 |
| **9/30/24** | $14091 | $12193 | $13666 |
| **10/31/24** | $13832 | $12028 | $13421 |
| **11/30/24** | $14056 | $12171 | $13580 |
| **12/31/24** | $13874 | $12078 | $13377 |
| **1/31/25** | $14084 | $12125 | $13541 |
| **2/28/25** | $14338 | $12271 | $13764 |
| **3/31/25** | $14207 | $12219 | $13691 |
| **4/30/25** | $14171 | $12340 | $13679 |
| **5/31/25** | $14280 | $12299 | $13796 |
| **6/30/25** | $14655 | $12417 | $14110 |
| **7/31/25** | $14843 | $12407 | $14276 |
| **8/31/25** | $15110 | $12475 | $14494 |
| **9/30/25** | $15352 | $12567 | $14729 |
| **10/31/25** | $15726 | $12666 | $15053 |
| **11/30/25** | $15837 | $12692 | $15098 |
| **12/31/25** | $15905 | $12665 | $15176 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class M | 14.64% | 2.14% | 4.75% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.86% | 0.34% | 2.39% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 13.45% | 1.74% | 4.26% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $205514 |
| # of Portfolio Holdings | 895 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid During the Reporting Period | $886 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 6.8% |
| Mexico | 6.6% |
| Brazil | 6.4% |
| Turkey | 5.9% |
| Argentina | 3.5% |
| Indonesia | 3.1% |
| Luxembourg | 3.1% |
| Saudi Arabia | 2.7% |
| Cayman Islands | 2.6% |
| Peru | 2.5% |
| Other Countries | 51.7% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 4.2% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Class M
![Image](g55574g26k39.jpg)

# PIMCO Emerging Markets Bond Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2106TSRAR_123125

# Administrative Class

# PIMCO Global Bond Opportunities Portfolio (Unhedged)

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Global Bond Opportunities Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $122 | 1.15% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to the euro contributed to absolute performance, as it appreciated relative to the U.S. dollar. 

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section and underweight exposure to the long end of the curve, contributed to absolute performance, as the curve steepened.

* Exposure to the Secured Overnight Financing Rate contributed to absolute performance, as the cash rate remained elevated.

* Overweight exposure to Australian duration detracted from absolute performance, as yields in Australia rose. 

* Curve positioning within Japanese rates, particularly an overweight exposure to the long end of the curve, detracted from absolute performance, as yields rose. 

* Short exposure to select emerging market Asian currencies, particularly the South Korean won and the Taiwanese dollar, detracted from absolute performance, as they appreciated relative to the U.S. dollar.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g97q76.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate (USD Unhedged) Index** |
| **12/31/15** | $10000 | $10000 |
| **1/31/16** | $10072 | $10087 |
| **2/29/16** | $10223 | $10311 |
| **3/31/16** | $10519 | $10590 |
| **4/30/16** | $10688 | $10731 |
| **5/31/16** | $10536 | $10587 |
| **6/30/16** | $10874 | $10896 |
| **7/31/16** | $11043 | $10978 |
| **8/31/16** | $11003 | $10925 |
| **9/30/16** | $11087 | $10985 |
| **10/31/16** | $10838 | $10680 |
| **11/30/16** | $10401 | $10256 |
| **12/31/16** | $10404 | $10209 |
| **1/31/17** | $10536 | $10324 |
| **2/28/17** | $10624 | $10372 |
| **3/31/17** | $10660 | $10388 |
| **4/30/17** | $10767 | $10506 |
| **5/31/17** | $10948 | $10668 |
| **6/30/17** | $10951 | $10659 |
| **7/31/17** | $11170 | $10838 |
| **8/31/17** | $11281 | $10945 |
| **9/30/17** | $11202 | $10847 |
| **10/31/17** | $11169 | $10806 |
| **11/30/17** | $11264 | $10926 |
| **12/31/17** | $11301 | $10964 |
| **1/31/18** | $11528 | $11094 |
| **2/28/18** | $11340 | $10996 |
| **3/31/18** | $11403 | $11113 |
| **4/30/18** | $11217 | $10935 |
| **5/31/18** | $11079 | $10852 |
| **6/30/18** | $11026 | $10804 |
| **7/31/18** | $11093 | $10786 |
| **8/31/18** | $10986 | $10797 |
| **9/30/18** | $11021 | $10704 |
| **10/31/18** | $10835 | $10584 |
| **11/30/18** | $10829 | $10617 |
| **12/31/18** | $10828 | $10832 |
| **1/31/19** | $11074 | $10997 |
| **2/28/19** | $11075 | $10934 |
| **3/31/19** | $11079 | $11070 |
| **4/30/19** | $11113 | $11038 |
| **5/31/19** | $11141 | $11187 |
| **6/30/19** | $11339 | $11435 |
| **7/31/19** | $11245 | $11403 |
| **8/31/19** | $11269 | $11635 |
| **9/30/19** | $11228 | $11517 |
| **10/31/19** | $11344 | $11594 |
| **11/30/19** | $11265 | $11506 |
| **12/31/19** | $11491 | $11573 |
| **1/31/20** | $11522 | $11721 |
| **2/29/20** | $11438 | $11799 |
| **3/31/20** | $10808 | $11535 |
| **4/30/20** | $11101 | $11761 |
| **5/31/20** | $11327 | $11813 |
| **6/30/20** | $11513 | $11918 |
| **7/31/20** | $11909 | $12298 |
| **8/31/20** | $12110 | $12279 |
| **9/30/20** | $12000 | $12235 |
| **10/31/20** | $12043 | $12247 |
| **11/30/20** | $12353 | $12470 |
| **12/31/20** | $12653 | $12637 |
| **1/31/21** | $12619 | $12526 |
| **2/28/21** | $12514 | $12310 |
| **3/31/21** | $12338 | $12073 |
| **4/30/21** | $12505 | $12226 |
| **5/31/21** | $12599 | $12341 |
| **6/30/21** | $12399 | $12232 |
| **7/31/21** | $12445 | $12395 |
| **8/31/21** | $12414 | $12343 |
| **9/30/21** | $12291 | $12124 |
| **10/31/21** | $12178 | $12094 |
| **11/30/21** | $12077 | $12059 |
| **12/31/21** | $12127 | $12042 |
| **1/31/22** | $12017 | $11795 |
| **2/28/22** | $11906 | $11655 |
| **3/31/22** | $11651 | $11300 |
| **4/30/22** | $11120 | $10681 |
| **5/31/22** | $11167 | $10710 |
| **6/30/22** | $10794 | $10367 |
| **7/31/22** | $10899 | $10587 |
| **8/31/22** | $10620 | $10169 |
| **9/30/22** | $10167 | $9647 |
| **10/31/22** | $10121 | $9580 |
| **11/30/22** | $10656 | $10031 |
| **12/31/22** | $10793 | $10086 |
| **1/31/23** | $11116 | $10417 |
| **2/28/23** | $10777 | $10070 |
| **3/31/23** | $10992 | $10389 |
| **4/30/23** | $11057 | $10435 |
| **5/31/23** | $10838 | $10231 |
| **6/30/23** | $10834 | $10230 |
| **7/31/23** | $10946 | $10301 |
| **8/31/23** | $10780 | $10160 |
| **9/30/23** | $10543 | $9863 |
| **10/31/23** | $10411 | $9745 |
| **11/30/23** | $10891 | $10237 |
| **12/31/23** | $11360 | $10662 |
| **1/31/24** | $11201 | $10515 |
| **2/29/24** | $11104 | $10383 |
| **3/31/24** | $11220 | $10440 |
| **4/30/24** | $10995 | $10176 |
| **5/31/24** | $11201 | $10310 |
| **6/30/24** | $11177 | $10325 |
| **7/31/24** | $11453 | $10610 |
| **8/31/24** | $11610 | $10861 |
| **9/30/24** | $11823 | $11046 |
| **10/31/24** | $11411 | $10675 |
| **11/30/24** | $11460 | $10712 |
| **12/31/24** | $11304 | $10482 |
| **1/31/25** | $11428 | $10542 |
| **2/28/25** | $11603 | $10692 |
| **3/31/25** | $11779 | $10758 |
| **4/30/25** | $11986 | $11074 |
| **5/31/25** | $12020 | $11035 |
| **6/30/25** | $12364 | $11244 |
| **7/31/25** | $12174 | $11077 |
| **8/31/25** | $12463 | $11238 |
| **9/30/25** | $12547 | $11311 |
| **10/31/25** | $12548 | $11282 |
| **11/30/25** | $12630 | $11309 |
| **12/31/25** | $12758 | $11338 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 12.87% | 0.17% | 2.47% |
| Bloomberg Global Aggregate (USD Unhedged) Index | 8.17% | (2.15%) | 1.26% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $138274 |
| # of Portfolio Holdings | 1036 |
| Portfolio Turnover Rate | 696% |
| Total Net Advisory Fees Paid During the Reporting Period | $330 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 86.7% |
| France | 6.9% |
| United Kingdom | 6.6% |
| Japan | 5.5% |
| Spain | 4.7% |
| Australia | 3.0% |
| South Africa | 2.7% |
| Ireland | 2.6% |
| Cayman Islands | 2.4% |
| Italy | 2.4% |
| Other Countries | 15.0% |
| Short-Term Instruments | 3.3% |
| Affiliated Investments | 1.1% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (43.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.07% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO Global Bond Opportunities Portfolio (Unhedged)
Annual Shareholder Report \|

December 31, 2025

PVIT0336TSRAR_123125

# Advisor Class

# PIMCO Global Bond Opportunities Portfolio (Unhedged)

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Global Bond Opportunities Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $133 | 1.25% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to the euro contributed to absolute performance, as it appreciated relative to the U.S. dollar. 

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section and underweight exposure to the long end of the curve, contributed to absolute performance, as the curve steepened.

* Exposure to the Secured Overnight Financing Rate contributed to absolute performance, as the cash rate remained elevated.

* Overweight exposure to Australian duration detracted from absolute performance, as yields in Australia rose. 

* Curve positioning within Japanese rates, particularly an overweight exposure to the long end of the curve, detracted from absolute performance, as yields rose. 

* Short exposure to select emerging market Asian currencies, particularly the South Korean won and the Taiwanese dollar, detracted from absolute performance, as they appreciated relative to the U.S. dollar.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g05z04.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **Bloomberg Global Aggregate (USD Unhedged) Index** |
| **12/31/15** | $10000 | $10000 |
| **1/31/16** | $10071 | $10087 |
| **2/29/16** | $10221 | $10311 |
| **3/31/16** | $10517 | $10590 |
| **4/30/16** | $10684 | $10731 |
| **5/31/16** | $10532 | $10587 |
| **6/30/16** | $10869 | $10896 |
| **7/31/16** | $11036 | $10978 |
| **8/31/16** | $10996 | $10925 |
| **9/30/16** | $11079 | $10985 |
| **10/31/16** | $10829 | $10680 |
| **11/30/16** | $10392 | $10256 |
| **12/31/16** | $10394 | $10209 |
| **1/31/17** | $10525 | $10324 |
| **2/28/17** | $10612 | $10372 |
| **3/31/17** | $10647 | $10388 |
| **4/30/17** | $10753 | $10506 |
| **5/31/17** | $10932 | $10668 |
| **6/30/17** | $10934 | $10659 |
| **7/31/17** | $11152 | $10838 |
| **8/31/17** | $11263 | $10945 |
| **9/30/17** | $11182 | $10847 |
| **10/31/17** | $11149 | $10806 |
| **11/30/17** | $11243 | $10926 |
| **12/31/17** | $11279 | $10964 |
| **1/31/18** | $11504 | $11094 |
| **2/28/18** | $11315 | $10996 |
| **3/31/18** | $11377 | $11113 |
| **4/30/18** | $11191 | $10935 |
| **5/31/18** | $11052 | $10852 |
| **6/30/18** | $10999 | $10804 |
| **7/31/18** | $11065 | $10786 |
| **8/31/18** | $10956 | $10797 |
| **9/30/18** | $10991 | $10704 |
| **10/31/18** | $10805 | $10584 |
| **11/30/18** | $10797 | $10617 |
| **12/31/18** | $10795 | $10832 |
| **1/31/19** | $11040 | $10997 |
| **2/28/19** | $11040 | $10934 |
| **3/31/19** | $11043 | $11070 |
| **4/30/19** | $11076 | $11038 |
| **5/31/19** | $11103 | $11187 |
| **6/30/19** | $11300 | $11435 |
| **7/31/19** | $11205 | $11403 |
| **8/31/19** | $11228 | $11635 |
| **9/30/19** | $11186 | $11517 |
| **10/31/19** | $11301 | $11594 |
| **11/30/19** | $11222 | $11506 |
| **12/31/19** | $11445 | $11573 |
| **1/31/20** | $11475 | $11721 |
| **2/29/20** | $11391 | $11799 |
| **3/31/20** | $10762 | $11535 |
| **4/30/20** | $11053 | $11761 |
| **5/31/20** | $11278 | $11813 |
| **6/30/20** | $11462 | $11918 |
| **7/31/20** | $11855 | $12298 |
| **8/31/20** | $12054 | $12279 |
| **9/30/20** | $11943 | $12235 |
| **10/31/20** | $11985 | $12247 |
| **11/30/20** | $12293 | $12470 |
| **12/31/20** | $12590 | $12637 |
| **1/31/21** | $12556 | $12526 |
| **2/28/21** | $12450 | $12310 |
| **3/31/21** | $12273 | $12073 |
| **4/30/21** | $12439 | $12226 |
| **5/31/21** | $12531 | $12341 |
| **6/30/21** | $12331 | $12232 |
| **7/31/21** | $12376 | $12395 |
| **8/31/21** | $12344 | $12343 |
| **9/30/21** | $12221 | $12124 |
| **10/31/21** | $12108 | $12094 |
| **11/30/21** | $12006 | $12059 |
| **12/31/21** | $12055 | $12042 |
| **1/31/22** | $11944 | $11795 |
| **2/28/22** | $11833 | $11655 |
| **3/31/22** | $11579 | $11300 |
| **4/30/22** | $11050 | $10681 |
| **5/31/22** | $11096 | $10710 |
| **6/30/22** | $10724 | $10367 |
| **7/31/22** | $10828 | $10587 |
| **8/31/22** | $10549 | $10169 |
| **9/30/22** | $10099 | $9647 |
| **10/31/22** | $10052 | $9580 |
| **11/30/22** | $10582 | $10031 |
| **12/31/22** | $10717 | $10086 |
| **1/31/23** | $11038 | $10417 |
| **2/28/23** | $10700 | $10070 |
| **3/31/23** | $10913 | $10389 |
| **4/30/23** | $10976 | $10435 |
| **5/31/23** | $10758 | $10231 |
| **6/30/23** | $10753 | $10230 |
| **7/31/23** | $10863 | $10301 |
| **8/31/23** | $10698 | $10160 |
| **9/30/23** | $10461 | $9863 |
| **10/31/23** | $10330 | $9745 |
| **11/30/23** | $10805 | $10237 |
| **12/31/23** | $11270 | $10662 |
| **1/31/24** | $11111 | $10515 |
| **2/29/24** | $11014 | $10383 |
| **3/31/24** | $11128 | $10440 |
| **4/30/24** | $10904 | $10176 |
| **5/31/24** | $11108 | $10310 |
| **6/30/24** | $11083 | $10325 |
| **7/31/24** | $11355 | $10610 |
| **8/31/24** | $11510 | $10861 |
| **9/30/24** | $11721 | $11046 |
| **10/31/24** | $11311 | $10675 |
| **11/30/24** | $11359 | $10712 |
| **12/31/24** | $11203 | $10482 |
| **1/31/25** | $11325 | $10542 |
| **2/28/25** | $11497 | $10692 |
| **3/31/25** | $11671 | $10758 |
| **4/30/25** | $11875 | $11074 |
| **5/31/25** | $11907 | $11035 |
| **6/30/25** | $12247 | $11244 |
| **7/31/25** | $12058 | $11077 |
| **8/31/25** | $12344 | $11238 |
| **9/30/25** | $12425 | $11311 |
| **10/31/25** | $12426 | $11282 |
| **11/30/25** | $12505 | $11309 |
| **12/31/25** | $12632 | $11338 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 12.76% | 0.07% | 2.36% |
| Bloomberg Global Aggregate (USD Unhedged) Index | 8.17% | (2.15%) | 1.26% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $138274 |
| # of Portfolio Holdings | 1036 |
| Portfolio Turnover Rate | 696% |
| Total Net Advisory Fees Paid During the Reporting Period | $330 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 86.7% |
| France | 6.9% |
| United Kingdom | 6.6% |
| Japan | 5.5% |
| Spain | 4.7% |
| Australia | 3.0% |
| South Africa | 2.7% |
| Ireland | 2.6% |
| Cayman Islands | 2.4% |
| Italy | 2.4% |
| Other Countries | 15.0% |
| Short-Term Instruments | 3.3% |
| Affiliated Investments | 1.1% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (43.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.07% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO Global Bond Opportunities Portfolio (Unhedged)
Annual Shareholder Report \|

December 31, 2025

PVIT1881TSRAR_123125

# Institutional Class

# PIMCO Global Bond Opportunities Portfolio (Unhedged)

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Global Bond Opportunities Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $107 | 1.00% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to the euro contributed to absolute performance, as it appreciated relative to the U.S. dollar. 

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section and underweight exposure to the long end of the curve, contributed to absolute performance, as the curve steepened.

* Exposure to the Secured Overnight Financing Rate contributed to absolute performance, as the cash rate remained elevated.

* Overweight exposure to Australian duration detracted from absolute performance, as yields in Australia rose. 

* Curve positioning within Japanese rates, particularly an overweight exposure to the long end of the curve, detracted from absolute performance, as yields rose. 

* Short exposure to select emerging market Asian currencies, particularly the South Korean won and the Taiwanese dollar, detracted from absolute performance, as they appreciated relative to the U.S. dollar.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g07a63.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Unhedged) Index** |
| **12/31/15** | $10000 | $10000 |
| **1/31/16** | $10073 | $10087 |
| **2/29/16** | $10225 | $10311 |
| **3/31/16** | $10523 | $10590 |
| **4/30/16** | $10693 | $10731 |
| **5/31/16** | $10542 | $10587 |
| **6/30/16** | $10882 | $10896 |
| **7/31/16** | $11052 | $10978 |
| **8/31/16** | $11014 | $10925 |
| **9/30/16** | $11099 | $10985 |
| **10/31/16** | $10851 | $10680 |
| **11/30/16** | $10416 | $10256 |
| **12/31/16** | $10420 | $10209 |
| **1/31/17** | $10553 | $10324 |
| **2/28/17** | $10642 | $10372 |
| **3/31/17** | $10680 | $10388 |
| **4/30/17** | $10788 | $10506 |
| **5/31/17** | $10971 | $10668 |
| **6/30/17** | $10975 | $10659 |
| **7/31/17** | $11196 | $10838 |
| **8/31/17** | $11309 | $10945 |
| **9/30/17** | $11231 | $10847 |
| **10/31/17** | $11199 | $10806 |
| **11/30/17** | $11296 | $10926 |
| **12/31/17** | $11335 | $10964 |
| **1/31/18** | $11564 | $11094 |
| **2/28/18** | $11376 | $10996 |
| **3/31/18** | $11441 | $11113 |
| **4/30/18** | $11256 | $10935 |
| **5/31/18** | $11119 | $10852 |
| **6/30/18** | $11067 | $10804 |
| **7/31/18** | $11136 | $10786 |
| **8/31/18** | $11029 | $10797 |
| **9/30/18** | $11066 | $10704 |
| **10/31/18** | $10881 | $10584 |
| **11/30/18** | $10876 | $10617 |
| **12/31/18** | $10876 | $10832 |
| **1/31/19** | $11125 | $10997 |
| **2/28/19** | $11127 | $10934 |
| **3/31/19** | $11133 | $11070 |
| **4/30/19** | $11169 | $11038 |
| **5/31/19** | $11198 | $11187 |
| **6/30/19** | $11398 | $11435 |
| **7/31/19** | $11305 | $11403 |
| **8/31/19** | $11331 | $11635 |
| **9/30/19** | $11291 | $11517 |
| **10/31/19** | $11409 | $11594 |
| **11/30/19** | $11332 | $11506 |
| **12/31/19** | $11560 | $11573 |
| **1/31/20** | $11592 | $11721 |
| **2/29/20** | $11509 | $11799 |
| **3/31/20** | $10877 | $11535 |
| **4/30/20** | $11173 | $11761 |
| **5/31/20** | $11402 | $11813 |
| **6/30/20** | $11591 | $11918 |
| **7/31/20** | $11991 | $12298 |
| **8/31/20** | $12195 | $12279 |
| **9/30/20** | $12085 | $12235 |
| **10/31/20** | $12130 | $12247 |
| **11/30/20** | $12444 | $12470 |
| **12/31/20** | $12748 | $12637 |
| **1/31/21** | $12715 | $12526 |
| **2/28/21** | $12611 | $12310 |
| **3/31/21** | $12435 | $12073 |
| **4/30/21** | $12605 | $12226 |
| **5/31/21** | $12701 | $12341 |
| **6/30/21** | $12501 | $12232 |
| **7/31/21** | $12549 | $12395 |
| **8/31/21** | $12519 | $12343 |
| **9/30/21** | $12397 | $12124 |
| **10/31/21** | $12285 | $12094 |
| **11/30/21** | $12184 | $12059 |
| **12/31/21** | $12236 | $12042 |
| **1/31/22** | $12127 | $11795 |
| **2/28/22** | $12016 | $11655 |
| **3/31/22** | $11761 | $11300 |
| **4/30/22** | $11225 | $10681 |
| **5/31/22** | $11275 | $10710 |
| **6/30/22** | $10899 | $10367 |
| **7/31/22** | $11007 | $10587 |
| **8/31/22** | $10726 | $10169 |
| **9/30/22** | $10271 | $9647 |
| **10/31/22** | $10225 | $9580 |
| **11/30/22** | $10767 | $10031 |
| **12/31/22** | $10906 | $10086 |
| **1/31/23** | $11235 | $10417 |
| **2/28/23** | $10893 | $10070 |
| **3/31/23** | $11112 | $10389 |
| **4/30/23** | $11179 | $10435 |
| **5/31/23** | $10959 | $10231 |
| **6/30/23** | $10956 | $10230 |
| **7/31/23** | $11071 | $10301 |
| **8/31/23** | $10904 | $10160 |
| **9/30/23** | $10666 | $9863 |
| **10/31/23** | $10534 | $9745 |
| **11/30/23** | $11021 | $10237 |
| **12/31/23** | $11497 | $10662 |
| **1/31/24** | $11337 | $10515 |
| **2/29/24** | $11240 | $10383 |
| **3/31/24** | $11360 | $10440 |
| **4/30/24** | $11133 | $10176 |
| **5/31/24** | $11343 | $10310 |
| **6/30/24** | $11320 | $10325 |
| **7/31/24** | $11601 | $10610 |
| **8/31/24** | $11761 | $10861 |
| **9/30/24** | $11979 | $11046 |
| **10/31/24** | $11563 | $10675 |
| **11/30/24** | $11614 | $10712 |
| **12/31/24** | $11457 | $10482 |
| **1/31/25** | $11585 | $10542 |
| **2/28/25** | $11763 | $10692 |
| **3/31/25** | $11943 | $10758 |
| **4/30/25** | $12154 | $11074 |
| **5/31/25** | $12190 | $11035 |
| **6/30/25** | $12541 | $11244 |
| **7/31/25** | $12349 | $11077 |
| **8/31/25** | $12645 | $11238 |
| **9/30/25** | $12731 | $11311 |
| **10/31/25** | $12734 | $11282 |
| **11/30/25** | $12818 | $11309 |
| **12/31/25** | $12950 | $11338 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 13.04% | 0.32% | 2.62% |
| Bloomberg Global Aggregate (USD Unhedged) Index | 8.17% | (2.15%) | 1.26% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $138274 |
| # of Portfolio Holdings | 1036 |
| Portfolio Turnover Rate | 696% |
| Total Net Advisory Fees Paid During the Reporting Period | $330 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 86.7% |
| France | 6.9% |
| United Kingdom | 6.6% |
| Japan | 5.5% |
| Spain | 4.7% |
| Australia | 3.0% |
| South Africa | 2.7% |
| Ireland | 2.6% |
| Cayman Islands | 2.4% |
| Italy | 2.4% |
| Other Countries | 15.0% |
| Short-Term Instruments | 3.3% |
| Affiliated Investments | 1.1% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (43.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.07% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO Global Bond Opportunities Portfolio (Unhedged)
Annual Shareholder Report \|

December 31, 2025

PVIT1876TSRAR_123125

# Administrative Class

# PIMCO Global Core Bond (Hedged) Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Global Core Bond (Hedged) Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $117 | 1.13% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section and underweight exposure to the long end of the curve, contributed to relative performance, as the curve steepened.

* Long exposure to securitized credit, particularly non-agency residential mortgage-backed securities, contributed to relative performance, as spreads tightened. 

* Long exposure to select emerging market ("EM") CEEMEA currencies, particularly the Turkish lira and Polish zloty, contributed to relative performance, as the local yields in Turkey remained high and the Polish zloty appreciated relative to the U.S. dollar. 

* Overweight exposure to Australian duration detracted from relative performance, as yields in Australia rose. 

* Short exposure to select EM Asian currencies, particularly the South Korean won and Taiwanese dollar, detracted from relative performance, as they appreciated relative to the U.S. dollar.

* Positioning within Japanese rates detracted from relative performance, as the curve steepened.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g37i10.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate (USD Hedged) Index** |
| **12/31/15** | $10000 | $10000 |
| **1/31/16** | $10019 | $10146 |
| **2/29/16** | $9991 | $10244 |
| **3/31/16** | $10269 | $10328 |
| **4/30/16** | $10353 | $10346 |
| **5/31/16** | $10252 | $10389 |
| **6/30/16** | $10502 | $10587 |
| **7/31/16** | $10664 | $10650 |
| **8/31/16** | $10718 | $10645 |
| **9/30/16** | $10788 | $10644 |
| **10/31/16** | $10760 | $10541 |
| **11/30/16** | $10609 | $10366 |
| **12/31/16** | $10678 | $10395 |
| **1/31/17** | $10663 | $10357 |
| **2/28/17** | $10809 | $10446 |
| **3/31/17** | $10799 | $10441 |
| **4/30/17** | $10856 | $10512 |
| **5/31/17** | $10926 | $10573 |
| **6/30/17** | $10892 | $10543 |
| **7/31/17** | $10951 | $10578 |
| **8/31/17** | $11081 | $10674 |
| **9/30/17** | $11069 | $10625 |
| **10/31/17** | $11117 | $10670 |
| **11/30/17** | $11131 | $10687 |
| **12/31/17** | $11136 | $10710 |
| **1/31/18** | $11126 | $10634 |
| **2/28/18** | $11081 | $10610 |
| **3/31/18** | $11166 | $10698 |
| **4/30/18** | $11133 | $10658 |
| **5/31/18** | $11159 | $10698 |
| **6/30/18** | $11187 | $10718 |
| **7/31/18** | $11216 | $10721 |
| **8/31/18** | $11235 | $10754 |
| **9/30/18** | $11201 | $10713 |
| **10/31/18** | $11169 | $10692 |
| **11/30/18** | $11163 | $10744 |
| **12/31/18** | $11253 | $10899 |
| **1/31/19** | $11400 | $11015 |
| **2/28/19** | $11429 | $11028 |
| **3/31/19** | $11594 | $11225 |
| **4/30/19** | $11629 | $11232 |
| **5/31/19** | $11777 | $11394 |
| **6/30/19** | $11934 | $11553 |
| **7/31/19** | $12019 | $11644 |
| **8/31/19** | $12224 | $11908 |
| **9/30/19** | $12158 | $11853 |
| **10/31/19** | $12152 | $11833 |
| **11/30/19** | $12116 | $11819 |
| **12/31/19** | $12140 | $11795 |
| **1/31/20** | $12356 | $12008 |
| **2/29/20** | $12437 | $12155 |
| **3/31/20** | $12029 | $11965 |
| **4/30/20** | $12294 | $12159 |
| **5/31/20** | $12422 | $12194 |
| **6/30/20** | $12548 | $12254 |
| **7/31/20** | $12760 | $12388 |
| **8/31/20** | $12790 | $12299 |
| **9/30/20** | $12847 | $12343 |
| **10/31/20** | $12879 | $12344 |
| **11/30/20** | $13013 | $12415 |
| **12/31/20** | $13123 | $12453 |
| **1/31/21** | $13085 | $12386 |
| **2/28/21** | $12918 | $12193 |
| **3/31/21** | $12871 | $12145 |
| **4/30/21** | $12929 | $12177 |
| **5/31/21** | $12946 | $12204 |
| **6/30/21** | $12974 | $12264 |
| **7/31/21** | $13107 | $12416 |
| **8/31/21** | $13093 | $12391 |
| **9/30/21** | $12973 | $12274 |
| **10/31/21** | $12905 | $12242 |
| **11/30/21** | $12944 | $12330 |
| **12/31/21** | $12924 | $12280 |
| **1/31/22** | $12763 | $12087 |
| **2/28/22** | $12576 | $11926 |
| **3/31/22** | $12336 | $11669 |
| **4/30/22** | $11974 | $11355 |
| **5/31/22** | $11936 | $11340 |
| **6/30/22** | $11672 | $11168 |
| **7/31/22** | $11975 | $11452 |
| **8/31/22** | $11693 | $11153 |
| **9/30/22** | $11258 | $10795 |
| **10/31/22** | $11229 | $10758 |
| **11/30/22** | $11533 | $11032 |
| **12/31/22** | $11433 | $10902 |
| **1/31/23** | $11752 | $11153 |
| **2/28/23** | $11577 | $10975 |
| **3/31/23** | $11738 | $11219 |
| **4/30/23** | $11798 | $11276 |
| **5/31/23** | $11737 | $11232 |
| **6/30/23** | $11735 | $11225 |
| **7/31/23** | $11786 | $11229 |
| **8/31/23** | $11758 | $11215 |
| **9/30/23** | $11603 | $11021 |
| **10/31/23** | $11487 | $10943 |
| **11/30/23** | $11915 | $11319 |
| **12/31/23** | $12344 | $11681 |
| **1/31/24** | $12323 | $11658 |
| **2/29/24** | $12246 | $11578 |
| **3/31/24** | $12422 | $11683 |
| **4/30/24** | $12221 | $11495 |
| **5/31/24** | $12351 | $11596 |
| **6/30/24** | $12434 | $11697 |
| **7/31/24** | $12636 | $11923 |
| **8/31/24** | $12700 | $12053 |
| **9/30/24** | $12885 | $12193 |
| **10/31/24** | $12639 | $12028 |
| **11/30/24** | $12841 | $12171 |
| **12/31/24** | $12784 | $12078 |
| **1/31/25** | $12885 | $12125 |
| **2/28/25** | $13041 | $12271 |
| **3/31/25** | $12997 | $12219 |
| **4/30/25** | $13058 | $12340 |
| **5/31/25** | $13030 | $12299 |
| **6/30/25** | $13221 | $12417 |
| **7/31/25** | $13210 | $12407 |
| **8/31/25** | $13345 | $12475 |
| **9/30/25** | $13434 | $12567 |
| **10/31/25** | $13600 | $12666 |
| **11/30/25** | $13625 | $12692 |
| **12/31/25** | $13643 | $12665 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 6.72% | 0.78% | 3.16% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.86% | 0.34% | 2.39% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $78205 |
| # of Portfolio Holdings | 918 |
| Portfolio Turnover Rate | 646% |
| Total Net Advisory Fees Paid During the Reporting Period | $201 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 83.7% |
| United Kingdom | 7.6% |
| Japan | 6.1% |
| France | 6.1% |
| Canada | 4.7% |
| Australia | 4.4% |
| China | 4.1% |
| Spain | 3.4% |
| Italy | 3.3% |
| Cayman Islands | 3.2% |
| Ireland | 2.6% |
| Other Countries | 21.7% |
| Short-Term Instruments | 1.7% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | (52.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.09% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO Global Core Bond (Hedged) Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2005TSRAR_123125

# Administrative Class

# PIMCO Global Diversified Allocation Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g05s71.jpg)

This annual shareholder report contains important information about the PIMCO Global Diversified Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $49 | 0.46% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to equities contributed to absolute performance, as underlying PIMCO equity funds and S&P 500 futures posted positive returns. 

* Exposure to fixed income securities contributed to absolute performance, as underlying PIMCO bond funds posted positive returns. 

* Active management in underlying PIMCO funds contributed to relative performance, as most funds outperformed their respective benchmarks. 

* The Portfolio's volatility management strategy, implemented using S&P 500 futures, contributed to absolute performance, due to an overweight exposure to equities. 

* Within the Portfolio's equity allocation, overweight exposure to international markets stocks through underlying PIMCO funds contributed to relative performance, as international stocks outperformed the U.S. market. 

* Put options on the S&P 500 Index, used for tail risk hedging, detracted from absolute performance, as the S&P 500 Index posted positive returns. 

* There were no other material detractors for the Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the MSCI World Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g90k69.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Administrative Class** | **MSCI World Index** | **Bloomberg U.S. Aggregate Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **1/31/16** | $9628 | $9402 | $10138 | $9696 |
| **2/29/16** | $9518 | $9332 | $10210 | $9680 |
| **3/31/16** | $9995 | $9965 | $10303 | $10110 |
| **4/30/16** | $10159 | $10123 | $10343 | $10221 |
| **5/31/16** | $10170 | $10180 | $10345 | $10257 |
| **6/30/16** | $10181 | $10066 | $10531 | $10262 |
| **7/31/16** | $10500 | $10491 | $10598 | $10548 |
| **8/31/16** | $10544 | $10499 | $10586 | $10548 |
| **9/30/16** | $10577 | $10555 | $10580 | $10579 |
| **10/31/16** | $10467 | $10351 | $10499 | $10424 |
| **11/30/16** | $10522 | $10500 | $10250 | $10415 |
| **12/31/16** | $10781 | $10751 | $10265 | $10571 |
| **1/31/17** | $10959 | $11011 | $10285 | $10732 |
| **2/28/17** | $11238 | $11316 | $10354 | $10940 |
| **3/31/17** | $11284 | $11437 | $10349 | $11007 |
| **4/30/17** | $11418 | $11606 | $10428 | $11139 |
| **5/31/17** | $11564 | $11851 | $10509 | $11315 |
| **6/30/17** | $11609 | $11897 | $10498 | $11336 |
| **7/31/17** | $11801 | $12182 | $10543 | $11519 |
| **8/31/17** | $11891 | $12199 | $10638 | $11570 |
| **9/30/17** | $12070 | $12473 | $10587 | $11704 |
| **10/31/17** | $12274 | $12708 | $10593 | $11839 |
| **11/30/17** | $12467 | $12984 | $10580 | $11987 |
| **12/31/17** | $12599 | $13159 | $10628 | $12106 |
| **1/31/18** | $13070 | $13854 | $10506 | $12434 |
| **2/28/18** | $12599 | $13280 | $10406 | $12078 |
| **3/31/18** | $12420 | $12991 | $10473 | $11951 |
| **4/30/18** | $12443 | $13140 | $10395 | $11997 |
| **5/31/18** | $12512 | $13222 | $10469 | $12077 |
| **6/30/18** | $12492 | $13216 | $10456 | $12067 |
| **7/31/18** | $12782 | $13629 | $10459 | $12295 |
| **8/31/18** | $12886 | $13797 | $10526 | $12418 |
| **9/30/18** | $12925 | $13874 | $10458 | $12427 |
| **10/31/18** | $12181 | $12856 | $10376 | $11840 |
| **11/30/18** | $12205 | $13002 | $10438 | $11949 |
| **12/31/18** | $11473 | $12013 | $10630 | $11492 |
| **1/31/19** | $12168 | $12948 | $10742 | $12077 |
| **2/28/19** | $12432 | $13337 | $10736 | $12292 |
| **3/31/19** | $12603 | $13512 | $10942 | $12484 |
| **4/30/19** | $12951 | $13991 | $10945 | $12751 |
| **5/31/19** | $12410 | $13184 | $11139 | $12400 |
| **6/30/19** | $13098 | $14053 | $11279 | $12952 |
| **7/31/19** | $13171 | $14122 | $11304 | $13002 |
| **8/31/19** | $12894 | $13833 | $11597 | $12977 |
| **9/30/19** | $13086 | $14128 | $11535 | $13115 |
| **10/31/19** | $13341 | $14487 | $11570 | $13331 |
| **11/30/19** | $13609 | $14891 | $11564 | $13551 |
| **12/31/19** | $13965 | $15337 | $11556 | $13791 |
| **1/31/20** | $13940 | $15244 | $11778 | $13847 |
| **2/29/20** | $13387 | $13955 | $11990 | $13244 |
| **3/31/20** | $12204 | $12108 | $11920 | $12162 |
| **4/30/20** | $12575 | $13431 | $12132 | $13045 |
| **5/31/20** | $12785 | $14080 | $12188 | $13448 |
| **6/30/20** | $13048 | $14452 | $12265 | $13695 |
| **7/31/20** | $13289 | $15144 | $12448 | $14170 |
| **8/31/20** | $13612 | $16156 | $12348 | $14692 |
| **9/30/20** | $13433 | $15598 | $12341 | $14385 |
| **10/31/20** | $13351 | $15120 | $12286 | $14094 |
| **11/30/20** | $14152 | $17053 | $12406 | $15231 |
| **12/31/20** | $14544 | $17776 | $12424 | $15627 |
| **1/31/21** | $14599 | $17599 | $12334 | $15489 |
| **2/28/21** | $14722 | $18050 | $12156 | $15638 |
| **3/31/21** | $14853 | $18651 | $12005 | $15872 |
| **4/30/21** | $15256 | $19519 | $12099 | $16365 |
| **5/31/21** | $15464 | $19800 | $12139 | $16528 |
| **6/30/21** | $15613 | $20095 | $12224 | $16722 |
| **7/31/21** | $15698 | $20455 | $12361 | $16977 |
| **8/31/21** | $15868 | $20964 | $12337 | $17217 |
| **9/30/21** | $15344 | $20094 | $12231 | $16729 |
| **10/31/21** | $15712 | $21232 | $12227 | $17295 |
| **11/30/21** | $15471 | $20767 | $12263 | $17088 |
| **12/31/21** | $15795 | $21654 | $12232 | $17509 |
| **1/31/22** | $15150 | $20508 | $11968 | $16802 |
| **2/28/22** | $14778 | $19990 | $11835 | $16472 |
| **3/31/22** | $14725 | $20538 | $11506 | $16561 |
| **4/30/22** | $13956 | $18832 | $11069 | $15484 |
| **5/31/22** | $14014 | $18846 | $11141 | $15531 |
| **6/30/22** | $13166 | $17214 | $10966 | $14626 |
| **7/31/22** | $13735 | $18581 | $11234 | $15466 |
| **8/31/22** | $13377 | $17804 | $10917 | $14903 |
| **9/30/22** | $12488 | $16149 | $10445 | $13814 |
| **10/31/22** | $12784 | $17308 | $10310 | $14338 |
| **11/30/22** | $13440 | $18512 | $10689 | $15147 |
| **12/31/22** | $13179 | $17726 | $10641 | $14734 |
| **1/31/23** | $13822 | $18980 | $10968 | $15540 |
| **2/28/23** | $13522 | $18524 | $10684 | $15156 |
| **3/31/23** | $13677 | $19096 | $10956 | $15591 |
| **4/30/23** | $13829 | $19431 | $11022 | $15792 |
| **5/31/23** | $13655 | $19237 | $10902 | $15629 |
| **6/30/23** | $14196 | $20400 | $10863 | $16174 |
| **7/31/23** | $14629 | $21085 | $10856 | $16495 |
| **8/31/23** | $14240 | $20582 | $10786 | $16217 |
| **9/30/23** | $13711 | $19694 | $10512 | $15632 |
| **10/31/23** | $13362 | $19123 | $10346 | $15261 |
| **11/30/23** | $14256 | $20915 | $10815 | $16396 |
| **12/31/23** | $14980 | $21942 | $11229 | $17130 |
| **1/31/24** | $15046 | $22205 | $11198 | $17235 |
| **2/29/24** | $15399 | $23147 | $11040 | $17576 |
| **3/31/24** | $15801 | $23891 | $11142 | $17980 |
| **4/30/24** | $15331 | $23003 | $10860 | $17397 |
| **5/31/24** | $15890 | $24030 | $11044 | $17981 |
| **6/30/24** | $16100 | $24519 | $11149 | $18269 |
| **7/31/24** | $16441 | $24952 | $11409 | $18633 |
| **8/31/24** | $16577 | $25611 | $11573 | $19035 |
| **9/30/24** | $16827 | $26080 | $11728 | $19346 |
| **10/31/24** | $16373 | $25563 | $11437 | $18924 |
| **11/30/24** | $16804 | $26736 | $11558 | $19525 |
| **12/31/24** | $16327 | $26039 | $11369 | $19092 |
| **1/31/25** | $16695 | $26958 | $11430 | $19537 |
| **2/28/25** | $16718 | $26764 | $11681 | $19625 |
| **3/31/25** | $16341 | $25572 | $11685 | $19103 |
| **4/30/25** | $16132 | $25800 | $11731 | $19235 |
| **5/31/25** | $16621 | $27327 | $11647 | $19863 |
| **6/30/25** | $17205 | $28506 | $11826 | $20500 |
| **7/31/25** | $17372 | $28873 | $11795 | $20636 |
| **8/31/25** | $17848 | $29626 | $11936 | $21058 |
| **9/30/25** | $18305 | $30578 | $12067 | $21556 |
| **10/31/25** | $18620 | $31191 | $12142 | $21869 |
| **11/30/25** | $18669 | $31279 | $12217 | $21960 |
| **12/31/25** | $18787 | $31532 | $12199 | $22054 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 15.07% | 5.25% | 6.51% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Supplemental Index<sup>Footnote Reference1</sup> | 15.51% | 7.13% | 8.23% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 60% MSCI World Index and 40% Bloomberg U.S. Aggregate Index. |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $161305 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid During the Reporting Period | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Affiliated Investments | 95.2% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | 4.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO Short-Term Fund | 15.2% |
| PIMCO Total Return Fund IV | 15.2% |
| PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 10.1% |
| PIMCO Income Fund | 5.1% |
| PIMCO Investment Grade Credit Bond Fund | 5.1% |
| PIMCO Real Return Fund | 5.1% |
| PIMCO RAE International Fund | 5.0% |
| PIMCO RAE PLUS EMG Fund | 5.0% |
| PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 5.0% |
| PIMCO StocksPLUS<sup>®</sup> Fund | 5.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.07% as a result of the Portfolio's exposure to fees and expenses related to the Portfolio's investment in underlying funds.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g53d15.jpg)

# PIMCO Global Diversified Allocation Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2061TSRAR_123125

# Advisor Class

# PIMCO Global Diversified Allocation Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g05s71.jpg)

This annual shareholder report contains important information about the PIMCO Global Diversified Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $60 | 0.56% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to equities contributed to absolute performance, as underlying PIMCO equity funds and S&P 500 futures posted positive returns. 

* Exposure to fixed income securities contributed to absolute performance, as underlying PIMCO bond funds posted positive returns. 

* Active management in underlying PIMCO funds contributed to relative performance, as most funds outperformed their respective benchmarks. 

* The Portfolio's volatility management strategy, implemented using S&P 500 futures, contributed to absolute performance, due to an overweight exposure to equities. 

* Within the Portfolio's equity allocation, overweight exposure to international markets stocks through underlying PIMCO funds contributed to relative performance, as international stocks outperformed the U.S. market. 

* Put options on the S&P 500 Index, used for tail risk hedging, detracted from absolute performance, as the S&P 500 Index posted positive returns. 

* There were no other material detractors for the Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the MSCI World Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g73y97.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Advisor Class** | **MSCI World Index** | **Bloomberg U.S. Aggregate Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **1/31/16** | $9615 | $9402 | $10138 | $9696 |
| **2/29/16** | $9516 | $9332 | $10210 | $9680 |
| **3/31/16** | $9993 | $9965 | $10303 | $10110 |
| **4/30/16** | $10148 | $10123 | $10343 | $10221 |
| **5/31/16** | $10170 | $10180 | $10345 | $10257 |
| **6/30/16** | $10178 | $10066 | $10531 | $10262 |
| **7/31/16** | $10488 | $10491 | $10598 | $10548 |
| **8/31/16** | $10532 | $10499 | $10586 | $10548 |
| **9/30/16** | $10573 | $10555 | $10580 | $10579 |
| **10/31/16** | $10451 | $10351 | $10499 | $10424 |
| **11/30/16** | $10507 | $10500 | $10250 | $10415 |
| **12/31/16** | $10764 | $10751 | $10265 | $10571 |
| **1/31/17** | $10943 | $11011 | $10285 | $10732 |
| **2/28/17** | $11223 | $11316 | $10354 | $10940 |
| **3/31/17** | $11267 | $11437 | $10349 | $11007 |
| **4/30/17** | $11391 | $11606 | $10428 | $11139 |
| **5/31/17** | $11548 | $11851 | $10509 | $11315 |
| **6/30/17** | $11579 | $11897 | $10498 | $11336 |
| **7/31/17** | $11783 | $12182 | $10543 | $11519 |
| **8/31/17** | $11862 | $12199 | $10638 | $11570 |
| **9/30/17** | $12050 | $12473 | $10587 | $11704 |
| **10/31/17** | $12254 | $12708 | $10593 | $11839 |
| **11/30/17** | $12448 | $12984 | $10580 | $11987 |
| **12/31/17** | $12578 | $13159 | $10628 | $12106 |
| **1/31/18** | $13039 | $13854 | $10506 | $12434 |
| **2/28/18** | $12567 | $13280 | $10406 | $12078 |
| **3/31/18** | $12384 | $12991 | $10473 | $11951 |
| **4/30/18** | $12419 | $13140 | $10395 | $11997 |
| **5/31/18** | $12477 | $13222 | $10469 | $12077 |
| **6/30/18** | $12455 | $13216 | $10456 | $12067 |
| **7/31/18** | $12745 | $13629 | $10459 | $12295 |
| **8/31/18** | $12849 | $13797 | $10526 | $12418 |
| **9/30/18** | $12886 | $13874 | $10458 | $12427 |
| **10/31/18** | $12140 | $12856 | $10376 | $11840 |
| **11/30/18** | $12163 | $13002 | $10438 | $11949 |
| **12/31/18** | $11439 | $12013 | $10630 | $11492 |
| **1/31/19** | $12135 | $12948 | $10742 | $12077 |
| **2/28/19** | $12387 | $13337 | $10736 | $12292 |
| **3/31/19** | $12556 | $13512 | $10942 | $12484 |
| **4/30/19** | $12906 | $13991 | $10945 | $12751 |
| **5/31/19** | $12363 | $13184 | $11139 | $12400 |
| **6/30/19** | $13050 | $14053 | $11279 | $12952 |
| **7/31/19** | $13122 | $14122 | $11304 | $13002 |
| **8/31/19** | $12845 | $13833 | $11597 | $12977 |
| **9/30/19** | $13034 | $14128 | $11535 | $13115 |
| **10/31/19** | $13290 | $14487 | $11570 | $13331 |
| **11/30/19** | $13558 | $14891 | $11564 | $13551 |
| **12/31/19** | $13911 | $15337 | $11556 | $13791 |
| **1/31/20** | $13886 | $15244 | $11778 | $13847 |
| **2/29/20** | $13332 | $13955 | $11990 | $13244 |
| **3/31/20** | $12145 | $12108 | $11920 | $12162 |
| **4/30/20** | $12517 | $13431 | $12132 | $13045 |
| **5/31/20** | $12728 | $14080 | $12188 | $13448 |
| **6/30/20** | $12988 | $14452 | $12265 | $13695 |
| **7/31/20** | $13217 | $15144 | $12448 | $14170 |
| **8/31/20** | $13540 | $16156 | $12348 | $14692 |
| **9/30/20** | $13357 | $15598 | $12341 | $14385 |
| **10/31/20** | $13276 | $15120 | $12286 | $14094 |
| **11/30/20** | $14078 | $17053 | $12406 | $15231 |
| **12/31/20** | $14466 | $17776 | $12424 | $15627 |
| **1/31/21** | $14521 | $17599 | $12334 | $15489 |
| **2/28/21** | $14645 | $18050 | $12156 | $15638 |
| **3/31/21** | $14773 | $18651 | $12005 | $15872 |
| **4/30/21** | $15162 | $19519 | $12099 | $16365 |
| **5/31/21** | $15371 | $19800 | $12139 | $16528 |
| **6/30/21** | $15531 | $20095 | $12224 | $16722 |
| **7/31/21** | $15602 | $20455 | $12361 | $16977 |
| **8/31/21** | $15772 | $20964 | $12337 | $17217 |
| **9/30/21** | $15255 | $20094 | $12231 | $16729 |
| **10/31/21** | $15614 | $21232 | $12227 | $17295 |
| **11/30/21** | $15375 | $20767 | $12263 | $17088 |
| **12/31/21** | $15698 | $21654 | $12232 | $17509 |
| **1/31/22** | $15062 | $20508 | $11968 | $16802 |
| **2/28/22** | $14699 | $19990 | $11835 | $16472 |
| **3/31/22** | $14641 | $20538 | $11506 | $16561 |
| **4/30/22** | $13873 | $18832 | $11069 | $15484 |
| **5/31/22** | $13919 | $18846 | $11141 | $15531 |
| **6/30/22** | $13076 | $17214 | $10966 | $14626 |
| **7/31/22** | $13651 | $18581 | $11234 | $15466 |
| **8/31/22** | $13306 | $17804 | $10917 | $14903 |
| **9/30/22** | $12430 | $16149 | $10445 | $13814 |
| **10/31/22** | $12707 | $17308 | $10310 | $14338 |
| **11/30/22** | $13354 | $18512 | $10689 | $15147 |
| **12/31/22** | $13091 | $17726 | $10641 | $14734 |
| **1/31/23** | $13723 | $18980 | $10968 | $15540 |
| **2/28/23** | $13442 | $18524 | $10684 | $15156 |
| **3/31/23** | $13589 | $19096 | $10956 | $15591 |
| **4/30/23** | $13731 | $19431 | $11022 | $15792 |
| **5/31/23** | $13565 | $19237 | $10902 | $15629 |
| **6/30/23** | $14110 | $20400 | $10863 | $16174 |
| **7/31/23** | $14536 | $21085 | $10856 | $16495 |
| **8/31/23** | $14157 | $20582 | $10786 | $16217 |
| **9/30/23** | $13629 | $19694 | $10512 | $15632 |
| **10/31/23** | $13271 | $19123 | $10346 | $15261 |
| **11/30/23** | $14178 | $20915 | $10815 | $16396 |
| **12/31/23** | $14877 | $21942 | $11229 | $17130 |
| **1/31/24** | $14974 | $22205 | $11198 | $17235 |
| **2/29/24** | $15312 | $23147 | $11040 | $17576 |
| **3/31/24** | $15730 | $23891 | $11142 | $17980 |
| **4/30/24** | $15263 | $23003 | $10860 | $17397 |
| **5/31/24** | $15828 | $24030 | $11044 | $17981 |
| **6/30/24** | $16010 | $24519 | $11149 | $18269 |
| **7/31/24** | $16385 | $24952 | $11409 | $18633 |
| **8/31/24** | $16485 | $25611 | $11573 | $19035 |
| **9/30/24** | $16735 | $26080 | $11728 | $19346 |
| **10/31/24** | $16285 | $25563 | $11437 | $18924 |
| **11/30/24** | $16735 | $26736 | $11558 | $19525 |
| **12/31/24** | $16219 | $26039 | $11369 | $19092 |
| **1/31/25** | $16600 | $26958 | $11430 | $19537 |
| **2/28/25** | $16625 | $26764 | $11681 | $19625 |
| **3/31/25** | $16235 | $25572 | $11685 | $19103 |
| **4/30/25** | $16056 | $25800 | $11731 | $19235 |
| **5/31/25** | $16543 | $27327 | $11647 | $19863 |
| **6/30/25** | $17110 | $28506 | $11826 | $20500 |
| **7/31/25** | $17294 | $28873 | $11795 | $20636 |
| **8/31/25** | $17741 | $29626 | $11936 | $21058 |
| **9/30/25** | $18185 | $30578 | $12067 | $21556 |
| **10/31/25** | $18507 | $31191 | $12142 | $21869 |
| **11/30/25** | $18534 | $31279 | $12217 | $21960 |
| **12/31/25** | $18664 | $31532 | $12199 | $22054 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 15.07% | 5.23% | 6.44% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Supplemental Index<sup>Footnote Reference1</sup> | 15.51% | 7.13% | 8.23% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 60% MSCI World Index and 40% Bloomberg U.S. Aggregate Index. |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $161305 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid During the Reporting Period | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Affiliated Investments | 95.2% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | 4.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO Short-Term Fund | 15.2% |
| PIMCO Total Return Fund IV | 15.2% |
| PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 10.1% |
| PIMCO Income Fund | 5.1% |
| PIMCO Investment Grade Credit Bond Fund | 5.1% |
| PIMCO Real Return Fund | 5.1% |
| PIMCO RAE International Fund | 5.0% |
| PIMCO RAE PLUS EMG Fund | 5.0% |
| PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 5.0% |
| PIMCO StocksPLUS<sup>®</sup> Fund | 5.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.07% as a result of the Portfolio's exposure to fees and expenses related to the Portfolio's investment in underlying funds.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g53d15.jpg)

# PIMCO Global Diversified Allocation Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2082TSRAR_123125

# Administrative Class

# PIMCO Global Managed Asset Allocation Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Global Managed Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $110 | 0.99% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to eurozone equities contributed to relative performance, as these posted positive returns. 

* U.S. duration and curve positioning, particularly an overweight exposure to the intermediate portion of the curve, contributed to relative performance, as U.S. Treasury yields fell. 

* Overweight exposure to securitized credit, particularly residential mortgage-backed securities, contributed to relative performance, as these posted positive returns. 

* U.S. equity positioning detracted from relative performance due to an overweight exposure in the first half of the year amid negative returns and an underweight exposure in the third quarter, as returns turned positive. 

* Australian duration and curve positioning, particularly an overweight exposure to the intermediate portion of the curve, detracted from relative performance, as yields in Australia rose. 

* Japanese duration and curve positioning, particularly an overweight exposure to the long end of the curve, detracted from relative performance, as yields in Japan rose.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the MSCI World Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g50e77.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Administrative Class** | **MSCI World Index** | **Bloomberg U.S. Aggregate Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **1/31/16** | $9523 | $9402 | $10138 | $9696 |
| **2/29/16** | $9303 | $9332 | $10210 | $9680 |
| **3/31/16** | $9815 | $9965 | $10303 | $10110 |
| **4/30/16** | $9965 | $10123 | $10343 | $10221 |
| **5/31/16** | $10000 | $10180 | $10345 | $10257 |
| **6/30/16** | $9939 | $10066 | $10531 | $10262 |
| **7/31/16** | $10278 | $10491 | $10598 | $10548 |
| **8/31/16** | $10314 | $10499 | $10586 | $10548 |
| **9/30/16** | $10337 | $10555 | $10580 | $10579 |
| **10/31/16** | $10247 | $10351 | $10499 | $10424 |
| **11/30/16** | $10203 | $10500 | $10250 | $10415 |
| **12/31/16** | $10404 | $10751 | $10265 | $10571 |
| **1/31/17** | $10576 | $11011 | $10285 | $10732 |
| **2/28/17** | $10766 | $11316 | $10354 | $10940 |
| **3/31/17** | $10864 | $11437 | $10349 | $11007 |
| **4/30/17** | $11000 | $11606 | $10428 | $11139 |
| **5/31/17** | $11146 | $11851 | $10509 | $11315 |
| **6/30/17** | $11174 | $11897 | $10498 | $11336 |
| **7/31/17** | $11319 | $12182 | $10543 | $11519 |
| **8/31/17** | $11356 | $12199 | $10638 | $11570 |
| **9/30/17** | $11525 | $12473 | $10587 | $11704 |
| **10/31/17** | $11653 | $12708 | $10593 | $11839 |
| **11/30/17** | $11791 | $12984 | $10580 | $11987 |
| **12/31/17** | $11869 | $13159 | $10628 | $12106 |
| **1/31/18** | $12211 | $13854 | $10506 | $12434 |
| **2/28/18** | $11776 | $13280 | $10406 | $12078 |
| **3/31/18** | $11686 | $12991 | $10473 | $11951 |
| **4/30/18** | $11770 | $13140 | $10395 | $11997 |
| **5/31/18** | $11807 | $13222 | $10469 | $12077 |
| **6/30/18** | $11796 | $13216 | $10456 | $12067 |
| **7/31/18** | $12029 | $13629 | $10459 | $12295 |
| **8/31/18** | $12067 | $13797 | $10526 | $12418 |
| **9/30/18** | $12134 | $13874 | $10458 | $12427 |
| **10/31/18** | $11562 | $12856 | $10376 | $11840 |
| **11/30/18** | $11619 | $13002 | $10438 | $11949 |
| **12/31/18** | $11221 | $12013 | $10630 | $11492 |
| **1/31/19** | $11816 | $12948 | $10742 | $12077 |
| **2/28/19** | $12011 | $13337 | $10736 | $12292 |
| **3/31/19** | $12186 | $13512 | $10942 | $12484 |
| **4/30/19** | $12423 | $13991 | $10945 | $12751 |
| **5/31/19** | $12062 | $13184 | $11139 | $12400 |
| **6/30/19** | $12466 | $14053 | $11279 | $12952 |
| **7/31/19** | $12507 | $14122 | $11304 | $13002 |
| **8/31/19** | $12342 | $13833 | $11597 | $12977 |
| **9/30/19** | $12483 | $14128 | $11535 | $13115 |
| **10/31/19** | $12682 | $14487 | $11570 | $13331 |
| **11/30/19** | $12880 | $14891 | $11564 | $13551 |
| **12/31/19** | $13136 | $15337 | $11556 | $13791 |
| **1/31/20** | $13178 | $15244 | $11778 | $13847 |
| **2/29/20** | $12455 | $13955 | $11990 | $13244 |
| **3/31/20** | $11299 | $12108 | $11920 | $12162 |
| **4/30/20** | $12262 | $13431 | $12132 | $13045 |
| **5/31/20** | $12781 | $14080 | $12188 | $13448 |
| **6/30/20** | $13071 | $14452 | $12265 | $13695 |
| **7/31/20** | $13621 | $15144 | $12448 | $14170 |
| **8/31/20** | $14206 | $16156 | $12348 | $14692 |
| **9/30/20** | $13873 | $15598 | $12341 | $14385 |
| **10/31/20** | $13537 | $15120 | $12286 | $14094 |
| **11/30/20** | $14812 | $17053 | $12406 | $15231 |
| **12/31/20** | $15347 | $17776 | $12424 | $15627 |
| **1/31/21** | $15172 | $17599 | $12334 | $15489 |
| **2/28/21** | $15382 | $18050 | $12156 | $15638 |
| **3/31/21** | $15613 | $18651 | $12005 | $15872 |
| **4/30/21** | $16120 | $19519 | $12099 | $16365 |
| **5/31/21** | $16344 | $19800 | $12139 | $16528 |
| **6/30/21** | $16479 | $20095 | $12224 | $16722 |
| **7/31/21** | $16679 | $20455 | $12361 | $16977 |
| **8/31/21** | $16946 | $20964 | $12337 | $17217 |
| **9/30/21** | $16479 | $20094 | $12231 | $16729 |
| **10/31/21** | $16933 | $21232 | $12227 | $17295 |
| **11/30/21** | $16759 | $20767 | $12263 | $17088 |
| **12/31/21** | $17286 | $21654 | $12232 | $17509 |
| **1/31/22** | $16485 | $20508 | $11968 | $16802 |
| **2/28/22** | $16004 | $19990 | $11835 | $16472 |
| **3/31/22** | $16115 | $20538 | $11506 | $16561 |
| **4/30/22** | $14990 | $18832 | $11069 | $15484 |
| **5/31/22** | $15043 | $18846 | $11141 | $15531 |
| **6/30/22** | $13965 | $17214 | $10966 | $14626 |
| **7/31/22** | $14821 | $18581 | $11234 | $15466 |
| **8/31/22** | $14344 | $17804 | $10917 | $14903 |
| **9/30/22** | $13323 | $16149 | $10445 | $13814 |
| **10/31/22** | $13768 | $17308 | $10310 | $14338 |
| **11/30/22** | $14525 | $18512 | $10689 | $15147 |
| **12/31/22** | $14112 | $17726 | $10641 | $14734 |
| **1/31/23** | $14845 | $18980 | $10968 | $15540 |
| **2/28/23** | $14362 | $18524 | $10684 | $15156 |
| **3/31/23** | $14691 | $19096 | $10956 | $15591 |
| **4/30/23** | $14841 | $19431 | $11022 | $15792 |
| **5/31/23** | $14624 | $19237 | $10902 | $15629 |
| **6/30/23** | $15124 | $20400 | $10863 | $16174 |
| **7/31/23** | $15474 | $21085 | $10856 | $16495 |
| **8/31/23** | $15141 | $20582 | $10786 | $16217 |
| **9/30/23** | $14511 | $19694 | $10512 | $15632 |
| **10/31/23** | $14055 | $19123 | $10346 | $15261 |
| **11/30/23** | $15203 | $20915 | $10815 | $16396 |
| **12/31/23** | $15950 | $21942 | $11229 | $17130 |
| **1/31/24** | $16069 | $22205 | $11198 | $17235 |
| **2/29/24** | $16376 | $23147 | $11040 | $17576 |
| **3/31/24** | $16836 | $23891 | $11142 | $17980 |
| **4/30/24** | $16149 | $23003 | $10860 | $17397 |
| **5/31/24** | $16802 | $24030 | $11044 | $17981 |
| **6/30/24** | $17063 | $24519 | $11149 | $18269 |
| **7/31/24** | $17375 | $24952 | $11409 | $18633 |
| **8/31/24** | $17686 | $25611 | $11573 | $19035 |
| **9/30/24** | $17959 | $26080 | $11728 | $19346 |
| **10/31/24** | $17557 | $25563 | $11437 | $18924 |
| **11/30/24** | $18028 | $26736 | $11558 | $19525 |
| **12/31/24** | $17674 | $26039 | $11369 | $19092 |
| **1/31/25** | $18186 | $26958 | $11430 | $19537 |
| **2/28/25** | $18310 | $26764 | $11681 | $19625 |
| **3/31/25** | $17832 | $25572 | $11685 | $19103 |
| **4/30/25** | $17850 | $25800 | $11731 | $19235 |
| **5/31/25** | $18599 | $27327 | $11647 | $19863 |
| **6/30/25** | $19325 | $28506 | $11826 | $20500 |
| **7/31/25** | $19543 | $28873 | $11795 | $20636 |
| **8/31/25** | $20069 | $29626 | $11936 | $21058 |
| **9/30/25** | $20623 | $30578 | $12067 | $21556 |
| **10/31/25** | $21010 | $31191 | $12142 | $21869 |
| **11/30/25** | $21158 | $31279 | $12217 | $21960 |
| **12/31/25** | $21544 | $31532 | $12199 | $22054 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 21.90% | 7.02% | 7.98% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Supplemental Index<sup>Footnote Reference1</sup> | 15.51% | 7.13% | 8.23% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 60% MSCI World Index and 40% Bloomberg U.S. Aggregate Index. |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $289067 |
| # of Portfolio Holdings | 690 |
| Portfolio Turnover Rate | 380% |
| Total Net Advisory Fees Paid During the Reporting Period | $2057 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 20.7% |
| Sovereign Issues | 14.8% |
| Asset-Backed Securities | 6.7% |
| U.S. Treasury Obligations | 5.5% |
| Common Stocks | 3.0% |
| Non-Agency Mortgage-Backed Securities | 2.5% |
| Corporate Bonds & Notes | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 63.4% |
| Financial Derivative Instruments | 1.5% |
| Other Assets and Liabilities, Net | (18.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO Global Managed Asset Allocation Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1971TSRAR_123125

# Advisor Class

# PIMCO Global Managed Asset Allocation Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Global Managed Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $121 | 1.09% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to eurozone equities contributed to relative performance, as these posted positive returns. 

* U.S. duration and curve positioning, particularly an overweight exposure to the intermediate portion of the curve, contributed to relative performance, as U.S. Treasury yields fell. 

* Overweight exposure to securitized credit, particularly residential mortgage-backed securities, contributed to relative performance, as these posted positive returns. 

* U.S. equity positioning detracted from relative performance due to an overweight exposure in the first half of the year amid negative returns and an underweight exposure in the third quarter, as returns turned positive. 

* Australian duration and curve positioning, particularly an overweight exposure to the intermediate portion of the curve, detracted from relative performance, as yields in Australia rose. 

* Japanese duration and curve positioning, particularly an overweight exposure to the long end of the curve, detracted from relative performance, as yields in Japan rose.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the MSCI World Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g36o98.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Advisor Class** | **MSCI World Index** | **Bloomberg U.S. Aggregate Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **1/31/16** | $9525 | $9402 | $10138 | $9696 |
| **2/29/16** | $9306 | $9332 | $10210 | $9680 |
| **3/31/16** | $9815 | $9965 | $10303 | $10110 |
| **4/30/16** | $9956 | $10123 | $10343 | $10221 |
| **5/31/16** | $10000 | $10180 | $10345 | $10257 |
| **6/30/16** | $9926 | $10066 | $10531 | $10262 |
| **7/31/16** | $10272 | $10491 | $10598 | $10548 |
| **8/31/16** | $10308 | $10499 | $10586 | $10548 |
| **9/30/16** | $10328 | $10555 | $10580 | $10579 |
| **10/31/16** | $10239 | $10351 | $10499 | $10424 |
| **11/30/16** | $10186 | $10500 | $10250 | $10415 |
| **12/31/16** | $10392 | $10751 | $10265 | $10571 |
| **1/31/17** | $10563 | $11011 | $10285 | $10732 |
| **2/28/17** | $10752 | $11316 | $10354 | $10940 |
| **3/31/17** | $10856 | $11437 | $10349 | $11007 |
| **4/30/17** | $10983 | $11606 | $10428 | $11139 |
| **5/31/17** | $11128 | $11851 | $10509 | $11315 |
| **6/30/17** | $11155 | $11897 | $10498 | $11336 |
| **7/31/17** | $11300 | $12182 | $10543 | $11519 |
| **8/31/17** | $11336 | $12199 | $10638 | $11570 |
| **9/30/17** | $11507 | $12473 | $10587 | $11704 |
| **10/31/17** | $11626 | $12708 | $10593 | $11839 |
| **11/30/17** | $11772 | $12984 | $10580 | $11987 |
| **12/31/17** | $11846 | $13159 | $10628 | $12106 |
| **1/31/18** | $12177 | $13854 | $10506 | $12434 |
| **2/28/18** | $11745 | $13280 | $10406 | $12078 |
| **3/31/18** | $11653 | $12991 | $10473 | $11951 |
| **4/30/18** | $11746 | $13140 | $10395 | $11997 |
| **5/31/18** | $11774 | $13222 | $10469 | $12077 |
| **6/30/18** | $11768 | $13216 | $10456 | $12067 |
| **7/31/18** | $12000 | $13629 | $10459 | $12295 |
| **8/31/18** | $12028 | $13797 | $10526 | $12418 |
| **9/30/18** | $12092 | $13874 | $10458 | $12427 |
| **10/31/18** | $11524 | $12856 | $10376 | $11840 |
| **11/30/18** | $11590 | $13002 | $10438 | $11949 |
| **12/31/18** | $11182 | $12013 | $10630 | $11492 |
| **1/31/19** | $11782 | $12948 | $10742 | $12077 |
| **2/28/19** | $11965 | $13337 | $10736 | $12292 |
| **3/31/19** | $12146 | $13512 | $10942 | $12484 |
| **4/30/19** | $12381 | $13991 | $10945 | $12751 |
| **5/31/19** | $12014 | $13184 | $11139 | $12400 |
| **6/30/19** | $12421 | $14053 | $11279 | $12952 |
| **7/31/19** | $12452 | $14122 | $11304 | $13002 |
| **8/31/19** | $12299 | $13833 | $11597 | $12977 |
| **9/30/19** | $12435 | $14128 | $11535 | $13115 |
| **10/31/19** | $12631 | $14487 | $11570 | $13331 |
| **11/30/19** | $12828 | $14891 | $11564 | $13551 |
| **12/31/19** | $13078 | $15337 | $11556 | $13791 |
| **1/31/20** | $13130 | $15244 | $11778 | $13847 |
| **2/29/20** | $12403 | $13955 | $11990 | $13244 |
| **3/31/20** | $11255 | $12108 | $11920 | $12162 |
| **4/30/20** | $12209 | $13431 | $12132 | $13045 |
| **5/31/20** | $12724 | $14080 | $12188 | $13448 |
| **6/30/20** | $13007 | $14452 | $12265 | $13695 |
| **7/31/20** | $13563 | $15144 | $12448 | $14170 |
| **8/31/20** | $14131 | $16156 | $12348 | $14692 |
| **9/30/20** | $13798 | $15598 | $12341 | $14385 |
| **10/31/20** | $13465 | $15120 | $12286 | $14094 |
| **11/30/20** | $14738 | $17053 | $12406 | $15231 |
| **12/31/20** | $15264 | $17776 | $12424 | $15627 |
| **1/31/21** | $15090 | $17599 | $12334 | $15489 |
| **2/28/21** | $15298 | $18050 | $12156 | $15638 |
| **3/31/21** | $15535 | $18651 | $12005 | $15872 |
| **4/30/21** | $16025 | $19519 | $12099 | $16365 |
| **5/31/21** | $16258 | $19800 | $12139 | $16528 |
| **6/30/21** | $16377 | $20095 | $12224 | $16722 |
| **7/31/21** | $16588 | $20455 | $12361 | $16977 |
| **8/31/21** | $16851 | $20964 | $12337 | $17217 |
| **9/30/21** | $16377 | $20094 | $12231 | $16729 |
| **10/31/21** | $16825 | $21232 | $12227 | $17295 |
| **11/30/21** | $16654 | $20767 | $12263 | $17088 |
| **12/31/21** | $17187 | $21654 | $12232 | $17509 |
| **1/31/22** | $16380 | $20508 | $11968 | $16802 |
| **2/28/22** | $15891 | $19990 | $11835 | $16472 |
| **3/31/22** | $16011 | $20538 | $11506 | $16561 |
| **4/30/22** | $14895 | $18832 | $11069 | $15484 |
| **5/31/22** | $14948 | $18846 | $11141 | $15531 |
| **6/30/22** | $13878 | $17214 | $10966 | $14626 |
| **7/31/22** | $14726 | $18581 | $11234 | $15466 |
| **8/31/22** | $14237 | $17804 | $10917 | $14903 |
| **9/30/22** | $13225 | $16149 | $10445 | $13814 |
| **10/31/22** | $13666 | $17308 | $10310 | $14338 |
| **11/30/22** | $14416 | $18512 | $10689 | $15147 |
| **12/31/22** | $14025 | $17726 | $10641 | $14734 |
| **1/31/23** | $14750 | $18980 | $10968 | $15540 |
| **2/28/23** | $14256 | $18524 | $10684 | $15156 |
| **3/31/23** | $14578 | $19096 | $10956 | $15591 |
| **4/30/23** | $14743 | $19431 | $11022 | $15792 |
| **5/31/23** | $14512 | $19237 | $10902 | $15629 |
| **6/30/23** | $15007 | $20400 | $10863 | $16174 |
| **7/31/23** | $15353 | $21085 | $10856 | $16495 |
| **8/31/23** | $15023 | $20582 | $10786 | $16217 |
| **9/30/23** | $14409 | $19694 | $10512 | $15632 |
| **10/31/23** | $13959 | $19123 | $10346 | $15261 |
| **11/30/23** | $15076 | $20915 | $10815 | $16396 |
| **12/31/23** | $15827 | $21942 | $11229 | $17130 |
| **1/31/24** | $15945 | $22205 | $11198 | $17235 |
| **2/29/24** | $16248 | $23147 | $11040 | $17576 |
| **3/31/24** | $16700 | $23891 | $11142 | $17980 |
| **4/30/24** | $16021 | $23003 | $10860 | $17397 |
| **5/31/24** | $16666 | $24030 | $11044 | $17981 |
| **6/30/24** | $16919 | $24519 | $11149 | $18269 |
| **7/31/24** | $17227 | $24952 | $11409 | $18633 |
| **8/31/24** | $17535 | $25611 | $11573 | $19035 |
| **9/30/24** | $17816 | $26080 | $11728 | $19346 |
| **10/31/24** | $17403 | $25563 | $11437 | $18924 |
| **11/30/24** | $17868 | $26736 | $11558 | $19525 |
| **12/31/24** | $17530 | $26039 | $11369 | $19092 |
| **1/31/25** | $18035 | $26958 | $11430 | $19537 |
| **2/28/25** | $18157 | $26764 | $11681 | $19625 |
| **3/31/25** | $17664 | $25572 | $11685 | $19103 |
| **4/30/25** | $17700 | $25800 | $11731 | $19235 |
| **5/31/25** | $18439 | $27327 | $11647 | $19863 |
| **6/30/25** | $19150 | $28506 | $11826 | $20500 |
| **7/31/25** | $19365 | $28873 | $11795 | $20636 |
| **8/31/25** | $19884 | $29626 | $11936 | $21058 |
| **9/30/25** | $20425 | $30578 | $12067 | $21556 |
| **10/31/25** | $20825 | $31191 | $12142 | $21869 |
| **11/30/25** | $20953 | $31279 | $12217 | $21960 |
| **12/31/25** | $21346 | $31532 | $12199 | $22054 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 21.77% | 6.94% | 7.88% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Supplemental Index<sup>Footnote Reference1</sup> | 15.51% | 7.13% | 8.23% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 60% MSCI World Index and 40% Bloomberg U.S. Aggregate Index. |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $289067 |
| # of Portfolio Holdings | 690 |
| Portfolio Turnover Rate | 380% |
| Total Net Advisory Fees Paid During the Reporting Period | $2057 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 20.7% |
| Sovereign Issues | 14.8% |
| Asset-Backed Securities | 6.7% |
| U.S. Treasury Obligations | 5.5% |
| Common Stocks | 3.0% |
| Non-Agency Mortgage-Backed Securities | 2.5% |
| Corporate Bonds & Notes | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 63.4% |
| Financial Derivative Instruments | 1.5% |
| Other Assets and Liabilities, Net | (18.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO Global Managed Asset Allocation Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1972TSRAR_123125

# Institutional Class

# PIMCO Global Managed Asset Allocation Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Global Managed Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $93 | 0.84% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to eurozone equities contributed to relative performance, as these posted positive returns. 

* U.S. duration and curve positioning, particularly an overweight exposure to the intermediate portion of the curve, contributed to relative performance, as U.S. Treasury yields fell. 

* Overweight exposure to securitized credit, particularly residential mortgage-backed securities, contributed to relative performance, as these posted positive returns. 

* U.S. equity positioning detracted from relative performance due to an overweight exposure in the first half of the year amid negative returns and an underweight exposure in the third quarter, as returns turned positive. 

* Australian duration and curve positioning, particularly an overweight exposure to the intermediate portion of the curve, detracted from relative performance, as yields in Australia rose. 

* Japanese duration and curve positioning, particularly an overweight exposure to the long end of the curve, detracted from relative performance, as yields in Japan rose.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the MSCI World Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g76v65.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI World Index** | **Bloomberg U.S. Aggregate Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **1/31/16** | $9523 | $9402 | $10138 | $9696 |
| **2/29/16** | $9303 | $9332 | $10210 | $9680 |
| **3/31/16** | $9815 | $9965 | $10303 | $10110 |
| **4/30/16** | $9965 | $10123 | $10343 | $10221 |
| **5/31/16** | $10009 | $10180 | $10345 | $10257 |
| **6/30/16** | $9946 | $10066 | $10531 | $10262 |
| **7/31/16** | $10285 | $10491 | $10598 | $10548 |
| **8/31/16** | $10320 | $10499 | $10586 | $10548 |
| **9/30/16** | $10348 | $10555 | $10580 | $10579 |
| **10/31/16** | $10258 | $10351 | $10499 | $10424 |
| **11/30/16** | $10213 | $10500 | $10250 | $10415 |
| **12/31/16** | $10420 | $10751 | $10265 | $10571 |
| **1/31/17** | $10592 | $11011 | $10285 | $10732 |
| **2/28/17** | $10782 | $11316 | $10354 | $10940 |
| **3/31/17** | $10883 | $11437 | $10349 | $11007 |
| **4/30/17** | $11020 | $11606 | $10428 | $11139 |
| **5/31/17** | $11166 | $11851 | $10509 | $11315 |
| **6/30/17** | $11193 | $11897 | $10498 | $11336 |
| **7/31/17** | $11349 | $12182 | $10543 | $11519 |
| **8/31/17** | $11385 | $12199 | $10638 | $11570 |
| **9/30/17** | $11554 | $12473 | $10587 | $11704 |
| **10/31/17** | $11683 | $12708 | $10593 | $11839 |
| **11/30/17** | $11821 | $12984 | $10580 | $11987 |
| **12/31/17** | $11904 | $13159 | $10628 | $12106 |
| **1/31/18** | $12247 | $13854 | $10506 | $12434 |
| **2/28/18** | $11811 | $13280 | $10406 | $12078 |
| **3/31/18** | $11724 | $12991 | $10473 | $11951 |
| **4/30/18** | $11818 | $13140 | $10395 | $11997 |
| **5/31/18** | $11846 | $13222 | $10469 | $12077 |
| **6/30/18** | $11838 | $13216 | $10456 | $12067 |
| **7/31/18** | $12073 | $13629 | $10459 | $12295 |
| **8/31/18** | $12110 | $13797 | $10526 | $12418 |
| **9/30/18** | $12182 | $13874 | $10458 | $12427 |
| **10/31/18** | $11609 | $12856 | $10376 | $11840 |
| **11/30/18** | $11675 | $13002 | $10438 | $11949 |
| **12/31/18** | $11271 | $12013 | $10630 | $11492 |
| **1/31/19** | $11868 | $12948 | $10742 | $12077 |
| **2/28/19** | $12064 | $13337 | $10736 | $12292 |
| **3/31/19** | $12243 | $13512 | $10942 | $12484 |
| **4/30/19** | $12481 | $13991 | $10945 | $12751 |
| **5/31/19** | $12119 | $13184 | $11139 | $12400 |
| **6/30/19** | $12529 | $14053 | $11279 | $12952 |
| **7/31/19** | $12571 | $14122 | $11304 | $13002 |
| **8/31/19** | $12415 | $13833 | $11597 | $12977 |
| **9/30/19** | $12551 | $14128 | $11535 | $13115 |
| **10/31/19** | $12751 | $14487 | $11570 | $13331 |
| **11/30/19** | $12950 | $14891 | $11564 | $13551 |
| **12/31/19** | $13213 | $15337 | $11556 | $13791 |
| **1/31/20** | $13266 | $15244 | $11778 | $13847 |
| **2/29/20** | $12539 | $13955 | $11990 | $13244 |
| **3/31/20** | $11369 | $12108 | $11920 | $12162 |
| **4/30/20** | $12349 | $13431 | $12132 | $13045 |
| **5/31/20** | $12872 | $14080 | $12188 | $13448 |
| **6/30/20** | $13157 | $14452 | $12265 | $13695 |
| **7/31/20** | $13722 | $15144 | $12448 | $14170 |
| **8/31/20** | $14299 | $16156 | $12348 | $14692 |
| **9/30/20** | $13969 | $15598 | $12341 | $14385 |
| **10/31/20** | $13631 | $15120 | $12286 | $14094 |
| **11/30/20** | $14915 | $17053 | $12406 | $15231 |
| **12/31/20** | $15460 | $17776 | $12424 | $15627 |
| **1/31/21** | $15284 | $17599 | $12334 | $15489 |
| **2/28/21** | $15507 | $18050 | $12156 | $15638 |
| **3/31/21** | $15731 | $18651 | $12005 | $15872 |
| **4/30/21** | $16242 | $19519 | $12099 | $16365 |
| **5/31/21** | $16480 | $19800 | $12139 | $16528 |
| **6/30/21** | $16611 | $20095 | $12224 | $16722 |
| **7/31/21** | $16812 | $20455 | $12361 | $16977 |
| **8/31/21** | $17081 | $20964 | $12337 | $17217 |
| **9/30/21** | $16611 | $20094 | $12231 | $16729 |
| **10/31/21** | $17081 | $21232 | $12227 | $17295 |
| **11/30/21** | $16907 | $20767 | $12263 | $17088 |
| **12/31/21** | $17434 | $21654 | $12232 | $17509 |
| **1/31/22** | $16623 | $20508 | $11968 | $16802 |
| **2/28/22** | $16137 | $19990 | $11835 | $16472 |
| **3/31/22** | $16267 | $20538 | $11506 | $16561 |
| **4/30/22** | $15127 | $18832 | $11069 | $15484 |
| **5/31/22** | $15181 | $18846 | $11141 | $15531 |
| **6/30/22** | $14112 | $17214 | $10966 | $14626 |
| **7/31/22** | $14964 | $18581 | $11234 | $15466 |
| **8/31/22** | $14480 | $17804 | $10917 | $14903 |
| **9/30/22** | $13461 | $16149 | $10445 | $13814 |
| **10/31/22** | $13895 | $17308 | $10310 | $14338 |
| **11/30/22** | $14680 | $18512 | $10689 | $15147 |
| **12/31/22** | $14266 | $17726 | $10641 | $14734 |
| **1/31/23** | $15010 | $18980 | $10968 | $15540 |
| **2/28/23** | $14520 | $18524 | $10684 | $15156 |
| **3/31/23** | $14857 | $19096 | $10956 | $15591 |
| **4/30/23** | $15009 | $19431 | $11022 | $15792 |
| **5/31/23** | $14789 | $19237 | $10902 | $15629 |
| **6/30/23** | $15297 | $20400 | $10863 | $16174 |
| **7/31/23** | $15652 | $21085 | $10856 | $16495 |
| **8/31/23** | $15314 | $20582 | $10786 | $16217 |
| **9/30/23** | $14685 | $19694 | $10512 | $15632 |
| **10/31/23** | $14223 | $19123 | $10346 | $15261 |
| **11/30/23** | $15388 | $20915 | $10815 | $16396 |
| **12/31/23** | $16137 | $21942 | $11229 | $17130 |
| **1/31/24** | $16276 | $22205 | $11198 | $17235 |
| **2/29/24** | $16588 | $23147 | $11040 | $17576 |
| **3/31/24** | $17043 | $23891 | $11142 | $17980 |
| **4/30/24** | $16362 | $23003 | $10860 | $17397 |
| **5/31/24** | $17008 | $24030 | $11044 | $17981 |
| **6/30/24** | $17280 | $24519 | $11149 | $18269 |
| **7/31/24** | $17597 | $24952 | $11409 | $18633 |
| **8/31/24** | $17914 | $25611 | $11573 | $19035 |
| **9/30/24** | $18197 | $26080 | $11728 | $19346 |
| **10/31/24** | $17788 | $25563 | $11437 | $18924 |
| **11/30/24** | $18268 | $26736 | $11558 | $19525 |
| **12/31/24** | $17933 | $26039 | $11369 | $19092 |
| **1/31/25** | $18436 | $26958 | $11430 | $19537 |
| **2/28/25** | $18562 | $26764 | $11681 | $19625 |
| **3/31/25** | $18081 | $25572 | $11685 | $19103 |
| **4/30/25** | $18100 | $25800 | $11731 | $19235 |
| **5/31/25** | $18880 | $27327 | $11647 | $19863 |
| **6/30/25** | $19608 | $28506 | $11826 | $20500 |
| **7/31/25** | $19830 | $28873 | $11795 | $20636 |
| **8/31/25** | $20366 | $29626 | $11936 | $21058 |
| **9/30/25** | $20938 | $30578 | $12067 | $21556 |
| **10/31/25** | $21333 | $31191 | $12142 | $21869 |
| **11/30/25** | $21483 | $31279 | $12217 | $21960 |
| **12/31/25** | $21886 | $31532 | $12199 | $22054 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 22.04% | 7.20% | 8.15% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Supplemental Index<sup>Footnote Reference1</sup> | 15.51% | 7.13% | 8.23% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 60% MSCI World Index and 40% Bloomberg U.S. Aggregate Index. |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $289067 |
| # of Portfolio Holdings | 690 |
| Portfolio Turnover Rate | 380% |
| Total Net Advisory Fees Paid During the Reporting Period | $2057 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 20.7% |
| Sovereign Issues | 14.8% |
| Asset-Backed Securities | 6.7% |
| U.S. Treasury Obligations | 5.5% |
| Common Stocks | 3.0% |
| Non-Agency Mortgage-Backed Securities | 2.5% |
| Corporate Bonds & Notes | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 63.4% |
| Financial Derivative Instruments | 1.5% |
| Other Assets and Liabilities, Net | (18.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO Global Managed Asset Allocation Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2053TSRAR_123125

# Administrative Class

# PIMCO High Yield Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $85 | 0.81% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to high yield credit default swap index positions ("CDX") contributed to relative performance as high yield CDX spreads tightened. 

* Exposure to investment grade securities, specifically a datacenter project, contributed to relative performance as spreads tightened.

* Security selection within the healthcare sector, specifically overweight exposure to a pharmaceutical company, contributed to relative performance, as prices rose. 

* Security selection within the energy pipelines sector, specifically overweight exposure to a U.S. pipeline developer, detracted from relative performance, as spreads widened amid geopolitical and energy sector weakness. 

* Exposure to equity securities received through restructuring agreements, specifically exposure to an emerging markets liquified natural gas provider, detracted from relative performance, as prices fell. 

* Security selection within the automotive sector, specifically underweight exposure to an automotive parts supplier, detracted from relative performance, as spreads tightened.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g26d67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9930 | $10138 | $9876 |
| **2/29/16** | $9990 | $10210 | $9956 |
| **3/31/16** | $10283 | $10303 | $10315 |
| **4/30/16** | $10537 | $10343 | $10660 |
| **5/31/16** | $10568 | $10345 | $10695 |
| **6/30/16** | $10615 | $10531 | $10790 |
| **7/31/16** | $10874 | $10598 | $11054 |
| **8/31/16** | $11077 | $10586 | $11276 |
| **9/30/16** | $11114 | $10580 | $11329 |
| **10/31/16** | $11086 | $10499 | $11344 |
| **11/30/16** | $11049 | $10250 | $11284 |
| **12/31/16** | $11245 | $10265 | $11472 |
| **1/31/17** | $11347 | $10285 | $11603 |
| **2/28/17** | $11511 | $10354 | $11751 |
| **3/31/17** | $11487 | $10349 | $11734 |
| **4/30/17** | $11620 | $10428 | $11877 |
| **5/31/17** | $11727 | $10509 | $11974 |
| **6/30/17** | $11748 | $10498 | $11993 |
| **7/31/17** | $11881 | $10543 | $12119 |
| **8/31/17** | $11884 | $10638 | $12131 |
| **9/30/17** | $11962 | $10587 | $12225 |
| **10/31/17** | $12009 | $10593 | $12280 |
| **11/30/17** | $11969 | $10580 | $12248 |
| **12/31/17** | $11988 | $10628 | $12273 |
| **1/31/18** | $12020 | $10506 | $12325 |
| **2/28/18** | $11885 | $10406 | $12204 |
| **3/31/18** | $11813 | $10473 | $12136 |
| **4/30/18** | $11877 | $10395 | $12203 |
| **5/31/18** | $11852 | $10469 | $12187 |
| **6/30/18** | $11871 | $10456 | $12215 |
| **7/31/18** | $12015 | $10459 | $12346 |
| **8/31/18** | $12118 | $10526 | $12443 |
| **9/30/18** | $12179 | $10458 | $12505 |
| **10/31/18** | $11963 | $10376 | $12322 |
| **11/30/18** | $11908 | $10438 | $12254 |
| **12/31/18** | $11670 | $10630 | $12022 |
| **1/31/19** | $12219 | $10742 | $12554 |
| **2/28/19** | $12418 | $10736 | $12761 |
| **3/31/19** | $12550 | $10942 | $12904 |
| **4/30/19** | $12716 | $10945 | $13070 |
| **5/31/19** | $12561 | $11139 | $12932 |
| **6/30/19** | $12870 | $11279 | $13268 |
| **7/31/19** | $12940 | $11304 | $13345 |
| **8/31/19** | $13014 | $11597 | $13443 |
| **9/30/19** | $13062 | $11535 | $13490 |
| **10/31/19** | $13115 | $11570 | $13535 |
| **11/30/19** | $13169 | $11564 | $13617 |
| **12/31/19** | $13388 | $11556 | $13838 |
| **1/31/20** | $13358 | $11778 | $13847 |
| **2/29/20** | $13140 | $11990 | $13648 |
| **3/31/20** | $11883 | $11920 | $12186 |
| **4/30/20** | $12381 | $12132 | $12696 |
| **5/31/20** | $12878 | $12188 | $13251 |
| **6/30/20** | $12878 | $12265 | $13337 |
| **7/31/20** | $13451 | $12448 | $13977 |
| **8/31/20** | $13553 | $12348 | $14085 |
| **9/30/20** | $13398 | $12341 | $13914 |
| **10/31/20** | $13453 | $12286 | $13980 |
| **11/30/20** | $13942 | $12406 | $14476 |
| **12/31/20** | $14158 | $12424 | $14707 |
| **1/31/21** | $14134 | $12334 | $14722 |
| **2/28/21** | $14149 | $12156 | $14745 |
| **3/31/21** | $14147 | $12005 | $14751 |
| **4/30/21** | $14292 | $12099 | $14907 |
| **5/31/21** | $14304 | $12139 | $14940 |
| **6/30/21** | $14483 | $12224 | $15130 |
| **7/31/21** | $14537 | $12361 | $15196 |
| **8/31/21** | $14606 | $12337 | $15278 |
| **9/30/21** | $14585 | $12231 | $15272 |
| **10/31/21** | $14547 | $12227 | $15246 |
| **11/30/21** | $14381 | $12263 | $15095 |
| **12/31/21** | $14672 | $12232 | $15383 |
| **1/31/22** | $14239 | $11968 | $14946 |
| **2/28/22** | $14127 | $11835 | $14813 |
| **3/31/22** | $13977 | $11506 | $14679 |
| **4/30/22** | $13490 | $11069 | $14154 |
| **5/31/22** | $13598 | $11141 | $14246 |
| **6/30/22** | $12692 | $10966 | $13284 |
| **7/31/22** | $13485 | $11234 | $14102 |
| **8/31/22** | $13068 | $10917 | $13718 |
| **9/30/22** | $12596 | $10445 | $13185 |
| **10/31/22** | $12959 | $10310 | $13579 |
| **11/30/22** | $13271 | $10689 | $13859 |
| **12/31/22** | $13163 | $10641 | $13755 |
| **1/31/23** | $13630 | $10968 | $14252 |
| **2/28/23** | $13418 | $10684 | $14043 |
| **3/31/23** | $13645 | $10956 | $14244 |
| **4/30/23** | $13764 | $11022 | $14366 |
| **5/31/23** | $13612 | $10902 | $14225 |
| **6/30/23** | $13780 | $10863 | $14423 |
| **7/31/23** | $13943 | $10856 | $14610 |
| **8/31/23** | $13950 | $10786 | $14640 |
| **9/30/23** | $13775 | $10512 | $14457 |
| **10/31/23** | $13618 | $10346 | $14317 |
| **11/30/23** | $14259 | $10815 | $14974 |
| **12/31/23** | $14771 | $11229 | $15486 |
| **1/31/24** | $14759 | $11198 | $15498 |
| **2/29/24** | $14770 | $11040 | $15505 |
| **3/31/24** | $14938 | $11142 | $15687 |
| **4/30/24** | $14805 | $10860 | $15543 |
| **5/31/24** | $14990 | $11044 | $15717 |
| **6/30/24** | $15124 | $11149 | $15877 |
| **7/31/24** | $15371 | $11409 | $16142 |
| **8/31/24** | $15626 | $11573 | $16390 |
| **9/30/24** | $15801 | $11728 | $16574 |
| **10/31/24** | $15669 | $11437 | $16455 |
| **11/30/24** | $15861 | $11558 | $16632 |
| **12/31/24** | $15788 | $11369 | $16546 |
| **1/31/25** | $15981 | $11430 | $16768 |
| **2/28/25** | $16105 | $11681 | $16881 |
| **3/31/25** | $15965 | $11685 | $16737 |
| **4/30/25** | $15961 | $11731 | $16750 |
| **5/31/25** | $16249 | $11647 | $17000 |
| **6/30/25** | $16533 | $11826 | $17318 |
| **7/31/25** | $16553 | $11795 | $17367 |
| **8/31/25** | $16758 | $11936 | $17571 |
| **9/30/25** | $16912 | $12067 | $17712 |
| **10/31/25** | $16984 | $12142 | $17759 |
| **11/30/25** | $17113 | $12217 | $17877 |
| **12/31/25** | $17202 | $12199 | $17990 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 8.95% | 3.97% | 5.57% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 8.73% | 4.11% | 6.05% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $471936 |
| # of Portfolio Holdings | 483 |
| Portfolio Turnover Rate | 65% |
| Total Net Advisory Fees Paid During the Reporting Period | $1222 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 76.8% |
| Loan Participations and Assignments | 6.8% |
| U.S. Treasury Obligations | 6.2% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 7.8% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 1.9% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO High Yield Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0337TSRAR_123125

# Advisor Class

# PIMCO High Yield Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $95 | 0.91% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to high yield credit default swap index positions ("CDX") contributed to relative performance as high yield CDX spreads tightened. 

* Exposure to investment grade securities, specifically a datacenter project, contributed to relative performance as spreads tightened.

* Security selection within the healthcare sector, specifically overweight exposure to a pharmaceutical company, contributed to relative performance, as prices rose. 

* Security selection within the energy pipelines sector, specifically overweight exposure to a U.S. pipeline developer, detracted from relative performance, as spreads widened amid geopolitical and energy sector weakness. 

* Exposure to equity securities received through restructuring agreements, specifically exposure to an emerging markets liquified natural gas provider, detracted from relative performance, as prices fell. 

* Security selection within the automotive sector, specifically underweight exposure to an automotive parts supplier, detracted from relative performance, as spreads tightened.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g68c48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9930 | $10138 | $9876 |
| **2/29/16** | $9988 | $10210 | $9956 |
| **3/31/16** | $10281 | $10303 | $10315 |
| **4/30/16** | $10534 | $10343 | $10660 |
| **5/31/16** | $10564 | $10345 | $10695 |
| **6/30/16** | $10609 | $10531 | $10790 |
| **7/31/16** | $10868 | $10598 | $11054 |
| **8/31/16** | $11070 | $10586 | $11276 |
| **9/30/16** | $11105 | $10580 | $11329 |
| **10/31/16** | $11077 | $10499 | $11344 |
| **11/30/16** | $11039 | $10250 | $11284 |
| **12/31/16** | $11234 | $10265 | $11472 |
| **1/31/17** | $11335 | $10285 | $11603 |
| **2/28/17** | $11498 | $10354 | $11751 |
| **3/31/17** | $11473 | $10349 | $11734 |
| **4/30/17** | $11605 | $10428 | $11877 |
| **5/31/17** | $11711 | $10509 | $11974 |
| **6/30/17** | $11730 | $10498 | $11993 |
| **7/31/17** | $11862 | $10543 | $12119 |
| **8/31/17** | $11864 | $10638 | $12131 |
| **9/30/17** | $11942 | $10587 | $12225 |
| **10/31/17** | $11987 | $10593 | $12280 |
| **11/30/17** | $11946 | $10580 | $12248 |
| **12/31/17** | $11964 | $10628 | $12273 |
| **1/31/18** | $11995 | $10506 | $12325 |
| **2/28/18** | $11860 | $10406 | $12204 |
| **3/31/18** | $11787 | $10473 | $12136 |
| **4/30/18** | $11850 | $10395 | $12203 |
| **5/31/18** | $11823 | $10469 | $12187 |
| **6/30/18** | $11842 | $10456 | $12215 |
| **7/31/18** | $11984 | $10459 | $12346 |
| **8/31/18** | $12086 | $10526 | $12443 |
| **9/30/18** | $12146 | $10458 | $12505 |
| **10/31/18** | $11929 | $10376 | $12322 |
| **11/30/18** | $11873 | $10438 | $12254 |
| **12/31/18** | $11635 | $10630 | $12022 |
| **1/31/19** | $12180 | $10742 | $12554 |
| **2/28/19** | $12378 | $10736 | $12761 |
| **3/31/19** | $12509 | $10942 | $12904 |
| **4/30/19** | $12673 | $10945 | $13070 |
| **5/31/19** | $12518 | $11139 | $12932 |
| **6/30/19** | $12825 | $11279 | $13268 |
| **7/31/19** | $12894 | $11304 | $13345 |
| **8/31/19** | $12966 | $11597 | $13443 |
| **9/30/19** | $13013 | $11535 | $13490 |
| **10/31/19** | $13064 | $11570 | $13535 |
| **11/30/19** | $13117 | $11564 | $13617 |
| **12/31/19** | $13335 | $11556 | $13838 |
| **1/31/20** | $13303 | $11778 | $13847 |
| **2/29/20** | $13085 | $11990 | $13648 |
| **3/31/20** | $11833 | $11920 | $12186 |
| **4/30/20** | $12327 | $12132 | $12696 |
| **5/31/20** | $12821 | $12188 | $13251 |
| **6/30/20** | $12820 | $12265 | $13337 |
| **7/31/20** | $13389 | $12448 | $13977 |
| **8/31/20** | $13489 | $12348 | $14085 |
| **9/30/20** | $13335 | $12341 | $13914 |
| **10/31/20** | $13388 | $12286 | $13980 |
| **11/30/20** | $13873 | $12406 | $14476 |
| **12/31/20** | $14087 | $12424 | $14707 |
| **1/31/21** | $14062 | $12334 | $14722 |
| **2/28/21** | $14076 | $12156 | $14745 |
| **3/31/21** | $14073 | $12005 | $14751 |
| **4/30/21** | $14215 | $12099 | $14907 |
| **5/31/21** | $14227 | $12139 | $14940 |
| **6/30/21** | $14403 | $12224 | $15130 |
| **7/31/21** | $14456 | $12361 | $15196 |
| **8/31/21** | $14523 | $12337 | $15278 |
| **9/30/21** | $14501 | $12231 | $15272 |
| **10/31/21** | $14462 | $12227 | $15246 |
| **11/30/21** | $14295 | $12263 | $15095 |
| **12/31/21** | $14583 | $12232 | $15383 |
| **1/31/22** | $14153 | $11968 | $14946 |
| **2/28/22** | $14040 | $11835 | $14813 |
| **3/31/22** | $13889 | $11506 | $14679 |
| **4/30/22** | $13404 | $11069 | $14154 |
| **5/31/22** | $13511 | $11141 | $14246 |
| **6/30/22** | $12609 | $10966 | $13284 |
| **7/31/22** | $13396 | $11234 | $14102 |
| **8/31/22** | $12980 | $10917 | $13718 |
| **9/30/22** | $12510 | $10445 | $13185 |
| **10/31/22** | $12870 | $10310 | $13579 |
| **11/30/22** | $13179 | $10689 | $13859 |
| **12/31/22** | $13070 | $10641 | $13755 |
| **1/31/23** | $13533 | $10968 | $14252 |
| **2/28/23** | $13322 | $10684 | $14043 |
| **3/31/23** | $13545 | $10956 | $14244 |
| **4/30/23** | $13663 | $11022 | $14366 |
| **5/31/23** | $13511 | $10902 | $14225 |
| **6/30/23** | $13676 | $10863 | $14423 |
| **7/31/23** | $13837 | $10856 | $14610 |
| **8/31/23** | $13843 | $10786 | $14640 |
| **9/30/23** | $13667 | $10512 | $14457 |
| **10/31/23** | $13510 | $10346 | $14317 |
| **11/30/23** | $14146 | $10815 | $14974 |
| **12/31/23** | $14653 | $11229 | $15486 |
| **1/31/24** | $14640 | $11198 | $15498 |
| **2/29/24** | $14650 | $11040 | $15505 |
| **3/31/24** | $14814 | $11142 | $15687 |
| **4/30/24** | $14682 | $10860 | $15543 |
| **5/31/24** | $14864 | $11044 | $15717 |
| **6/30/24** | $14996 | $11149 | $15877 |
| **7/31/24** | $15239 | $11409 | $16142 |
| **8/31/24** | $15490 | $11573 | $16390 |
| **9/30/24** | $15662 | $11728 | $16574 |
| **10/31/24** | $15530 | $11437 | $16455 |
| **11/30/24** | $15719 | $11558 | $16632 |
| **12/31/24** | $15646 | $11369 | $16546 |
| **1/31/25** | $15836 | $11430 | $16768 |
| **2/28/25** | $15957 | $11681 | $16881 |
| **3/31/25** | $15818 | $11685 | $16737 |
| **4/30/25** | $15812 | $11731 | $16750 |
| **5/31/25** | $16096 | $11647 | $17000 |
| **6/30/25** | $16377 | $11826 | $17318 |
| **7/31/25** | $16395 | $11795 | $17367 |
| **8/31/25** | $16596 | $11936 | $17571 |
| **9/30/25** | $16748 | $12067 | $17712 |
| **10/31/25** | $16817 | $12142 | $17759 |
| **11/30/25** | $16943 | $12217 | $17877 |
| **12/31/25** | $17030 | $12199 | $17990 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 8.85% | 3.87% | 5.47% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 8.73% | 4.11% | 6.05% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $471936 |
| # of Portfolio Holdings | 483 |
| Portfolio Turnover Rate | 65% |
| Total Net Advisory Fees Paid During the Reporting Period | $1222 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 76.8% |
| Loan Participations and Assignments | 6.8% |
| U.S. Treasury Obligations | 6.2% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 7.8% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 1.9% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO High Yield Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1878TSRAR_123125

# Institutional Class

# PIMCO High Yield Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $69 | 0.66% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to high yield credit default swap index positions ("CDX") contributed to relative performance as high yield CDX spreads tightened. 

* Exposure to investment grade securities, specifically a datacenter project, contributed to relative performance as spreads tightened.

* Security selection within the healthcare sector, specifically overweight exposure to a pharmaceutical company, contributed to relative performance, as prices rose. 

* Security selection within the energy pipelines sector, specifically overweight exposure to a U.S. pipeline developer, detracted from relative performance, as spreads widened amid geopolitical and energy sector weakness. 

* Exposure to equity securities received through restructuring agreements, specifically exposure to an emerging markets liquified natural gas provider, detracted from relative performance, as prices fell. 

* Security selection within the automotive sector, specifically underweight exposure to an automotive parts supplier, detracted from relative performance, as spreads tightened.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g27f98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9931 | $10138 | $9876 |
| **2/29/16** | $9992 | $10210 | $9956 |
| **3/31/16** | $10287 | $10303 | $10315 |
| **4/30/16** | $10543 | $10343 | $10660 |
| **5/31/16** | $10574 | $10345 | $10695 |
| **6/30/16** | $10622 | $10531 | $10790 |
| **7/31/16** | $10883 | $10598 | $11054 |
| **8/31/16** | $11088 | $10586 | $11276 |
| **9/30/16** | $11126 | $10580 | $11329 |
| **10/31/16** | $11100 | $10499 | $11344 |
| **11/30/16** | $11064 | $10250 | $11284 |
| **12/31/16** | $11261 | $10265 | $11472 |
| **1/31/17** | $11365 | $10285 | $11603 |
| **2/28/17** | $11530 | $10354 | $11751 |
| **3/31/17** | $11509 | $10349 | $11734 |
| **4/30/17** | $11643 | $10428 | $11877 |
| **5/31/17** | $11752 | $10509 | $11974 |
| **6/30/17** | $11774 | $10498 | $11993 |
| **7/31/17** | $11909 | $10543 | $12119 |
| **8/31/17** | $11913 | $10638 | $12131 |
| **9/30/17** | $11993 | $10587 | $12225 |
| **10/31/17** | $12041 | $10593 | $12280 |
| **11/30/17** | $12003 | $10580 | $12248 |
| **12/31/17** | $12023 | $10628 | $12273 |
| **1/31/18** | $12057 | $10506 | $12325 |
| **2/28/18** | $11924 | $10406 | $12204 |
| **3/31/18** | $11853 | $10473 | $12136 |
| **4/30/18** | $11919 | $10395 | $12203 |
| **5/31/18** | $11895 | $10469 | $12187 |
| **6/30/18** | $11916 | $10456 | $12215 |
| **7/31/18** | $12061 | $10459 | $12346 |
| **8/31/18** | $12167 | $10526 | $12443 |
| **9/30/18** | $12229 | $10458 | $12505 |
| **10/31/18** | $12014 | $10376 | $12322 |
| **11/30/18** | $11960 | $10438 | $12254 |
| **12/31/18** | $11722 | $10630 | $12022 |
| **1/31/19** | $12275 | $10742 | $12554 |
| **2/28/19** | $12476 | $10736 | $12761 |
| **3/31/19** | $12611 | $10942 | $12904 |
| **4/30/19** | $12779 | $10945 | $13070 |
| **5/31/19** | $12625 | $11139 | $12932 |
| **6/30/19** | $12938 | $11279 | $13268 |
| **7/31/19** | $13010 | $11304 | $13345 |
| **8/31/19** | $13086 | $11597 | $13443 |
| **9/30/19** | $13135 | $11535 | $13490 |
| **10/31/19** | $13190 | $11570 | $13535 |
| **11/30/19** | $13247 | $11564 | $13617 |
| **12/31/19** | $13469 | $11556 | $13838 |
| **1/31/20** | $13440 | $11778 | $13847 |
| **2/29/20** | $13222 | $11990 | $13648 |
| **3/31/20** | $11959 | $11920 | $12186 |
| **4/30/20** | $12461 | $12132 | $12696 |
| **5/31/20** | $12963 | $12188 | $13251 |
| **6/30/20** | $12965 | $12265 | $13337 |
| **7/31/20** | $13543 | $12448 | $13977 |
| **8/31/20** | $13648 | $12348 | $14085 |
| **9/30/20** | $13494 | $12341 | $13914 |
| **10/31/20** | $13550 | $12286 | $13980 |
| **11/30/20** | $14045 | $12406 | $14476 |
| **12/31/20** | $14264 | $12424 | $14707 |
| **1/31/21** | $14241 | $12334 | $14722 |
| **2/28/21** | $14259 | $12156 | $14745 |
| **3/31/21** | $14258 | $12005 | $14751 |
| **4/30/21** | $14406 | $12099 | $14907 |
| **5/31/21** | $14421 | $12139 | $14940 |
| **6/30/21** | $14602 | $12224 | $15130 |
| **7/31/21** | $14659 | $12361 | $15196 |
| **8/31/21** | $14730 | $12337 | $15278 |
| **9/30/21** | $14711 | $12231 | $15272 |
| **10/31/21** | $14674 | $12227 | $15246 |
| **11/30/21** | $14508 | $12263 | $15095 |
| **12/31/21** | $14804 | $12232 | $15383 |
| **1/31/22** | $14369 | $11968 | $14946 |
| **2/28/22** | $14257 | $11835 | $14813 |
| **3/31/22** | $14108 | $11506 | $14679 |
| **4/30/22** | $13618 | $11069 | $14154 |
| **5/31/22** | $13729 | $11141 | $14246 |
| **6/30/22** | $12816 | $10966 | $13284 |
| **7/31/22** | $13618 | $11234 | $14102 |
| **8/31/22** | $13198 | $10917 | $13718 |
| **9/30/22** | $12724 | $10445 | $13185 |
| **10/31/22** | $13092 | $10310 | $13579 |
| **11/30/22** | $13409 | $10689 | $13859 |
| **12/31/22** | $13301 | $10641 | $13755 |
| **1/31/23** | $13775 | $10968 | $14252 |
| **2/28/23** | $13562 | $10684 | $14043 |
| **3/31/23** | $13793 | $10956 | $14244 |
| **4/30/23** | $13916 | $11022 | $14366 |
| **5/31/23** | $13764 | $10902 | $14225 |
| **6/30/23** | $13935 | $10863 | $14423 |
| **7/31/23** | $14102 | $10856 | $14610 |
| **8/31/23** | $14111 | $10786 | $14640 |
| **9/30/23** | $13935 | $10512 | $14457 |
| **10/31/23** | $13778 | $10346 | $14317 |
| **11/30/23** | $14429 | $10815 | $14974 |
| **12/31/23** | $14949 | $11229 | $15486 |
| **1/31/24** | $14938 | $11198 | $15498 |
| **2/29/24** | $14952 | $11040 | $15505 |
| **3/31/24** | $15123 | $11142 | $15687 |
| **4/30/24** | $14991 | $10860 | $15543 |
| **5/31/24** | $15180 | $11044 | $15717 |
| **6/30/24** | $15317 | $11149 | $15877 |
| **7/31/24** | $15569 | $11409 | $16142 |
| **8/31/24** | $15830 | $11573 | $16390 |
| **9/30/24** | $16008 | $11728 | $16574 |
| **10/31/24** | $15877 | $11437 | $16455 |
| **11/30/24** | $16073 | $11558 | $16632 |
| **12/31/24** | $16002 | $11369 | $16546 |
| **1/31/25** | $16199 | $11430 | $16768 |
| **2/28/25** | $16327 | $11681 | $16881 |
| **3/31/25** | $16187 | $11685 | $16737 |
| **4/30/25** | $16185 | $11731 | $16750 |
| **5/31/25** | $16479 | $11647 | $17000 |
| **6/30/25** | $16769 | $11826 | $17318 |
| **7/31/25** | $16792 | $11795 | $17367 |
| **8/31/25** | $17002 | $11936 | $17571 |
| **9/30/25** | $17160 | $12067 | $17712 |
| **10/31/25** | $17235 | $12142 | $17759 |
| **11/30/25** | $17368 | $12217 | $17877 |
| **12/31/25** | $17461 | $12199 | $17990 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 9.12% | 4.13% | 5.73% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 8.73% | 4.11% | 6.05% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $471936 |
| # of Portfolio Holdings | 483 |
| Portfolio Turnover Rate | 65% |
| Total Net Advisory Fees Paid During the Reporting Period | $1222 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 76.8% |
| Loan Participations and Assignments | 6.8% |
| U.S. Treasury Obligations | 6.2% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 7.8% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 1.9% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO High Yield Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0548TSRAR_123125

# Administrative Class

# PIMCO Income Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Income Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $97 | 0.92% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front- and intermediate-end of the U.S. sovereign curve. 

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as agency MBS spreads tightened. 

* Long exposure to Australian duration detracted from performance, as interest rates rose across intermediate tenors of the Australian sovereign curve. 

* Short exposure to the Swiss franc detracted from performance, as the Swiss franc appreciated against the U.S. dollar. 

* Holdings of U.S. inflation-protected securities detracted from performance, as breakeven inflation rates fell across the intermediate and long end of the U.S. curve.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g50c31.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** |
| **4/29/16** | $10000 | $10000 |
| **4/30/16** | $10000 | $10000 |
| **5/31/16** | $10113 | $10003 |
| **6/30/16** | $10123 | $10182 |
| **7/31/16** | $10297 | $10247 |
| **8/31/16** | $10401 | $10235 |
| **9/30/16** | $10466 | $10229 |
| **10/31/16** | $10549 | $10151 |
| **11/30/16** | $10501 | $9911 |
| **12/31/16** | $10581 | $9925 |
| **1/31/17** | $10643 | $9944 |
| **2/28/17** | $10767 | $10011 |
| **3/31/17** | $10842 | $10006 |
| **4/30/17** | $10914 | $10083 |
| **5/31/17** | $11102 | $10160 |
| **6/30/17** | $11135 | $10150 |
| **7/31/17** | $11220 | $10194 |
| **8/31/17** | $11306 | $10285 |
| **9/30/17** | $11352 | $10236 |
| **10/31/17** | $11401 | $10242 |
| **11/30/17** | $11407 | $10229 |
| **12/31/17** | $11436 | $10276 |
| **1/31/18** | $11420 | $10158 |
| **2/28/18** | $11372 | $10061 |
| **3/31/18** | $11435 | $10126 |
| **4/30/18** | $11385 | $10051 |
| **5/31/18** | $11391 | $10122 |
| **6/30/18** | $11379 | $10110 |
| **7/31/18** | $11452 | $10112 |
| **8/31/18** | $11399 | $10177 |
| **9/30/18** | $11448 | $10112 |
| **10/31/18** | $11426 | $10032 |
| **11/30/18** | $11385 | $10092 |
| **12/31/18** | $11480 | $10277 |
| **1/31/19** | $11701 | $10386 |
| **2/28/19** | $11753 | $10380 |
| **3/31/19** | $11863 | $10580 |
| **4/30/19** | $11966 | $10582 |
| **5/31/19** | $12008 | $10770 |
| **6/30/19** | $12190 | $10906 |
| **7/31/19** | $12216 | $10930 |
| **8/31/19** | $12109 | $11213 |
| **9/30/19** | $12176 | $11153 |
| **10/31/19** | $12247 | $11187 |
| **11/30/19** | $12283 | $11181 |
| **12/31/19** | $12464 | $11173 |
| **1/31/20** | $12519 | $11388 |
| **2/29/20** | $12458 | $11593 |
| **3/31/20** | $11480 | $11525 |
| **4/30/20** | $11862 | $11730 |
| **5/31/20** | $12193 | $11784 |
| **6/30/20** | $12376 | $11859 |
| **7/31/20** | $12601 | $12036 |
| **8/31/20** | $12764 | $11939 |
| **9/30/20** | $12714 | $11932 |
| **10/31/20** | $12723 | $11879 |
| **11/30/20** | $13063 | $11995 |
| **12/31/20** | $13276 | $12012 |
| **1/31/21** | $13302 | $11926 |
| **2/28/21** | $13284 | $11753 |
| **3/31/21** | $13246 | $11607 |
| **4/30/21** | $13365 | $11698 |
| **5/31/21** | $13420 | $11737 |
| **6/30/21** | $13466 | $11819 |
| **7/31/21** | $13489 | $11951 |
| **8/31/21** | $13544 | $11929 |
| **9/30/21** | $13523 | $11825 |
| **10/31/21** | $13489 | $11822 |
| **11/30/21** | $13392 | $11857 |
| **12/31/21** | $13540 | $11827 |
| **1/31/22** | $13403 | $11572 |
| **2/28/22** | $13061 | $11443 |
| **3/31/22** | $12957 | $11125 |
| **4/30/22** | $12630 | $10703 |
| **5/31/22** | $12630 | $10772 |
| **6/30/22** | $12214 | $10603 |
| **7/31/22** | $12586 | $10862 |
| **8/31/22** | $12480 | $10555 |
| **9/30/22** | $12068 | $10099 |
| **10/31/22** | $12099 | $9968 |
| **11/30/22** | $12478 | $10335 |
| **12/31/22** | $12487 | $10288 |
| **1/31/23** | $12878 | $10604 |
| **2/28/23** | $12637 | $10330 |
| **3/31/23** | $12703 | $10593 |
| **4/30/23** | $12758 | $10657 |
| **5/31/23** | $12749 | $10541 |
| **6/30/23** | $12890 | $10503 |
| **7/31/23** | $13010 | $10496 |
| **8/31/23** | $13002 | $10429 |
| **9/30/23** | $12848 | $10164 |
| **10/31/23** | $12695 | $10003 |
| **11/30/23** | $13160 | $10456 |
| **12/31/23** | $13518 | $10857 |
| **1/31/24** | $13578 | $10827 |
| **2/29/24** | $13556 | $10674 |
| **3/31/24** | $13724 | $10773 |
| **4/30/24** | $13535 | $10500 |
| **5/31/24** | $13752 | $10678 |
| **6/30/24** | $13790 | $10780 |
| **7/31/24** | $14069 | $11031 |
| **8/31/24** | $14199 | $11190 |
| **9/30/24** | $14380 | $11340 |
| **10/31/24** | $14134 | $11058 |
| **11/30/24** | $14357 | $11175 |
| **12/31/24** | $14249 | $10992 |
| **1/31/25** | $14400 | $11051 |
| **2/28/25** | $14661 | $11294 |
| **3/31/25** | $14683 | $11298 |
| **4/30/25** | $14690 | $11343 |
| **5/31/25** | $14713 | $11261 |
| **6/30/25** | $14981 | $11435 |
| **7/31/25** | $14987 | $11404 |
| **8/31/25** | $15203 | $11541 |
| **9/30/25** | $15307 | $11667 |
| **10/31/25** | $15529 | $11740 |
| **11/30/25** | $15633 | $11813 |
| **12/31/25** | $15701 | $11795 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **Since Inception 4/29/16** |
| Administrative Class | 10.19% | 3.41% | 4.77% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 1.72% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1001799 |
| # of Portfolio Holdings | 1337 |
| Portfolio Turnover Rate | 604% |
| Total Net Advisory Fees Paid During the Reporting Period | $2353 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 62.2% |
| Asset-Backed Securities | 36.7% |
| Non-Agency Mortgage-Backed Securities | 23.4% |
| Corporate Bonds & Notes | 13.5% |
| U.S. Treasury Obligations | 13.3% |
| Sovereign Issues | 9.8% |
| Loan Participations and Assignments | 1.5% |
| Preferred Securities | 0.2% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (61.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.14% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO Income Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2164TSRAR_123125

# Advisor Class

# PIMCO Income Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Income Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $107 | 1.02% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front- and intermediate-end of the U.S. sovereign curve. 

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as agency MBS spreads tightened. 

* Long exposure to Australian duration detracted from performance, as interest rates rose across intermediate tenors of the Australian sovereign curve. 

* Short exposure to the Swiss franc detracted from performance, as the Swiss franc appreciated against the U.S. dollar. 

* Holdings of U.S. inflation-protected securities detracted from performance, as breakeven inflation rates fell across the intermediate and long end of the U.S. curve.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g92r43.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **Bloomberg U.S. Aggregate Index** |
| **4/29/16** | $10000 | $10000 |
| **4/30/16** | $10000 | $10000 |
| **5/31/16** | $10112 | $10003 |
| **6/30/16** | $10121 | $10182 |
| **7/31/16** | $10294 | $10247 |
| **8/31/16** | $10397 | $10235 |
| **9/30/16** | $10461 | $10229 |
| **10/31/16** | $10544 | $10151 |
| **11/30/16** | $10494 | $9911 |
| **12/31/16** | $10574 | $9925 |
| **1/31/17** | $10635 | $9944 |
| **2/28/17** | $10758 | $10011 |
| **3/31/17** | $10832 | $10006 |
| **4/30/17** | $10903 | $10083 |
| **5/31/17** | $11090 | $10160 |
| **6/30/17** | $11122 | $10150 |
| **7/31/17** | $11206 | $10194 |
| **8/31/17** | $11291 | $10285 |
| **9/30/17** | $11336 | $10236 |
| **10/31/17** | $11383 | $10242 |
| **11/30/17** | $11389 | $10229 |
| **12/31/17** | $11417 | $10276 |
| **1/31/18** | $11400 | $10158 |
| **2/28/18** | $11352 | $10061 |
| **3/31/18** | $11413 | $10126 |
| **4/30/18** | $11363 | $10051 |
| **5/31/18** | $11368 | $10122 |
| **6/30/18** | $11354 | $10110 |
| **7/31/18** | $11426 | $10112 |
| **8/31/18** | $11372 | $10177 |
| **9/30/18** | $11420 | $10112 |
| **10/31/18** | $11397 | $10032 |
| **11/30/18** | $11355 | $10092 |
| **12/31/18** | $11450 | $10277 |
| **1/31/19** | $11669 | $10386 |
| **2/28/19** | $11719 | $10380 |
| **3/31/19** | $11829 | $10580 |
| **4/30/19** | $11930 | $10582 |
| **5/31/19** | $11971 | $10770 |
| **6/30/19** | $12151 | $10906 |
| **7/31/19** | $12177 | $10930 |
| **8/31/19** | $12068 | $11213 |
| **9/30/19** | $12135 | $11153 |
| **10/31/19** | $12205 | $11187 |
| **11/30/19** | $12239 | $11181 |
| **12/31/19** | $12418 | $11173 |
| **1/31/20** | $12472 | $11388 |
| **2/29/20** | $12410 | $11593 |
| **3/31/20** | $11435 | $11525 |
| **4/30/20** | $11814 | $11730 |
| **5/31/20** | $12143 | $11784 |
| **6/30/20** | $12325 | $11859 |
| **7/31/20** | $12548 | $12036 |
| **8/31/20** | $12709 | $11939 |
| **9/30/20** | $12658 | $11932 |
| **10/31/20** | $12665 | $11879 |
| **11/30/20** | $13003 | $11995 |
| **12/31/20** | $13214 | $12012 |
| **1/31/21** | $13239 | $11926 |
| **2/28/21** | $13220 | $11753 |
| **3/31/21** | $13181 | $11607 |
| **4/30/21** | $13299 | $11698 |
| **5/31/21** | $13352 | $11737 |
| **6/30/21** | $13397 | $11819 |
| **7/31/21** | $13418 | $11951 |
| **8/31/21** | $13472 | $11929 |
| **9/30/21** | $13450 | $11825 |
| **10/31/21** | $13416 | $11822 |
| **11/30/21** | $13317 | $11857 |
| **12/31/21** | $13464 | $11827 |
| **1/31/22** | $13326 | $11572 |
| **2/28/22** | $12985 | $11443 |
| **3/31/22** | $12881 | $11125 |
| **4/30/22** | $12554 | $10703 |
| **5/31/22** | $12554 | $10772 |
| **6/30/22** | $12138 | $10603 |
| **7/31/22** | $12508 | $10862 |
| **8/31/22** | $12401 | $10555 |
| **9/30/22** | $11990 | $10099 |
| **10/31/22** | $12020 | $9968 |
| **11/30/22** | $12396 | $10335 |
| **12/31/22** | $12404 | $10288 |
| **1/31/23** | $12792 | $10604 |
| **2/28/23** | $12551 | $10330 |
| **3/31/23** | $12615 | $10593 |
| **4/30/23** | $12669 | $10657 |
| **5/31/23** | $12659 | $10541 |
| **6/30/23** | $12798 | $10503 |
| **7/31/23** | $12916 | $10496 |
| **8/31/23** | $12907 | $10429 |
| **9/30/23** | $12753 | $10164 |
| **10/31/23** | $12600 | $10003 |
| **11/30/23** | $13060 | $10456 |
| **12/31/23** | $13414 | $10857 |
| **1/31/24** | $13473 | $10827 |
| **2/29/24** | $13450 | $10674 |
| **3/31/24** | $13616 | $10773 |
| **4/30/24** | $13427 | $10500 |
| **5/31/24** | $13641 | $10678 |
| **6/30/24** | $13678 | $10780 |
| **7/31/24** | $13954 | $11031 |
| **8/31/24** | $14081 | $11190 |
| **9/30/24** | $14259 | $11340 |
| **10/31/24** | $14014 | $11058 |
| **11/30/24** | $14234 | $11175 |
| **12/31/24** | $14126 | $10992 |
| **1/31/25** | $14274 | $11051 |
| **2/28/25** | $14532 | $11294 |
| **3/31/25** | $14553 | $11298 |
| **4/30/25** | $14558 | $11343 |
| **5/31/25** | $14580 | $11261 |
| **6/30/25** | $14844 | $11435 |
| **7/31/25** | $14849 | $11404 |
| **8/31/25** | $15061 | $11541 |
| **9/30/25** | $15164 | $11667 |
| **10/31/25** | $15382 | $11740 |
| **11/30/25** | $15484 | $11813 |
| **12/31/25** | $15550 | $11795 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **Since Inception 4/29/16** |
| Advisor Class | 10.08% | 3.31% | 4.67% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 1.72% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1001799 |
| # of Portfolio Holdings | 1337 |
| Portfolio Turnover Rate | 604% |
| Total Net Advisory Fees Paid During the Reporting Period | $2353 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 62.2% |
| Asset-Backed Securities | 36.7% |
| Non-Agency Mortgage-Backed Securities | 23.4% |
| Corporate Bonds & Notes | 13.5% |
| U.S. Treasury Obligations | 13.3% |
| Sovereign Issues | 9.8% |
| Loan Participations and Assignments | 1.5% |
| Preferred Securities | 0.2% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (61.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.14% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO Income Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2166TSRAR_123125

# Institutional Class

# PIMCO Income Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Income Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $81 | 0.77% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front- and intermediate-end of the U.S. sovereign curve. 

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as agency MBS spreads tightened. 

* Long exposure to Australian duration detracted from performance, as interest rates rose across intermediate tenors of the Australian sovereign curve. 

* Short exposure to the Swiss franc detracted from performance, as the Swiss franc appreciated against the U.S. dollar. 

* Holdings of U.S. inflation-protected securities detracted from performance, as breakeven inflation rates fell across the intermediate and long end of the U.S. curve.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g21f36.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** |
| **4/29/16** | $10000 | $10000 |
| **4/30/16** | $10000 | $10000 |
| **5/31/16** | $10114 | $10003 |
| **6/30/16** | $10125 | $10182 |
| **7/31/16** | $10300 | $10247 |
| **8/31/16** | $10406 | $10235 |
| **9/30/16** | $10473 | $10229 |
| **10/31/16** | $10557 | $10151 |
| **11/30/16** | $10510 | $9911 |
| **12/31/16** | $10592 | $9925 |
| **1/31/17** | $10655 | $9944 |
| **2/28/17** | $10780 | $10011 |
| **3/31/17** | $10857 | $10006 |
| **4/30/17** | $10930 | $10083 |
| **5/31/17** | $11120 | $10160 |
| **6/30/17** | $11155 | $10150 |
| **7/31/17** | $11241 | $10194 |
| **8/31/17** | $11328 | $10285 |
| **9/30/17** | $11376 | $10236 |
| **10/31/17** | $11426 | $10242 |
| **11/30/17** | $11434 | $10229 |
| **12/31/17** | $11465 | $10276 |
| **1/31/18** | $11450 | $10158 |
| **2/28/18** | $11404 | $10061 |
| **3/31/18** | $11468 | $10126 |
| **4/30/18** | $11420 | $10051 |
| **5/31/18** | $11427 | $10122 |
| **6/30/18** | $11416 | $10110 |
| **7/31/18** | $11491 | $10112 |
| **8/31/18** | $11439 | $10177 |
| **9/30/18** | $11490 | $10112 |
| **10/31/18** | $11469 | $10032 |
| **11/30/18** | $11429 | $10092 |
| **12/31/18** | $11527 | $10277 |
| **1/31/19** | $11749 | $10386 |
| **2/28/19** | $11803 | $10380 |
| **3/31/19** | $11915 | $10580 |
| **4/30/19** | $12020 | $10582 |
| **5/31/19** | $12064 | $10770 |
| **6/30/19** | $12248 | $10906 |
| **7/31/19** | $12276 | $10930 |
| **8/31/19** | $12170 | $11213 |
| **9/30/19** | $12239 | $11153 |
| **10/31/19** | $12312 | $11187 |
| **11/30/19** | $12349 | $11181 |
| **12/31/19** | $12533 | $11173 |
| **1/31/20** | $12590 | $11388 |
| **2/29/20** | $12530 | $11593 |
| **3/31/20** | $11547 | $11525 |
| **4/30/20** | $11933 | $11730 |
| **5/31/20** | $12268 | $11784 |
| **6/30/20** | $12454 | $11859 |
| **7/31/20** | $12682 | $12036 |
| **8/31/20** | $12847 | $11939 |
| **9/30/20** | $12799 | $11932 |
| **10/31/20** | $12809 | $11879 |
| **11/30/20** | $13153 | $11995 |
| **12/31/20** | $13369 | $12012 |
| **1/31/21** | $13397 | $11926 |
| **2/28/21** | $13381 | $11753 |
| **3/31/21** | $13344 | $11607 |
| **4/30/21** | $13466 | $11698 |
| **5/31/21** | $13523 | $11737 |
| **6/30/21** | $13571 | $11819 |
| **7/31/21** | $13596 | $11951 |
| **8/31/21** | $13653 | $11929 |
| **9/30/21** | $13634 | $11825 |
| **10/31/21** | $13601 | $11822 |
| **11/30/21** | $13505 | $11857 |
| **12/31/21** | $13656 | $11827 |
| **1/31/22** | $13519 | $11572 |
| **2/28/22** | $13176 | $11443 |
| **3/31/22** | $13073 | $11125 |
| **4/30/22** | $12744 | $10703 |
| **5/31/22** | $12746 | $10772 |
| **6/30/22** | $12327 | $10603 |
| **7/31/22** | $12705 | $10862 |
| **8/31/22** | $12599 | $10555 |
| **9/30/22** | $12184 | $10099 |
| **10/31/22** | $12217 | $9968 |
| **11/30/22** | $12601 | $10335 |
| **12/31/22** | $12613 | $10288 |
| **1/31/23** | $13009 | $10604 |
| **2/28/23** | $12767 | $10330 |
| **3/31/23** | $12836 | $10593 |
| **4/30/23** | $12893 | $10657 |
| **5/31/23** | $12885 | $10541 |
| **6/30/23** | $13030 | $10503 |
| **7/31/23** | $13152 | $10496 |
| **8/31/23** | $13146 | $10429 |
| **9/30/23** | $12992 | $10164 |
| **10/31/23** | $12838 | $10003 |
| **11/30/23** | $13310 | $10456 |
| **12/31/23** | $13674 | $10857 |
| **1/31/24** | $13737 | $10827 |
| **2/29/24** | $13716 | $10674 |
| **3/31/24** | $13888 | $10773 |
| **4/30/24** | $13698 | $10500 |
| **5/31/24** | $13919 | $10678 |
| **6/30/24** | $13960 | $10780 |
| **7/31/24** | $14244 | $11031 |
| **8/31/24** | $14377 | $11190 |
| **9/30/24** | $14562 | $11340 |
| **10/31/24** | $14315 | $11058 |
| **11/30/24** | $14543 | $11175 |
| **12/31/24** | $14435 | $10992 |
| **1/31/25** | $14590 | $11051 |
| **2/28/25** | $14857 | $11294 |
| **3/31/25** | $14880 | $11298 |
| **4/30/25** | $14889 | $11343 |
| **5/31/25** | $14915 | $11261 |
| **6/30/25** | $15187 | $11435 |
| **7/31/25** | $15196 | $11404 |
| **8/31/25** | $15416 | $11541 |
| **9/30/25** | $15524 | $11667 |
| **10/31/25** | $15751 | $11740 |
| **11/30/25** | $15859 | $11813 |
| **12/31/25** | $15930 | $11795 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **Since Inception 4/29/16** |
| Institutional Class | 10.36% | 3.57% | 4.93% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 1.72% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1001799 |
| # of Portfolio Holdings | 1337 |
| Portfolio Turnover Rate | 604% |
| Total Net Advisory Fees Paid During the Reporting Period | $2353 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 62.2% |
| Asset-Backed Securities | 36.7% |
| Non-Agency Mortgage-Backed Securities | 23.4% |
| Corporate Bonds & Notes | 13.5% |
| U.S. Treasury Obligations | 13.3% |
| Sovereign Issues | 9.8% |
| Loan Participations and Assignments | 1.5% |
| Preferred Securities | 0.2% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (61.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.14% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO Income Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT2165TSRAR_123125

# Administrative Class

# PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $111 | 1.09% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section of the curve, contributed to relative performance, as the curve steepened. 

* Long exposure to select emerging markets ("EM") CEEMEA currencies, particularly the Turkish lira and Polish zloty, contributed to relative performance, as local yields in Turkey remained high and the Polish zloty appreciated relative to the U.S. dollar. 

* Long exposure to select EM Latin American currencies, particularly the Brazilian real and Mexican peso, contributed to relative performance, as they appreciated relative to the U.S. dollar. 

* Positioning within Japanese rates contributed to relative performance, as the curve steepened. 

* Overweight exposure to Australian duration detracted from relative performance, as yields in Australia rose. 

* Short exposure to select EM Asian currencies, particularly the South Korean won and Taiwanese dollar, detracted from relative performance, as they appreciated relative to the U.S. dollar. 

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g43n76.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **12/31/15** | $10000 | $10000 |
| **1/31/16** | $10100 | $10158 |
| **2/29/16** | $10152 | $10278 |
| **3/31/16** | $10255 | $10351 |
| **4/30/16** | $10265 | $10349 |
| **5/31/16** | $10334 | $10424 |
| **6/30/16** | $10562 | $10633 |
| **7/31/16** | $10675 | $10691 |
| **8/31/16** | $10709 | $10687 |
| **9/30/16** | $10740 | $10689 |
| **10/31/16** | $10657 | $10566 |
| **11/30/16** | $10558 | $10450 |
| **12/31/16** | $10648 | $10490 |
| **1/31/17** | $10572 | $10400 |
| **2/28/17** | $10711 | $10502 |
| **3/31/17** | $10698 | $10496 |
| **4/30/17** | $10734 | $10559 |
| **5/31/17** | $10770 | $10604 |
| **6/30/17** | $10729 | $10557 |
| **7/31/17** | $10775 | $10581 |
| **8/31/17** | $10870 | $10680 |
| **9/30/17** | $10848 | $10630 |
| **10/31/17** | $10924 | $10704 |
| **11/30/17** | $10962 | $10745 |
| **12/31/17** | $10942 | $10750 |
| **1/31/18** | $10949 | $10707 |
| **2/28/18** | $10977 | $10742 |
| **3/31/18** | $11078 | $10851 |
| **4/30/18** | $11067 | $10840 |
| **5/31/18** | $11079 | $10856 |
| **6/30/18** | $11114 | $10903 |
| **7/31/18** | $11139 | $10901 |
| **8/31/18** | $11124 | $10907 |
| **9/30/18** | $11115 | $10884 |
| **10/31/18** | $11138 | $10916 |
| **11/30/18** | $11133 | $10963 |
| **12/31/18** | $11174 | $11091 |
| **1/31/19** | $11322 | $11203 |
| **2/28/19** | $11357 | $11228 |
| **3/31/19** | $11498 | $11419 |
| **4/30/19** | $11516 | $11424 |
| **5/31/19** | $11631 | $11560 |
| **6/30/19** | $11804 | $11732 |
| **7/31/19** | $11917 | $11875 |
| **8/31/19** | $12093 | $12114 |
| **9/30/19** | $12036 | $12064 |
| **10/31/19** | $11986 | $11994 |
| **11/30/19** | $11940 | $11972 |
| **12/31/19** | $11957 | $11930 |
| **1/31/20** | $12142 | $12135 |
| **2/29/20** | $12157 | $12232 |
| **3/31/20** | $11664 | $11991 |
| **4/30/20** | $11920 | $12160 |
| **5/31/20** | $12013 | $12163 |
| **6/30/20** | $12106 | $12202 |
| **7/31/20** | $12261 | $12289 |
| **8/31/20** | $12270 | $12202 |
| **9/30/20** | $12368 | $12284 |
| **10/31/20** | $12444 | $12322 |
| **11/30/20** | $12510 | $12351 |
| **12/31/20** | $12621 | $12400 |
| **1/31/21** | $12596 | $12346 |
| **2/28/21** | $12436 | $12141 |
| **3/31/21** | $12457 | $12165 |
| **4/30/21** | $12434 | $12152 |
| **5/31/21** | $12455 | $12168 |
| **6/30/21** | $12450 | $12207 |
| **7/31/21** | $12575 | $12373 |
| **8/31/21** | $12550 | $12343 |
| **9/30/21** | $12431 | $12218 |
| **10/31/21** | $12348 | $12166 |
| **11/30/21** | $12424 | $12294 |
| **12/31/21** | $12374 | $12227 |
| **1/31/22** | $12279 | $12091 |
| **2/28/22** | $12082 | $11927 |
| **3/31/22** | $11898 | $11732 |
| **4/30/22** | $11657 | $11511 |
| **5/31/22** | $11543 | $11427 |
| **6/30/22** | $11319 | $11261 |
| **7/31/22** | $11601 | $11565 |
| **8/31/22** | $11339 | $11271 |
| **9/30/22** | $11028 | $11013 |
| **10/31/22** | $11102 | $11068 |
| **11/30/22** | $11293 | $11242 |
| **12/31/22** | $11118 | $11033 |
| **1/31/23** | $11357 | $11220 |
| **2/28/23** | $11259 | $11125 |
| **3/31/23** | $11417 | $11348 |
| **4/30/23** | $11450 | $11396 |
| **5/31/23** | $11451 | $11413 |
| **6/30/23** | $11473 | $11432 |
| **7/31/23** | $11519 | $11440 |
| **8/31/23** | $11545 | $11472 |
| **9/30/23** | $11440 | $11342 |
| **10/31/23** | $11415 | $11339 |
| **11/30/23** | $11734 | $11634 |
| **12/31/23** | $12120 | $11951 |
| **1/31/24** | $12092 | $11932 |
| **2/29/24** | $12090 | $11915 |
| **3/31/24** | $12266 | $12020 |
| **4/30/24** | $12156 | $11909 |
| **5/31/24** | $12202 | $11936 |
| **6/30/24** | $12271 | $12033 |
| **7/31/24** | $12447 | $12229 |
| **8/31/24** | $12484 | $12327 |
| **9/30/24** | $12637 | $12452 |
| **10/31/24** | $12537 | $12391 |
| **11/30/24** | $12752 | $12555 |
| **12/31/24** | $12782 | $12545 |
| **1/31/25** | $12845 | $12577 |
| **2/28/25** | $12879 | $12626 |
| **3/31/25** | $12806 | $12523 |
| **4/30/25** | $12923 | $12711 |
| **5/31/25** | $12922 | $12702 |
| **6/30/25** | $13040 | $12766 |
| **7/31/25** | $13041 | $12768 |
| **8/31/25** | $13095 | $12771 |
| **9/30/25** | $13158 | $12829 |
| **10/31/25** | $13313 | $12947 |
| **11/30/25** | $13289 | $12932 |
| **12/31/25** | $13288 | $12895 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 3.95% | 1.03% | 2.88% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 2.80% | 0.79% | 2.58% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $546072 |
| # of Portfolio Holdings | 1249 |
| Portfolio Turnover Rate | 654% |
| Total Net Advisory Fees Paid During the Reporting Period | $1333 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 70.4% |
| China | 8.5% |
| United Kingdom | 8.4% |
| Canada | 6.5% |
| Japan | 6.3% |
| France | 5.3% |
| Spain | 4.3% |
| Australia | 4.3% |
| Cayman Islands | 3.8% |
| Ireland | 3.4% |
| Other Countries | 18.6% |
| Short-Term Instruments | 2.2% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (41.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.08% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO International Bond Portfolio (U.S. Dollar-Hedged)
Annual Shareholder Report \|

December 31, 2025

PVIT0335TSRAR_123125

# Advisor Class

# PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $121 | 1.19% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section of the curve, contributed to relative performance, as the curve steepened. 

* Long exposure to select emerging markets ("EM") CEEMEA currencies, particularly the Turkish lira and Polish zloty, contributed to relative performance, as local yields in Turkey remained high and the Polish zloty appreciated relative to the U.S. dollar. 

* Long exposure to select EM Latin American currencies, particularly the Brazilian real and Mexican peso, contributed to relative performance, as they appreciated relative to the U.S. dollar. 

* Positioning within Japanese rates contributed to relative performance, as the curve steepened. 

* Overweight exposure to Australian duration detracted from relative performance, as yields in Australia rose. 

* Short exposure to select EM Asian currencies, particularly the South Korean won and Taiwanese dollar, detracted from relative performance, as they appreciated relative to the U.S. dollar. 

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g82d44.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **12/31/15** | $10000 | $10000 |
| **1/31/16** | $10100 | $10158 |
| **2/29/16** | $10151 | $10278 |
| **3/31/16** | $10253 | $10351 |
| **4/30/16** | $10262 | $10349 |
| **5/31/16** | $10330 | $10424 |
| **6/30/16** | $10557 | $10633 |
| **7/31/16** | $10669 | $10691 |
| **8/31/16** | $10702 | $10687 |
| **9/30/16** | $10732 | $10689 |
| **10/31/16** | $10649 | $10566 |
| **11/30/16** | $10548 | $10450 |
| **12/31/16** | $10637 | $10490 |
| **1/31/17** | $10561 | $10400 |
| **2/28/17** | $10699 | $10502 |
| **3/31/17** | $10685 | $10496 |
| **4/30/17** | $10720 | $10559 |
| **5/31/17** | $10755 | $10604 |
| **6/30/17** | $10713 | $10557 |
| **7/31/17** | $10758 | $10581 |
| **8/31/17** | $10852 | $10680 |
| **9/30/17** | $10829 | $10630 |
| **10/31/17** | $10904 | $10704 |
| **11/30/17** | $10942 | $10745 |
| **12/31/17** | $10920 | $10750 |
| **1/31/18** | $10926 | $10707 |
| **2/28/18** | $10953 | $10742 |
| **3/31/18** | $11053 | $10851 |
| **4/30/18** | $11042 | $10840 |
| **5/31/18** | $11053 | $10856 |
| **6/30/18** | $11087 | $10903 |
| **7/31/18** | $11111 | $10901 |
| **8/31/18** | $11095 | $10907 |
| **9/30/18** | $11085 | $10884 |
| **10/31/18** | $11107 | $10916 |
| **11/30/18** | $11100 | $10963 |
| **12/31/18** | $11141 | $11091 |
| **1/31/19** | $11287 | $11203 |
| **2/28/19** | $11321 | $11228 |
| **3/31/19** | $11461 | $11419 |
| **4/30/19** | $11478 | $11424 |
| **5/31/19** | $11592 | $11560 |
| **6/30/19** | $11763 | $11732 |
| **7/31/19** | $11874 | $11875 |
| **8/31/19** | $12049 | $12114 |
| **9/30/19** | $11992 | $12064 |
| **10/31/19** | $11940 | $11994 |
| **11/30/19** | $11894 | $11972 |
| **12/31/19** | $11909 | $11930 |
| **1/31/20** | $12093 | $12135 |
| **2/29/20** | $12107 | $12232 |
| **3/31/20** | $11615 | $11991 |
| **4/30/20** | $11868 | $12160 |
| **5/31/20** | $11961 | $12163 |
| **6/30/20** | $12052 | $12202 |
| **7/31/20** | $12205 | $12289 |
| **8/31/20** | $12213 | $12202 |
| **9/30/20** | $12310 | $12284 |
| **10/31/20** | $12385 | $12322 |
| **11/30/20** | $12449 | $12351 |
| **12/31/20** | $12559 | $12400 |
| **1/31/21** | $12532 | $12346 |
| **2/28/21** | $12373 | $12141 |
| **3/31/21** | $12392 | $12165 |
| **4/30/21** | $12368 | $12152 |
| **5/31/21** | $12388 | $12168 |
| **6/30/21** | $12382 | $12207 |
| **7/31/21** | $12505 | $12373 |
| **8/31/21** | $12479 | $12343 |
| **9/30/21** | $12361 | $12218 |
| **10/31/21** | $12276 | $12166 |
| **11/30/21** | $12351 | $12294 |
| **12/31/21** | $12301 | $12227 |
| **1/31/22** | $12205 | $12091 |
| **2/28/22** | $12008 | $11927 |
| **3/31/22** | $11824 | $11732 |
| **4/30/22** | $11584 | $11511 |
| **5/31/22** | $11470 | $11427 |
| **6/30/22** | $11246 | $11261 |
| **7/31/22** | $11525 | $11565 |
| **8/31/22** | $11264 | $11271 |
| **9/30/22** | $10954 | $11013 |
| **10/31/22** | $11027 | $11068 |
| **11/30/22** | $11216 | $11242 |
| **12/31/22** | $11040 | $11033 |
| **1/31/23** | $11277 | $11220 |
| **2/28/23** | $11179 | $11125 |
| **3/31/23** | $11335 | $11348 |
| **4/30/23** | $11367 | $11396 |
| **5/31/23** | $11367 | $11413 |
| **6/30/23** | $11388 | $11432 |
| **7/31/23** | $11432 | $11440 |
| **8/31/23** | $11457 | $11472 |
| **9/30/23** | $11352 | $11342 |
| **10/31/23** | $11327 | $11339 |
| **11/30/23** | $11642 | $11634 |
| **12/31/23** | $12024 | $11951 |
| **1/31/24** | $11995 | $11932 |
| **2/29/24** | $11992 | $11915 |
| **3/31/24** | $12166 | $12020 |
| **4/30/24** | $12055 | $11909 |
| **5/31/24** | $12100 | $11936 |
| **6/30/24** | $12167 | $12033 |
| **7/31/24** | $12341 | $12229 |
| **8/31/24** | $12376 | $12327 |
| **9/30/24** | $12528 | $12452 |
| **10/31/24** | $12427 | $12391 |
| **11/30/24** | $12639 | $12555 |
| **12/31/24** | $12668 | $12545 |
| **1/31/25** | $12729 | $12577 |
| **2/28/25** | $12762 | $12626 |
| **3/31/25** | $12689 | $12523 |
| **4/30/25** | $12804 | $12711 |
| **5/31/25** | $12801 | $12702 |
| **6/30/25** | $12917 | $12766 |
| **7/31/25** | $12918 | $12768 |
| **8/31/25** | $12970 | $12771 |
| **9/30/25** | $13031 | $12829 |
| **10/31/25** | $13183 | $12947 |
| **11/30/25** | $13158 | $12932 |
| **12/31/25** | $13156 | $12895 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 3.85% | 0.93% | 2.78% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 2.80% | 0.79% | 2.58% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $546072 |
| # of Portfolio Holdings | 1249 |
| Portfolio Turnover Rate | 654% |
| Total Net Advisory Fees Paid During the Reporting Period | $1333 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 70.4% |
| China | 8.5% |
| United Kingdom | 8.4% |
| Canada | 6.5% |
| Japan | 6.3% |
| France | 5.3% |
| Spain | 4.3% |
| Australia | 4.3% |
| Cayman Islands | 3.8% |
| Ireland | 3.4% |
| Other Countries | 18.6% |
| Short-Term Instruments | 2.2% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (41.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.08% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO International Bond Portfolio (U.S. Dollar-Hedged)
Annual Shareholder Report \|

December 31, 2025

PVIT2101TSRAR_123125

# Institutional Class

# PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $96 | 0.94% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section of the curve, contributed to relative performance, as the curve steepened. 

* Long exposure to select emerging markets ("EM") CEEMEA currencies, particularly the Turkish lira and Polish zloty, contributed to relative performance, as local yields in Turkey remained high and the Polish zloty appreciated relative to the U.S. dollar. 

* Long exposure to select EM Latin American currencies, particularly the Brazilian real and Mexican peso, contributed to relative performance, as they appreciated relative to the U.S. dollar. 

* Positioning within Japanese rates contributed to relative performance, as the curve steepened. 

* Overweight exposure to Australian duration detracted from relative performance, as yields in Australia rose. 

* Short exposure to select EM Asian currencies, particularly the South Korean won and Taiwanese dollar, detracted from relative performance, as they appreciated relative to the U.S. dollar. 

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g67v27.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **12/31/15** | $10000 | $10000 |
| **1/31/16** | $10102 | $10158 |
| **2/29/16** | $10155 | $10278 |
| **3/31/16** | $10259 | $10351 |
| **4/30/16** | $10270 | $10349 |
| **5/31/16** | $10340 | $10424 |
| **6/30/16** | $10570 | $10633 |
| **7/31/16** | $10684 | $10691 |
| **8/31/16** | $10719 | $10687 |
| **9/30/16** | $10752 | $10689 |
| **10/31/16** | $10670 | $10566 |
| **11/30/16** | $10572 | $10450 |
| **12/31/16** | $10663 | $10490 |
| **1/31/17** | $10589 | $10400 |
| **2/28/17** | $10730 | $10502 |
| **3/31/17** | $10718 | $10496 |
| **4/30/17** | $10756 | $10559 |
| **5/31/17** | $10792 | $10604 |
| **6/30/17** | $10753 | $10557 |
| **7/31/17** | $10800 | $10581 |
| **8/31/17** | $10897 | $10680 |
| **9/30/17** | $10876 | $10630 |
| **10/31/17** | $10954 | $10704 |
| **11/30/17** | $10994 | $10745 |
| **12/31/17** | $10974 | $10750 |
| **1/31/18** | $10983 | $10707 |
| **2/28/18** | $11012 | $10742 |
| **3/31/18** | $11115 | $10851 |
| **4/30/18** | $11106 | $10840 |
| **5/31/18** | $11119 | $10856 |
| **6/30/18** | $11156 | $10903 |
| **7/31/18** | $11182 | $10901 |
| **8/31/18** | $11168 | $10907 |
| **9/30/18** | $11161 | $10884 |
| **10/31/18** | $11185 | $10916 |
| **11/30/18** | $11181 | $10963 |
| **12/31/18** | $11224 | $11091 |
| **1/31/19** | $11374 | $11203 |
| **2/28/19** | $11411 | $11228 |
| **3/31/19** | $11554 | $11419 |
| **4/30/19** | $11574 | $11424 |
| **5/31/19** | $11691 | $11560 |
| **6/30/19** | $11866 | $11732 |
| **7/31/19** | $11980 | $11875 |
| **8/31/19** | $12160 | $12114 |
| **9/30/19** | $12104 | $12064 |
| **10/31/19** | $12055 | $11994 |
| **11/30/19** | $12010 | $11972 |
| **12/31/19** | $12028 | $11930 |
| **1/31/20** | $12217 | $12135 |
| **2/29/20** | $12233 | $12232 |
| **3/31/20** | $11738 | $11991 |
| **4/30/20** | $11997 | $12160 |
| **5/31/20** | $12093 | $12163 |
| **6/30/20** | $12188 | $12202 |
| **7/31/20** | $12345 | $12289 |
| **8/31/20** | $12355 | $12202 |
| **9/30/20** | $12456 | $12284 |
| **10/31/20** | $12534 | $12322 |
| **11/30/20** | $12602 | $12351 |
| **12/31/20** | $12716 | $12400 |
| **1/31/21** | $12692 | $12346 |
| **2/28/21** | $12533 | $12141 |
| **3/31/21** | $12555 | $12165 |
| **4/30/21** | $12533 | $12152 |
| **5/31/21** | $12556 | $12168 |
| **6/30/21** | $12553 | $12207 |
| **7/31/21** | $12680 | $12373 |
| **8/31/21** | $12656 | $12343 |
| **9/30/21** | $12539 | $12218 |
| **10/31/21** | $12456 | $12166 |
| **11/30/21** | $12534 | $12294 |
| **12/31/21** | $12486 | $12227 |
| **1/31/22** | $12391 | $12091 |
| **2/28/22** | $12194 | $11927 |
| **3/31/22** | $12009 | $11732 |
| **4/30/22** | $11768 | $11511 |
| **5/31/22** | $11655 | $11427 |
| **6/30/22** | $11429 | $11261 |
| **7/31/22** | $11715 | $11565 |
| **8/31/22** | $11452 | $11271 |
| **9/30/22** | $11140 | $11013 |
| **10/31/22** | $11216 | $11068 |
| **11/30/22** | $11410 | $11242 |
| **12/31/22** | $11235 | $11033 |
| **1/31/23** | $11478 | $11220 |
| **2/28/23** | $11380 | $11125 |
| **3/31/23** | $11542 | $11348 |
| **4/30/23** | $11576 | $11396 |
| **5/31/23** | $11579 | $11413 |
| **6/30/23** | $11602 | $11432 |
| **7/31/23** | $11651 | $11440 |
| **8/31/23** | $11678 | $11472 |
| **9/30/23** | $11574 | $11342 |
| **10/31/23** | $11550 | $11339 |
| **11/30/23** | $11874 | $11634 |
| **12/31/23** | $12266 | $11951 |
| **1/31/24** | $12239 | $11932 |
| **2/29/24** | $12238 | $11915 |
| **3/31/24** | $12418 | $12020 |
| **4/30/24** | $12308 | $11909 |
| **5/31/24** | $12357 | $11936 |
| **6/30/24** | $12427 | $12033 |
| **7/31/24** | $12608 | $12229 |
| **8/31/24** | $12646 | $12327 |
| **9/30/24** | $12804 | $12452 |
| **10/31/24** | $12703 | $12391 |
| **11/30/24** | $12923 | $12555 |
| **12/31/24** | $12955 | $12545 |
| **1/31/25** | $13021 | $12577 |
| **2/28/25** | $13056 | $12626 |
| **3/31/25** | $12983 | $12523 |
| **4/30/25** | $13104 | $12711 |
| **5/31/25** | $13104 | $12702 |
| **6/30/25** | $13226 | $12766 |
| **7/31/25** | $13229 | $12768 |
| **8/31/25** | $13285 | $12771 |
| **9/30/25** | $13350 | $12829 |
| **10/31/25** | $13509 | $12947 |
| **11/30/25** | $13486 | $12932 |
| **12/31/25** | $13487 | $12895 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 4.10% | 1.18% | 3.04% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 2.80% | 0.79% | 2.58% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $546072 |
| # of Portfolio Holdings | 1249 |
| Portfolio Turnover Rate | 654% |
| Total Net Advisory Fees Paid During the Reporting Period | $1333 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 70.4% |
| China | 8.5% |
| United Kingdom | 8.4% |
| Canada | 6.5% |
| Japan | 6.3% |
| France | 5.3% |
| Spain | 4.3% |
| Australia | 4.3% |
| Cayman Islands | 3.8% |
| Ireland | 3.4% |
| Other Countries | 18.6% |
| Short-Term Instruments | 2.2% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (41.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.08% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO International Bond Portfolio (U.S. Dollar-Hedged)
Annual Shareholder Report \|

December 31, 2025

PVIT0595TSRAR_123125

# Administrative Class

# PIMCO International Bond Portfolio (Unhedged)

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO International Bond Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $108 | 1.03% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section of the curve, contributed to relative performance, as the curve steepened. 

* Long exposure to select emerging markets ("EM") Central and Eastern European, Middle East, and African currencies, particularly the Turkish lira and Polish zloty, contributed to relative performance, as local yields in Turkey remained high and the Polish zloty appreciated relative to the U.S. dollar. 

* Long exposure to select EM Latin American currencies, particularly the Brazilian real and Mexican peso, contributed to relative performance, as they appreciated relative to the U.S. dollar. 

* Overweight exposure to Australian duration detracted from relative performance, as yields in Australia rose. 

* Positioning within Japanese rates detracted from relative performance, as the curve steepened. 

* Short exposure to select EM Asian currencies, particularly the South Korean won and Taiwanese dollar, detracted from relative performance, as they appreciated relative to the U.S. dollar.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g39s95.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **12/31/15** | $10000 | $10000 |
| **1/31/16** | $9946 | $10050 |
| **2/29/16** | $10212 | $10400 |
| **3/31/16** | $10680 | $10826 |
| **4/30/16** | $10935 | $11046 |
| **5/31/16** | $10659 | $10783 |
| **6/30/16** | $11040 | $11194 |
| **7/31/16** | $11179 | $11287 |
| **8/31/16** | $11137 | $11195 |
| **9/30/16** | $11249 | $11309 |
| **10/31/16** | $10804 | $10817 |
| **11/30/16** | $10340 | $10247 |
| **12/31/16** | $10300 | $10149 |
| **1/31/17** | $10547 | $10339 |
| **2/28/17** | $10614 | $10369 |
| **3/31/17** | $10649 | $10401 |
| **4/30/17** | $10727 | $10549 |
| **5/31/17** | $10901 | $10779 |
| **6/30/17** | $11004 | $10769 |
| **7/31/17** | $11359 | $11058 |
| **8/31/17** | $11441 | $11177 |
| **9/30/17** | $11332 | $11036 |
| **10/31/17** | $11217 | $10953 |
| **11/30/17** | $11356 | $11186 |
| **12/31/17** | $11416 | $11216 |
| **1/31/18** | $11876 | $11556 |
| **2/28/18** | $11672 | $11458 |
| **3/31/18** | $11791 | $11622 |
| **4/30/18** | $11482 | $11359 |
| **5/31/18** | $11323 | $11146 |
| **6/30/18** | $11252 | $11068 |
| **7/31/18** | $11300 | $11028 |
| **8/31/18** | $11135 | $10994 |
| **9/30/18** | $11159 | $10876 |
| **10/31/18** | $10916 | $10725 |
| **11/30/18** | $10966 | $10737 |
| **12/31/18** | $10963 | $10975 |
| **1/31/19** | $11311 | $11180 |
| **2/28/19** | $11225 | $11063 |
| **3/31/19** | $11279 | $11142 |
| **4/30/19** | $11241 | $11074 |
| **5/31/19** | $11276 | $11189 |
| **6/30/19** | $11622 | $11523 |
| **7/31/19** | $11457 | $11440 |
| **8/31/19** | $11513 | $11622 |
| **9/30/19** | $11436 | $11456 |
| **10/31/19** | $11565 | $11566 |
| **11/30/19** | $11422 | $11409 |
| **12/31/19** | $11733 | $11533 |
| **1/31/20** | $11705 | $11621 |
| **2/29/20** | $11569 | $11597 |
| **3/31/20** | $10638 | $11224 |
| **4/30/20** | $10978 | $11454 |
| **5/31/20** | $11225 | $11488 |
| **6/30/20** | $11464 | $11604 |
| **7/31/20** | $12041 | $12120 |
| **8/31/20** | $12250 | $12154 |
| **9/30/20** | $12089 | $12084 |
| **10/31/20** | $12149 | $12140 |
| **11/30/20** | $12567 | $12429 |
| **12/31/20** | $12997 | $12699 |
| **1/31/21** | $12869 | $12569 |
| **2/28/21** | $12582 | $12325 |
| **3/31/21** | $12360 | $12027 |
| **4/30/21** | $12571 | $12222 |
| **5/31/21** | $12718 | $12388 |
| **6/30/21** | $12450 | $12138 |
| **7/31/21** | $12591 | $12321 |
| **8/31/21** | $12510 | $12245 |
| **9/30/21** | $12219 | $11945 |
| **10/31/21** | $12124 | $11898 |
| **11/30/21** | $12054 | $11813 |
| **12/31/21** | $12020 | $11804 |
| **1/31/22** | $11832 | $11573 |
| **2/28/22** | $11645 | $11445 |
| **3/31/22** | $11250 | $11078 |
| **4/30/22** | $10475 | $10322 |
| **5/31/22** | $10476 | $10322 |
| **6/30/22** | $9949 | $9858 |
| **7/31/22** | $10135 | $10047 |
| **8/31/22** | $9624 | $9546 |
| **9/30/22** | $9015 | $8986 |
| **10/31/22** | $9029 | $8973 |
| **11/30/22** | $9667 | $9473 |
| **12/31/22** | $9738 | $9597 |
| **1/31/23** | $10098 | $9931 |
| **2/28/23** | $9673 | $9535 |
| **3/31/23** | $10004 | $9891 |
| **4/30/23** | $10022 | $9919 |
| **5/31/23** | $9745 | $9652 |
| **6/30/23** | $9775 | $9677 |
| **7/31/23** | $9917 | $9801 |
| **8/31/23** | $9724 | $9608 |
| **9/30/23** | $9409 | $9290 |
| **10/31/23** | $9323 | $9205 |
| **11/30/23** | $9832 | $9713 |
| **12/31/23** | $10343 | $10146 |
| **1/31/24** | $10085 | $9914 |
| **2/29/24** | $10006 | $9796 |
| **3/31/24** | $10091 | $9820 |
| **4/30/24** | $9819 | $9566 |
| **5/31/24** | $9966 | $9662 |
| **6/30/24** | $9890 | $9613 |
| **7/31/24** | $10202 | $9916 |
| **8/31/24** | $10458 | $10227 |
| **9/30/24** | $10659 | $10431 |
| **10/31/24** | $10240 | $10001 |
| **11/30/24** | $10262 | $9978 |
| **12/31/24** | $9992 | $9718 |
| **1/31/25** | $10059 | $9775 |
| **2/28/25** | $10155 | $9854 |
| **3/31/25** | $10302 | $9963 |
| **4/30/25** | $10747 | $10473 |
| **5/31/25** | $10766 | $10461 |
| **6/30/25** | $11075 | $10690 |
| **7/31/25** | $10718 | $10422 |
| **8/31/25** | $10967 | $10595 |
| **9/30/25** | $10982 | $10627 |
| **10/31/25** | $10901 | $10524 |
| **11/30/25** | $10899 | $10516 |
| **12/31/25** | $11005 | $10577 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 10.15% | (3.27%) | 0.96% |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 8.85% | (3.59%) | 0.56% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $22338 |
| # of Portfolio Holdings | 614 |
| Portfolio Turnover Rate | 846% |
| Total Net Advisory Fees Paid During the Reporting Period | $63 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 56.6% |
| China | 7.6% |
| Japan | 7.2% |
| Canada | 5.1% |
| Spain | 4.9% |
| Denmark | 3.7% |
| Australia | 2.5% |
| South Africa | 2.3% |
| Brazil | 2.2% |
| Thailand | 1.8% |
| Other Countries | 15.8% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 19.3% |
| Financial Derivative Instruments | 0.7% |
| Other Assets and Liabilities, Net | (30.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.05% as a result of higher expenses related to interest.

Liquidation. The Board of Trustees of PIMCO Variable Insurance Trust (the "Trust") has approved a plan of liquidation for the Portfolio pursuant to which the Portfolio will be liquidated on or about April 28, 2026 ("Liquidation Date"). The Liquidation Date may be changed without notice at the discretion of the Trust's officers.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO International Bond Portfolio (Unhedged)
Annual Shareholder Report \|

December 31, 2025

PVIT1856TSRAR_123125

# Advisor Class

# PIMCO International Bond Portfolio (Unhedged)

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO International Bond Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $119 | 1.13% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section of the curve, contributed to relative performance, as the curve steepened. 

* Long exposure to select emerging markets ("EM") Central and Eastern European, Middle East, and African currencies, particularly the Turkish lira and Polish zloty, contributed to relative performance, as local yields in Turkey remained high and the Polish zloty appreciated relative to the U.S. dollar. 

* Long exposure to select EM Latin American currencies, particularly the Brazilian real and Mexican peso, contributed to relative performance, as they appreciated relative to the U.S. dollar. 

* Overweight exposure to Australian duration detracted from relative performance, as yields in Australia rose. 

* Positioning within Japanese rates detracted from relative performance, as the curve steepened. 

* Short exposure to select EM Asian currencies, particularly the South Korean won and Taiwanese dollar, detracted from relative performance, as they appreciated relative to the U.S. dollar.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g67d85.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **12/31/15** | $10000 | $10000 |
| **1/31/16** | $9945 | $10050 |
| **2/29/16** | $10211 | $10400 |
| **3/31/16** | $10678 | $10826 |
| **4/30/16** | $10932 | $11046 |
| **5/31/16** | $10655 | $10783 |
| **6/30/16** | $11035 | $11194 |
| **7/31/16** | $11173 | $11287 |
| **8/31/16** | $11130 | $11195 |
| **9/30/16** | $11241 | $11309 |
| **10/31/16** | $10795 | $10817 |
| **11/30/16** | $10331 | $10247 |
| **12/31/16** | $10290 | $10149 |
| **1/31/17** | $10536 | $10339 |
| **2/28/17** | $10602 | $10369 |
| **3/31/17** | $10636 | $10401 |
| **4/30/17** | $10713 | $10549 |
| **5/31/17** | $10885 | $10779 |
| **6/30/17** | $10987 | $10769 |
| **7/31/17** | $11341 | $11058 |
| **8/31/17** | $11422 | $11177 |
| **9/30/17** | $11313 | $11036 |
| **10/31/17** | $11197 | $10953 |
| **11/30/17** | $11334 | $11186 |
| **12/31/17** | $11394 | $11216 |
| **1/31/18** | $11851 | $11556 |
| **2/28/18** | $11647 | $11458 |
| **3/31/18** | $11765 | $11622 |
| **4/30/18** | $11455 | $11359 |
| **5/31/18** | $11296 | $11146 |
| **6/30/18** | $11224 | $11068 |
| **7/31/18** | $11271 | $11028 |
| **8/31/18** | $11105 | $10994 |
| **9/30/18** | $11129 | $10876 |
| **10/31/18** | $10886 | $10725 |
| **11/30/18** | $10934 | $10737 |
| **12/31/18** | $10930 | $10975 |
| **1/31/19** | $11276 | $11180 |
| **2/28/19** | $11189 | $11063 |
| **3/31/19** | $11242 | $11142 |
| **4/30/19** | $11203 | $11074 |
| **5/31/19** | $11238 | $11189 |
| **6/30/19** | $11581 | $11523 |
| **7/31/19** | $11416 | $11440 |
| **8/31/19** | $11471 | $11622 |
| **9/30/19** | $11393 | $11456 |
| **10/31/19** | $11521 | $11566 |
| **11/30/19** | $11377 | $11409 |
| **12/31/19** | $11686 | $11533 |
| **1/31/20** | $11657 | $11621 |
| **2/29/20** | $11521 | $11597 |
| **3/31/20** | $10592 | $11224 |
| **4/30/20** | $10931 | $11454 |
| **5/31/20** | $11176 | $11488 |
| **6/30/20** | $11413 | $11604 |
| **7/31/20** | $11986 | $12120 |
| **8/31/20** | $12193 | $12154 |
| **9/30/20** | $12032 | $12084 |
| **10/31/20** | $12091 | $12140 |
| **11/30/20** | $12505 | $12429 |
| **12/31/20** | $12932 | $12699 |
| **1/31/21** | $12803 | $12569 |
| **2/28/21** | $12518 | $12325 |
| **3/31/21** | $12296 | $12027 |
| **4/30/21** | $12504 | $12222 |
| **5/31/21** | $12649 | $12388 |
| **6/30/21** | $12382 | $12138 |
| **7/31/21** | $12521 | $12321 |
| **8/31/21** | $12440 | $12245 |
| **9/30/21** | $12149 | $11945 |
| **10/31/21** | $12053 | $11898 |
| **11/30/21** | $11983 | $11813 |
| **12/31/21** | $11948 | $11804 |
| **1/31/22** | $11760 | $11573 |
| **2/28/22** | $11574 | $11445 |
| **3/31/22** | $11180 | $11078 |
| **4/30/22** | $10409 | $10322 |
| **5/31/22** | $10409 | $10322 |
| **6/30/22** | $9884 | $9858 |
| **7/31/22** | $10068 | $10047 |
| **8/31/22** | $9560 | $9546 |
| **9/30/22** | $8954 | $8986 |
| **10/31/22** | $8967 | $8973 |
| **11/30/22** | $9600 | $9473 |
| **12/31/22** | $9670 | $9597 |
| **1/31/23** | $10026 | $9931 |
| **2/28/23** | $9603 | $9535 |
| **3/31/23** | $9931 | $9891 |
| **4/30/23** | $9948 | $9919 |
| **5/31/23** | $9672 | $9652 |
| **6/30/23** | $9702 | $9677 |
| **7/31/23** | $9842 | $9801 |
| **8/31/23** | $9649 | $9608 |
| **9/30/23** | $9336 | $9290 |
| **10/31/23** | $9250 | $9205 |
| **11/30/23** | $9754 | $9713 |
| **12/31/23** | $10260 | $10146 |
| **1/31/24** | $10003 | $9914 |
| **2/29/24** | $9924 | $9796 |
| **3/31/24** | $10008 | $9820 |
| **4/30/24** | $9737 | $9566 |
| **5/31/24** | $9882 | $9662 |
| **6/30/24** | $9806 | $9613 |
| **7/31/24** | $10114 | $9916 |
| **8/31/24** | $10367 | $10227 |
| **9/30/24** | $10566 | $10431 |
| **10/31/24** | $10149 | $10001 |
| **11/30/24** | $10170 | $9978 |
| **12/31/24** | $9902 | $9718 |
| **1/31/25** | $9968 | $9775 |
| **2/28/25** | $10062 | $9854 |
| **3/31/25** | $10207 | $9963 |
| **4/30/25** | $10646 | $10473 |
| **5/31/25** | $10664 | $10461 |
| **6/30/25** | $10969 | $10690 |
| **7/31/25** | $10615 | $10422 |
| **8/31/25** | $10861 | $10595 |
| **9/30/25** | $10875 | $10627 |
| **10/31/25** | $10794 | $10524 |
| **11/30/25** | $10791 | $10516 |
| **12/31/25** | $10895 | $10577 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 10.04% | (3.37%) | 0.86% |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 8.85% | (3.59%) | 0.56% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $22338 |
| # of Portfolio Holdings | 614 |
| Portfolio Turnover Rate | 846% |
| Total Net Advisory Fees Paid During the Reporting Period | $63 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 56.6% |
| China | 7.6% |
| Japan | 7.2% |
| Canada | 5.1% |
| Spain | 4.9% |
| Denmark | 3.7% |
| Australia | 2.5% |
| South Africa | 2.3% |
| Brazil | 2.2% |
| Thailand | 1.8% |
| Other Countries | 15.8% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 19.3% |
| Financial Derivative Instruments | 0.7% |
| Other Assets and Liabilities, Net | (30.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.05% as a result of higher expenses related to interest.

Liquidation. The Board of Trustees of PIMCO Variable Insurance Trust (the "Trust") has approved a plan of liquidation for the Portfolio pursuant to which the Portfolio will be liquidated on or about April 28, 2026 ("Liquidation Date"). The Liquidation Date may be changed without notice at the discretion of the Trust's officers.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO International Bond Portfolio (Unhedged)
Annual Shareholder Report \|

December 31, 2025

PVIT1946TSRAR_123125

# Institutional Class

# PIMCO International Bond Portfolio (Unhedged)

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO International Bond Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $87 | 0.83% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section of the curve, contributed to relative performance, as the curve steepened. 

* Long exposure to select emerging markets ("EM") Central and Eastern European, Middle East, and African currencies, particularly the Turkish lira and Polish zloty, contributed to relative performance, as local yields in Turkey remained high and the Polish zloty appreciated relative to the U.S. dollar. 

* Long exposure to select EM Latin American currencies, particularly the Brazilian real and Mexican peso, contributed to relative performance, as they appreciated relative to the U.S. dollar. 

* Overweight exposure to Australian duration detracted from relative performance, as yields in Australia rose. 

* Positioning within Japanese rates detracted from relative performance, as the curve steepened. 

* Short exposure to select EM Asian currencies, particularly the South Korean won and Taiwanese dollar, detracted from relative performance, as they appreciated relative to the U.S. dollar.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g24m47.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **12/31/15** | $10000 | $10000 |
| **1/31/16** | $9947 | $10050 |
| **2/29/16** | $10214 | $10400 |
| **3/31/16** | $10684 | $10826 |
| **4/30/16** | $10939 | $11046 |
| **5/31/16** | $10664 | $10783 |
| **6/30/16** | $11047 | $11194 |
| **7/31/16** | $11187 | $11287 |
| **8/31/16** | $11147 | $11195 |
| **9/30/16** | $11260 | $11309 |
| **10/31/16** | $10816 | $10817 |
| **11/30/16** | $10354 | $10247 |
| **12/31/16** | $10315 | $10149 |
| **1/31/17** | $10563 | $10339 |
| **2/28/17** | $10631 | $10369 |
| **3/31/17** | $10668 | $10401 |
| **4/30/17** | $10747 | $10549 |
| **5/31/17** | $10923 | $10779 |
| **6/30/17** | $11027 | $10769 |
| **7/31/17** | $11384 | $11058 |
| **8/31/17** | $11467 | $11177 |
| **9/30/17** | $11359 | $11036 |
| **10/31/17** | $11245 | $10953 |
| **11/30/17** | $11385 | $11186 |
| **12/31/17** | $11446 | $11216 |
| **1/31/18** | $11908 | $11556 |
| **2/28/18** | $11705 | $11458 |
| **3/31/18** | $11826 | $11622 |
| **4/30/18** | $11516 | $11359 |
| **5/31/18** | $11358 | $11146 |
| **6/30/18** | $11289 | $11068 |
| **7/31/18** | $11339 | $11028 |
| **8/31/18** | $11173 | $10994 |
| **9/30/18** | $11199 | $10876 |
| **10/31/18** | $10956 | $10725 |
| **11/30/18** | $11007 | $10737 |
| **12/31/18** | $11005 | $10975 |
| **1/31/19** | $11356 | $11180 |
| **2/28/19** | $11271 | $11063 |
| **3/31/19** | $11326 | $11142 |
| **4/30/19** | $11289 | $11074 |
| **5/31/19** | $11326 | $11189 |
| **6/30/19** | $11674 | $11523 |
| **7/31/19** | $11510 | $11440 |
| **8/31/19** | $11568 | $11622 |
| **9/30/19** | $11492 | $11456 |
| **10/31/19** | $11623 | $11566 |
| **11/30/19** | $11481 | $11409 |
| **12/31/19** | $11795 | $11533 |
| **1/31/20** | $11768 | $11621 |
| **2/29/20** | $11634 | $11597 |
| **3/31/20** | $10698 | $11224 |
| **4/30/20** | $11042 | $11454 |
| **5/31/20** | $11291 | $11488 |
| **6/30/20** | $11533 | $11604 |
| **7/31/20** | $12115 | $12120 |
| **8/31/20** | $12326 | $12154 |
| **9/30/20** | $12166 | $12084 |
| **10/31/20** | $12228 | $12140 |
| **11/30/20** | $12650 | $12429 |
| **12/31/20** | $13084 | $12699 |
| **1/31/21** | $12956 | $12569 |
| **2/28/21** | $12669 | $12325 |
| **3/31/21** | $12447 | $12027 |
| **4/30/21** | $12660 | $12222 |
| **5/31/21** | $12810 | $12388 |
| **6/30/21** | $12542 | $12138 |
| **7/31/21** | $12686 | $12321 |
| **8/31/21** | $12606 | $12245 |
| **9/30/21** | $12314 | $11945 |
| **10/31/21** | $12220 | $11898 |
| **11/30/21** | $12151 | $11813 |
| **12/31/21** | $12118 | $11804 |
| **1/31/22** | $11930 | $11573 |
| **2/28/22** | $11743 | $11445 |
| **3/31/22** | $11346 | $11078 |
| **4/30/22** | $10566 | $10322 |
| **5/31/22** | $10568 | $10322 |
| **6/30/22** | $10038 | $9858 |
| **7/31/22** | $10227 | $10047 |
| **8/31/22** | $9713 | $9546 |
| **9/30/22** | $9099 | $8986 |
| **10/31/22** | $9114 | $8973 |
| **11/30/22** | $9759 | $9473 |
| **12/31/22** | $9833 | $9597 |
| **1/31/23** | $10197 | $9931 |
| **2/28/23** | $9769 | $9535 |
| **3/31/23** | $10105 | $9891 |
| **4/30/23** | $10124 | $9919 |
| **5/31/23** | $9846 | $9652 |
| **6/30/23** | $9878 | $9677 |
| **7/31/23** | $10022 | $9801 |
| **8/31/23** | $9828 | $9608 |
| **9/30/23** | $9511 | $9290 |
| **10/31/23** | $9426 | $9205 |
| **11/30/23** | $9941 | $9713 |
| **12/31/23** | $10460 | $10146 |
| **1/31/24** | $10200 | $9914 |
| **2/29/24** | $10121 | $9796 |
| **3/31/24** | $10208 | $9820 |
| **4/30/24** | $9935 | $9566 |
| **5/31/24** | $10085 | $9662 |
| **6/30/24** | $10009 | $9613 |
| **7/31/24** | $10326 | $9916 |
| **8/31/24** | $10587 | $10227 |
| **9/30/24** | $10791 | $10431 |
| **10/31/24** | $10368 | $10001 |
| **11/30/24** | $10392 | $9978 |
| **12/31/24** | $10119 | $9718 |
| **1/31/25** | $10189 | $9775 |
| **2/28/25** | $10288 | $9854 |
| **3/31/25** | $10438 | $9963 |
| **4/30/25** | $10890 | $10473 |
| **5/31/25** | $10910 | $10461 |
| **6/30/25** | $11224 | $10690 |
| **7/31/25** | $10864 | $10422 |
| **8/31/25** | $11118 | $10595 |
| **9/30/25** | $11135 | $10627 |
| **10/31/25** | $11054 | $10524 |
| **11/30/25** | $11053 | $10516 |
| **12/31/25** | $11163 | $10577 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 10.31% | (3.13%) | 1.11% |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 8.85% | (3.59%) | 0.56% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $22338 |
| # of Portfolio Holdings | 614 |
| Portfolio Turnover Rate | 846% |
| Total Net Advisory Fees Paid During the Reporting Period | $63 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 56.6% |
| China | 7.6% |
| Japan | 7.2% |
| Canada | 5.1% |
| Spain | 4.9% |
| Denmark | 3.7% |
| Australia | 2.5% |
| South Africa | 2.3% |
| Brazil | 2.2% |
| Thailand | 1.8% |
| Other Countries | 15.8% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 19.3% |
| Financial Derivative Instruments | 0.7% |
| Other Assets and Liabilities, Net | (30.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Liquidation. The Board of Trustees of PIMCO Variable Insurance Trust (the "Trust") has approved a plan of liquidation for the Portfolio pursuant to which the Portfolio will be liquidated on or about April 28, 2026 ("Liquidation Date"). The Liquidation Date may be changed without notice at the discretion of the Trust's officers.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO International Bond Portfolio (Unhedged)
Annual Shareholder Report \|

December 31, 2025

PVIT2052TSRAR_123125

# Administrative Class

# PIMCO Long-Term U.S. Government Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Long-Term U.S. Government Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $255 | 2.48% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* U.S. interest rate strategies overall, including duration, curve positioning and instrument selection, contributed to relative performance due to underweight exposure to duration at the back end of the curve, as U.S. Treasury yields rose. 

* Out-of-benchmark exposure to broad securitized strategies contributed to relative performance, as the strategy outperformed like-duration Treasuries. 

* Positioning within investment grade credit contributed to relative performance, as the strategy outperformed like-duration Treasuries.

* There were no other material contributors or detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g48u07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** | **Bloomberg Long-Term Treasury Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $10513 | $10138 | $10502 |
| **2/29/16** | $10805 | $10210 | $10815 |
| **3/31/16** | $10806 | $10303 | $10815 |
| **4/30/16** | $10755 | $10343 | $10761 |
| **5/31/16** | $10810 | $10345 | $10847 |
| **6/30/16** | $11505 | $10531 | $11512 |
| **7/31/16** | $11731 | $10598 | $11771 |
| **8/31/16** | $11592 | $10586 | $11659 |
| **9/30/16** | $11462 | $10580 | $11471 |
| **10/31/16** | $10990 | $10499 | $11003 |
| **11/30/16** | $10109 | $10250 | $10187 |
| **12/31/16** | $10067 | $10265 | $10133 |
| **1/31/17** | $10137 | $10285 | $10173 |
| **2/28/17** | $10303 | $10354 | $10331 |
| **3/31/17** | $10245 | $10349 | $10274 |
| **4/30/17** | $10422 | $10428 | $10433 |
| **5/31/17** | $10609 | $10509 | $10639 |
| **6/30/17** | $10674 | $10498 | $10681 |
| **7/31/17** | $10621 | $10543 | $10615 |
| **8/31/17** | $10968 | $10638 | $10980 |
| **9/30/17** | $10720 | $10587 | $10743 |
| **10/31/17** | $10713 | $10593 | $10735 |
| **11/30/17** | $10787 | $10580 | $10812 |
| **12/31/17** | $10969 | $10628 | $10997 |
| **1/31/18** | $10613 | $10506 | $10642 |
| **2/28/18** | $10291 | $10406 | $10322 |
| **3/31/18** | $10583 | $10473 | $10635 |
| **4/30/18** | $10351 | $10395 | $10428 |
| **5/31/18** | $10553 | $10469 | $10649 |
| **6/30/18** | $10593 | $10456 | $10668 |
| **7/31/18** | $10451 | $10459 | $10511 |
| **8/31/18** | $10592 | $10526 | $10676 |
| **9/30/18** | $10301 | $10458 | $10360 |
| **10/31/18** | $10020 | $10376 | $10045 |
| **11/30/18** | $10197 | $10438 | $10235 |
| **12/31/18** | $10708 | $10630 | $10795 |
| **1/31/19** | $10773 | $10742 | $10867 |
| **2/28/19** | $10633 | $10736 | $10734 |
| **3/31/19** | $11201 | $10942 | $11298 |
| **4/30/19** | $10982 | $10945 | $11096 |
| **5/31/19** | $11674 | $11139 | $11822 |
| **6/30/19** | $11778 | $11279 | $11980 |
| **7/31/19** | $11807 | $11304 | $11999 |
| **8/31/19** | $13023 | $11597 | $13259 |
| **9/30/19** | $12695 | $11535 | $12928 |
| **10/31/19** | $12564 | $11570 | $12817 |
| **11/30/19** | $12517 | $11564 | $12751 |
| **12/31/19** | $12134 | $11556 | $12395 |
| **1/31/20** | $13003 | $11778 | $13244 |
| **2/29/20** | $13841 | $11990 | $14131 |
| **3/31/20** | $14655 | $11920 | $14986 |
| **4/30/20** | $14869 | $12132 | $15290 |
| **5/31/20** | $14595 | $12188 | $15004 |
| **6/30/20** | $14658 | $12265 | $15024 |
| **7/31/20** | $15271 | $12448 | $15658 |
| **8/31/20** | $14580 | $12348 | $14983 |
| **9/30/20** | $14666 | $12341 | $15041 |
| **10/31/20** | $14167 | $12286 | $14588 |
| **11/30/20** | $14397 | $12406 | $14763 |
| **12/31/20** | $14244 | $12424 | $14590 |
| **1/31/21** | $13817 | $12334 | $14063 |
| **2/28/21** | $13082 | $12156 | $13280 |
| **3/31/21** | $12398 | $12005 | $12618 |
| **4/30/21** | $12698 | $12099 | $12912 |
| **5/31/21** | $12694 | $12139 | $12970 |
| **6/30/21** | $13188 | $12224 | $13434 |
| **7/31/21** | $13648 | $12361 | $13924 |
| **8/31/21** | $13615 | $12337 | $13894 |
| **9/30/21** | $13234 | $12231 | $13497 |
| **10/31/21** | $13466 | $12227 | $13748 |
| **11/30/21** | $13819 | $12263 | $14112 |
| **12/31/21** | $13563 | $12232 | $13912 |
| **1/31/22** | $13086 | $11968 | $13336 |
| **2/28/22** | $12900 | $11835 | $13141 |
| **3/31/22** | $12268 | $11506 | $12439 |
| **4/30/22** | $11222 | $11069 | $11333 |
| **5/31/22** | $10998 | $11141 | $11119 |
| **6/30/22** | $10821 | $10966 | $10955 |
| **7/31/22** | $11119 | $11234 | $11247 |
| **8/31/22** | $10611 | $10917 | $10749 |
| **9/30/22** | $9760 | $10445 | $9900 |
| **10/31/22** | $9211 | $10310 | $9351 |
| **11/30/22** | $9878 | $10689 | $10012 |
| **12/31/22** | $9647 | $10641 | $9842 |
| **1/31/23** | $10329 | $10968 | $10473 |
| **2/28/23** | $9853 | $10684 | $9976 |
| **3/31/23** | $10320 | $10956 | $10449 |
| **4/30/23** | $10375 | $11022 | $10503 |
| **5/31/23** | $10085 | $10902 | $10210 |
| **6/30/23** | $10107 | $10863 | $10208 |
| **7/31/23** | $9888 | $10856 | $9987 |
| **8/31/23** | $9622 | $10786 | $9708 |
| **9/30/23** | $8917 | $10512 | $9000 |
| **10/31/23** | $8473 | $10346 | $8556 |
| **11/30/23** | $9258 | $10815 | $9339 |
| **12/31/23** | $10031 | $11229 | $10143 |
| **1/31/24** | $9858 | $11198 | $9920 |
| **2/29/24** | $9636 | $11040 | $9694 |
| **3/31/24** | $9761 | $11142 | $9813 |
| **4/30/24** | $9176 | $10860 | $9215 |
| **5/31/24** | $9444 | $11044 | $9478 |
| **6/30/24** | $9579 | $11149 | $9635 |
| **7/31/24** | $9932 | $11409 | $9979 |
| **8/31/24** | $10123 | $11573 | $10182 |
| **9/30/24** | $10324 | $11728 | $10388 |
| **10/31/24** | $9780 | $11437 | $9848 |
| **11/30/24** | $9972 | $11558 | $10026 |
| **12/31/24** | $9428 | $11369 | $9493 |
| **1/31/25** | $9505 | $11430 | $9532 |
| **2/28/25** | $10009 | $11681 | $10026 |
| **3/31/25** | $9919 | $11685 | $9937 |
| **4/30/25** | $9803 | $11731 | $9829 |
| **5/31/25** | $9529 | $11647 | $9546 |
| **6/30/25** | $9765 | $11826 | $9785 |
| **7/31/25** | $9687 | $11795 | $9697 |
| **8/31/25** | $9741 | $11936 | $9728 |
| **9/30/25** | $10031 | $12067 | $10028 |
| **10/31/25** | $10180 | $12142 | $10157 |
| **11/30/25** | $10219 | $12217 | $10200 |
| **12/31/25** | $10008 | $12199 | $10024 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 6.15% | (6.82%) | 0.01% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg Long-Term Treasury Index | 5.59% | (7.23%) | 0.02% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $461086 |
| # of Portfolio Holdings | 313 |
| Portfolio Turnover Rate | 180% |
| Total Net Advisory Fees Paid During the Reporting Period | $999 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 131.7% |
| U.S. Government Agencies | 19.7% |
| Non-Agency Mortgage-Backed Securities | 3.6% |
| Corporate Bonds & Notes | 1.1% |
| Asset-Backed Securities | 0.6% |
| Affiliated Investments | 1.5% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (58.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.10% as a result of lower expenses related to interest.

Change to Principal Investment Strategies. Effective May 21, 2025, the Portfolio's investments in Fixed Income Instruments are limited to those of investment grade U.S. dollar-denominated securities of U.S. issuers that are rated at least A by Moody's Ratings ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P"), or Fitch Ratings, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. In addition, the Portfolio may only invest up to 10% of its total assets in securities rated A by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality and may only invest up to 25% of its total assets in seucrities rated Aa by Moody's, or equivalently rated by S&P or Fitch or, if unrated, determined by PIMCO to be of comparable quality. In the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security. For the avoidance of doubt, investments in securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises are not subject to these limits.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO Long-Term U.S. Government Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0341TSRAR_123125

# Advisor Class

# PIMCO Long-Term U.S. Government Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Long-Term U.S. Government Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $265 | 2.58% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* U.S. interest rate strategies overall, including duration, curve positioning and instrument selection, contributed to relative performance due to underweight exposure to duration at the back end of the curve, as U.S. Treasury yields rose. 

* Out-of-benchmark exposure to broad securitized strategies contributed to relative performance, as the strategy outperformed like-duration Treasuries. 

* Positioning within investment grade credit contributed to relative performance, as the strategy outperformed like-duration Treasuries.

* There were no other material contributors or detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g45y37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Bloomberg U.S. Aggregate Index** | **Bloomberg Long-Term Treasury Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $10512 | $10138 | $10502 |
| **2/29/16** | $10803 | $10210 | $10815 |
| **3/31/16** | $10804 | $10303 | $10815 |
| **4/30/16** | $10749 | $10343 | $10761 |
| **5/31/16** | $10803 | $10345 | $10847 |
| **6/30/16** | $11497 | $10531 | $11512 |
| **7/31/16** | $11720 | $10598 | $11771 |
| **8/31/16** | $11581 | $10586 | $11659 |
| **9/30/16** | $11449 | $10580 | $11471 |
| **10/31/16** | $10977 | $10499 | $11003 |
| **11/30/16** | $10096 | $10250 | $10187 |
| **12/31/16** | $10054 | $10265 | $10133 |
| **1/31/17** | $10122 | $10285 | $10173 |
| **2/28/17** | $10288 | $10354 | $10331 |
| **3/31/17** | $10229 | $10349 | $10274 |
| **4/30/17** | $10405 | $10428 | $10433 |
| **5/31/17** | $10591 | $10509 | $10639 |
| **6/30/17** | $10654 | $10498 | $10681 |
| **7/31/17** | $10600 | $10543 | $10615 |
| **8/31/17** | $10946 | $10638 | $10980 |
| **9/30/17** | $10698 | $10587 | $10743 |
| **10/31/17** | $10690 | $10593 | $10735 |
| **11/30/17** | $10762 | $10580 | $10812 |
| **12/31/17** | $10943 | $10628 | $10997 |
| **1/31/18** | $10587 | $10506 | $10642 |
| **2/28/18** | $10265 | $10406 | $10322 |
| **3/31/18** | $10556 | $10473 | $10635 |
| **4/30/18** | $10324 | $10395 | $10428 |
| **5/31/18** | $10524 | $10469 | $10649 |
| **6/30/18** | $10563 | $10456 | $10668 |
| **7/31/18** | $10420 | $10459 | $10511 |
| **8/31/18** | $10560 | $10526 | $10676 |
| **9/30/18** | $10270 | $10458 | $10360 |
| **10/31/18** | $9989 | $10376 | $10045 |
| **11/30/18** | $10164 | $10438 | $10235 |
| **12/31/18** | $10672 | $10630 | $10795 |
| **1/31/19** | $10736 | $10742 | $10867 |
| **2/28/19** | $10596 | $10736 | $10734 |
| **3/31/19** | $11161 | $10942 | $11298 |
| **4/30/19** | $10942 | $10945 | $11096 |
| **5/31/19** | $11630 | $11139 | $11822 |
| **6/30/19** | $11733 | $11279 | $11980 |
| **7/31/19** | $11761 | $11304 | $11999 |
| **8/31/19** | $12971 | $11597 | $13259 |
| **9/30/19** | $12643 | $11535 | $12928 |
| **10/31/19** | $12512 | $11570 | $12817 |
| **11/30/19** | $12464 | $11564 | $12751 |
| **12/31/19** | $12082 | $11556 | $12395 |
| **1/31/20** | $12945 | $11778 | $13244 |
| **2/29/20** | $13779 | $11990 | $14131 |
| **3/31/20** | $14589 | $11920 | $14986 |
| **4/30/20** | $14800 | $12132 | $15290 |
| **5/31/20** | $14527 | $12188 | $15004 |
| **6/30/20** | $14587 | $12265 | $15024 |
| **7/31/20** | $15197 | $12448 | $15658 |
| **8/31/20** | $14508 | $12348 | $14983 |
| **9/30/20** | $14592 | $12341 | $15041 |
| **10/31/20** | $14094 | $12286 | $14588 |
| **11/30/20** | $14322 | $12406 | $14763 |
| **12/31/20** | $14169 | $12424 | $14590 |
| **1/31/21** | $13743 | $12334 | $14063 |
| **2/28/21** | $13011 | $12156 | $13280 |
| **3/31/21** | $12329 | $12005 | $12618 |
| **4/30/21** | $12627 | $12099 | $12912 |
| **5/31/21** | $12622 | $12139 | $12970 |
| **6/30/21** | $13112 | $12224 | $13434 |
| **7/31/21** | $13568 | $12361 | $13924 |
| **8/31/21** | $13534 | $12337 | $13894 |
| **9/30/21** | $13154 | $12231 | $13497 |
| **10/31/21** | $13384 | $12227 | $13748 |
| **11/30/21** | $13734 | $12263 | $14112 |
| **12/31/21** | $13478 | $12232 | $13912 |
| **1/31/22** | $13002 | $11968 | $13336 |
| **2/28/22** | $12817 | $11835 | $13141 |
| **3/31/22** | $12188 | $11506 | $12439 |
| **4/30/22** | $11148 | $11069 | $11333 |
| **5/31/22** | $10924 | $11141 | $11119 |
| **6/30/22** | $10748 | $10966 | $10955 |
| **7/31/22** | $11043 | $11234 | $11247 |
| **8/31/22** | $10537 | $10917 | $10749 |
| **9/30/22** | $9691 | $10445 | $9900 |
| **10/31/22** | $9146 | $10310 | $9351 |
| **11/30/22** | $9807 | $10689 | $10012 |
| **12/31/22** | $9576 | $10641 | $9842 |
| **1/31/23** | $10253 | $10968 | $10473 |
| **2/28/23** | $9780 | $10684 | $9976 |
| **3/31/23** | $10243 | $10956 | $10449 |
| **4/30/23** | $10297 | $11022 | $10503 |
| **5/31/23** | $10007 | $10902 | $10210 |
| **6/30/23** | $10029 | $10863 | $10208 |
| **7/31/23** | $9810 | $10856 | $9987 |
| **8/31/23** | $9545 | $10786 | $9708 |
| **9/30/23** | $8845 | $10512 | $9000 |
| **10/31/23** | $8404 | $10346 | $8556 |
| **11/30/23** | $9182 | $10815 | $9339 |
| **12/31/23** | $9948 | $11229 | $10143 |
| **1/31/24** | $9776 | $11198 | $9920 |
| **2/29/24** | $9555 | $11040 | $9694 |
| **3/31/24** | $9678 | $11142 | $9813 |
| **4/30/24** | $9097 | $10860 | $9215 |
| **5/31/24** | $9362 | $11044 | $9478 |
| **6/30/24** | $9495 | $11149 | $9635 |
| **7/31/24** | $9844 | $11409 | $9979 |
| **8/31/24** | $10033 | $11573 | $10182 |
| **9/30/24** | $10231 | $11728 | $10388 |
| **10/31/24** | $9691 | $11437 | $9848 |
| **11/30/24** | $9881 | $11558 | $10026 |
| **12/31/24** | $9341 | $11369 | $9493 |
| **1/31/25** | $9416 | $11430 | $9532 |
| **2/28/25** | $9915 | $11681 | $10026 |
| **3/31/25** | $9825 | $11685 | $9937 |
| **4/30/25** | $9709 | $11731 | $9829 |
| **5/31/25** | $9437 | $11647 | $9546 |
| **6/30/25** | $9670 | $11826 | $9785 |
| **7/31/25** | $9592 | $11795 | $9697 |
| **8/31/25** | $9645 | $11936 | $9728 |
| **9/30/25** | $9931 | $12067 | $10028 |
| **10/31/25** | $10077 | $12142 | $10157 |
| **11/30/25** | $10115 | $12217 | $10200 |
| **12/31/25** | $9905 | $12199 | $10024 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 6.04% | (6.91%) | (0.09%) |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg Long-Term Treasury Index | 5.59% | (7.23%) | 0.02% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $461086 |
| # of Portfolio Holdings | 313 |
| Portfolio Turnover Rate | 180% |
| Total Net Advisory Fees Paid During the Reporting Period | $999 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 131.7% |
| U.S. Government Agencies | 19.7% |
| Non-Agency Mortgage-Backed Securities | 3.6% |
| Corporate Bonds & Notes | 1.1% |
| Asset-Backed Securities | 0.6% |
| Affiliated Investments | 1.5% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (58.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.10% as a result of lower expenses related to interest.

Change to Principal Investment Strategies. Effective May 21, 2025, the Portfolio's investments in Fixed Income Instruments are limited to those of investment grade U.S. dollar-denominated securities of U.S. issuers that are rated at least A by Moody's Ratings ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P"), or Fitch Ratings, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. In addition, the Portfolio may only invest up to 10% of its total assets in securities rated A by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality and may only invest up to 25% of its total assets in seucrities rated Aa by Moody's, or equivalently rated by S&P or Fitch or, if unrated, determined by PIMCO to be of comparable quality. In the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security. For the avoidance of doubt, investments in securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises are not subject to these limits.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO Long-Term U.S. Government Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1957TSRAR_123125

# Institutional Class

# PIMCO Long-Term U.S. Government Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Long-Term U.S. Government Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $240 | 2.33% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* U.S. interest rate strategies overall, including duration, curve positioning and instrument selection, contributed to relative performance due to underweight exposure to duration at the back end of the curve, as U.S. Treasury yields rose. 

* Out-of-benchmark exposure to broad securitized strategies contributed to relative performance, as the strategy outperformed like-duration Treasuries. 

* Positioning within investment grade credit contributed to relative performance, as the strategy outperformed like-duration Treasuries.

* There were no other material contributors or detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g25m06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **Bloomberg Long-Term Treasury Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $10514 | $10138 | $10502 |
| **2/29/16** | $10807 | $10210 | $10815 |
| **3/31/16** | $10810 | $10303 | $10815 |
| **4/30/16** | $10761 | $10343 | $10761 |
| **5/31/16** | $10817 | $10345 | $10847 |
| **6/30/16** | $11514 | $10531 | $11512 |
| **7/31/16** | $11741 | $10598 | $11771 |
| **8/31/16** | $11604 | $10586 | $11659 |
| **9/30/16** | $11474 | $10580 | $11471 |
| **10/31/16** | $11003 | $10499 | $11003 |
| **11/30/16** | $10122 | $10250 | $10187 |
| **12/31/16** | $10082 | $10265 | $10133 |
| **1/31/17** | $10153 | $10285 | $10173 |
| **2/28/17** | $10321 | $10354 | $10331 |
| **3/31/17** | $10264 | $10349 | $10274 |
| **4/30/17** | $10442 | $10428 | $10433 |
| **5/31/17** | $10631 | $10509 | $10639 |
| **6/30/17** | $10697 | $10498 | $10681 |
| **7/31/17** | $10646 | $10543 | $10615 |
| **8/31/17** | $10995 | $10638 | $10980 |
| **9/30/17** | $10748 | $10587 | $10743 |
| **10/31/17** | $10742 | $10593 | $10735 |
| **11/30/17** | $10817 | $10580 | $10812 |
| **12/31/17** | $11001 | $10628 | $10997 |
| **1/31/18** | $10646 | $10506 | $10642 |
| **2/28/18** | $10324 | $10406 | $10322 |
| **3/31/18** | $10618 | $10473 | $10635 |
| **4/30/18** | $10387 | $10395 | $10428 |
| **5/31/18** | $10591 | $10469 | $10649 |
| **6/30/18** | $10632 | $10456 | $10668 |
| **7/31/18** | $10491 | $10459 | $10511 |
| **8/31/18** | $10634 | $10526 | $10676 |
| **9/30/18** | $10343 | $10458 | $10360 |
| **10/31/18** | $10063 | $10376 | $10045 |
| **11/30/18** | $10241 | $10438 | $10235 |
| **12/31/18** | $10756 | $10630 | $10795 |
| **1/31/19** | $10822 | $10742 | $10867 |
| **2/28/19** | $10683 | $10736 | $10734 |
| **3/31/19** | $11255 | $10942 | $11298 |
| **4/30/19** | $11036 | $10945 | $11096 |
| **5/31/19** | $11733 | $11139 | $11822 |
| **6/30/19** | $11839 | $11279 | $11980 |
| **7/31/19** | $11870 | $11304 | $11999 |
| **8/31/19** | $13094 | $11597 | $13259 |
| **9/30/19** | $12766 | $11535 | $12928 |
| **10/31/19** | $12635 | $11570 | $12817 |
| **11/30/19** | $12590 | $11564 | $12751 |
| **12/31/19** | $12206 | $11556 | $12395 |
| **1/31/20** | $13082 | $11778 | $13244 |
| **2/29/20** | $13927 | $11990 | $14131 |
| **3/31/20** | $14748 | $11920 | $14986 |
| **4/30/20** | $14965 | $12132 | $15290 |
| **5/31/20** | $14691 | $12188 | $15004 |
| **6/30/20** | $14756 | $12265 | $15024 |
| **7/31/20** | $15375 | $12448 | $15658 |
| **8/31/20** | $14681 | $12348 | $14983 |
| **9/30/20** | $14770 | $12341 | $15041 |
| **10/31/20** | $14269 | $12286 | $14588 |
| **11/30/20** | $14503 | $12406 | $14763 |
| **12/31/20** | $14350 | $12424 | $14590 |
| **1/31/21** | $13922 | $12334 | $14063 |
| **2/28/21** | $13183 | $12156 | $13280 |
| **3/31/21** | $12495 | $12005 | $12618 |
| **4/30/21** | $12799 | $12099 | $12912 |
| **5/31/21** | $12797 | $12139 | $12970 |
| **6/30/21** | $13296 | $12224 | $13434 |
| **7/31/21** | $13762 | $12361 | $13924 |
| **8/31/21** | $13730 | $12337 | $13894 |
| **9/30/21** | $13348 | $12231 | $13497 |
| **10/31/21** | $13584 | $12227 | $13748 |
| **11/30/21** | $13941 | $12263 | $14112 |
| **12/31/21** | $13684 | $12232 | $13912 |
| **1/31/22** | $13205 | $11968 | $13336 |
| **2/28/22** | $13018 | $11835 | $13141 |
| **3/31/22** | $12382 | $11506 | $12439 |
| **4/30/22** | $11328 | $11069 | $11333 |
| **5/31/22** | $11104 | $11141 | $11119 |
| **6/30/22** | $10926 | $10966 | $10955 |
| **7/31/22** | $11228 | $11234 | $11247 |
| **8/31/22** | $10717 | $10917 | $10749 |
| **9/30/22** | $9859 | $10445 | $9900 |
| **10/31/22** | $9305 | $10310 | $9351 |
| **11/30/22** | $9980 | $10689 | $10012 |
| **12/31/22** | $9748 | $10641 | $9842 |
| **1/31/23** | $10439 | $10968 | $10473 |
| **2/28/23** | $9959 | $10684 | $9976 |
| **3/31/23** | $10432 | $10956 | $10449 |
| **4/30/23** | $10489 | $11022 | $10503 |
| **5/31/23** | $10197 | $10902 | $10210 |
| **6/30/23** | $10221 | $10863 | $10208 |
| **7/31/23** | $10000 | $10856 | $9987 |
| **8/31/23** | $9732 | $10786 | $9708 |
| **9/30/23** | $9020 | $10512 | $9000 |
| **10/31/23** | $8573 | $10346 | $8556 |
| **11/30/23** | $9368 | $10815 | $9339 |
| **12/31/23** | $10151 | $11229 | $10143 |
| **1/31/24** | $9977 | $11198 | $9920 |
| **2/29/24** | $9754 | $11040 | $9694 |
| **3/31/24** | $9882 | $11142 | $9813 |
| **4/30/24** | $9290 | $10860 | $9215 |
| **5/31/24** | $9563 | $11044 | $9478 |
| **6/30/24** | $9701 | $11149 | $9635 |
| **7/31/24** | $10060 | $11409 | $9979 |
| **8/31/24** | $10255 | $11573 | $10182 |
| **9/30/24** | $10459 | $11728 | $10388 |
| **10/31/24** | $9910 | $11437 | $9848 |
| **11/30/24** | $10106 | $11558 | $10026 |
| **12/31/24** | $9555 | $11369 | $9493 |
| **1/31/25** | $9635 | $11430 | $9532 |
| **2/28/25** | $10147 | $11681 | $10026 |
| **3/31/25** | $10057 | $11685 | $9937 |
| **4/30/25** | $9940 | $11731 | $9829 |
| **5/31/25** | $9664 | $11647 | $9546 |
| **6/30/25** | $9904 | $11826 | $9785 |
| **7/31/25** | $9826 | $11795 | $9697 |
| **8/31/25** | $9882 | $11936 | $9728 |
| **9/30/25** | $10178 | $12067 | $10028 |
| **10/31/25** | $10330 | $12142 | $10157 |
| **11/30/25** | $10371 | $12217 | $10200 |
| **12/31/25** | $10158 | $12199 | $10024 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.31% | (6.68%) | 0.16% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg Long-Term Treasury Index | 5.59% | (7.23%) | 0.02% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $461086 |
| # of Portfolio Holdings | 313 |
| Portfolio Turnover Rate | 180% |
| Total Net Advisory Fees Paid During the Reporting Period | $999 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 131.7% |
| U.S. Government Agencies | 19.7% |
| Non-Agency Mortgage-Backed Securities | 3.6% |
| Corporate Bonds & Notes | 1.1% |
| Asset-Backed Securities | 0.6% |
| Affiliated Investments | 1.5% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (58.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.10% as a result of lower expenses related to interest.

Change to Principal Investment Strategies. Effective May 21, 2025, the Portfolio's investments in Fixed Income Instruments are limited to those of investment grade U.S. dollar-denominated securities of U.S. issuers that are rated at least A by Moody's Ratings ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P"), or Fitch Ratings, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. In addition, the Portfolio may only invest up to 10% of its total assets in securities rated A by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality and may only invest up to 25% of its total assets in seucrities rated Aa by Moody's, or equivalently rated by S&P or Fitch or, if unrated, determined by PIMCO to be of comparable quality. In the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security. For the avoidance of doubt, investments in securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises are not subject to these limits.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO Long-Term U.S. Government Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0596TSRAR_123125

# Administrative Class

# PIMCO Low Duration Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $68 | 0.66% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Holdings of agency-backed mortgage securities ("MBS") contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index, as agency MBS spreads tightened. 

* Select holdings of securitized credit, particularly asset-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened alongside carry contributions.

* Holdings of investment grade corporate credit contributed to relative performance, as spreads tightened. 

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g88k27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $10018 | $10138 | $10061 |
| **2/29/16** | $9968 | $10210 | $10072 |
| **3/31/16** | $10041 | $10303 | $10090 |
| **4/30/16** | $10072 | $10343 | $10094 |
| **5/31/16** | $10079 | $10345 | $10083 |
| **6/30/16** | $10096 | $10531 | $10143 |
| **7/31/16** | $10103 | $10598 | $10138 |
| **8/31/16** | $10117 | $10586 | $10121 |
| **9/30/16** | $10150 | $10580 | $10132 |
| **10/31/16** | $10151 | $10499 | $10126 |
| **11/30/16** | $10088 | $10250 | $10085 |
| **12/31/16** | $10141 | $10265 | $10088 |
| **1/31/17** | $10150 | $10285 | $10101 |
| **2/28/17** | $10172 | $10354 | $10112 |
| **3/31/17** | $10168 | $10349 | $10115 |
| **4/30/17** | $10192 | $10428 | $10129 |
| **5/31/17** | $10203 | $10509 | $10141 |
| **6/30/17** | $10205 | $10498 | $10132 |
| **7/31/17** | $10244 | $10543 | $10154 |
| **8/31/17** | $10285 | $10638 | $10173 |
| **9/30/17** | $10287 | $10587 | $10157 |
| **10/31/17** | $10277 | $10593 | $10150 |
| **11/30/17** | $10267 | $10580 | $10130 |
| **12/31/17** | $10277 | $10628 | $10131 |
| **1/31/18** | $10257 | $10506 | $10102 |
| **2/28/18** | $10247 | $10406 | $10098 |
| **3/31/18** | $10260 | $10473 | $10118 |
| **4/30/18** | $10223 | $10395 | $10102 |
| **5/31/18** | $10240 | $10469 | $10139 |
| **6/30/18** | $10235 | $10456 | $10140 |
| **7/31/18** | $10262 | $10459 | $10140 |
| **8/31/18** | $10250 | $10526 | $10172 |
| **9/30/18** | $10266 | $10458 | $10160 |
| **10/31/18** | $10273 | $10376 | $10176 |
| **11/30/18** | $10286 | $10438 | $10211 |
| **12/31/18** | $10312 | $10630 | $10291 |
| **1/31/19** | $10377 | $10742 | $10319 |
| **2/28/19** | $10410 | $10736 | $10330 |
| **3/31/19** | $10446 | $10942 | $10393 |
| **4/30/19** | $10472 | $10945 | $10414 |
| **5/31/19** | $10555 | $11139 | $10488 |
| **6/30/19** | $10605 | $11279 | $10542 |
| **7/31/19** | $10589 | $11304 | $10530 |
| **8/31/19** | $10695 | $11597 | $10615 |
| **9/30/19** | $10706 | $11535 | $10603 |
| **10/31/19** | $10726 | $11570 | $10638 |
| **11/30/19** | $10705 | $11564 | $10634 |
| **12/31/19** | $10728 | $11556 | $10657 |
| **1/31/20** | $10819 | $11778 | $10715 |
| **2/29/20** | $10865 | $11990 | $10808 |
| **3/31/20** | $10728 | $11920 | $10956 |
| **4/30/20** | $10837 | $12132 | $10961 |
| **5/31/20** | $10902 | $12188 | $10968 |
| **6/30/20** | $10954 | $12265 | $10971 |
| **7/31/20** | $10973 | $12448 | $10982 |
| **8/31/20** | $11011 | $12348 | $10979 |
| **9/30/20** | $11008 | $12341 | $10982 |
| **10/31/20** | $11005 | $12286 | $10978 |
| **11/30/20** | $11032 | $12406 | $10983 |
| **12/31/20** | $11048 | $12424 | $10988 |
| **1/31/21** | $11063 | $12334 | $10989 |
| **2/28/21** | $11057 | $12156 | $10981 |
| **3/31/21** | $11039 | $12005 | $10983 |
| **4/30/21** | $11054 | $12099 | $10988 |
| **5/31/21** | $11068 | $12139 | $10996 |
| **6/30/21** | $11030 | $12224 | $10979 |
| **7/31/21** | $11044 | $12361 | $10997 |
| **8/31/21** | $11039 | $12337 | $10996 |
| **9/30/21** | $11045 | $12231 | $10985 |
| **10/31/21** | $10987 | $12227 | $10952 |
| **11/30/21** | $10961 | $12263 | $10954 |
| **12/31/21** | $10946 | $12232 | $10927 |
| **1/31/22** | $10855 | $11968 | $10855 |
| **2/28/22** | $10787 | $11835 | $10815 |
| **3/31/22** | $10590 | $11506 | $10671 |
| **4/30/22** | $10492 | $11069 | $10620 |
| **5/31/22** | $10556 | $11141 | $10679 |
| **6/30/22** | $10417 | $10966 | $10617 |
| **7/31/22** | $10461 | $11234 | $10653 |
| **8/31/22** | $10402 | $10917 | $10576 |
| **9/30/22** | $10260 | $10445 | $10451 |
| **10/31/22** | $10193 | $10310 | $10441 |
| **11/30/22** | $10282 | $10689 | $10507 |
| **12/31/22** | $10318 | $10641 | $10528 |
| **1/31/23** | $10431 | $10968 | $10600 |
| **2/28/23** | $10338 | $10684 | $10524 |
| **3/31/23** | $10478 | $10956 | $10692 |
| **4/30/23** | $10507 | $11022 | $10719 |
| **5/31/23** | $10473 | $10902 | $10682 |
| **6/30/23** | $10416 | $10863 | $10630 |
| **7/31/23** | $10478 | $10856 | $10668 |
| **8/31/23** | $10534 | $10786 | $10710 |
| **9/30/23** | $10525 | $10512 | $10709 |
| **10/31/23** | $10557 | $10346 | $10745 |
| **11/30/23** | $10694 | $10815 | $10854 |
| **12/31/23** | $10831 | $11229 | $10976 |
| **1/31/24** | $10887 | $11198 | $11018 |
| **2/29/24** | $10852 | $11040 | $10973 |
| **3/31/24** | $10889 | $11142 | $11009 |
| **4/30/24** | $10846 | $10860 | $10973 |
| **5/31/24** | $10930 | $11044 | $11048 |
| **6/30/24** | $10988 | $11149 | $11112 |
| **7/31/24** | $11119 | $11409 | $11239 |
| **8/31/24** | $11216 | $11573 | $11340 |
| **9/30/24** | $11321 | $11728 | $11431 |
| **10/31/24** | $11242 | $11437 | $11364 |
| **11/30/24** | $11292 | $11558 | $11398 |
| **12/31/24** | $11318 | $11369 | $11424 |
| **1/31/25** | $11390 | $11430 | $11474 |
| **2/28/25** | $11473 | $11681 | $11552 |
| **3/31/25** | $11510 | $11685 | $11606 |
| **4/30/25** | $11584 | $11731 | $11698 |
| **5/31/25** | $11564 | $11647 | $11673 |
| **6/30/25** | $11648 | $11826 | $11743 |
| **7/31/25** | $11650 | $11795 | $11737 |
| **8/31/25** | $11763 | $11936 | $11838 |
| **9/30/25** | $11800 | $12067 | $11874 |
| **10/31/25** | $11842 | $12142 | $11914 |
| **11/30/25** | $11890 | $12217 | $11968 |
| **12/31/25** | $11943 | $12199 | $12007 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 5.52% | 1.57% | 1.79% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.10% | 1.79% | 1.85% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1331005 |
| # of Portfolio Holdings | 596 |
| Portfolio Turnover Rate | 384% |
| Total Net Advisory Fees Paid During the Reporting Period | $3374 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 37.1% |
| U.S. Treasury Obligations | 13.6% |
| Corporate Bonds & Notes | 11.9% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 4.6% |
| Sovereign Issues | 3.6% |
| Short-Term Instruments | 41.4% |
| Affiliated Investments | 9.5% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (29.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO Low Duration Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0340TSRAR_123125

# Advisor Class

# PIMCO Low Duration Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $78 | 0.76% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Holdings of agency-backed mortgage securities ("MBS") contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index, as agency MBS spreads tightened. 

* Select holdings of securitized credit, particularly asset-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened alongside carry contributions.

* Holdings of investment grade corporate credit contributed to relative performance, as spreads tightened. 

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g32q98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $10017 | $10138 | $10061 |
| **2/29/16** | $9967 | $10210 | $10072 |
| **3/31/16** | $10039 | $10303 | $10090 |
| **4/30/16** | $10069 | $10343 | $10094 |
| **5/31/16** | $10075 | $10345 | $10083 |
| **6/30/16** | $10091 | $10531 | $10143 |
| **7/31/16** | $10097 | $10598 | $10138 |
| **8/31/16** | $10110 | $10586 | $10121 |
| **9/30/16** | $10143 | $10580 | $10132 |
| **10/31/16** | $10143 | $10499 | $10126 |
| **11/30/16** | $10079 | $10250 | $10085 |
| **12/31/16** | $10130 | $10265 | $10088 |
| **1/31/17** | $10139 | $10285 | $10101 |
| **2/28/17** | $10160 | $10354 | $10112 |
| **3/31/17** | $10156 | $10349 | $10115 |
| **4/30/17** | $10178 | $10428 | $10129 |
| **5/31/17** | $10189 | $10509 | $10141 |
| **6/30/17** | $10190 | $10498 | $10132 |
| **7/31/17** | $10228 | $10543 | $10154 |
| **8/31/17** | $10268 | $10638 | $10173 |
| **9/30/17** | $10269 | $10587 | $10157 |
| **10/31/17** | $10258 | $10593 | $10150 |
| **11/30/17** | $10248 | $10580 | $10130 |
| **12/31/17** | $10257 | $10628 | $10131 |
| **1/31/18** | $10235 | $10506 | $10102 |
| **2/28/18** | $10225 | $10406 | $10098 |
| **3/31/18** | $10237 | $10473 | $10118 |
| **4/30/18** | $10200 | $10395 | $10102 |
| **5/31/18** | $10215 | $10469 | $10139 |
| **6/30/18** | $10210 | $10456 | $10140 |
| **7/31/18** | $10236 | $10459 | $10140 |
| **8/31/18** | $10222 | $10526 | $10172 |
| **9/30/18** | $10238 | $10458 | $10160 |
| **10/31/18** | $10244 | $10376 | $10176 |
| **11/30/18** | $10256 | $10438 | $10211 |
| **12/31/18** | $10282 | $10630 | $10291 |
| **1/31/19** | $10345 | $10742 | $10319 |
| **2/28/19** | $10378 | $10736 | $10330 |
| **3/31/19** | $10412 | $10942 | $10393 |
| **4/30/19** | $10438 | $10945 | $10414 |
| **5/31/19** | $10519 | $11139 | $10488 |
| **6/30/19** | $10568 | $11279 | $10542 |
| **7/31/19** | $10552 | $11304 | $10530 |
| **8/31/19** | $10656 | $11597 | $10615 |
| **9/30/19** | $10667 | $11535 | $10603 |
| **10/31/19** | $10685 | $11570 | $10638 |
| **11/30/19** | $10663 | $11564 | $10634 |
| **12/31/19** | $10685 | $11556 | $10657 |
| **1/31/20** | $10775 | $11778 | $10715 |
| **2/29/20** | $10820 | $11990 | $10808 |
| **3/31/20** | $10683 | $11920 | $10956 |
| **4/30/20** | $10791 | $12132 | $10961 |
| **5/31/20** | $10854 | $12188 | $10968 |
| **6/30/20** | $10905 | $12265 | $10971 |
| **7/31/20** | $10923 | $12448 | $10982 |
| **8/31/20** | $10960 | $12348 | $10979 |
| **9/30/20** | $10956 | $12341 | $10982 |
| **10/31/20** | $10952 | $12286 | $10978 |
| **11/30/20** | $10978 | $12406 | $10983 |
| **12/31/20** | $10993 | $12424 | $10988 |
| **1/31/21** | $11007 | $12334 | $10989 |
| **2/28/21** | $11000 | $12156 | $10981 |
| **3/31/21** | $10982 | $12005 | $10983 |
| **4/30/21** | $10996 | $12099 | $10988 |
| **5/31/21** | $11009 | $12139 | $10996 |
| **6/30/21** | $10969 | $12224 | $10979 |
| **7/31/21** | $10983 | $12361 | $10997 |
| **8/31/21** | $10976 | $12337 | $10996 |
| **9/30/21** | $10982 | $12231 | $10985 |
| **10/31/21** | $10923 | $12227 | $10952 |
| **11/30/21** | $10896 | $12263 | $10954 |
| **12/31/21** | $10881 | $12232 | $10927 |
| **1/31/22** | $10790 | $11968 | $10855 |
| **2/28/22** | $10721 | $11835 | $10815 |
| **3/31/22** | $10524 | $11506 | $10671 |
| **4/30/22** | $10426 | $11069 | $10620 |
| **5/31/22** | $10489 | $11141 | $10679 |
| **6/30/22** | $10349 | $10966 | $10617 |
| **7/31/22** | $10393 | $11234 | $10653 |
| **8/31/22** | $10333 | $10917 | $10576 |
| **9/30/22** | $10191 | $10445 | $10451 |
| **10/31/22** | $10124 | $10310 | $10441 |
| **11/30/22** | $10211 | $10689 | $10507 |
| **12/31/22** | $10246 | $10641 | $10528 |
| **1/31/23** | $10358 | $10968 | $10600 |
| **2/28/23** | $10264 | $10684 | $10524 |
| **3/31/23** | $10402 | $10956 | $10692 |
| **4/30/23** | $10430 | $11022 | $10719 |
| **5/31/23** | $10395 | $10902 | $10682 |
| **6/30/23** | $10339 | $10863 | $10630 |
| **7/31/23** | $10399 | $10856 | $10668 |
| **8/31/23** | $10453 | $10786 | $10710 |
| **9/30/23** | $10443 | $10512 | $10709 |
| **10/31/23** | $10475 | $10346 | $10745 |
| **11/30/23** | $10610 | $10815 | $10854 |
| **12/31/23** | $10744 | $11229 | $10976 |
| **1/31/24** | $10799 | $11198 | $11018 |
| **2/29/24** | $10764 | $11040 | $10973 |
| **3/31/24** | $10800 | $11142 | $11009 |
| **4/30/24** | $10756 | $10860 | $10973 |
| **5/31/24** | $10839 | $11044 | $11048 |
| **6/30/24** | $10895 | $11149 | $11112 |
| **7/31/24** | $11024 | $11409 | $11239 |
| **8/31/24** | $11119 | $11573 | $11340 |
| **9/30/24** | $11223 | $11728 | $11431 |
| **10/31/24** | $11144 | $11437 | $11364 |
| **11/30/24** | $11192 | $11558 | $11398 |
| **12/31/24** | $11216 | $11369 | $11424 |
| **1/31/25** | $11288 | $11430 | $11474 |
| **2/28/25** | $11368 | $11681 | $11552 |
| **3/31/25** | $11404 | $11685 | $11606 |
| **4/30/25** | $11477 | $11731 | $11698 |
| **5/31/25** | $11456 | $11647 | $11673 |
| **6/30/25** | $11538 | $11826 | $11743 |
| **7/31/25** | $11539 | $11795 | $11737 |
| **8/31/25** | $11650 | $11936 | $11838 |
| **9/30/25** | $11686 | $12067 | $11874 |
| **10/31/25** | $11726 | $12142 | $11914 |
| **11/30/25** | $11773 | $12217 | $11968 |
| **12/31/25** | $11824 | $12199 | $12007 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 5.42% | 1.47% | 1.69% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.10% | 1.79% | 1.85% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1331005 |
| # of Portfolio Holdings | 596 |
| Portfolio Turnover Rate | 384% |
| Total Net Advisory Fees Paid During the Reporting Period | $3374 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 37.1% |
| U.S. Treasury Obligations | 13.6% |
| Corporate Bonds & Notes | 11.9% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 4.6% |
| Sovereign Issues | 3.6% |
| Short-Term Instruments | 41.4% |
| Affiliated Investments | 9.5% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (29.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO Low Duration Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1879TSRAR_123125

# Institutional Class

# PIMCO Low Duration Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $52 | 0.51% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Holdings of agency-backed mortgage securities ("MBS") contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index, as agency MBS spreads tightened. 

* Select holdings of securitized credit, particularly asset-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened alongside carry contributions.

* Holdings of investment grade corporate credit contributed to relative performance, as spreads tightened. 

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g57t98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $10019 | $10138 | $10061 |
| **2/29/16** | $9971 | $10210 | $10072 |
| **3/31/16** | $10045 | $10303 | $10090 |
| **4/30/16** | $10077 | $10343 | $10094 |
| **5/31/16** | $10085 | $10345 | $10083 |
| **6/30/16** | $10103 | $10531 | $10143 |
| **7/31/16** | $10111 | $10598 | $10138 |
| **8/31/16** | $10127 | $10586 | $10121 |
| **9/30/16** | $10162 | $10580 | $10132 |
| **10/31/16** | $10164 | $10499 | $10126 |
| **11/30/16** | $10102 | $10250 | $10085 |
| **12/31/16** | $10156 | $10265 | $10088 |
| **1/31/17** | $10166 | $10285 | $10101 |
| **2/28/17** | $10190 | $10354 | $10112 |
| **3/31/17** | $10187 | $10349 | $10115 |
| **4/30/17** | $10212 | $10428 | $10129 |
| **5/31/17** | $10225 | $10509 | $10141 |
| **6/30/17** | $10228 | $10498 | $10132 |
| **7/31/17** | $10269 | $10543 | $10154 |
| **8/31/17** | $10311 | $10638 | $10173 |
| **9/30/17** | $10314 | $10587 | $10157 |
| **10/31/17** | $10305 | $10593 | $10150 |
| **11/30/17** | $10297 | $10580 | $10130 |
| **12/31/17** | $10308 | $10628 | $10131 |
| **1/31/18** | $10289 | $10506 | $10102 |
| **2/28/18** | $10280 | $10406 | $10098 |
| **3/31/18** | $10294 | $10473 | $10118 |
| **4/30/18** | $10259 | $10395 | $10102 |
| **5/31/18** | $10277 | $10469 | $10139 |
| **6/30/18** | $10274 | $10456 | $10140 |
| **7/31/18** | $10302 | $10459 | $10140 |
| **8/31/18** | $10291 | $10526 | $10172 |
| **9/30/18** | $10308 | $10458 | $10160 |
| **10/31/18** | $10317 | $10376 | $10176 |
| **11/30/18** | $10331 | $10438 | $10211 |
| **12/31/18** | $10359 | $10630 | $10291 |
| **1/31/19** | $10425 | $10742 | $10319 |
| **2/28/19** | $10460 | $10736 | $10330 |
| **3/31/19** | $10497 | $10942 | $10393 |
| **4/30/19** | $10525 | $10945 | $10414 |
| **5/31/19** | $10609 | $11139 | $10488 |
| **6/30/19** | $10661 | $11279 | $10542 |
| **7/31/19** | $10646 | $11304 | $10530 |
| **8/31/19** | $10754 | $11597 | $10615 |
| **9/30/19** | $10767 | $11535 | $10603 |
| **10/31/19** | $10788 | $11570 | $10638 |
| **11/30/19** | $10768 | $11564 | $10634 |
| **12/31/19** | $10792 | $11556 | $10657 |
| **1/31/20** | $10885 | $11778 | $10715 |
| **2/29/20** | $10933 | $11990 | $10808 |
| **3/31/20** | $10796 | $11920 | $10956 |
| **4/30/20** | $10908 | $12132 | $10961 |
| **5/31/20** | $10974 | $12188 | $10968 |
| **6/30/20** | $11028 | $12265 | $10971 |
| **7/31/20** | $11048 | $12448 | $10982 |
| **8/31/20** | $11089 | $12348 | $10979 |
| **9/30/20** | $11087 | $12341 | $10982 |
| **10/31/20** | $11085 | $12286 | $10978 |
| **11/30/20** | $11113 | $12406 | $10983 |
| **12/31/20** | $11131 | $12424 | $10988 |
| **1/31/21** | $11148 | $12334 | $10989 |
| **2/28/21** | $11142 | $12156 | $10981 |
| **3/31/21** | $11126 | $12005 | $10983 |
| **4/30/21** | $11143 | $12099 | $10988 |
| **5/31/21** | $11158 | $12139 | $10996 |
| **6/30/21** | $11121 | $12224 | $10979 |
| **7/31/21** | $11137 | $12361 | $10997 |
| **8/31/21** | $11132 | $12337 | $10996 |
| **9/30/21** | $11140 | $12231 | $10985 |
| **10/31/21** | $11083 | $12227 | $10952 |
| **11/30/21** | $11058 | $12263 | $10954 |
| **12/31/21** | $11045 | $12232 | $10927 |
| **1/31/22** | $10955 | $11968 | $10855 |
| **2/28/22** | $10886 | $11835 | $10815 |
| **3/31/22** | $10689 | $11506 | $10671 |
| **4/30/22** | $10592 | $11069 | $10620 |
| **5/31/22** | $10658 | $11141 | $10679 |
| **6/30/22** | $10518 | $10966 | $10617 |
| **7/31/22** | $10565 | $11234 | $10653 |
| **8/31/22** | $10507 | $10917 | $10576 |
| **9/30/22** | $10364 | $10445 | $10451 |
| **10/31/22** | $10298 | $10310 | $10441 |
| **11/30/22** | $10389 | $10689 | $10507 |
| **12/31/22** | $10426 | $10641 | $10528 |
| **1/31/23** | $10542 | $10968 | $10600 |
| **2/28/23** | $10449 | $10684 | $10524 |
| **3/31/23** | $10592 | $10956 | $10692 |
| **4/30/23** | $10622 | $11022 | $10719 |
| **5/31/23** | $10590 | $10902 | $10682 |
| **6/30/23** | $10534 | $10863 | $10630 |
| **7/31/23** | $10598 | $10856 | $10668 |
| **8/31/23** | $10655 | $10786 | $10710 |
| **9/30/23** | $10647 | $10512 | $10709 |
| **10/31/23** | $10682 | $10346 | $10745 |
| **11/30/23** | $10821 | $10815 | $10854 |
| **12/31/23** | $10961 | $11229 | $10976 |
| **1/31/24** | $11019 | $11198 | $11018 |
| **2/29/24** | $10986 | $11040 | $10973 |
| **3/31/24** | $11024 | $11142 | $11009 |
| **4/30/24** | $10982 | $10860 | $10973 |
| **5/31/24** | $11069 | $11044 | $11048 |
| **6/30/24** | $11129 | $11149 | $11112 |
| **7/31/24** | $11263 | $11409 | $11239 |
| **8/31/24** | $11362 | $11573 | $11340 |
| **9/30/24** | $11470 | $11728 | $11431 |
| **10/31/24** | $11392 | $11437 | $11364 |
| **11/30/24** | $11444 | $11558 | $11398 |
| **12/31/24** | $11471 | $11369 | $11424 |
| **1/31/25** | $11546 | $11430 | $11474 |
| **2/28/25** | $11631 | $11681 | $11552 |
| **3/31/25** | $11670 | $11685 | $11606 |
| **4/30/25** | $11747 | $11731 | $11698 |
| **5/31/25** | $11728 | $11647 | $11673 |
| **6/30/25** | $11814 | $11826 | $11743 |
| **7/31/25** | $11818 | $11795 | $11737 |
| **8/31/25** | $11934 | $11936 | $11838 |
| **9/30/25** | $11974 | $12067 | $11874 |
| **10/31/25** | $12018 | $12142 | $11914 |
| **11/30/25** | $12068 | $12217 | $11968 |
| **12/31/25** | $12123 | $12199 | $12007 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 5.68% | 1.72% | 1.94% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.10% | 1.79% | 1.85% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1331005 |
| # of Portfolio Holdings | 596 |
| Portfolio Turnover Rate | 384% |
| Total Net Advisory Fees Paid During the Reporting Period | $3374 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 37.1% |
| U.S. Treasury Obligations | 13.6% |
| Corporate Bonds & Notes | 11.9% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 4.6% |
| Sovereign Issues | 3.6% |
| Short-Term Instruments | 41.4% |
| Affiliated Investments | 9.5% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (29.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO Low Duration Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0599TSRAR_123125

# Administrative Class

# PIMCO Real Return Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Real Return Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $144 | 1.39% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Interest rate strategies in the U.S., including a yield curve steepening position and short exposure to swap spreads, contributed to relative performance, as the U.S. yield curve steepened and swap spreads widened. 

* A eurozone yield curve steepening position contributed to relative performance, as the eurozone yield curve steepened. 

* Exposure to securitized assets, particularly U.S. agency mortgage-backed securities ("MBS"), contributed to relative performance, as U.S. agency MBS spreads tightened. 

* Overweight exposure to U.K. interest rates contributed to relative performance, as U.K. interest rates fell across short and intermediate maturities. 

* Overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as U.S. breakeven inflation rates fell. 

* Short exposure to gold, which is part of a relative value trade between gold and real yields, detracted from relative performance, as gold returns were positive. 

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g84w15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. TIPS Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $10118 | $10138 | $10148 |
| **2/29/16** | $10161 | $10210 | $10261 |
| **3/31/16** | $10422 | $10303 | $10446 |
| **4/30/16** | $10474 | $10343 | $10482 |
| **5/31/16** | $10387 | $10345 | $10408 |
| **6/30/16** | $10614 | $10531 | $10624 |
| **7/31/16** | $10704 | $10598 | $10716 |
| **8/31/16** | $10667 | $10586 | $10668 |
| **9/30/16** | $10763 | $10580 | $10727 |
| **10/31/16** | $10723 | $10499 | $10684 |
| **11/30/16** | $10520 | $10250 | $10479 |
| **12/31/16** | $10519 | $10265 | $10468 |
| **1/31/17** | $10632 | $10285 | $10556 |
| **2/28/17** | $10684 | $10354 | $10606 |
| **3/31/17** | $10706 | $10349 | $10600 |
| **4/30/17** | $10756 | $10428 | $10663 |
| **5/31/17** | $10753 | $10509 | $10659 |
| **6/30/17** | $10659 | $10498 | $10557 |
| **7/31/17** | $10714 | $10543 | $10605 |
| **8/31/17** | $10813 | $10638 | $10717 |
| **9/30/17** | $10762 | $10587 | $10649 |
| **10/31/17** | $10792 | $10593 | $10671 |
| **11/30/17** | $10805 | $10580 | $10685 |
| **12/31/17** | $10904 | $10628 | $10783 |
| **1/31/18** | $10817 | $10506 | $10691 |
| **2/28/18** | $10712 | $10406 | $10587 |
| **3/31/18** | $10795 | $10473 | $10698 |
| **4/30/18** | $10797 | $10395 | $10692 |
| **5/31/18** | $10805 | $10469 | $10737 |
| **6/30/18** | $10866 | $10456 | $10780 |
| **7/31/18** | $10837 | $10459 | $10729 |
| **8/31/18** | $10874 | $10526 | $10806 |
| **9/30/18** | $10785 | $10458 | $10692 |
| **10/31/18** | $10604 | $10376 | $10539 |
| **11/30/18** | $10636 | $10438 | $10589 |
| **12/31/18** | $10663 | $10630 | $10647 |
| **1/31/19** | $10853 | $10742 | $10790 |
| **2/28/19** | $10845 | $10736 | $10789 |
| **3/31/19** | $11044 | $10942 | $10987 |
| **4/30/19** | $11081 | $10945 | $11024 |
| **5/31/19** | $11267 | $11139 | $11206 |
| **6/30/19** | $11339 | $11279 | $11302 |
| **7/31/19** | $11372 | $11304 | $11342 |
| **8/31/19** | $11577 | $11597 | $11612 |
| **9/30/19** | $11464 | $11535 | $11454 |
| **10/31/19** | $11467 | $11570 | $11483 |
| **11/30/19** | $11502 | $11564 | $11501 |
| **12/31/19** | $11563 | $11556 | $11544 |
| **1/31/20** | $11822 | $11778 | $11787 |
| **2/29/20** | $11914 | $11990 | $11950 |
| **3/31/20** | $11634 | $11920 | $11740 |
| **4/30/20** | $12005 | $12132 | $12066 |
| **5/31/20** | $12079 | $12188 | $12103 |
| **6/30/20** | $12249 | $12265 | $12238 |
| **7/31/20** | $12564 | $12448 | $12519 |
| **8/31/20** | $12704 | $12348 | $12656 |
| **9/30/20** | $12657 | $12341 | $12609 |
| **10/31/20** | $12582 | $12286 | $12528 |
| **11/30/20** | $12745 | $12406 | $12668 |
| **12/31/20** | $12917 | $12424 | $12813 |
| **1/31/21** | $12983 | $12334 | $12856 |
| **2/28/21** | $12753 | $12156 | $12649 |
| **3/31/21** | $12736 | $12005 | $12625 |
| **4/30/21** | $12929 | $12099 | $12801 |
| **5/31/21** | $13088 | $12139 | $12956 |
| **6/30/21** | $13147 | $12224 | $13035 |
| **7/31/21** | $13481 | $12361 | $13382 |
| **8/31/21** | $13453 | $12337 | $13359 |
| **9/30/21** | $13352 | $12231 | $13263 |
| **10/31/21** | $13452 | $12227 | $13414 |
| **11/30/21** | $13571 | $12263 | $13534 |
| **12/31/21** | $13639 | $12232 | $13577 |
| **1/31/22** | $13328 | $11968 | $13302 |
| **2/28/22** | $13440 | $11835 | $13416 |
| **3/31/22** | $13233 | $11506 | $13166 |
| **4/30/22** | $12957 | $11069 | $12897 |
| **5/31/22** | $12816 | $11141 | $12769 |
| **6/30/22** | $12375 | $10966 | $12365 |
| **7/31/22** | $12932 | $11234 | $12903 |
| **8/31/22** | $12591 | $10917 | $12560 |
| **9/30/22** | $11735 | $10445 | $11729 |
| **10/31/22** | $11902 | $10310 | $11875 |
| **11/30/22** | $12113 | $10689 | $12092 |
| **12/31/22** | $12015 | $10641 | $11968 |
| **1/31/23** | $12235 | $10968 | $12188 |
| **2/28/23** | $12059 | $10684 | $12020 |
| **3/31/23** | $12382 | $10956 | $12368 |
| **4/30/23** | $12395 | $11022 | $12381 |
| **5/31/23** | $12231 | $10902 | $12233 |
| **6/30/23** | $12206 | $10863 | $12192 |
| **7/31/23** | $12236 | $10856 | $12207 |
| **8/31/23** | $12133 | $10786 | $12098 |
| **9/30/23** | $11922 | $10512 | $11875 |
| **10/31/23** | $11822 | $10346 | $11789 |
| **11/30/23** | $12153 | $10815 | $12109 |
| **12/31/23** | $12456 | $11229 | $12435 |
| **1/31/24** | $12512 | $11198 | $12457 |
| **2/29/24** | $12384 | $11040 | $12323 |
| **3/31/24** | $12475 | $11142 | $12424 |
| **4/30/24** | $12275 | $10860 | $12215 |
| **5/31/24** | $12490 | $11044 | $12424 |
| **6/30/24** | $12580 | $11149 | $12522 |
| **7/31/24** | $12828 | $11409 | $12745 |
| **8/31/24** | $12936 | $11573 | $12845 |
| **9/30/24** | $13127 | $11728 | $13038 |
| **10/31/24** | $12853 | $11437 | $12804 |
| **11/30/24** | $12937 | $11558 | $12866 |
| **12/31/24** | $12722 | $11369 | $12663 |
| **1/31/25** | $12911 | $11430 | $12827 |
| **2/28/25** | $13214 | $11681 | $13106 |
| **3/31/25** | $13317 | $11685 | $13190 |
| **4/30/25** | $13299 | $11731 | $13206 |
| **5/31/25** | $13221 | $11647 | $13128 |
| **6/30/25** | $13376 | $11826 | $13254 |
| **7/31/25** | $13398 | $11795 | $13270 |
| **8/31/25** | $13639 | $11936 | $13474 |
| **9/30/25** | $13694 | $12067 | $13532 |
| **10/31/25** | $13760 | $12142 | $13580 |
| **11/30/25** | $13795 | $12217 | $13605 |
| **12/31/25** | $13720 | $12199 | $13550 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 7.85% | 1.21% | 3.21% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. TIPS Index | 7.01% | 1.12% | 3.09% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1399321 |
| # of Portfolio Holdings | 713 |
| Portfolio Turnover Rate | 174% |
| Total Net Advisory Fees Paid During the Reporting Period | $3491 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 101.1% |
| U.S. Government Agencies | 18.4% |
| Asset-Backed Securities | 6.4% |
| Sovereign Issues | 4.6% |
| Non-Agency Mortgage-Backed Securities | 2.0% |
| Corporate Bonds & Notes | 0.6% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (33.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.32% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO Real Return Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0343TSRAR_123125

# Advisor Class

# PIMCO Real Return Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Real Return Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $155 | 1.49% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Interest rate strategies in the U.S., including a yield curve steepening position and short exposure to swap spreads, contributed to relative performance, as the U.S. yield curve steepened and swap spreads widened. 

* A eurozone yield curve steepening position contributed to relative performance, as the eurozone yield curve steepened. 

* Exposure to securitized assets, particularly U.S. agency mortgage-backed securities ("MBS"), contributed to relative performance, as U.S. agency MBS spreads tightened. 

* Overweight exposure to U.K. interest rates contributed to relative performance, as U.K. interest rates fell across short and intermediate maturities. 

* Overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as U.S. breakeven inflation rates fell. 

* Short exposure to gold, which is part of a relative value trade between gold and real yields, detracted from relative performance, as gold returns were positive. 

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g43z49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. TIPS Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $10117 | $10138 | $10148 |
| **2/29/16** | $10159 | $10210 | $10261 |
| **3/31/16** | $10419 | $10303 | $10446 |
| **4/30/16** | $10471 | $10343 | $10482 |
| **5/31/16** | $10382 | $10345 | $10408 |
| **6/30/16** | $10609 | $10531 | $10624 |
| **7/31/16** | $10698 | $10598 | $10716 |
| **8/31/16** | $10660 | $10586 | $10668 |
| **9/30/16** | $10755 | $10580 | $10727 |
| **10/31/16** | $10714 | $10499 | $10684 |
| **11/30/16** | $10510 | $10250 | $10479 |
| **12/31/16** | $10509 | $10265 | $10468 |
| **1/31/17** | $10621 | $10285 | $10556 |
| **2/28/17** | $10672 | $10354 | $10606 |
| **3/31/17** | $10693 | $10349 | $10600 |
| **4/30/17** | $10742 | $10428 | $10663 |
| **5/31/17** | $10738 | $10509 | $10659 |
| **6/30/17** | $10643 | $10498 | $10557 |
| **7/31/17** | $10697 | $10543 | $10605 |
| **8/31/17** | $10795 | $10638 | $10717 |
| **9/30/17** | $10743 | $10587 | $10649 |
| **10/31/17** | $10772 | $10593 | $10671 |
| **11/30/17** | $10784 | $10580 | $10685 |
| **12/31/17** | $10882 | $10628 | $10783 |
| **1/31/18** | $10795 | $10506 | $10691 |
| **2/28/18** | $10689 | $10406 | $10587 |
| **3/31/18** | $10771 | $10473 | $10698 |
| **4/30/18** | $10772 | $10395 | $10692 |
| **5/31/18** | $10779 | $10469 | $10737 |
| **6/30/18** | $10839 | $10456 | $10780 |
| **7/31/18** | $10810 | $10459 | $10729 |
| **8/31/18** | $10845 | $10526 | $10806 |
| **9/30/18** | $10756 | $10458 | $10692 |
| **10/31/18** | $10574 | $10376 | $10539 |
| **11/30/18** | $10606 | $10438 | $10589 |
| **12/31/18** | $10631 | $10630 | $10647 |
| **1/31/19** | $10820 | $10742 | $10790 |
| **2/28/19** | $10811 | $10736 | $10789 |
| **3/31/19** | $11008 | $10942 | $10987 |
| **4/30/19** | $11044 | $10945 | $11024 |
| **5/31/19** | $11229 | $11139 | $11206 |
| **6/30/19** | $11300 | $11279 | $11302 |
| **7/31/19** | $11332 | $11304 | $11342 |
| **8/31/19** | $11534 | $11597 | $11612 |
| **9/30/19** | $11422 | $11535 | $11454 |
| **10/31/19** | $11423 | $11570 | $11483 |
| **11/30/19** | $11457 | $11564 | $11501 |
| **12/31/19** | $11517 | $11556 | $11544 |
| **1/31/20** | $11774 | $11778 | $11787 |
| **2/29/20** | $11865 | $11990 | $11950 |
| **3/31/20** | $11585 | $11920 | $11740 |
| **4/30/20** | $11953 | $12132 | $12066 |
| **5/31/20** | $12026 | $12188 | $12103 |
| **6/30/20** | $12195 | $12265 | $12238 |
| **7/31/20** | $12507 | $12448 | $12519 |
| **8/31/20** | $12645 | $12348 | $12656 |
| **9/30/20** | $12597 | $12341 | $12609 |
| **10/31/20** | $12522 | $12286 | $12528 |
| **11/30/20** | $12683 | $12406 | $12668 |
| **12/31/20** | $12853 | $12424 | $12813 |
| **1/31/21** | $12917 | $12334 | $12856 |
| **2/28/21** | $12687 | $12156 | $12649 |
| **3/31/21** | $12670 | $12005 | $12625 |
| **4/30/21** | $12861 | $12099 | $12801 |
| **5/31/21** | $13017 | $12139 | $12956 |
| **6/30/21** | $13076 | $12224 | $13035 |
| **7/31/21** | $13406 | $12361 | $13382 |
| **8/31/21** | $13378 | $12337 | $13359 |
| **9/30/21** | $13276 | $12231 | $13263 |
| **10/31/21** | $13374 | $12227 | $13414 |
| **11/30/21** | $13491 | $12263 | $13534 |
| **12/31/21** | $13557 | $12232 | $13577 |
| **1/31/22** | $13248 | $11968 | $13302 |
| **2/28/22** | $13358 | $11835 | $13416 |
| **3/31/22** | $13151 | $11506 | $13166 |
| **4/30/22** | $12876 | $11069 | $12897 |
| **5/31/22** | $12734 | $11141 | $12769 |
| **6/30/22** | $12296 | $10966 | $12365 |
| **7/31/22** | $12848 | $11234 | $12903 |
| **8/31/22** | $12507 | $10917 | $12560 |
| **9/30/22** | $11657 | $10445 | $11729 |
| **10/31/22** | $11822 | $10310 | $11875 |
| **11/30/22** | $12030 | $10689 | $12092 |
| **12/31/22** | $11932 | $10641 | $11968 |
| **1/31/23** | $12149 | $10968 | $12188 |
| **2/28/23** | $11973 | $10684 | $12020 |
| **3/31/23** | $12293 | $10956 | $12368 |
| **4/30/23** | $12305 | $11022 | $12381 |
| **5/31/23** | $12141 | $10902 | $12233 |
| **6/30/23** | $12115 | $10863 | $12192 |
| **7/31/23** | $12144 | $10856 | $12207 |
| **8/31/23** | $12041 | $10786 | $12098 |
| **9/30/23** | $11830 | $10512 | $11875 |
| **10/31/23** | $11730 | $10346 | $11789 |
| **11/30/23** | $12058 | $10815 | $12109 |
| **12/31/23** | $12357 | $11229 | $12435 |
| **1/31/24** | $12412 | $11198 | $12457 |
| **2/29/24** | $12284 | $11040 | $12323 |
| **3/31/24** | $12373 | $11142 | $12424 |
| **4/30/24** | $12174 | $10860 | $12215 |
| **5/31/24** | $12386 | $11044 | $12424 |
| **6/30/24** | $12474 | $11149 | $12522 |
| **7/31/24** | $12719 | $11409 | $12745 |
| **8/31/24** | $12825 | $11573 | $12845 |
| **9/30/24** | $13014 | $11728 | $13038 |
| **10/31/24** | $12740 | $11437 | $12804 |
| **11/30/24** | $12823 | $11558 | $12866 |
| **12/31/24** | $12608 | $11369 | $12663 |
| **1/31/25** | $12795 | $11430 | $12827 |
| **2/28/25** | $13094 | $11681 | $13106 |
| **3/31/25** | $13195 | $11685 | $13190 |
| **4/30/25** | $13177 | $11731 | $13206 |
| **5/31/25** | $13098 | $11647 | $13128 |
| **6/30/25** | $13251 | $11826 | $13254 |
| **7/31/25** | $13271 | $11795 | $13270 |
| **8/31/25** | $13508 | $11936 | $13474 |
| **9/30/25** | $13562 | $12067 | $13532 |
| **10/31/25** | $13626 | $12142 | $13580 |
| **11/30/25** | $13659 | $12217 | $13605 |
| **12/31/25** | $13584 | $12199 | $13550 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 7.74% | 1.11% | 3.11% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. TIPS Index | 7.01% | 1.12% | 3.09% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1399321 |
| # of Portfolio Holdings | 713 |
| Portfolio Turnover Rate | 174% |
| Total Net Advisory Fees Paid During the Reporting Period | $3491 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 101.1% |
| U.S. Government Agencies | 18.4% |
| Asset-Backed Securities | 6.4% |
| Sovereign Issues | 4.6% |
| Non-Agency Mortgage-Backed Securities | 2.0% |
| Corporate Bonds & Notes | 0.6% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (33.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.32% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO Real Return Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1840TSRAR_123125

# Institutional Class

# PIMCO Real Return Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Real Return Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $129 | 1.24% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Interest rate strategies in the U.S., including a yield curve steepening position and short exposure to swap spreads, contributed to relative performance, as the U.S. yield curve steepened and swap spreads widened. 

* A eurozone yield curve steepening position contributed to relative performance, as the eurozone yield curve steepened. 

* Exposure to securitized assets, particularly U.S. agency mortgage-backed securities ("MBS"), contributed to relative performance, as U.S. agency MBS spreads tightened. 

* Overweight exposure to U.K. interest rates contributed to relative performance, as U.K. interest rates fell across short and intermediate maturities. 

* Overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as U.S. breakeven inflation rates fell. 

* Short exposure to gold, which is part of a relative value trade between gold and real yields, detracted from relative performance, as gold returns were positive. 

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g65t57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. TIPS Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $10119 | $10138 | $10148 |
| **2/29/16** | $10163 | $10210 | $10261 |
| **3/31/16** | $10425 | $10303 | $10446 |
| **4/30/16** | $10479 | $10343 | $10482 |
| **5/31/16** | $10393 | $10345 | $10408 |
| **6/30/16** | $10622 | $10531 | $10624 |
| **7/31/16** | $10713 | $10598 | $10716 |
| **8/31/16** | $10677 | $10586 | $10668 |
| **9/30/16** | $10775 | $10580 | $10727 |
| **10/31/16** | $10736 | $10499 | $10684 |
| **11/30/16** | $10534 | $10250 | $10479 |
| **12/31/16** | $10535 | $10265 | $10468 |
| **1/31/17** | $10649 | $10285 | $10556 |
| **2/28/17** | $10703 | $10354 | $10606 |
| **3/31/17** | $10726 | $10349 | $10600 |
| **4/30/17** | $10777 | $10428 | $10663 |
| **5/31/17** | $10775 | $10509 | $10659 |
| **6/30/17** | $10683 | $10498 | $10557 |
| **7/31/17** | $10739 | $10543 | $10605 |
| **8/31/17** | $10840 | $10638 | $10717 |
| **9/30/17** | $10790 | $10587 | $10649 |
| **10/31/17** | $10821 | $10593 | $10671 |
| **11/30/17** | $10836 | $10580 | $10685 |
| **12/31/17** | $10936 | $10628 | $10783 |
| **1/31/18** | $10851 | $10506 | $10691 |
| **2/28/18** | $10747 | $10406 | $10587 |
| **3/31/18** | $10831 | $10473 | $10698 |
| **4/30/18** | $10834 | $10395 | $10692 |
| **5/31/18** | $10844 | $10469 | $10737 |
| **6/30/18** | $10906 | $10456 | $10780 |
| **7/31/18** | $10879 | $10459 | $10729 |
| **8/31/18** | $10917 | $10526 | $10806 |
| **9/30/18** | $10829 | $10458 | $10692 |
| **10/31/18** | $10649 | $10376 | $10539 |
| **11/30/18** | $10683 | $10438 | $10589 |
| **12/31/18** | $10711 | $10630 | $10647 |
| **1/31/19** | $10903 | $10742 | $10790 |
| **2/28/19** | $10896 | $10736 | $10789 |
| **3/31/19** | $11097 | $10942 | $10987 |
| **4/30/19** | $11136 | $10945 | $11024 |
| **5/31/19** | $11325 | $11139 | $11206 |
| **6/30/19** | $11398 | $11279 | $11302 |
| **7/31/19** | $11433 | $11304 | $11342 |
| **8/31/19** | $11640 | $11597 | $11612 |
| **9/30/19** | $11528 | $11535 | $11454 |
| **10/31/19** | $11533 | $11570 | $11483 |
| **11/30/19** | $11569 | $11564 | $11501 |
| **12/31/19** | $11632 | $11556 | $11544 |
| **1/31/20** | $11894 | $11778 | $11787 |
| **2/29/20** | $11989 | $11990 | $11950 |
| **3/31/20** | $11708 | $11920 | $11740 |
| **4/30/20** | $12083 | $12132 | $12066 |
| **5/31/20** | $12159 | $12188 | $12103 |
| **6/30/20** | $12332 | $12265 | $12238 |
| **7/31/20** | $12650 | $12448 | $12519 |
| **8/31/20** | $12792 | $12348 | $12656 |
| **9/30/20** | $12747 | $12341 | $12609 |
| **10/31/20** | $12674 | $12286 | $12528 |
| **11/30/20** | $12839 | $12406 | $12668 |
| **12/31/20** | $13014 | $12424 | $12813 |
| **1/31/21** | $13082 | $12334 | $12856 |
| **2/28/21** | $12851 | $12156 | $12649 |
| **3/31/21** | $12836 | $12005 | $12625 |
| **4/30/21** | $13032 | $12099 | $12801 |
| **5/31/21** | $13194 | $12139 | $12956 |
| **6/30/21** | $13255 | $12224 | $13035 |
| **7/31/21** | $13594 | $12361 | $13382 |
| **8/31/21** | $13568 | $12337 | $13359 |
| **9/30/21** | $13467 | $12231 | $13263 |
| **10/31/21** | $13569 | $12227 | $13414 |
| **11/30/21** | $13691 | $12263 | $13534 |
| **12/31/21** | $13761 | $12232 | $13577 |
| **1/31/22** | $13450 | $11968 | $13302 |
| **2/28/22** | $13564 | $11835 | $13416 |
| **3/31/22** | $13357 | $11506 | $13166 |
| **4/30/22** | $13080 | $11069 | $12897 |
| **5/31/22** | $12939 | $11141 | $12769 |
| **6/30/22** | $12496 | $10966 | $12365 |
| **7/31/22** | $13059 | $11234 | $12903 |
| **8/31/22** | $12716 | $10917 | $12560 |
| **9/30/22** | $11854 | $10445 | $11729 |
| **10/31/22** | $12024 | $10310 | $11875 |
| **11/30/22** | $12238 | $10689 | $12092 |
| **12/31/22** | $12141 | $10641 | $11968 |
| **1/31/23** | $12365 | $10968 | $12188 |
| **2/28/23** | $12188 | $10684 | $12020 |
| **3/31/23** | $12517 | $10956 | $12368 |
| **4/30/23** | $12531 | $11022 | $12381 |
| **5/31/23** | $12367 | $10902 | $12233 |
| **6/30/23** | $12344 | $10863 | $12192 |
| **7/31/23** | $12376 | $10856 | $12207 |
| **8/31/23** | $12273 | $10786 | $12098 |
| **9/30/23** | $12061 | $10512 | $11875 |
| **10/31/23** | $11961 | $10346 | $11789 |
| **11/30/23** | $12298 | $10815 | $12109 |
| **12/31/23** | $12606 | $11229 | $12435 |
| **1/31/24** | $12664 | $11198 | $12457 |
| **2/29/24** | $12536 | $11040 | $12323 |
| **3/31/24** | $12630 | $11142 | $12424 |
| **4/30/24** | $12429 | $10860 | $12215 |
| **5/31/24** | $12648 | $11044 | $12424 |
| **6/30/24** | $12741 | $11149 | $12522 |
| **7/31/24** | $12993 | $11409 | $12745 |
| **8/31/24** | $13105 | $11573 | $12845 |
| **9/30/24** | $13300 | $11728 | $13038 |
| **10/31/24** | $13023 | $11437 | $12804 |
| **11/30/24** | $13111 | $11558 | $12866 |
| **12/31/24** | $12894 | $11369 | $12663 |
| **1/31/25** | $13088 | $11430 | $12827 |
| **2/28/25** | $13397 | $11681 | $13106 |
| **3/31/25** | $13502 | $11685 | $13190 |
| **4/30/25** | $13486 | $11731 | $13206 |
| **5/31/25** | $13409 | $11647 | $13128 |
| **6/30/25** | $13567 | $11826 | $13254 |
| **7/31/25** | $13591 | $11795 | $13270 |
| **8/31/25** | $13837 | $11936 | $13474 |
| **9/30/25** | $13895 | $12067 | $13532 |
| **10/31/25** | $13964 | $12142 | $13580 |
| **11/30/25** | $14000 | $12217 | $13605 |
| **12/31/25** | $13926 | $12199 | $13550 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 8.01% | 1.36% | 3.37% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. TIPS Index | 7.01% | 1.12% | 3.09% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1399321 |
| # of Portfolio Holdings | 713 |
| Portfolio Turnover Rate | 174% |
| Total Net Advisory Fees Paid During the Reporting Period | $3491 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 101.1% |
| U.S. Government Agencies | 18.4% |
| Asset-Backed Securities | 6.4% |
| Sovereign Issues | 4.6% |
| Non-Agency Mortgage-Backed Securities | 2.0% |
| Corporate Bonds & Notes | 0.6% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (33.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.32% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO Real Return Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0593TSRAR_123125

# Administrative Class

# PIMCO Short-Term Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Short-Term Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $67 | 0.65% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Holdings of investment grade corporate credit contributed to relative performance, as spreads tightened. 

* Overweight exposure to US duration, particularly in the 0-1-year part of the curve, contributed to relative performance, as interest rates fell. 

* Holdings of agency mortgage-backed securities ("MBS") contributed to relative performance, as agency MBS spreads tightened. 

* Select holdings of securitized credit, particularly asset-backed securities and collateralized loan obligations, contributed to relative performance, as carry contributions offset detractions from spreads widening. 

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g18u46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9961 | $10138 | $10001 |
| **2/29/16** | $9932 | $10210 | $10003 |
| **3/31/16** | $9973 | $10303 | $10005 |
| **4/30/16** | $10025 | $10343 | $10008 |
| **5/31/16** | $10087 | $10345 | $10010 |
| **6/30/16** | $10063 | $10531 | $10012 |
| **7/31/16** | $10098 | $10598 | $10014 |
| **8/31/16** | $10142 | $10586 | $10016 |
| **9/30/16** | $10155 | $10580 | $10019 |
| **10/31/16** | $10198 | $10499 | $10021 |
| **11/30/16** | $10223 | $10250 | $10024 |
| **12/31/16** | $10237 | $10265 | $10027 |
| **1/31/17** | $10258 | $10285 | $10031 |
| **2/28/17** | $10291 | $10354 | $10035 |
| **3/31/17** | $10305 | $10349 | $10039 |
| **4/30/17** | $10330 | $10428 | $10044 |
| **5/31/17** | $10335 | $10509 | $10050 |
| **6/30/17** | $10381 | $10498 | $10058 |
| **7/31/17** | $10375 | $10543 | $10066 |
| **8/31/17** | $10380 | $10638 | $10075 |
| **9/30/17** | $10425 | $10587 | $10083 |
| **10/31/17** | $10471 | $10593 | $10092 |
| **11/30/17** | $10488 | $10580 | $10101 |
| **12/31/17** | $10483 | $10628 | $10111 |
| **1/31/18** | $10507 | $10506 | $10123 |
| **2/28/18** | $10522 | $10406 | $10133 |
| **3/31/18** | $10508 | $10473 | $10147 |
| **4/30/18** | $10555 | $10395 | $10160 |
| **5/31/18** | $10565 | $10469 | $10176 |
| **6/30/18** | $10586 | $10456 | $10191 |
| **7/31/18** | $10616 | $10459 | $10207 |
| **8/31/18** | $10639 | $10526 | $10225 |
| **9/30/18** | $10678 | $10458 | $10242 |
| **10/31/18** | $10688 | $10376 | $10261 |
| **11/30/18** | $10680 | $10438 | $10279 |
| **12/31/18** | $10644 | $10630 | $10300 |
| **1/31/19** | $10684 | $10742 | $10321 |
| **2/28/19** | $10735 | $10736 | $10340 |
| **3/31/19** | $10750 | $10942 | $10361 |
| **4/30/19** | $10786 | $10945 | $10382 |
| **5/31/19** | $10794 | $11139 | $10404 |
| **6/30/19** | $10808 | $11279 | $10425 |
| **7/31/19** | $10862 | $11304 | $10446 |
| **8/31/19** | $10852 | $11597 | $10466 |
| **9/30/19** | $10883 | $11535 | $10483 |
| **10/31/19** | $10903 | $11570 | $10501 |
| **11/30/19** | $10922 | $11564 | $10517 |
| **12/31/19** | $10941 | $11556 | $10532 |
| **1/31/20** | $11011 | $11778 | $10546 |
| **2/29/20** | $11035 | $11990 | $10559 |
| **3/31/20** | $10699 | $11920 | $10573 |
| **4/30/20** | $10883 | $12132 | $10581 |
| **5/31/20** | $10969 | $12188 | $10586 |
| **6/30/20** | $11092 | $12265 | $10587 |
| **7/31/20** | $11110 | $12448 | $10588 |
| **8/31/20** | $11128 | $12348 | $10589 |
| **9/30/20** | $11157 | $12341 | $10590 |
| **10/31/20** | $11185 | $12286 | $10591 |
| **11/30/20** | $11170 | $12406 | $10592 |
| **12/31/20** | $11186 | $12424 | $10593 |
| **1/31/21** | $11212 | $12334 | $10594 |
| **2/28/21** | $11197 | $12156 | $10594 |
| **3/31/21** | $11216 | $12005 | $10595 |
| **4/30/21** | $11213 | $12099 | $10595 |
| **5/31/21** | $11218 | $12139 | $10595 |
| **6/30/21** | $11216 | $12224 | $10596 |
| **7/31/21** | $11199 | $12361 | $10596 |
| **8/31/21** | $11204 | $12337 | $10596 |
| **9/30/21** | $11209 | $12231 | $10597 |
| **10/31/21** | $11182 | $12227 | $10597 |
| **11/30/21** | $11165 | $12263 | $10597 |
| **12/31/21** | $11180 | $12232 | $10598 |
| **1/31/22** | $11163 | $11968 | $10598 |
| **2/28/22** | $11124 | $11835 | $10599 |
| **3/31/22** | $11054 | $11506 | $10601 |
| **4/30/22** | $11041 | $11069 | $10604 |
| **5/31/22** | $11050 | $11141 | $10609 |
| **6/30/22** | $11005 | $10966 | $10616 |
| **7/31/22** | $10999 | $11234 | $10627 |
| **8/31/22** | $11059 | $10917 | $10643 |
| **9/30/22** | $11069 | $10445 | $10664 |
| **10/31/22** | $11058 | $10310 | $10690 |
| **11/30/22** | $11086 | $10689 | $10721 |
| **12/31/22** | $11163 | $10641 | $10757 |
| **1/31/23** | $11206 | $10968 | $10797 |
| **2/28/23** | $11272 | $10684 | $10834 |
| **3/31/23** | $11278 | $10956 | $10878 |
| **4/30/23** | $11337 | $11022 | $10921 |
| **5/31/23** | $11391 | $10902 | $10967 |
| **6/30/23** | $11459 | $10863 | $11014 |
| **7/31/23** | $11535 | $10856 | $11064 |
| **8/31/23** | $11594 | $10786 | $11116 |
| **9/30/23** | $11664 | $10512 | $11166 |
| **10/31/23** | $11723 | $10346 | $11218 |
| **11/30/23** | $11772 | $10815 | $11270 |
| **12/31/23** | $11823 | $11229 | $11323 |
| **1/31/24** | $11894 | $11198 | $11375 |
| **2/29/24** | $11966 | $11040 | $11425 |
| **3/31/24** | $12029 | $11142 | $11478 |
| **4/30/24** | $12092 | $10860 | $11529 |
| **5/31/24** | $12148 | $11044 | $11583 |
| **6/30/24** | $12196 | $11149 | $11635 |
| **7/31/24** | $12237 | $11409 | $11689 |
| **8/31/24** | $12293 | $11573 | $11743 |
| **9/30/24** | $12341 | $11728 | $11795 |
| **10/31/24** | $12402 | $11437 | $11845 |
| **11/30/24** | $12465 | $11558 | $11893 |
| **12/31/24** | $12538 | $11369 | $11939 |
| **1/31/25** | $12599 | $11430 | $11985 |
| **2/28/25** | $12644 | $11681 | $12026 |
| **3/31/25** | $12678 | $11685 | $12071 |
| **4/30/25** | $12690 | $11731 | $12114 |
| **5/31/25** | $12765 | $11647 | $12159 |
| **6/30/25** | $12824 | $11826 | $12203 |
| **7/31/25** | $12885 | $11795 | $12248 |
| **8/31/25** | $12949 | $11936 | $12294 |
| **9/30/25** | $12983 | $12067 | $12338 |
| **10/31/25** | $13034 | $12142 | $12382 |
| **11/30/25** | $13077 | $12217 | $12423 |
| **12/31/25** | $13124 | $12199 | $12464 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 4.67% | 3.25% | 2.76% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| FTSE 3-Month Treasury Bill Index | 4.40% | 3.31% | 2.23% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $662769 |
| # of Portfolio Holdings | 621 |
| Portfolio Turnover Rate | 104% |
| Total Net Advisory Fees Paid During the Reporting Period | $1584 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 49.4% |
| U.S. Government Agencies | 16.1% |
| Asset-Backed Securities | 13.7% |
| Non-Agency Mortgage-Backed Securities | 5.5% |
| U.S. Treasury Obligations | 3.3% |
| Sovereign Issues | 0.8% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 20.4% |
| Affiliated Investments | 7.2% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (16.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO Short-Term Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0339TSRAR_123125

# Advisor Class

# PIMCO Short-Term Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Short-Term Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $77 | 0.75% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Holdings of investment grade corporate credit contributed to relative performance, as spreads tightened. 

* Overweight exposure to US duration, particularly in the 0-1-year part of the curve, contributed to relative performance, as interest rates fell. 

* Holdings of agency mortgage-backed securities ("MBS") contributed to relative performance, as agency MBS spreads tightened. 

* Select holdings of securitized credit, particularly asset-backed securities and collateralized loan obligations, contributed to relative performance, as carry contributions offset detractions from spreads widening. 

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g75w05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9960 | $10138 | $10001 |
| **2/29/16** | $9931 | $10210 | $10003 |
| **3/31/16** | $9971 | $10303 | $10005 |
| **4/30/16** | $10019 | $10343 | $10008 |
| **5/31/16** | $10080 | $10345 | $10010 |
| **6/30/16** | $10055 | $10531 | $10012 |
| **7/31/16** | $10088 | $10598 | $10014 |
| **8/31/16** | $10131 | $10586 | $10016 |
| **9/30/16** | $10143 | $10580 | $10019 |
| **10/31/16** | $10186 | $10499 | $10021 |
| **11/30/16** | $10210 | $10250 | $10024 |
| **12/31/16** | $10223 | $10265 | $10027 |
| **1/31/17** | $10243 | $10285 | $10031 |
| **2/28/17** | $10275 | $10354 | $10035 |
| **3/31/17** | $10288 | $10349 | $10039 |
| **4/30/17** | $10312 | $10428 | $10044 |
| **5/31/17** | $10316 | $10509 | $10050 |
| **6/30/17** | $10361 | $10498 | $10058 |
| **7/31/17** | $10354 | $10543 | $10066 |
| **8/31/17** | $10359 | $10638 | $10075 |
| **9/30/17** | $10403 | $10587 | $10083 |
| **10/31/17** | $10447 | $10593 | $10092 |
| **11/30/17** | $10464 | $10580 | $10101 |
| **12/31/17** | $10458 | $10628 | $10111 |
| **1/31/18** | $10481 | $10506 | $10123 |
| **2/28/18** | $10495 | $10406 | $10133 |
| **3/31/18** | $10480 | $10473 | $10147 |
| **4/30/18** | $10527 | $10395 | $10160 |
| **5/31/18** | $10536 | $10469 | $10176 |
| **6/30/18** | $10555 | $10456 | $10191 |
| **7/31/18** | $10584 | $10459 | $10207 |
| **8/31/18** | $10606 | $10526 | $10225 |
| **9/30/18** | $10644 | $10458 | $10242 |
| **10/31/18** | $10654 | $10376 | $10261 |
| **11/30/18** | $10645 | $10438 | $10279 |
| **12/31/18** | $10607 | $10630 | $10300 |
| **1/31/19** | $10647 | $10742 | $10321 |
| **2/28/19** | $10697 | $10736 | $10340 |
| **3/31/19** | $10711 | $10942 | $10361 |
| **4/30/19** | $10746 | $10945 | $10382 |
| **5/31/19** | $10753 | $11139 | $10404 |
| **6/30/19** | $10765 | $11279 | $10425 |
| **7/31/19** | $10819 | $11304 | $10446 |
| **8/31/19** | $10808 | $11597 | $10466 |
| **9/30/19** | $10838 | $11535 | $10483 |
| **10/31/19** | $10857 | $11570 | $10501 |
| **11/30/19** | $10875 | $11564 | $10517 |
| **12/31/19** | $10893 | $11556 | $10532 |
| **1/31/20** | $10961 | $11778 | $10546 |
| **2/29/20** | $10985 | $11990 | $10559 |
| **3/31/20** | $10649 | $11920 | $10573 |
| **4/30/20** | $10832 | $12132 | $10581 |
| **5/31/20** | $10917 | $12188 | $10586 |
| **6/30/20** | $11038 | $12265 | $10587 |
| **7/31/20** | $11055 | $12448 | $10588 |
| **8/31/20** | $11072 | $12348 | $10589 |
| **9/30/20** | $11100 | $12341 | $10590 |
| **10/31/20** | $11127 | $12286 | $10591 |
| **11/30/20** | $11110 | $12406 | $10592 |
| **12/31/20** | $11126 | $12424 | $10593 |
| **1/31/21** | $11151 | $12334 | $10594 |
| **2/28/21** | $11135 | $12156 | $10594 |
| **3/31/21** | $11153 | $12005 | $10595 |
| **4/30/21** | $11148 | $12099 | $10595 |
| **5/31/21** | $11153 | $12139 | $10595 |
| **6/30/21** | $11150 | $12224 | $10596 |
| **7/31/21** | $11132 | $12361 | $10596 |
| **8/31/21** | $11136 | $12337 | $10596 |
| **9/30/21** | $11141 | $12231 | $10597 |
| **10/31/21** | $11112 | $12227 | $10597 |
| **11/30/21** | $11094 | $12263 | $10597 |
| **12/31/21** | $11109 | $12232 | $10598 |
| **1/31/22** | $11091 | $11968 | $10598 |
| **2/28/22** | $11052 | $11835 | $10599 |
| **3/31/22** | $10981 | $11506 | $10601 |
| **4/30/22** | $10967 | $11069 | $10604 |
| **5/31/22** | $10975 | $11141 | $10609 |
| **6/30/22** | $10929 | $10966 | $10616 |
| **7/31/22** | $10922 | $11234 | $10627 |
| **8/31/22** | $10981 | $10917 | $10643 |
| **9/30/22** | $10990 | $10445 | $10664 |
| **10/31/22** | $10978 | $10310 | $10690 |
| **11/30/22** | $11005 | $10689 | $10721 |
| **12/31/22** | $11081 | $10641 | $10757 |
| **1/31/23** | $11122 | $10968 | $10797 |
| **2/28/23** | $11187 | $10684 | $10834 |
| **3/31/23** | $11192 | $10956 | $10878 |
| **4/30/23** | $11250 | $11022 | $10921 |
| **5/31/23** | $11302 | $10902 | $10967 |
| **6/30/23** | $11369 | $10863 | $11014 |
| **7/31/23** | $11444 | $10856 | $11064 |
| **8/31/23** | $11501 | $10786 | $11116 |
| **9/30/23** | $11570 | $10512 | $11166 |
| **10/31/23** | $11627 | $10346 | $11218 |
| **11/30/23** | $11674 | $10815 | $11270 |
| **12/31/23** | $11724 | $11229 | $11323 |
| **1/31/24** | $11793 | $11198 | $11375 |
| **2/29/24** | $11864 | $11040 | $11425 |
| **3/31/24** | $11925 | $11142 | $11478 |
| **4/30/24** | $11987 | $10860 | $11529 |
| **5/31/24** | $12041 | $11044 | $11583 |
| **6/30/24** | $12088 | $11149 | $11635 |
| **7/31/24** | $12128 | $11409 | $11689 |
| **8/31/24** | $12182 | $11573 | $11743 |
| **9/30/24** | $12228 | $11728 | $11795 |
| **10/31/24** | $12288 | $11437 | $11845 |
| **11/30/24** | $12349 | $11558 | $11893 |
| **12/31/24** | $12421 | $11369 | $11939 |
| **1/31/25** | $12480 | $11430 | $11985 |
| **2/28/25** | $12524 | $11681 | $12026 |
| **3/31/25** | $12556 | $11685 | $12071 |
| **4/30/25** | $12567 | $11731 | $12114 |
| **5/31/25** | $12640 | $11647 | $12159 |
| **6/30/25** | $12698 | $11826 | $12203 |
| **7/31/25** | $12758 | $11795 | $12248 |
| **8/31/25** | $12819 | $11936 | $12294 |
| **9/30/25** | $12852 | $12067 | $12338 |
| **10/31/25** | $12902 | $12142 | $12382 |
| **11/30/25** | $12943 | $12217 | $12423 |
| **12/31/25** | $12988 | $12199 | $12464 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 4.57% | 3.14% | 2.65% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| FTSE 3-Month Treasury Bill Index | 4.40% | 3.31% | 2.23% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $662769 |
| # of Portfolio Holdings | 621 |
| Portfolio Turnover Rate | 104% |
| Total Net Advisory Fees Paid During the Reporting Period | $1584 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 49.4% |
| U.S. Government Agencies | 16.1% |
| Asset-Backed Securities | 13.7% |
| Non-Agency Mortgage-Backed Securities | 5.5% |
| U.S. Treasury Obligations | 3.3% |
| Sovereign Issues | 0.8% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 20.4% |
| Affiliated Investments | 7.2% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (16.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO Short-Term Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1956TSRAR_123125

# Institutional Class

# PIMCO Short-Term Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Short-Term Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $51 | 0.50% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Holdings of investment grade corporate credit contributed to relative performance, as spreads tightened. 

* Overweight exposure to US duration, particularly in the 0-1-year part of the curve, contributed to relative performance, as interest rates fell. 

* Holdings of agency mortgage-backed securities ("MBS") contributed to relative performance, as agency MBS spreads tightened. 

* Select holdings of securitized credit, particularly asset-backed securities and collateralized loan obligations, contributed to relative performance, as carry contributions offset detractions from spreads widening. 

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g38a33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9962 | $10138 | $10001 |
| **2/29/16** | $9934 | $10210 | $10003 |
| **3/31/16** | $9977 | $10303 | $10005 |
| **4/30/16** | $10030 | $10343 | $10008 |
| **5/31/16** | $10093 | $10345 | $10010 |
| **6/30/16** | $10070 | $10531 | $10012 |
| **7/31/16** | $10106 | $10598 | $10014 |
| **8/31/16** | $10152 | $10586 | $10016 |
| **9/30/16** | $10166 | $10580 | $10019 |
| **10/31/16** | $10211 | $10499 | $10021 |
| **11/30/16** | $10237 | $10250 | $10024 |
| **12/31/16** | $10252 | $10265 | $10027 |
| **1/31/17** | $10274 | $10285 | $10031 |
| **2/28/17** | $10309 | $10354 | $10035 |
| **3/31/17** | $10324 | $10349 | $10039 |
| **4/30/17** | $10350 | $10428 | $10044 |
| **5/31/17** | $10357 | $10509 | $10050 |
| **6/30/17** | $10404 | $10498 | $10058 |
| **7/31/17** | $10399 | $10543 | $10066 |
| **8/31/17** | $10406 | $10638 | $10075 |
| **9/30/17** | $10452 | $10587 | $10083 |
| **10/31/17** | $10499 | $10593 | $10092 |
| **11/30/17** | $10518 | $10580 | $10101 |
| **12/31/17** | $10514 | $10628 | $10111 |
| **1/31/18** | $10540 | $10506 | $10123 |
| **2/28/18** | $10556 | $10406 | $10133 |
| **3/31/18** | $10543 | $10473 | $10147 |
| **4/30/18** | $10592 | $10395 | $10160 |
| **5/31/18** | $10603 | $10469 | $10176 |
| **6/30/18** | $10626 | $10456 | $10191 |
| **7/31/18** | $10657 | $10459 | $10207 |
| **8/31/18** | $10681 | $10526 | $10225 |
| **9/30/18** | $10722 | $10458 | $10242 |
| **10/31/18** | $10733 | $10376 | $10261 |
| **11/30/18** | $10727 | $10438 | $10279 |
| **12/31/18** | $10691 | $10630 | $10300 |
| **1/31/19** | $10734 | $10742 | $10321 |
| **2/28/19** | $10786 | $10736 | $10340 |
| **3/31/19** | $10802 | $10942 | $10361 |
| **4/30/19** | $10840 | $10945 | $10382 |
| **5/31/19** | $10849 | $11139 | $10404 |
| **6/30/19** | $10864 | $11279 | $10425 |
| **7/31/19** | $10920 | $11304 | $10446 |
| **8/31/19** | $10912 | $11597 | $10466 |
| **9/30/19** | $10944 | $11535 | $10483 |
| **10/31/19** | $10965 | $11570 | $10501 |
| **11/30/19** | $10986 | $11564 | $10517 |
| **12/31/19** | $11007 | $11556 | $10532 |
| **1/31/20** | $11078 | $11778 | $10546 |
| **2/29/20** | $11104 | $11990 | $10559 |
| **3/31/20** | $10767 | $11920 | $10573 |
| **4/30/20** | $10954 | $12132 | $10581 |
| **5/31/20** | $11042 | $12188 | $10586 |
| **6/30/20** | $11167 | $12265 | $10587 |
| **7/31/20** | $11186 | $12448 | $10588 |
| **8/31/20** | $11206 | $12348 | $10589 |
| **9/30/20** | $11236 | $12341 | $10590 |
| **10/31/20** | $11266 | $12286 | $10591 |
| **11/30/20** | $11252 | $12406 | $10592 |
| **12/31/20** | $11271 | $12424 | $10593 |
| **1/31/21** | $11298 | $12334 | $10594 |
| **2/28/21** | $11284 | $12156 | $10594 |
| **3/31/21** | $11304 | $12005 | $10595 |
| **4/30/21** | $11302 | $12099 | $10595 |
| **5/31/21** | $11309 | $12139 | $10595 |
| **6/30/21** | $11308 | $12224 | $10596 |
| **7/31/21** | $11293 | $12361 | $10596 |
| **8/31/21** | $11299 | $12337 | $10596 |
| **9/30/21** | $11306 | $12231 | $10597 |
| **10/31/21** | $11280 | $12227 | $10597 |
| **11/30/21** | $11264 | $12263 | $10597 |
| **12/31/21** | $11281 | $12232 | $10598 |
| **1/31/22** | $11265 | $11968 | $10598 |
| **2/28/22** | $11227 | $11835 | $10599 |
| **3/31/22** | $11158 | $11506 | $10601 |
| **4/30/22** | $11146 | $11069 | $10604 |
| **5/31/22** | $11157 | $11141 | $10609 |
| **6/30/22** | $11112 | $10966 | $10616 |
| **7/31/22** | $11107 | $11234 | $10627 |
| **8/31/22** | $11170 | $10917 | $10643 |
| **9/30/22** | $11181 | $10445 | $10664 |
| **10/31/22** | $11172 | $10310 | $10690 |
| **11/30/22** | $11201 | $10689 | $10721 |
| **12/31/22** | $11281 | $10641 | $10757 |
| **1/31/23** | $11325 | $10968 | $10797 |
| **2/28/23** | $11394 | $10684 | $10834 |
| **3/31/23** | $11401 | $10956 | $10878 |
| **4/30/23** | $11462 | $11022 | $10921 |
| **5/31/23** | $11518 | $10902 | $10967 |
| **6/30/23** | $11588 | $10863 | $11014 |
| **7/31/23** | $11667 | $10856 | $11064 |
| **8/31/23** | $11727 | $10786 | $11116 |
| **9/30/23** | $11800 | $10512 | $11166 |
| **10/31/23** | $11861 | $10346 | $11218 |
| **11/30/23** | $11912 | $10815 | $11270 |
| **12/31/23** | $11965 | $11229 | $11323 |
| **1/31/24** | $12039 | $11198 | $11375 |
| **2/29/24** | $12113 | $11040 | $11425 |
| **3/31/24** | $12178 | $11142 | $11478 |
| **4/30/24** | $12244 | $10860 | $11529 |
| **5/31/24** | $12302 | $11044 | $11583 |
| **6/30/24** | $12352 | $11149 | $11635 |
| **7/31/24** | $12395 | $11409 | $11689 |
| **8/31/24** | $12453 | $11573 | $11743 |
| **9/30/24** | $12503 | $11728 | $11795 |
| **10/31/24** | $12567 | $11437 | $11845 |
| **11/30/24** | $12632 | $11558 | $11893 |
| **12/31/24** | $12708 | $11369 | $11939 |
| **1/31/25** | $12772 | $11430 | $11985 |
| **2/28/25** | $12819 | $11681 | $12026 |
| **3/31/25** | $12854 | $11685 | $12071 |
| **4/30/25** | $12868 | $11731 | $12114 |
| **5/31/25** | $12946 | $11647 | $12159 |
| **6/30/25** | $13007 | $11826 | $12203 |
| **7/31/25** | $13071 | $11795 | $12248 |
| **8/31/25** | $13138 | $11936 | $12294 |
| **9/30/25** | $13174 | $12067 | $12338 |
| **10/31/25** | $13228 | $12142 | $12382 |
| **11/30/25** | $13272 | $12217 | $12423 |
| **12/31/25** | $13321 | $12199 | $12464 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 4.83% | 3.40% | 2.91% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| FTSE 3-Month Treasury Bill Index | 4.40% | 3.31% | 2.23% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $662769 |
| # of Portfolio Holdings | 621 |
| Portfolio Turnover Rate | 104% |
| Total Net Advisory Fees Paid During the Reporting Period | $1584 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 49.4% |
| U.S. Government Agencies | 16.1% |
| Asset-Backed Securities | 13.7% |
| Non-Agency Mortgage-Backed Securities | 5.5% |
| U.S. Treasury Obligations | 3.3% |
| Sovereign Issues | 0.8% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 20.4% |
| Affiliated Investments | 7.2% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (16.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO Short-Term Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0549TSRAR_123125

# Administrative Class

# PIMCO Total Return Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $76 | 0.73% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., including overweight exposure to the intermediate-end of the U.S. sovereign curve, contributed to relative performance, as yields fell. 

* Long exposure to securitized credit, namely non-agency residential mortgage-backed securities ("MBS"), contributed to relative performance, as non-agency residential MBS spreads tightened.

* Overweight exposure to agency MBS contributed to relative performance, as agency MBS spreads tightened. 

* Short exposure to select emerging market currencies in Asia, particularly the Taiwanese dollar, detracted from relative performance, as it appreciated relative to the U.S. dollar. 

* Short exposure to developed market currencies in the dollar bloc, including the Australian dollar and the Canadian dollar, detracted from relative performance, as they appreciated relative to the U.S. dollar.

* Long exposure to U.S. treasury inflation-protected securities detracted from relative performance, as long run inflation expectations fell.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g70l80.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** |
| **12/31/15** | $10000 | $10000 |
| **1/31/16** | $10101 | $10138 |
| **2/29/16** | $10062 | $10210 |
| **3/31/16** | $10195 | $10303 |
| **4/30/16** | $10249 | $10343 |
| **5/31/16** | $10271 | $10345 |
| **6/30/16** | $10417 | $10531 |
| **7/31/16** | $10524 | $10598 |
| **8/31/16** | $10505 | $10586 |
| **9/30/16** | $10536 | $10580 |
| **10/31/16** | $10473 | $10499 |
| **11/30/16** | $10212 | $10250 |
| **12/31/16** | $10268 | $10265 |
| **1/31/17** | $10338 | $10285 |
| **2/28/17** | $10421 | $10354 |
| **3/31/17** | $10424 | $10349 |
| **4/30/17** | $10510 | $10428 |
| **5/31/17** | $10596 | $10509 |
| **6/30/17** | $10607 | $10498 |
| **7/31/17** | $10672 | $10543 |
| **8/31/17** | $10808 | $10638 |
| **9/30/17** | $10768 | $10587 |
| **10/31/17** | $10747 | $10593 |
| **11/30/17** | $10716 | $10580 |
| **12/31/17** | $10772 | $10628 |
| **1/31/18** | $10671 | $10506 |
| **2/28/18** | $10599 | $10406 |
| **3/31/18** | $10639 | $10473 |
| **4/30/18** | $10551 | $10395 |
| **5/31/18** | $10584 | $10469 |
| **6/30/18** | $10588 | $10456 |
| **7/31/18** | $10611 | $10459 |
| **8/31/18** | $10655 | $10526 |
| **9/30/18** | $10598 | $10458 |
| **10/31/18** | $10561 | $10376 |
| **11/30/18** | $10588 | $10438 |
| **12/31/18** | $10715 | $10630 |
| **1/31/19** | $10864 | $10742 |
| **2/28/19** | $10880 | $10736 |
| **3/31/19** | $11032 | $10942 |
| **4/30/19** | $11051 | $10945 |
| **5/31/19** | $11249 | $11139 |
| **6/30/19** | $11374 | $11279 |
| **7/31/19** | $11371 | $11304 |
| **8/31/19** | $11681 | $11597 |
| **9/30/19** | $11634 | $11535 |
| **10/31/19** | $11670 | $11570 |
| **11/30/19** | $11634 | $11564 |
| **12/31/19** | $11610 | $11556 |
| **1/31/20** | $11889 | $11778 |
| **2/29/20** | $12049 | $11990 |
| **3/31/20** | $11823 | $11920 |
| **4/30/20** | $12069 | $12132 |
| **5/31/20** | $12185 | $12188 |
| **6/30/20** | $12323 | $12265 |
| **7/31/20** | $12495 | $12448 |
| **8/31/20** | $12470 | $12348 |
| **9/30/20** | $12478 | $12341 |
| **10/31/20** | $12423 | $12286 |
| **11/30/20** | $12571 | $12406 |
| **12/31/20** | $12614 | $12424 |
| **1/31/21** | $12555 | $12334 |
| **2/28/21** | $12377 | $12156 |
| **3/31/21** | $12220 | $12005 |
| **4/30/21** | $12327 | $12099 |
| **5/31/21** | $12365 | $12139 |
| **6/30/21** | $12463 | $12224 |
| **7/31/21** | $12585 | $12361 |
| **8/31/21** | $12568 | $12337 |
| **9/30/21** | $12471 | $12231 |
| **10/31/21** | $12434 | $12227 |
| **11/30/21** | $12455 | $12263 |
| **12/31/21** | $12454 | $12232 |
| **1/31/22** | $12221 | $11968 |
| **2/28/22** | $12089 | $11835 |
| **3/31/22** | $11690 | $11506 |
| **4/30/22** | $11225 | $11069 |
| **5/31/22** | $11271 | $11141 |
| **6/30/22** | $11013 | $10966 |
| **7/31/22** | $11260 | $11234 |
| **8/31/22** | $10978 | $10917 |
| **9/30/22** | $10487 | $10445 |
| **10/31/22** | $10301 | $10310 |
| **11/30/22** | $10682 | $10689 |
| **12/31/22** | $10674 | $10641 |
| **1/31/23** | $11034 | $10968 |
| **2/28/23** | $10754 | $10684 |
| **3/31/23** | $10956 | $10956 |
| **4/30/23** | $11022 | $11022 |
| **5/31/23** | $10923 | $10902 |
| **6/30/23** | $10886 | $10863 |
| **7/31/23** | $10927 | $10856 |
| **8/31/23** | $10851 | $10786 |
| **9/30/23** | $10580 | $10512 |
| **10/31/23** | $10393 | $10346 |
| **11/30/23** | $10881 | $10815 |
| **12/31/23** | $11307 | $11229 |
| **1/31/24** | $11326 | $11198 |
| **2/29/24** | $11187 | $11040 |
| **3/31/24** | $11299 | $11142 |
| **4/30/24** | $11038 | $10860 |
| **5/31/24** | $11245 | $11044 |
| **6/30/24** | $11344 | $11149 |
| **7/31/24** | $11624 | $11409 |
| **8/31/24** | $11767 | $11573 |
| **9/30/24** | $11930 | $11728 |
| **10/31/24** | $11628 | $11437 |
| **11/30/24** | $11770 | $11558 |
| **12/31/24** | $11593 | $11369 |
| **1/31/25** | $11658 | $11430 |
| **2/28/25** | $11965 | $11681 |
| **3/31/25** | $11979 | $11685 |
| **4/30/25** | $11995 | $11731 |
| **5/31/25** | $11908 | $11647 |
| **6/30/25** | $12116 | $11826 |
| **7/31/25** | $12093 | $11795 |
| **8/31/25** | $12269 | $11936 |
| **9/30/25** | $12428 | $12067 |
| **10/31/25** | $12566 | $12142 |
| **11/30/25** | $12646 | $12217 |
| **12/31/25** | $12624 | $12199 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 8.89% | 0.02% | 2.36% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $4579121 |
| # of Portfolio Holdings | 1557 |
| Portfolio Turnover Rate | 505% |
| Total Net Advisory Fees Paid During the Reporting Period | $11181 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 41.8% |
| Corporate Bonds & Notes | 37.1% |
| U.S. Treasury Obligations | 18.3% |
| Sovereign Issues | 10.0% |
| Non-Agency Mortgage-Backed Securities | 9.6% |
| Asset-Backed Securities | 8.0% |
| Loan Participations and Assignments | 0.8% |
| Municipal Bonds & Notes | 0.6% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.0% |
| Affiliated Investments | 4.4% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (33.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Administrative Class
![Image](g55574g26k39.jpg)

# PIMCO Total Return Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0331TSRAR_123125

# Advisor Class

# PIMCO Total Return Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $87 | 0.83% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., including overweight exposure to the intermediate-end of the U.S. sovereign curve, contributed to relative performance, as yields fell. 

* Long exposure to securitized credit, namely non-agency residential mortgage-backed securities ("MBS"), contributed to relative performance, as non-agency residential MBS spreads tightened.

* Overweight exposure to agency MBS contributed to relative performance, as agency MBS spreads tightened. 

* Short exposure to select emerging market currencies in Asia, particularly the Taiwanese dollar, detracted from relative performance, as it appreciated relative to the U.S. dollar. 

* Short exposure to developed market currencies in the dollar bloc, including the Australian dollar and the Canadian dollar, detracted from relative performance, as they appreciated relative to the U.S. dollar.

* Long exposure to U.S. treasury inflation-protected securities detracted from relative performance, as long run inflation expectations fell.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g70o65.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **Bloomberg U.S. Aggregate Index** |
| **12/31/15** | $10000 | $10000 |
| **1/31/16** | $10100 | $10138 |
| **2/29/16** | $10061 | $10210 |
| **3/31/16** | $10192 | $10303 |
| **4/30/16** | $10246 | $10343 |
| **5/31/16** | $10267 | $10345 |
| **6/30/16** | $10411 | $10531 |
| **7/31/16** | $10518 | $10598 |
| **8/31/16** | $10498 | $10586 |
| **9/30/16** | $10528 | $10580 |
| **10/31/16** | $10465 | $10499 |
| **11/30/16** | $10202 | $10250 |
| **12/31/16** | $10257 | $10265 |
| **1/31/17** | $10327 | $10285 |
| **2/28/17** | $10410 | $10354 |
| **3/31/17** | $10411 | $10349 |
| **4/30/17** | $10496 | $10428 |
| **5/31/17** | $10582 | $10509 |
| **6/30/17** | $10591 | $10498 |
| **7/31/17** | $10655 | $10543 |
| **8/31/17** | $10790 | $10638 |
| **9/30/17** | $10750 | $10587 |
| **10/31/17** | $10727 | $10593 |
| **11/30/17** | $10695 | $10580 |
| **12/31/17** | $10751 | $10628 |
| **1/31/18** | $10649 | $10506 |
| **2/28/18** | $10576 | $10406 |
| **3/31/18** | $10615 | $10473 |
| **4/30/18** | $10527 | $10395 |
| **5/31/18** | $10558 | $10469 |
| **6/30/18** | $10561 | $10456 |
| **7/31/18** | $10583 | $10459 |
| **8/31/18** | $10627 | $10526 |
| **9/30/18** | $10569 | $10458 |
| **10/31/18** | $10531 | $10376 |
| **11/30/18** | $10557 | $10438 |
| **12/31/18** | $10683 | $10630 |
| **1/31/19** | $10831 | $10742 |
| **2/28/19** | $10846 | $10736 |
| **3/31/19** | $10996 | $10942 |
| **4/30/19** | $11014 | $10945 |
| **5/31/19** | $11211 | $11139 |
| **6/30/19** | $11334 | $11279 |
| **7/31/19** | $11331 | $11304 |
| **8/31/19** | $11638 | $11597 |
| **9/30/19** | $11591 | $11535 |
| **10/31/19** | $11625 | $11570 |
| **11/30/19** | $11589 | $11564 |
| **12/31/19** | $11564 | $11556 |
| **1/31/20** | $11841 | $11778 |
| **2/29/20** | $11999 | $11990 |
| **3/31/20** | $11773 | $11920 |
| **4/30/20** | $12017 | $12132 |
| **5/31/20** | $12131 | $12188 |
| **6/30/20** | $12268 | $12265 |
| **7/31/20** | $12438 | $12448 |
| **8/31/20** | $12412 | $12348 |
| **9/30/20** | $12419 | $12341 |
| **10/31/20** | $12364 | $12286 |
| **11/30/20** | $12510 | $12406 |
| **12/31/20** | $12552 | $12424 |
| **1/31/21** | $12492 | $12334 |
| **2/28/21** | $12313 | $12156 |
| **3/31/21** | $12156 | $12005 |
| **4/30/21** | $12262 | $12099 |
| **5/31/21** | $12298 | $12139 |
| **6/30/21** | $12395 | $12224 |
| **7/31/21** | $12516 | $12361 |
| **8/31/21** | $12497 | $12337 |
| **9/30/21** | $12400 | $12231 |
| **10/31/21** | $12363 | $12227 |
| **11/30/21** | $12382 | $12263 |
| **12/31/21** | $12380 | $12232 |
| **1/31/22** | $12147 | $11968 |
| **2/28/22** | $12015 | $11835 |
| **3/31/22** | $11618 | $11506 |
| **4/30/22** | $11155 | $11069 |
| **5/31/22** | $11199 | $11141 |
| **6/30/22** | $10942 | $10966 |
| **7/31/22** | $11186 | $11234 |
| **8/31/22** | $10906 | $10917 |
| **9/30/22** | $10416 | $10445 |
| **10/31/22** | $10231 | $10310 |
| **11/30/22** | $10609 | $10689 |
| **12/31/22** | $10599 | $10641 |
| **1/31/23** | $10956 | $10968 |
| **2/28/23** | $10678 | $10684 |
| **3/31/23** | $10877 | $10956 |
| **4/30/23** | $10942 | $11022 |
| **5/31/23** | $10842 | $10902 |
| **6/30/23** | $10805 | $10863 |
| **7/31/23** | $10845 | $10856 |
| **8/31/23** | $10769 | $10786 |
| **9/30/23** | $10498 | $10512 |
| **10/31/23** | $10312 | $10346 |
| **11/30/23** | $10795 | $10815 |
| **12/31/23** | $11217 | $11229 |
| **1/31/24** | $11235 | $11198 |
| **2/29/24** | $11096 | $11040 |
| **3/31/24** | $11207 | $11142 |
| **4/30/24** | $10947 | $10860 |
| **5/31/24** | $11151 | $11044 |
| **6/30/24** | $11248 | $11149 |
| **7/31/24** | $11525 | $11409 |
| **8/31/24** | $11666 | $11573 |
| **9/30/24** | $11827 | $11728 |
| **10/31/24** | $11526 | $11437 |
| **11/30/24** | $11666 | $11558 |
| **12/31/24** | $11490 | $11369 |
| **1/31/25** | $11553 | $11430 |
| **2/28/25** | $11856 | $11681 |
| **3/31/25** | $11869 | $11685 |
| **4/30/25** | $11884 | $11731 |
| **5/31/25** | $11797 | $11647 |
| **6/30/25** | $12002 | $11826 |
| **7/31/25** | $11978 | $11795 |
| **8/31/25** | $12152 | $11936 |
| **9/30/25** | $12308 | $12067 |
| **10/31/25** | $12444 | $12142 |
| **11/30/25** | $12521 | $12217 |
| **12/31/25** | $12499 | $12199 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class | 8.78% | (0.08%) | 2.26% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $4579121 |
| # of Portfolio Holdings | 1557 |
| Portfolio Turnover Rate | 505% |
| Total Net Advisory Fees Paid During the Reporting Period | $11181 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 41.8% |
| Corporate Bonds & Notes | 37.1% |
| U.S. Treasury Obligations | 18.3% |
| Sovereign Issues | 10.0% |
| Non-Agency Mortgage-Backed Securities | 9.6% |
| Asset-Backed Securities | 8.0% |
| Loan Participations and Assignments | 0.8% |
| Municipal Bonds & Notes | 0.6% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.0% |
| Affiliated Investments | 4.4% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (33.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Advisor Class
![Image](g55574g26k39.jpg)

# PIMCO Total Return Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT1839TSRAR_123125

# Institutional Class

# PIMCO Total Return Portfolio

#### Annual Shareholder Report \| December 31, 2025
![Image](g55574g12i52.jpg)

This annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/pvit**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $61 | 0.58% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., including overweight exposure to the intermediate-end of the U.S. sovereign curve, contributed to relative performance, as yields fell. 

* Long exposure to securitized credit, namely non-agency residential mortgage-backed securities ("MBS"), contributed to relative performance, as non-agency residential MBS spreads tightened.

* Overweight exposure to agency MBS contributed to relative performance, as agency MBS spreads tightened. 

* Short exposure to select emerging market currencies in Asia, particularly the Taiwanese dollar, detracted from relative performance, as it appreciated relative to the U.S. dollar. 

* Short exposure to developed market currencies in the dollar bloc, including the Australian dollar and the Canadian dollar, detracted from relative performance, as they appreciated relative to the U.S. dollar.

* Long exposure to U.S. treasury inflation-protected securities detracted from relative performance, as long run inflation expectations fell.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g55574g80q99.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** |
| **12/31/15** | $10000 | $10000 |
| **1/31/16** | $10102 | $10138 |
| **2/29/16** | $10064 | $10210 |
| **3/31/16** | $10198 | $10303 |
| **4/30/16** | $10254 | $10343 |
| **5/31/16** | $10277 | $10345 |
| **6/30/16** | $10424 | $10531 |
| **7/31/16** | $10533 | $10598 |
| **8/31/16** | $10515 | $10586 |
| **9/30/16** | $10547 | $10580 |
| **10/31/16** | $10486 | $10499 |
| **11/30/16** | $10226 | $10250 |
| **12/31/16** | $10283 | $10265 |
| **1/31/17** | $10354 | $10285 |
| **2/28/17** | $10439 | $10354 |
| **3/31/17** | $10444 | $10349 |
| **4/30/17** | $10531 | $10428 |
| **5/31/17** | $10619 | $10509 |
| **6/30/17** | $10630 | $10498 |
| **7/31/17** | $10697 | $10543 |
| **8/31/17** | $10835 | $10638 |
| **9/30/17** | $10796 | $10587 |
| **10/31/17** | $10776 | $10593 |
| **11/30/17** | $10746 | $10580 |
| **12/31/17** | $10804 | $10628 |
| **1/31/18** | $10704 | $10506 |
| **2/28/18** | $10633 | $10406 |
| **3/31/18** | $10675 | $10473 |
| **4/30/18** | $10588 | $10395 |
| **5/31/18** | $10622 | $10469 |
| **6/30/18** | $10627 | $10456 |
| **7/31/18** | $10651 | $10459 |
| **8/31/18** | $10698 | $10526 |
| **9/30/18** | $10641 | $10458 |
| **10/31/18** | $10605 | $10376 |
| **11/30/18** | $10634 | $10438 |
| **12/31/18** | $10763 | $10630 |
| **1/31/19** | $10914 | $10742 |
| **2/28/19** | $10932 | $10736 |
| **3/31/19** | $11085 | $10942 |
| **4/30/19** | $11106 | $10945 |
| **5/31/19** | $11307 | $11139 |
| **6/30/19** | $11433 | $11279 |
| **7/31/19** | $11432 | $11304 |
| **8/31/19** | $11745 | $11597 |
| **9/30/19** | $11699 | $11535 |
| **10/31/19** | $11737 | $11570 |
| **11/30/19** | $11702 | $11564 |
| **12/31/19** | $11680 | $11556 |
| **1/31/20** | $11962 | $11778 |
| **2/29/20** | $12124 | $11990 |
| **3/31/20** | $11898 | $11920 |
| **4/30/20** | $12147 | $12132 |
| **5/31/20** | $12265 | $12188 |
| **6/30/20** | $12406 | $12265 |
| **7/31/20** | $12581 | $12448 |
| **8/31/20** | $12557 | $12348 |
| **9/30/20** | $12566 | $12341 |
| **10/31/20** | $12513 | $12286 |
| **11/30/20** | $12664 | $12406 |
| **12/31/20** | $12709 | $12424 |
| **1/31/21** | $12651 | $12334 |
| **2/28/21** | $12472 | $12156 |
| **3/31/21** | $12316 | $12005 |
| **4/30/21** | $12426 | $12099 |
| **5/31/21** | $12465 | $12139 |
| **6/30/21** | $12566 | $12224 |
| **7/31/21** | $12691 | $12361 |
| **8/31/21** | $12674 | $12337 |
| **9/30/21** | $12578 | $12231 |
| **10/31/21** | $12543 | $12227 |
| **11/30/21** | $12565 | $12263 |
| **12/31/21** | $12567 | $12232 |
| **1/31/22** | $12332 | $11968 |
| **2/28/22** | $12201 | $11835 |
| **3/31/22** | $11800 | $11506 |
| **4/30/22** | $11332 | $11069 |
| **5/31/22** | $11379 | $11141 |
| **6/30/22** | $11120 | $10966 |
| **7/31/22** | $11371 | $11234 |
| **8/31/22** | $11088 | $10917 |
| **9/30/22** | $10593 | $10445 |
| **10/31/22** | $10407 | $10310 |
| **11/30/22** | $10793 | $10689 |
| **12/31/22** | $10786 | $10641 |
| **1/31/23** | $11151 | $10968 |
| **2/28/23** | $10870 | $10684 |
| **3/31/23** | $11075 | $10956 |
| **4/30/23** | $11143 | $11022 |
| **5/31/23** | $11044 | $10902 |
| **6/30/23** | $11008 | $10863 |
| **7/31/23** | $11052 | $10856 |
| **8/31/23** | $10976 | $10786 |
| **9/30/23** | $10703 | $10512 |
| **10/31/23** | $10515 | $10346 |
| **11/30/23** | $11010 | $10815 |
| **12/31/23** | $11443 | $11229 |
| **1/31/24** | $11463 | $11198 |
| **2/29/24** | $11324 | $11040 |
| **3/31/24** | $11439 | $11142 |
| **4/30/24** | $11177 | $10860 |
| **5/31/24** | $11387 | $11044 |
| **6/30/24** | $11489 | $11149 |
| **7/31/24** | $11774 | $11409 |
| **8/31/24** | $11920 | $11573 |
| **9/30/24** | $12087 | $11728 |
| **10/31/24** | $11783 | $11437 |
| **11/30/24** | $11928 | $11558 |
| **12/31/24** | $11750 | $11369 |
| **1/31/25** | $11817 | $11430 |
| **2/28/25** | $12130 | $11681 |
| **3/31/25** | $12146 | $11685 |
| **4/30/25** | $12163 | $11731 |
| **5/31/25** | $12077 | $11647 |
| **6/30/25** | $12289 | $11826 |
| **7/31/25** | $12267 | $11795 |
| **8/31/25** | $12448 | $11936 |
| **9/30/25** | $12611 | $12067 |
| **10/31/25** | $12752 | $12142 |
| **11/30/25** | $12834 | $12217 |
| **12/31/25** | $12814 | $12199 |

---

The table below shows the average annual total returns of the Portfolio and a regulatory index for certain periods ended December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 9.05% | 0.16% | 2.51% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |

---

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.

**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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. For performance current to the most recent month-end, visit **www.pimco.com/pvit** or via **888.87.PIMCO (888.877.4626)**.

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $4579121 |
| # of Portfolio Holdings | 1557 |
| Portfolio Turnover Rate | 505% |
| Total Net Advisory Fees Paid During the Reporting Period | $11181 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 41.8% |
| Corporate Bonds & Notes | 37.1% |
| U.S. Treasury Obligations | 18.3% |
| Sovereign Issues | 10.0% |
| Non-Agency Mortgage-Backed Securities | 9.6% |
| Asset-Backed Securities | 8.0% |
| Loan Participations and Assignments | 0.8% |
| Municipal Bonds & Notes | 0.6% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.0% |
| Affiliated Investments | 4.4% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (33.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/pvit** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g55574g11o67.jpg)

# Institutional Class
![Image](g55574g26k39.jpg)

# PIMCO Total Return Portfolio
Annual Shareholder Report \|

December 31, 2025

PVIT0597TSRAR_123125

------

**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, 2025 | $921418 |
|  | December 31, 2024 | $927410 |
| (b) | <u>Fiscal Year Ended</u> | <u>Audit-Related Fees</u><sup>(1)</sup> |
|  | December 31, 2025 | $— |
|  | December 31, 2024 | $— |
| (c) | <u>Fiscal Year Ended</u> | <u>Tax Fees</u> |
|  | December 31, 2025 | $— |
|  | December 31, 2024 | $750 |
| (d) | <u>Fiscal Year Ended</u> | <u>All Other Fees</u><sup>(2)</sup> |
|  | December 31, 2025 | $— |
|  | December 31, 2024 | $— |

---

"Audit Fees" represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO Variable Insurance Trust (the "Trust" or "Registrant") annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

"Audit-Related Fees" represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust's annual financial statements for those years.

"Tax Fees" represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.

"All Other Fees" represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.

<sup>(1)</sup> There were no "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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(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;(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;(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.

(f) Not applicable.

(g) ---

| | | |
|:---|:---|:---|
|  | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity |
| Entity | December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024  |
|  PIMCO Variable Insurance Trust | $— | $750 |
|  Pacific Investment Management Company LLC ("PIMCO") | 43373395 | 18926240 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43373395 | $18926990 |

---

(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.

(i) Not applicable.

(j) Not applicable.

**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:

Michael J. Berchtold

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy

Anne K. Kratky

Steven Lipiner

Peter B. McCarthy (Chair)

Ronald C. Parker

**Item 6.** **Investments.** <br>

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The information required by this Item 6 is included as part of the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

(a) The following is a copy of the report(s) of the Portfolios' annual Financial Statements and Financial Highlights.

● PIMCO All Asset Portfolio

● PIMCO Balanced Allocation Portfolio

● PIMCO CommodityRealReturn® Strategy Portfolio

● PIMCO Dynamic Bond Portfolio

● PIMCO Emerging Markets Bond Portfolio

● PIMCO Global Bond Opportunities Portfolio (Unhedged)

● PIMCO Global Core Bond (Hedged) Portfolio

● PIMCO Global Diversified Allocation Portfolio

● PIMCO Global Managed Asset Allocation Portfolio

● PIMCO High Yield Portfolio

● PIMCO Income Portfolio

● PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

● PIMCO International Bond Portfolio (Unhedged)

● PIMCO Long-Term U.S. Government Portfolio

● PIMCO Low Duration Portfolio

● PIMCO Real Return Portfolio

● PIMCO Short-Term Portfolio

● PIMCO Total Return Portfolio

(b) Not applicable.

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![LOGO](g24015g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO All Asset Portfolio

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#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO All Asset Portfolio](#tx24105_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx24105_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx24105_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx24105_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx24105_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx24105_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx24105_7) | 12 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx24105_8) | 25 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx24105_9) | 29 |
| &nbsp;&nbsp; [Glossary](#tx24105_10) | 30 |
| &nbsp;&nbsp; [Distribution Information](#tx24105_11) | 31 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx24105_12) | 32 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx24105_12a) | 33 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx24105_12b) | 34 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx24105_13) | 35 |

---

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

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Important Information About the PIMCO All Asset Portfolio

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

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

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

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic and industry conditions. The value of equity securities, such as common stocks and preferred securities, has 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

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

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

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

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

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The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has

contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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

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

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

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

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

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

Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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------

Financial Highlights PIMCO All Asset Portfolio

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $8.95 | $0.79 | $0.47 | $1.26 | $(0.45) | $0.00 | $(0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.20 | 0.51 | (0.15) | 0.36 | (0.61) | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.76 | 0.30 | 0.42 | 0.72 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 11.66 | 0.63 | (1.92) | (1.29) | (0.78) | (0.83) | (1.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.20 | 1.33 | 0.46 | 1.79 | (1.33) | 0.00 | (1.33) |
| Class M |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 9.15 | 0.74 | 0.52 | 1.26 | (0.41) | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.29 | 0.38 | (0.08) | 0.30 | (0.44) | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.84 | 0.25 | 0.43 | 0.68 | (0.23) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 11.76 | 0.62 | (1.97) | (1.35) | (0.74) | (0.83) | (1.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.29 | 1.29 | 0.46 | 1.75 | (1.28) | 0.00 | (1.28) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 8.79 | 0.69 | 0.53 | 1.22 | (0.43) | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.05 | 0.47 | (0.14) | 0.33 | (0.59) | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.62 | 0.28 | 0.41 | 0.69 | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 11.51 | 0.65 | (1.94) | (1.29) | (0.77) | (0.83) | (1.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.07 | 1.46 | 0.29 | 1.75 | (1.31) | 0.00 | (1.31) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 8.94 | 0.72 | 0.52 | 1.24 | (0.42) | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.20 | 0.47 | (0.15) | 0.32 | (0.58) | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.76 | 0.27 | 0.42 | 0.69 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 11.66 | 0.64 | (1.95) | (1.31) | (0.76) | (0.83) | (1.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.21 | 1.30 | 0.45 | 1.75 | (1.30) | 0.00 | (1.30) |

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

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<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

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

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

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

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.76 | 14.34% | $13630 | 0.335% | 0.425% | 0.335% | 0.425% | 8.41% | 48% |
| 8.95 | 3.95 | 10733 | 0.355 | 0.425 | 0.355 | 0.425 | 5.55 | 45 |
| 9.20 | 8.28 | 10328 | 0.335 | 0.425 | 0.335 | 0.425 | 3.34 | 57 |
| 8.76 | (11.66) | 9740 | 0.315 | 0.425 | 0.315 | 0.425 | 6.36 | 84 |
| 11.66 | 16.41 | 15277 | 0.295 | 0.425 | 0.295 | 0.425 | 11.36 | 88 |
| 10.00 | 13.98 | 1930 | 0.785 | 0.875 | 0.785 | 0.875 | 7.73 | 48 |
| 9.15 | 3.33 | 1729 | 0.805 | 0.875 | 0.805 | 0.875 | 4.10 | 45 |
| 9.29 | 7.83 | 47875 | 0.785 | 0.875 | 0.785 | 0.875 | 2.75 | 57 |
| 8.84 | (12.12) | 61421 | 0.765 | 0.875 | 0.765 | 0.875 | 6.18 | 84 |
| 11.76 | 15.90 | 78418 | 0.745 | 0.875 | 0.745 | 0.875 | 10.91 | 88 |
| 9.58 | 14.20 | 52811 | 0.485 | 0.575 | 0.485 | 0.575 | 7.57 | 48 |
| 8.79 | 3.74 | 57562 | 0.505 | 0.575 | 0.505 | 0.575 | 5.20 | 45 |
| 9.05 | 8.14 | 69120 | 0.485 | 0.575 | 0.485 | 0.575 | 3.18 | 57 |
| 8.62 | (11.84) | 66927 | 0.465 | 0.575 | 0.465 | 0.575 | 6.71 | 84 |
| 11.51 | 16.23 | 76996 | 0.445 | 0.575 | 0.445 | 0.575 | 12.62 | 88 |
| 9.76 | 14.19 | 130659 | 0.585 | 0.675 | 0.585 | 0.675 | 7.76 | 48 |
| 8.94 | 3.57 | 126909 | 0.605 | 0.675 | 0.605 | 0.675 | 5.12 | 45 |
| 9.20 | 8.02 | 146417 | 0.585 | 0.675 | 0.585 | 0.675 | 3.07 | 57 |
| 8.76 | (11.87) | 147977 | 0.565 | 0.675 | 0.565 | 0.675 | 6.45 | 84 |
| 11.66 | 16.04 | 183020 | 0.545 | 0.675 | 0.545 | 0.675 | 11.11 | 88 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

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------

Statement of Assets and Liabilities PIMCO All Asset Portfolio December 31, 2025

---

| | |
|:---|:---|
| (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 Affiliates | $199243 |
|  Receivable for investments in Affiliates sold | 114 |
|  Receivable for Portfolio shares sold | 1 |
|  Dividends receivable from Affiliates | 360 |
|  Reimbursement receivable from PIMCO | 19 |
|  **Total Assets** | 199737 |
|  **Liabilities:** |  |
|  Payable for investments in Affiliates purchased | $499 |
|  Payable for Portfolio shares redeemed | 95 |
|  Overdraft due to custodian | 2 |
|  Accrued investment advisory fees | 31 |
|  Accrued supervisory and administrative fees | 44 |
|  Accrued distribution fees | 29 |
|  Accrued servicing fees | 7 |
|  **Total Liabilities** | 707 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $199030 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $270338 |
|  Distributable earnings (accumulated loss) | (71308) |
|  **Net Assets** | $199030 |
|  **Net Assets:** |  |
|  Institutional Class | $13630 |
|  Class M | 1930 |
|  Administrative Class | 52811 |
|  Advisor Class | 130659 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 1396 |
|  Class M | 193 |
|  Administrative Class | 5513 |
|  Advisor Class | 13391 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.76 |
|  Class M | 10.00 |
|  Administrative Class | 9.58 |
|  Advisor Class | 9.76 |
|  Cost of investments in Affiliates | $186426 |

---

---

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

---

^ See Note 8, Fees and Expenses, in the Notes to Financial Statements for more information.

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

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

Statement of Operations PIMCO All Asset Portfolio

---

| | |
|:---|:---|
| Year Ended December 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $1 |
|  Dividends from Investments in Affiliates | 16377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 16378 |
|  **Expenses:** |  |
|  Investment advisory fees | 346 |
|  Supervisory and administrative fees | 494 |
|  Distribution and/or servicing fees - Class M | 8 |
|  Distribution and/or servicing fees - Administrative Class | 84 |
|  Distribution and/or servicing fees - Advisor Class | 320 |
|  Trustee fees | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1075 |
|  **Net Investment Income (Loss)** | 15303 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in Affiliates | 1005 |
|  Net capital gain distributions received from Affiliate investments | 543 |
|  **Net Realized Gain (Loss)** | 1548 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in Affiliates | 9180 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 9180 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $26031 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO All Asset Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $15303 | $12377 |
|  Net realized gain (loss) | 1548 | (8287) |
|  Net change in unrealized appreciation (depreciation) | 9180 | 5707 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 26031 | 9797 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (551) | (690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (77) | (2102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2586) | (4154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5787) | (8555) |
|  **Total Distributions<sup>(a)</sup>** | (9001) | (15501) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (14933) | (71103) |
|  **Total Increase (Decrease) in Net Assets** | 2097 | (76807) |
|  **Net Assets:** |  |  |
|  Beginning of year | 196933 | 273740 |
|  End of year | $199030 | $196933 |

---

---

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

---

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

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

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

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------

Schedule of Investments PIMCO All Asset Portfolio December 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 100.1% | INVESTMENTS IN AFFILIATES 100.1% | INVESTMENTS IN AFFILIATES 100.1% | INVESTMENTS IN AFFILIATES 100.1% |
| MUTUAL FUNDS (a) 99.5% | MUTUAL FUNDS (a) 99.5% | MUTUAL FUNDS (a) 99.5% | MUTUAL FUNDS (a) 99.5% |
|  PIMCO All Asset: Multi-RAE PLUS Fund | 3641771 | $— | 37656 |
|  PIMCO All Asset: Multi-Real Fund | 4310777 |  | 38840 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 1070607 |  | 8222 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 2406804 |  | 15380 |
|  PIMCO Extended Duration Fund | 242277 |  | 3070 |
|  PIMCO High Yield Fund | 806277 |  | 6595 |
|  PIMCO High Yield Spectrum Fund | 238490 |  | 2239 |
|  PIMCO Income Fund | 222292 |  | 2443 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 454135 |  | 4510 |
|  PIMCO Investment Grade Credit Bond Fund | 147551 |  | 1357 |
|  PIMCO Long Duration Total Return Fund | 508989 |  | 3690 |
|  PIMCO Long-Term Real Return Fund | 114468 |  | 1320 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO Long-Term U.S. Government Fund | 350914 | $— | 4916 |
|  PIMCO Low Duration Fund | 1143491 |  | 10703 |
|  PIMCO RAE Emerging Markets Fund | 476013 |  | 5650 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 777973 |  | 6309 |
|  PIMCO RAE International Fund | 228886 |  | 2058 |
|  PIMCO RAE PLUS EMG Fund | 229930 |  | 1918 |
|  PIMCO RAE PLUS International Fund | 214095 |  | 1927 |
|  PIMCO RAE U.S. Fund | 116655 |  | 1591 |
|  PIMCO RAE U.S. Small Fund | 244211 |  | 2840 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 856013 |  | 6300 |
|  PIMCO Real Return Fund | 171661 |  | 1780 |
|  PIMCO RealEstateRealReturn Strategy Fund | 122630 |  | 3311 |
|  PIMCO Total Return Fund | 1722855 |  | 15265 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 762853 |  | 8155 |
| Total Mutual Funds (Cost $185,845) | Total Mutual Funds (Cost $185,845) |  | 198045 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |
|  3.870% (a)(b) | 1197595 | $— | 1198 |
| Total Short-Term Instruments<br>(Cost $1,197) | Total Short-Term Instruments<br>(Cost $1,197) |  | 1198 |
| Total Investments in Affiliates<br>(Cost $186,426) | Total Investments in Affiliates<br>(Cost $186,426) |  | 199243 |
| Total Investments 100.1%<br>(Cost $186,426) | Total Investments 100.1%<br>(Cost $186,426) | $— | 199243 |
| Other Assets and Liabilities, net (0.1)% | Other Assets and Liabilities, net (0.1)% |  | (213) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 199030 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) Institutional Class Shares of each Fund.

(b) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Affiliates, at Value |  |  |  |  |
|  Mutual Funds | $198045 | $0 | $0 | $198045 |
|  Short-Term Instruments |  |  |  |  |
|  Mutual Funds | 1198 | 0 | 0 | 1198 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199243 | $&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;199243 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>11</sub> |

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------

Notes to Financial Statements

1. ORGANIZATION

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

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

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

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio

composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

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, including but not limited to ASC 946. 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)

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| | |
|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

December 31, 2025

on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

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

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

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

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

(d) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>13</sub> |

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------

Notes to Financial Statements (Cont.)

suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

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

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

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

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| **14** | **PIMCO VARIABLE INSURANCE TRUST** |

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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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

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

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing

Sources. As a result, the value of such investments and, in turn, the NAV of an Underlying PIMCO Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio invests in Underlying PIMCO Funds that hold foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

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

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

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

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **15** |

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Notes to Financial Statements (Cont.)

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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 fair value Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

Investments in Affiliates

The Portfolio invests under normal circumstances substantially all or a significant portion of its assets in Underlying PIMCO Funds which are considered to be affiliated with the Portfolio. The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. 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.

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| **16** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

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| **Underlying PIMCO Funds** | **Market Value<br>12/31/2024** | **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>12/31/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $37402 | $9574 | $(11052) | $1075 | $657 | $37656 | $8636 | $0 |
|  PIMCO All Asset: Multi-Real Fund | 30113 | 24384 | (17122) | (609) | 2074 | 38840 | 1965 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term<br>Investments Fund | 5691 | 3926 | (1988) | (8) | 601 | 8222 | 601 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 7899 | 7335 | (1537) | 17 | 1666 | 15380 | 676 | 0 |
|  PIMCO Extended Duration Fund | 2715 | 1736 | (1375) | (56) | 50 | 3070 | 88 | 0 |
|  PIMCO Government Money Market Fund | 1179 | 32557 | (32538) | 0 | 0 | 1198 | 44 | 0 |
|  PIMCO High Yield Fund | 7765 | 1719 | (3015) | 7 | 119 | 6595 | 418 | 0 |
|  PIMCO High Yield Spectrum Fund | 0 | 2320 | (114) | 0 | 33 | 2239 | 106 | 0 |
|  PIMCO Income Fund | 2549 | 1331 | (1543) | 0 | 106 | 2443 | 153 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 9780 | 1458 | (6708) | 245 | (265) | 4510 | 272 | 0 |
|  PIMCO Investment Grade Credit Bond Fund | 1203 | 246 | (131) | (6) | 45 | 1357 | 58 | 0 |
|  PIMCO Long Duration Total Return Fund | 3028 | 1909 | (1350) | (7) | 110 | 3690 | 141 | 0 |
|  PIMCO Long-Term Real Return Fund | 1717 | 395 | (768) | (43) | 19 | 1320 | 87 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 4078 | 3075 | (2316) | (71) | 150 | 4916 | 154 | 0 |
|  PIMCO Low Duration Fund | 23126 | 14834 | (27482) | 253 | (28) | 10703 | 761 | 0 |
|  PIMCO RAE Emerging Markets Fund | 6528 | 1109 | (3038) | 308 | 743 | 5650 | 239 | 153 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 6689 | 459 | (1253) | (39) | 453 | 6309 | 108 | 0 |
|  PIMCO RAE International Fund | 2241 | 701 | (1410) | 186 | 340 | 2058 | 98 | 127 |
|  PIMCO RAE PLUS EMG Fund | 1659 | 121 | (217) | 16 | 339 | 1918 | 121 | 0 |
|  PIMCO RAE PLUS International Fund | 1549 | 124 | (202) | (18) | 474 | 1927 | 123 | 0 |
|  PIMCO RAE U.S. Fund | 2481 | 223 | (1220) | (41) | 148 | 1591 | 44 | 179 |
|  PIMCO RAE U.S. Small Fund | 1715 | 1667 | (638) | (15) | 111 | 2840 | 34 | 84 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 6894 | 1076 | (1577) | (45) | (48) | 6300 | 578 | 0 |
|  PIMCO Real Return Fund | 2636 | 487 | (1435) | 18 | 74 | 1780 | 82 | 0 |
|  PIMCO RealEstateRealReturn Strategy Fund | 2630 | 976 | (398) | (17) | 120 | 3311 | 76 | 0 |
|  PIMCO Total Return Fund | 16299 | 11943 | (13641) | 2 | 662 | 15265 | 714 | 0 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 7625 | 1984 | (1734) | (147) | 427 | 8155 | 0 | 0 |
|  **Totals** | $**197191** | $**127669** | $**(135802)** | $**1005** | $**9180** | $**199243** | $**16377** | $**543** |

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

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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

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,

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

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Notes to Financial Statements (Cont.)

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, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in the Portfolio include risks from direct investments and/or indirect exposure through investment in Acquired Funds or Underlying PIMCO Funds. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

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

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

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

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

Market Trading Risk is the risk that an active secondary trading market for shares of an Underlying PIMCO Fund that is an exchange- traded fund does not continue once developed, that such Underlying PIMCO Fund may not continue to meet a listing exchange's trading or listing requirements, that trading in such Underlying PIMCO Fund shares may be halted or become less liquid, or that such Underlying PIMCO Fund's shares trade at prices other than the Underlying PIMCO Fund's net asset value and are subject to trading costs. These risks may be exacerbated if the creation/redemption process becomes less effective, particularly during times of market stress or volatility.

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

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

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Distressed Company Risk is the risk that securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Distressed companies may be engaged in restructurings,

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| **18** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. An Underlying PIMCO Fund's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Non-centrally-cleared 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

non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Underlying

PIMCO Fund's ability to invest in derivatives, limit the Underlying PIMCO Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Underlying PIMCO Fund'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. In addition, futures contracts may expose the Portfolio to leverage risk, liquidity risk, market volatility, and margin requirements.

Model Risk is the risk that an Underlying PIMCO Fund's investment models used in making investment allocation decisions, and the indexation or quantitative methodologies used in constructing an underlying index or model portfolio for an Underlying PIMCO Fund that seeks to track the investment results of such underlying index or model portfolio, may not adequately take into account certain factors, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Underlying PIMCO Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss and other events or circumstances, which may be difficult to detect and may be beyond the control of the Underlying PIMCO Fund.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

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Notes to Financial Statements (Cont.)

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special

redemption rights.

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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that the Portfolio's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject the Portfolio to risks similar to those associated with direct ownership of real estate, including risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Portfolio's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Portfolio to liquidity and valuation risk.

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

China Risk is the risk of investing in securities and instruments economically tied to the People's Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) ("PRC"). These investments subject the Portfolio to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce.

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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

Smaller Company Risk is the risk that the value of securities issued by a smaller company may fluctuate, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. Investments in smaller companies generally are subject to greater levels of credit, market and issuer risk.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Portfolios that are

"non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than portfolios that are "diversified".

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| | |
|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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

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

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

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

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

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund

may trade significantly above or below net asset value, any of which may cause losses to the Portfolio invested in the exchange-traded fund.

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

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

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, investments in CLOs 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) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

(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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

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Notes to Financial Statements (Cont.)

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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government

regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

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

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. 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

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|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

7. MASTER NETTING ARRANGEMENTS

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

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

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

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Notes to Financial Statements (Cont.)

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

8. FEES AND EXPENSES

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

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

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

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

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

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

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

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

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to

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|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, there were no waivers.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

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

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

PIMCO has contractually agreed, through May 1, 2026, to waive its Investment Advisory Fee to the extent that the Investment Advisory Fees, Supervisory and Administrative Fees and management fees charged by PIMCO to the Underlying PIMCO Funds ("Underlying PIMCO Fund Fees") exceed 0.64% of the total assets invested in Underlying PIMCO Funds. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. In any month in which the investment advisory contract is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the Investment Advisory Fee waived as set forth above (the "Asset Allocation Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any Underlying PIMCO Fund Fees exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Asset Allocation Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The recoverable amounts to PIMCO as of December 31, 2025 were (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| Expiring Within | Expiring Within | Expiring Within | Expiring Within |
| 12 months | 13-24 months | 25-36 months | Total |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 |

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

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The waivers are reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of December 31, 2025, the amount waived and/or reimbursed was $186,926.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

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Notes to Financial Statements (Cont.)

9. RELATED PARTY TRANSACTIONS

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

10. GUARANTEES AND INDEMNIFICATIONS

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

11. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the

securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103264 |

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

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12. SHARES OF BENEFICIAL INTEREST

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 467 | $4406 | 180 | $1647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 7 | 70 | 255 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 660 | 5946 | 982 | 8895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 941 | 8724 | 540 | 4940 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 58 | 551 | 76 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 8 | 77 | 229 | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 281 | 2586 | 466 | 4154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 616 | 5787 | 943 | 8555 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (329) | (3069) | (179) | (1633) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (11) | (104) | (5451) | (50467) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1978) | (18056) | (2539) | (22987) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (2355) | (21851) | (3216) | (29376) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (1635) | $(14933) | (7714) | $(71103) |

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

---

As of December 31, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 46% of the Portfolio.

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| | |
|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

13. REGULATORY AND LITIGATION MATTERS

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

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

14. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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

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

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

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

The IRS issued in September 2016 proposed regulations that would have generally treated the Portfolio's income inclusion (under Subpart F of the Code) with respect to the Commodity Subsidiary as qualifying income only if there were a distribution during the same taxable year out of the earnings and profits of the Commodity Subsidiary attributable to such income inclusion. In March 2019, the IRS issued final regulations (so modifying the proposed regulations) providing that (i) it will not rule on the determination of whether a financial instrument or position is a security under the Act; (ii) any earnings and profits paid out in the same taxable year as earned by a controlled foreign corporation to the Portfolio is treated as qualifying dividends; and (iii) that income inclusion by the Portfolio of its Commodity Subsidiary's earnings would be treated as other qualifying income if derived with respect to the Portfolio's business of investing in stock, securities, or currencies.

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **27** |

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Notes to Financial Statements (Cont.) December 31, 2025

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

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

As of December 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO All Asset Portfolio | $7901 | $0 | $1812 | $0 | $(81021) | $0 | $0 | $(71308) |

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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 return of capital distributions from underlying funds.

<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, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, 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 All Asset Portfolio\* | $27256 | $53765 |

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

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

As of December 31, 2025, 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 All Asset Portfolio | $197432 | $2220 | $(409) | $1811 |

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

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<sup>(7)</sup> Adjusted for open wash sale loss deferrals and return of capital from underlying funds.

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO All Asset Portfolio | $9001 | $0 | $0 | $15501 | $0 | $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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| | |
|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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Report of Independent Registered Public Accounting Firm

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

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO All Asset Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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

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| | |
|:---|:---|
|  Currency Abbreviations: | Currency Abbreviations: |
| USD (or $) | United States Dollar |
|  Other Abbreviations: | Other Abbreviations: |
| TBA | To-Be-Announced |

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

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 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 All Asset Portfolio |  |  |  |  |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  September 2025 | $0.1137 | $0.0000 | $0.0000 | $0.1137 |
|  December 2025 | $0.1043 | $0.0000 | $0.0000 | $0.1043 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  September 2025 | $0.1101 | $0.0000 | $0.0000 | $0.1101 |
|  December 2025 | $0.1001 | $0.0000 | $0.0000 | $0.1001 |
| 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) |
|  September 2025 | $0.1077 | $0.0000 | $0.0000 | $0.1077 |
|  December 2025 | $0.0973 | $0.0000 | $0.0000 | $0.0973 |
| Class M | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  September 2025 | $0.1028 | $0.0000 | $0.0000 | $0.1028 |
|  December 2025 | $0.0918 | $0.0000 | $0.0000 | $0.0918 |

---

<sup>\*</sup> 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. 

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| | |
|:---|:---|
| <sup>\*\*</sup> | Occurs when a portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio net income, yield, earnings or investment performance.  |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

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Federal Income Tax Information (Unaudited)

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

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO All Asset Portfolio | 0.00% | 0.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, 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 2025.

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

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **33** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

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

1. INFORMATION RECEIVED

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

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

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

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also requested and received supplemental information, including

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **35** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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

2. NATURE, EXTENT AND QUALITY OF SERVICES

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

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

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

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the

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| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

"Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

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

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

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

the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

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

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

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

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as

the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

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

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| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

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

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

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

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in

return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

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

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

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **39** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

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

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

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Asset Allocation Sub-Adviser

Research Affiliates, LLC

660 Newport Center Drive, Suite 300

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g24015g06y60.jpg)

PVITAALASSETFSTMAR_123125

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![LOGO](g42422g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO Balanced Allocation Portfolio

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#### **Table of Contents**

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|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Balanced Allocation Portfolio](#tx42422_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx42422_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx42422_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx42422_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx42422_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx42422_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx42422_7) | 16 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx42422_8) | 32 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx42422_9) | 36 |
| &nbsp;&nbsp; [Glossary](#tx42422_10) | 37 |
| &nbsp;&nbsp; [Distribution Information](#tx42422_11) | 38 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx42422_12) | 39 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx42422_13) | 40 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx42422_14) | 41 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx42422_15) | 42 |

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

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Important Information About the PIMCO Balanced Allocation Portfolio

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

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

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic and industry conditions. The value of equity securities, such as common stocks and preferred securities, has 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 fluctuate, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

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

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

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

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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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

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 U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank

or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

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

Portfolio Name   <u>PortfolioInception</u>     <u>AdministrativeClass</u>     <u>DiversificationStatus</u>   <br> <u> PIMCO Balanced Allocation Portfolio</u>     <u>04/27/12</u>       <u>04/27/12</u>       <u>Diversified</u>  

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 FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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

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

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

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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------

Financial Highlights PIMCO Balanced Allocation 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 or Period Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $9.11 | $0.35 | $1.10 | $1.45 | $(0.40) | $0.00 | $(0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 8.74 | 0.37 | 0.41 | 0.78 | (0.41) | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 7.81 | 0.30 | 0.87 | 1.17 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.43 | 0.10 | (1.76) | (1.66) | (0.08) | (0.88) | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.33 | 0.02 | 1.07 | 1.09 | (0.01) | (0.98) | (0.99) |

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---

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

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

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

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

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

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| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $10.16 | 16.22% | $142946 | 0.80% | 0.86% | 0.80% | 0.86% | 3.65% | 263% |
| 9.11 | 8.95 | 149685 | 0.85 | 0.89 | 0.82 | 0.86 | 4.12 | 198 |
| 8.74 | 15.09 | 163835 | 0.84 | 0.88 | 0.82 | 0.86 | 3.64 | 345 |
| 7.81 | (16.12) | 167622 | 0.84 | 0.87 | 0.83 | 0.86 | 1.10 | 327 |
| 10.43 | 10.96 | 224774 | 0.83 | 0.86 | 0.83 | 0.86 | 0.24 | 280 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

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Statement of Assets and Liabilities PIMCO Balanced Allocation Portfolio December 31, 2025

---

| | |
|:---|:---|
| (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\* | $97170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 47461 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1 |
|  Cash | 1614 |
|  Deposits with counterparty | 5158 |
|  Foreign currency, at value | 36 |
|  Receivable for investments in Affiliates sold | 100 |
|  Receivable for TBA investments sold | 6892 |
|  Interest and/or dividends receivable | 218 |
|  Dividends receivable from Affiliates | 182 |
|  Reimbursement receivable from PIMCO | 9 |
|  **Total Assets** | 158863 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1 |
|  Payable for investments in Affiliates purchased | 170 |
|  Payable for TBA investments purchased | 13758 |
|  Deposits from counterparty | 1169 |
|  Payable for Portfolio shares redeemed | 104 |
|  Accrued investment advisory fees | 83 |
|  Accrued supervisory and administrative fees | 6 |
|  Accrued servicing fees | 19 |
|  **Total Liabilities** | 15917 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $142946 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $139229 |
|  Distributable earnings (accumulated loss) | 3717 |
|  **Net Assets** | $142946 |
|  **Net Assets:** |  |
|  Administrative Class | $142946 |
|  **Shares Issued and Outstanding:** |  |
|  Administrative Class | 14074 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Administrative Class | $10.16 |
|  Cost of investments in securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100260 |
|  Cost of investments in Affiliates | $48297 |
|  Cost of foreign currency held | $38 |
|  Cost or premiums of financial derivative instruments, net | $131 |
|  \* Includes repurchase agreements of: | $60600 |

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

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

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

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| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

Statement of Operations PIMCO Balanced Allocation Portfolio

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| | |
|:---|:---|
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $4273 |
|  Dividends from Investments in Affiliates | 2262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 6535 |
|  **Expenses:** |  |
|  Investment advisory fees | 967 |
|  Supervisory and administrative fees | 73 |
|  Distribution and/or servicing fees - Administrative Class | 220 |
|  Trustee fees | 7 |
|  Interest expense | 5 |
|  Miscellaneous expense | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1190 |
|  **Net Investment Income (Loss)** | 5345 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (457) |
|  Investments in Affiliates | (4) |
|  Exchange-traded or centrally cleared financial derivative instruments | 13662 |
|  Over the counter financial derivative instruments | (1) |
|  Foreign currency | 1 |
|  **Net Realized Gain (Loss)** | 13201 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 1420 |
|  Investments in Affiliates | 664 |
|  Exchange-traded or centrally cleared financial derivative instruments | 1385 |
|  Over the counter financial derivative instruments | (2) |
|  Foreign currency assets and liabilities | 3 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 3470 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22016 |

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

---

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

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Statements of Changes in Net Assets PIMCO Balanced Allocation Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $5345 | $6560 |
|  Net realized gain (loss) | 13201 | 12816 |
|  Net change in unrealized appreciation (depreciation) | 3470 | (5581) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 22016 | 13795 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (6000) | (7000) |
|  **Total Distributions<sup>(a)</sup>** | (6000) | (7000) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (22755) | (20945) |
|  **Total Increase (Decrease) in Net Assets** | (6739) | (14150) |
|  **Net Assets:** |  |  |
|  Beginning of year | 149685 | 163835 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142946 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149685 |

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

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

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

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

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Schedule of Investments PIMCO Balanced Allocation Portfolio December 31, 2025

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

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 68.0% | INVESTMENTS IN SECURITIES 68.0% | INVESTMENTS IN SECURITIES 68.0% |
| CORPORATE BONDS & NOTES 4.1% | CORPORATE BONDS & NOTES 4.1% | CORPORATE BONDS & NOTES 4.1% |
| BANKING & FINANCE 2.8% | BANKING & FINANCE 2.8% | BANKING & FINANCE 2.8% |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.850% due 11/05/2027 | 300 | 310 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.658% due 03/11/2027 •  | 200 | 199 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.972% due 05/16/2029 •  | 200 | 203 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  5.900% due 11/03/2027 | 200 | 207 |
|  Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
|  2.600% due 09/15/2031 | 100 | 89 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  4.850% due 03/29/2029 | 100 | 102 |
|  Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC |
|  3.500% due 09/19/2029 | 100 | 97 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.850% due 04/05/2029 | 200 | 197 |
|  Credit Suisse AG AT1 Claim | 400 | 118 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.691% due 06/05/2028 •  | 400 | 398 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.583% due 06/19/2029 •  | 200 | 202 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.782% due 02/01/2028 •  | 300 | 299 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.375% due 10/01/2031 | 300 | 263 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.757% due 09/13/2026 | 200 | 198 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.968% (SOFRRATE + 1.020%) due 04/13/2028 ~ | 200 | 201 |
|  5.652% due 04/13/2028 •  | 100 | 102 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  1.642% due 06/14/2027 •  | 200 | 198 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.100% due 12/15/2029 | 100 | 96 |
|  4.000% due 07/15/2029 | 100 | 100 |
|  Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
|  3.900% due 10/15/2029 | 100 | 98 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.196% due 06/17/2027 •  | 100 | 100 |
|  4.150% due 01/24/2029 | 200 | 201 |
|  |  | 3978 |
| INDUSTRIALS 1.2% | INDUSTRIALS 1.2% | INDUSTRIALS 1.2% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.750% due 06/15/2029 | 54 | 53 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.500% due 08/15/2033 | 140 | 130 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 630 | 666 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 215 | 204 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.187% due 11/15/2036 | 100 | 85 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 12/01/2029 | 100 | 97 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.900% due 07/15/2026 | 100 | 100 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  5.600% due 11/20/2035 | 100 | 100 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 300 | 296 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  4.450% due 01/29/2026 | 100 | 100 |
|  |  | 1831 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.550% due 07/15/2028 | 100 | 101 |
|  Total Corporate Bonds & Notes (Cost $5,884) | Total Corporate Bonds & Notes (Cost $5,884) | 5910 |
| U.S. GOVERNMENT AGENCIES 7.1% | U.S. GOVERNMENT AGENCIES 7.1% | U.S. GOVERNMENT AGENCIES 7.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 09/01/2051 | 910 | 771 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 12/01/2051 | 449 | 381 |
|  4.000% due 10/01/2042 | 65 | 64 |
|  4.500% due 07/01/2053 - 12/01/2053 | 1918 | 1878 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.723% due 11/25/2046 •  | 73 | 73 |
|  4.773% due 07/25/2046 •  | 25 | 25 |
|  4.793% due 09/25/2046 •  | 28 | 27 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 02/01/2056 | 2600 | 2298 |
|  4.000% due 02/01/2056 | 3400 | 3223 |
|  4.500% due 02/01/2056 | 1400 | 1366 |
|  Total U.S. Government Agencies (Cost $9,970) | Total U.S. Government Agencies (Cost $9,970) | 10106 |
| U.S. TREASURY OBLIGATIONS 12.3% | U.S. TREASURY OBLIGATIONS 12.3% | U.S. TREASURY OBLIGATIONS 12.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.750% due 08/15/2041 | 1100 | 743 |
|  1.875% due 02/15/2041 | 600 | 419 |
|  2.000% due 11/15/2041 | 2000 | 1397 |
|  2.250% due 05/15/2041 | 3400 | 2502 |
|  2.375% due 02/15/2042 | 200 | 147 |
|  2.375% due 05/15/2051 | 2200 | 1387 |
|  4.125% due 08/15/2044 | 1100 | 1010 |
|  4.750% due 08/15/2055 | 1100 | 1082 |
|  U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) |
|  1.750% due 01/15/2034 | 1589 | 1581 |
|  2.125% due 01/15/2035 | 825 | 840 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.375% due 09/30/2027 | 100 | 95 |
|  0.500% due 10/31/2027 | 100 | 95 |
|  0.625% due 11/30/2027 | 300 | 284 |
|  0.750% due 01/31/2028 | 1400 | 1324 |
|  3.500% due 09/30/2029 | 2000 | 1992 |
|  4.000% due 06/30/2028 | 1800 | 1821 |
|  4.125% due 10/31/2027 | 900 | 910 |
|  Total U.S. Treasury Obligations (Cost $20,819) | Total U.S. Treasury Obligations (Cost $20,819) | 17629 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.376% due 08/27/2036 ~ | 63 | 61 |
|  Bank | Bank | Bank |
|  4.165% due 05/15/2061 ~ | 47 | 47 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.019% due 07/25/2037 ~ | 29 | 26 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  6.500% due 10/25/2036 þ | 23 | 20 |
|  Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC |
|  2.344% due 08/28/2039 •  | 10 | 12 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.246% due 07/25/2047 •  | 166 | 166 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  3.912% due 09/09/2032 | 100 | 90 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $421) | Total Non-Agency Mortgage-Backed Securities (Cost $421) | 422 |
| ASSET-BACKED SECURITIES 1.5% | ASSET-BACKED SECURITIES 1.5% | ASSET-BACKED SECURITIES 1.5% |
| AUTOMOBILE SEQUENTIAL 0.4% | AUTOMOBILE SEQUENTIAL 0.4% | AUTOMOBILE SEQUENTIAL 0.4% |
|  Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust |
|  4.540% due 05/15/2029 | 500 | 501 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  5.610% due 09/17/2039 •  | 106 | 107 |
| HOME EQUITY OTHER 0.9% | HOME EQUITY OTHER 0.9% | HOME EQUITY OTHER 0.9% |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  5.346% due 10/25/2037 •  | 64 | 65 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.046% due 06/25/2047 •  | 90 | 81 |
|  4.306% due 05/25/2037 •  | 424 | 398 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.146% due 10/25/2036 •  | 339 | 136 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.626% due 07/25/2045 •  | 21 | 21 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.431% due 05/25/2035 •  | 53 | 53 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.896% due 06/25/2035 •  | 145 | 143 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.976% due 10/25/2036 •  | 111 | 100 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.611% due 08/25/2035 •  | 57 | 57 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.191% due 07/25/2036 •  | 490 | 286 |
|  |  | 1340 |
| OTHER ABS 0.1% | OTHER ABS 0.1% | OTHER ABS 0.1% |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  4.739% due 02/27/2068 •  | 37 | 37 |
|  Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. |
|  5.266% due 07/20/2032 •  | 79 | 78 |
|  |  | 115 |
|  Total Asset-Backed Securities (Cost $2,143) | Total Asset-Backed Securities (Cost $2,143) | 2063 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 300 | 316 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  3.200% due 09/20/2055 | 20000 | 124 |
|  Total Sovereign Issues (Cost $423) | Total Sovereign Issues (Cost $423) | 440 |
| SHORT-TERM INSTRUMENTS 42.4% | SHORT-TERM INSTRUMENTS 42.4% | SHORT-TERM INSTRUMENTS 42.4% |
| REPURCHASE AGREEMENTS (c) 42.4% | REPURCHASE AGREEMENTS (c) 42.4% | REPURCHASE AGREEMENTS (c) 42.4% |
|  |  | 60600 |
| Total Short-Term Instruments (Cost $60,600) | Total Short-Term Instruments (Cost $60,600) | 60600 |
| Total Investments in Securities (Cost $100,260) | Total Investments in Securities (Cost $100,260) | 97170 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 33.2% | INVESTMENTS IN AFFILIATES 33.2% | INVESTMENTS IN AFFILIATES 33.2% |
| MUTUAL FUNDS (b) 15.0% | MUTUAL FUNDS (b) 15.0% | MUTUAL FUNDS (b) 15.0% |
|  PIMCO Income Fund | 1442819 | 15856 |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 112600 | 5596 |
|  Total Mutual Funds (Cost $22,323) | Total Mutual Funds (Cost $22,323) | 21452 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 11

------

Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 18.2% | SHORT-TERM INSTRUMENTS 18.2% | SHORT-TERM INSTRUMENTS 18.2% | SHORT-TERM INSTRUMENTS 18.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.2% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 2670063 | $— | 26009 |
| Total Short-Term Instruments<br>(Cost $25,974) | Total Short-Term Instruments<br>(Cost $25,974) |  | 26009 |
| Total Investments in Affiliates<br>(Cost $48,297) | Total Investments in Affiliates<br>(Cost $48,297) |  | 47461 |
| Total Investments 101.2%<br>(Cost $148,557) | Total Investments 101.2%<br>(Cost $148,557) | $— | 144631 |
|  Financial Derivative<br>Instruments (d)(e) (0.4)%<br> (Cost or Premiums, net $131) | Financial Derivative<br>Instruments (d)(e) (0.4)%<br> (Cost or Premiums, net $131) |  | (585) |
| Other Assets and Liabilities, net (0.8)% | Other Assets and Liabilities, net (0.8)% |  | (1100) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 142946 |

---

#### 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) Principal amount of security is adjusted for inflation.

(b) Institutional Class Shares of each Fund.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(c) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| SAL | 3.930% | 12/31/2025 | 01/02/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60600 | U.S. Treasury Bills 0.000% due 12/24/2026 | $(61839) | $60600 | $60613 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61839) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60613 |

---

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  SAL | $60613 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61839) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1226) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. 

---

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

---

------

December 31, 2025

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond March Futures  | 03/2026 | 10 | $731 | $2 | $1 | $0 |
|  E-Mini S&P 500 Index March Futures  | 03/2026 | 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49971 | 190 | 0 | (375) |
|  Mini MSCI EAFE Index March Futures  | 03/2026 | 247 | 35841 | 39 | 0 | (200) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 12 | 2505 | 2 | 0 | (1) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 72 | 7870 | (1) | 0 | (9) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 65 | 7308 | (13) | 0 | (13) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 6 | 708 | (10) | 0 | (2) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | <br> **Unrealized<br>Appreciation/<br>(Depreciation)** | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | <br> **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 43 | $(4946) | $11 | $8 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $220 | $9 | $(600) |

---

#### 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, 2025<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, 2025<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 |
|  Deutsche Bank | 1.000% | Quarterly | 12/20/2032 | 1.011% | EUR 150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.620% | Annual | 02/14/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | $33 | $(37) | $(4) | $3 | $0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 | 932 | 0 | 4 | 4 | 1 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 | 1300 | 1 | 0 | 1 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 | 1100 | 0 | (20) | (20) | 2 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 300 | 1 | 2 | 3 | 1 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 300 | 0 | 2 | 2 | 1 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 533 | 1 | 1 | 2 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 | 600 | 97 | 28 | 125 | 2 | 0 |
|  |  |  |  |  |  | $133 | $(20) | $113 | $13 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options |  | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(607) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(607) |

---

Cash of $5,158 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.)

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

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

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

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin liability of $(7) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 |
|  BRC | 01/2026 | $11 | 506 | $1 | $0 |
|  CBK | 01/2026 | 34 | $22 | 0 | 0 |
|  MBC | 01/2026 | 19 | 13 | 0 | 0 |
|  | 01/2026 | 10537 | 68 | 0 | 0 |
|  SCX | 01/2026 | 8648 | 56 | 0 | 0 |
|  SOG | 01/2026 | 36 | 42 | 0 | (1) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  BRC | $1 | $0 | $0 | $1 | $0 | $0 | $0 | $0 | $1 | $0 | $1 |
|  SOG | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (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;(1) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |  |  |  |

---

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

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

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $9 | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 13 | 13 |
|  | $0 | $0 | $0 | $0 | $22 | $22 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1 | $0 | $1 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $582 | $0 | $25 | $607 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1 | $0 | $1 |
|  | $&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;582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 |

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The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $13441 | $0 | $196 | $13637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 55 | 0 | 0 | (30) | 25 |
|  | $0 | $55 | $13441 | $0 | $166 | $13662 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1) | $0 | $(1) |
|  | $0 | $55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13661 |
|  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 | $1410 | $0 | $13 | $1423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (18) | 0 | 0 | (20) | (38) |
|  | $0 | $(18) | $1410 | $0 | $(7) | $1385 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(2) | $0 | $(2) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $1410 | $(2) | $(7) | $1383 |

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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, 2025 in valuing the Portfolio's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $3978 | $0 | $3978 |
| &nbsp;&nbsp; Industrials | 0 | 1831 | 0 | 1831 |
| &nbsp;&nbsp; Utilities | 0 | 101 | 0 | 101 |
|  U.S. Government Agencies | 0 | 10106 | 0 | 10106 |
|  U.S. Treasury Obligations | 0 | 17629 | 0 | 17629 |
|  Non-Agency Mortgage-Backed Securities | 0 | 422 | 0 | 422 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 501 | 0 | 501 |
| &nbsp;&nbsp; CMBS Other | 0 | 107 | 0 | 107 |
| &nbsp;&nbsp; Home Equity Other | 0 | 1340 | 0 | 1340 |
| &nbsp;&nbsp; Other ABS | 0 | 115 | 0 | 115 |
|  Sovereign Issues | 0 | 440 | 0 | 440 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 60600 | 0 | 60600 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97170 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21452 | 0 | 0 | 21452 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $26009 | $0 | $0 | $26009 |
|  | $47461 | $0 | $0 | $47461 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47461 | $97170 | $0 | $144631 |
|  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 | 21 | 0 | 22 |
|  Over the counter | 0 | 1 | 0 | 1 |
|  | $1 | $22 | $0 | $23 |
|  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 | (575) | (25) | 0 | (600) |
|  Over the counter | 0 | (1) | 0 | (1) |
|  | $(575) | $(26) | $0 | $(601) |
|  Total Financial Derivative Instruments | $(574) | $(4) | $0 | $(578) |
|  Totals | $46887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144053 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **15** |

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Notes to Financial Statements

1. ORGANIZATION

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

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

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

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

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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

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|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

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

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

(d) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

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Notes to Financial Statements (Cont.)

Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those

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| | |
|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

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

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

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

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

<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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

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Notes to Financial Statements (Cont.)

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.

<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 fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

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

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

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| **20** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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, indexes, 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, indexes, 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, indexes, 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, 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, time deposits and certificates of deposit) 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 a combination of affiliated and unaffiliated funds, which may or may not be registered under the Act. The Portfolio may invest in Institutional Class or Class M shares of any funds of the PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds ("Underlying PIMCO Funds"), other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds, which may or may not be registered under the Act (collectively, "Acquired Funds").The Portfolio may invest in such funds to the extent permitted under the Act. The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each Acquired Fund's shareholder report is also available at the SEC's website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Underlying PIMCO Funds | Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Income Fund | $14280 | $921 | $0 | $0 | $655 | $15856 | $921 | $0 |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 0 | 5591 | 0 | 0 | 5 | 5596 | 95 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 28064 | 105445 | (107500) | (4) | 4 | 26009 | 1246 | 0 |
|  **Totals** | $42344 | $111957 | $(107500) | $(4) | $664 | $47461 | $2262 | $0 |

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

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

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Notes to Financial Statements (Cont.)

(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 according to 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 ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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 interests in 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 payments. 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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among

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| **22** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

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.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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 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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible

securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, the Portfolio has used bilateral repurchase agreements wherein the underlying securities will be held by the Portfolio's custodian. 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

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Notes to Financial Statements (Cont.)

Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

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

During the period ended December 31, 2025, 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.

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

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

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the

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| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the

credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

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Notes to Financial Statements (Cont.)

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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes 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 indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication 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 as 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

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in the Portfolio include risks from direct investments and/or indirect exposure through investment in Acquired Funds or Underlying PIMCO Funds. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

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

Acquired Fund Risk is the risk that the Portfolio's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of the Portfolio to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the

Portfolio's performance will be reduced by the Portfolio's proportionate amount of the expenses of any Acquired Funds in which it invests.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

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Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

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

risk. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

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

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restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

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

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

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

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

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Notes to Financial Statements (Cont.)

despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

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

Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

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

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared

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| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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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. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between the Portfolio and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage

of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

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

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

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

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| Investment Advisory Fee | Supervisory and Administrative Fee |
| All Classes | Administrative Class |
| 0.66% | 0.05% |

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

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

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $1,757.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

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

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to the Portfolio's direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

PIMCO has contractually agreed, through May 1, 2026, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the Portfolio in an amount equal to the expenses attributable to the management fees of series of PIMCO Funds, PIMCO Equity Series and PIMCO ETF Trust indirectly incurred by the Portfolio in connection with its investments in series of PIMCO Funds, PIMCO Equity Series and PIMCO ETF Trust, up to a maximum waived amount that is equal to the Portfolio's aggregate Investment Advisory Fee and Supervisory and Administrative Fee. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of

---

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

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December 31, 2025

the then current term. The waiver is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of December 31, 2025, the amount waived and/or reimbursed was $82,158.

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.

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

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 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;158943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53277 |

---

---

| | |
|:---|:---|
| <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>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 50 | $464 | 14 | $123 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 619 | 6000 | 769 | 7000 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (3034) | (29219) | (3089) | (28068) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (2365) | $(22755) | (2306) | $(20945) |

---

---

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

---

As of December 31, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 100% of the Portfolio. The shareholders are related parties of the Portfolio. Related parties may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

&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.

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **33** |

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Notes to Financial Statements (Cont.)

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, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax

disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components of<br>Distributable<br>Earnings |
|  PIMCO Balanced Allocation Portfolio | $828 | $6957 | $(4068) | $0 | $0 | $0 | $0 | $3717 |

---

---

| | |
|:---|:---|
| <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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, and straddle loss deferrals. 

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

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

<sup>(5)</sup> Capital losses realized during the period November 1, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Balanced Allocation Portfolio | $0 | $0 |

---

---

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

---

---

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

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------

December 31, 2025

As of December 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Balanced Allocation Portfolio | $149028 | $884 | $(4949) | $(4065) |

---

---

| | |
|:---|:---|
| <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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, and straddle loss deferrals. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Balanced Allocation Portfolio | $6000 | $0 | $0 | $7000 | $0 | $0 |

---

---

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

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **35** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Balanced Allocation Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Balanced Allocation Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

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

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: |
| BRC | Barclays Bank PLC | MBC | HSBC Bank Plc | SCX | Standard Chartered Bank, London |
| CBK | Citibank N.A. | SAL | Citigroup Global Markets, Inc. | SOG | Societe Generale Paris |
|  Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: |
| AUD | Australian Dollar | EUR | Euro | TRY | Turkish New Lira |
| CAD | Canadian Dollar | JPY | Japanese Yen | USD (or $) | United States Dollar |
|  Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: |
| OTC | Over the Counter |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: |
| EAFE | Europe, Australasia, and Far East Stock Index | S&P 500 | Standard & Poor's 500 Index | SOFR | Secured Overnight Financing Rate |
|  Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: |
| ABS | Asset-Backed Security | MSCI | Morgan Stanley Capital International | REMIC | Real Estate Mortgage Investment Conduit |
| CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap | TBA | To-Be-Announced |
| CMBS | Collateralized Mortgage-Backed Security |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Balanced Allocation Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  September 2025 | $0.1023 | $0.0000 | $0.0000 | $0.1023 |
|  December 2025 | $0.1074 | $0.0000 | $0.0000 | $0.1074 |

---

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

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

---

| | |
|:---|:---|
| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

Federal Income Tax Information (Unaudited)

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

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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>) |
|  PIMCO Balanced Allocation Portfolio | 0.00% | 0.00% | $6000 | $0 |

---

---

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

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, 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 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **39** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **41** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

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

1. INFORMATION RECEIVED

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

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

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

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also

---

| | |
|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

(Unaudited)

requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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

2. NATURE, EXTENT AND QUALITY OF SERVICES

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

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

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

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **43** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

"Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

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

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing

the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

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

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

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

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

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(Unaudited)

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

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

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as

the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **45** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

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

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

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

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in

return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

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

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

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in

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| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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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 & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g42422g06y60.jpg)

PVITBALALLFSTMAR_123125

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![LOGO](g72515g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio

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#### **Table of Contents**

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|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio](#tx72515_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (Consolidated) (N-CSR Item 7)](#tx72515_2) | 6 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx72515_3) | 8 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx72515_4) | 9 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx72515_5) | 10 |
| &nbsp;&nbsp; [Consolidated Statement of Cash Flows (N-CSR Item 7)](#tx72515_5a) | 11 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments (N-CSR Item 6)](#tx72515_6) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx72515_7) | 30 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx72515_8) | 49 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx72515_8a) | 54 |
| &nbsp;&nbsp; [Glossary](#tx72515_9) | 55 |
| &nbsp;&nbsp; [Distribution Information](#tx72515_10) | 56 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx72515_11) | 57 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx72515_12) | 58 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx72515_13) | 59 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx72515_14) | 60 |

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

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Important Information About the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio

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

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

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

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

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tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or

credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

The Portfolio will seek to gain exposure to the commodity markets primarily through investments in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indexes, and through investments in the PIMCO Cayman Commodity Portfolio I Ltd. (the "Subsidiary"), a wholly-owned subsidiary (as discussed below). The Portfolio may also invest in commodity-linked notes with principal and/or coupon payments linked to the value of particular commodities or commodity futures contracts, or a subset of commodities or commodity futures contracts. These notes are sometimes referred to as "structured notes" because the terms of these notes may be structured by the issuer and the purchaser of the notes. The value of these notes will rise or fall in response to changes in the underlying commodity or related index of investments. These notes expose the Portfolio economically to movements in commodity prices. The Portfolio is intended for long-term investors and an investment in the Portfolio should be no more than a small part of a typical diversified portfolio. The Portfolio's share price is expected to be more volatile than that of other funds. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. These notes also are subject to risks, such as credit, market and interest rate risks, that in general affect the values of debt securities. In addition, these notes are often leveraged, increasing the volatility of each note's market value relative to changes in the underlying commodity, commodity futures contract or commodity index. Therefore, at maturity of the note, the Portfolio may receive more or less principal than it originally invested. The Portfolio might receive interest payments on the note that are more or less than the stated coupon interest payments. The Portfolio may also gain exposure to the commodity markets indirectly by investing in its Subsidiary, which will primarily invest in different commodity-linked derivative instruments than the Portfolio, including swap agreements, commodity options, futures and options on futures.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Name | Portfolio<br>Inception | Institutional<br>Class | Class M | Administrative<br>Class | Advisor<br>Class | Diversification<br>Status |
|  PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio | 06/30/04 | 04/30/12 | 11/10/14 | 06/30/04 | 02/28/06 | Diversified |

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ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 3

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Important Information About the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

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

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

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

Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Consolidated)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended**^**: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $5.42 | $0.24 | $0.78 | $1.02 | $(0.18) | $0.00 | $(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 5.32 | 0.16 | 0.07 | 0.23 | (0.13) | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 6.86 | 0.17 | (0.70) | (0.53) | (1.01) | 0.00 | (1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 7.71 | 0.48 | 0.46 | 0.94 | (1.79) | 0.00 | (1.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 6.03 | 0.33 | 1.67 | 2.00 | (0.32) | 0.00 | (0.32) |
| Class M |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 5.38 | 0.20 | 0.79 | 0.99 | (0.15) | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 5.29 | 0.13 | 0.07 | 0.20 | (0.11) | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 6.82 | 0.14 | (0.69) | (0.55) | (0.98) | 0.00 | (0.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 7.67 | 0.42 | 0.48 | 0.90 | (1.75) | 0.00 | (1.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 6.01 | 0.27 | 1.69 | 1.96 | (0.30) | 0.00 | (0.30) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 5.45 | 0.23 | 0.78 | 1.01 | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 5.35 | 0.15 | 0.07 | 0.22 | (0.12) | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 6.89 | 0.16 | (0.70) | (0.54) | (1.00) | 0.00 | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 7.73 | 0.46 | 0.47 | 0.93 | (1.77) | 0.00 | (1.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 6.05 | 0.29 | 1.70 | 1.99 | (0.31) | 0.00 | (0.31) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 5.56 | 0.22 | 0.82 | 1.04 | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 5.46 | 0.15 | 0.07 | 0.22 | (0.12) | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 7.01 | 0.16 | (0.72) | (0.56) | (0.99) | 0.00 | (0.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 7.84 | 0.45 | 0.49 | 0.94 | (1.77) | 0.00 | (1.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 6.13 | 0.29 | 1.73 | 2.02 | (0.31) | 0.00 | (0.31) |

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

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

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

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

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| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $6.26 | 19.07% | $15513 | 3.04% | 3.23% | 0.74% | 0.93% | 4.08% | 178% |
| 5.42 | 4.34 | 9992 | 2.13 | 2.29 | 0.74 | 0.90 | 2.91 | 227 |
| 5.32 | (7.74) | 6140 | 1.33 | 1.49 | 0.74 | 0.90 | 2.95 | 190 |
| 6.86 | 8.79 | 6572 | 1.14 | 1.35 | 0.74 | 0.95 | 5.96 | 126 |
| 7.71 | 33.47 | 9934 | 0.79 | 1.02 | 0.75 | 0.98 | 4.50 | 197 |
| 6.22 | 18.70 | 480 | 3.49 | 3.68 | 1.19 | 1.38 | 3.50 | 178 |
| 5.38 | 3.73 | 462 | 2.58 | 2.74 | 1.19 | 1.35 | 2.34 | 227 |
| 5.29 | (8.10) | 549 | 1.78 | 1.94 | 1.19 | 1.35 | 2.42 | 190 |
| 6.82 | 8.42 | 1231 | 1.59 | 1.80 | 1.19 | 1.40 | 5.29 | 126 |
| 7.67 | 32.74 | 691 | 1.24 | 1.47 | 1.20 | 1.43 | 3.75 | 197 |
| 6.29 | 18.79 | 266026 | 3.19 | 3.38 | 0.89 | 1.08 | 3.82 | 178 |
| 5.45 | 4.16 | 226109 | 2.28 | 2.44 | 0.89 | 1.05 | 2.80 | 227 |
| 5.35 | (7.85) | 240652 | 1.48 | 1.64 | 0.89 | 1.05 | 2.79 | 190 |
| 6.89 | 8.76 | 317325 | 1.29 | 1.50 | 0.89 | 1.10 | 5.69 | 126 |
| 7.73 | 33.17 | 302024 | 0.94 | 1.17 | 0.90 | 1.13 | 4.05 | 197 |
| 6.43 | 18.85 | 137700 | 3.29 | 3.48 | 0.99 | 1.18 | 3.73 | 178 |
| 5.56 | 3.97 | 126901 | 2.38 | 2.54 | 0.99 | 1.15 | 2.70 | 227 |
| 5.46 | (7.93) | 147670 | 1.58 | 1.74 | 0.99 | 1.15 | 2.69 | 190 |
| 7.01 | 8.66 | 188537 | 1.39 | 1.60 | 0.99 | 1.20 | 5.57 | 126 |
| 7.84 | 33.11 | 158636 | 1.04 | 1.27 | 1.00 | 1.23 | 3.95 | 197 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

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Consolidated Statement of Assets and Liabilities PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio December 31, 2025

(Amounts in thousands<sup>†</sup>, except per share amounts)

---

| | |
|:---|:---|
|  <br> **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $719778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 88 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 4646 |
|  Cash | 617 |
|  Deposits with counterparty | 5352 |
|  Foreign currency, at value | 1347 |
|  Receivable for investments sold | 276298 |
|  Receivable for investments sold on a delayed-delivery basis | 428 |
|  Receivable for TBA investments sold | 40402 |
|  Receivable for Portfolio shares sold | 57 |
|  Interest and/or dividends receivable | 1703 |
|  Dividends receivable from Affiliates | 7 |
|  Reimbursement receivable from PIMCO | 81 |
|  **Total Assets** | 1051903 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | $511970 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1330 |
|  Payable for investments purchased | 20646 |
|  Payable for investments in Affiliates purchased | 7 |
|  Payable for TBA investments purchased | 82614 |
|  Deposits from counterparty | 12408 |
|  Payable for Portfolio shares redeemed | 595 |
|  Accrued investment advisory fees | 240 |
|  Accrued supervisory and administrative fees | 116 |
|  Accrued distribution fees | 31 |
|  Accrued servicing fees | 35 |
|  **Total Liabilities** | 632184 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $419719 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $436457 |
|  Distributable earnings (accumulated loss) | (16738) |
|  **Net Assets** | $419719 |
|  **Net Assets:** |  |
|  Institutional Class | $15513 |
|  Class M | 480 |
|  Administrative Class | 266026 |
|  Advisor Class | 137700 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 2478 |
|  Class M | 77 |
|  Administrative Class | 42261 |
|  Advisor Class | 21425 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $6.26 |
|  Class M | 6.22 |
|  Administrative Class | 6.29 |
|  Advisor Class | 6.43 |
|  Cost of investments in securities | $721354 |
|  Cost of investments in Affiliates | $88 |
|  Cost of foreign currency held | $1350 |
|  Cost or premiums of financial derivative instruments, net | $721 |
|  \* Includes repurchase agreements of: | $133705 |

---

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

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

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

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| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Consolidated Statement of Operations PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio

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| | |
|:---|:---|
| Year Ended December 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $27703 |
|  Dividends from Investments in Affiliates | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 27829 |
|  **Expenses:** |  |
|  Investment advisory fees | 2470 |
|  Supervisory and administrative fees | 1207 |
|  Distribution and/or servicing fees - Class M | 2 |
|  Distribution and/or servicing fees - Administrative Class | 368 |
|  Distribution and/or servicing fees - Advisor Class | 342 |
|  Trustee fees | 18 |
|  Interest expense | 9114 |
|  Miscellaneous expense | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 13524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (744) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 12780 |
|  **Net Investment Income (Loss)** | 15049 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 1704 |
|  Investments in Affiliates | (26) |
|  Exchange-traded or centrally cleared financial derivative instruments | (1458) |
|  Over the counter financial derivative instruments | 39452 |
|  Short sales | (15) |
|  Foreign currency | 1 |
|  **Net Realized Gain (Loss)** | 39658 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 10324 |
|  Exchange-traded or centrally cleared financial derivative instruments | 2572 |
|  Over the counter financial derivative instruments | 330 |
|  Foreign currency assets and liabilities | (196) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 13030 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $67737 |

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

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

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Consolidated Statements of Changes in Net Assets PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio

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| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $15049 | $10565 |
|  Net realized gain (loss) | 39658 | (1592) |
|  Net change in unrealized appreciation (depreciation) | 13030 | 6376 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 67737 | 15349 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (441) | (165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (13) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (7054) | (5188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (3743) | (2775) |
|  **Total Distributions<sup>(a)</sup>** | (11251) | (8137) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (231) | (38759) |
|  **Total Increase (Decrease) in Net Assets** | 56255 | (31547) |
|  **Net Assets:** |  |  |
|  Beginning of year | 363464 | 395011 |
|  End of year | $419719 | $363464 |

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

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

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

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

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Consolidated Statement Of Cash Flows PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $67737 |
|  **Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:** |  |
|  Purchases of long-term securities | (1047348) |
|  Proceeds from sales of long-term securities | 947214 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 7304 |
| (Increase) decrease in deposits with counterparty | (3008) |
| (Increase) decrease in receivable for investments sold | (141510) |
| (Increase) decrease in interest and/or dividends receivable | (374) |
| (Increase) decrease in dividends receivable from Affiliates | 7 |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 2383 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 39265 |
| (Increase) decrease in reimbursement receivable from PIMCO | (32) |
|  Increase (decrease) in payable for investments purchased | (64165) |
|  Increase (decrease) in deposits from counterparty | 9344 |
|  Increase (decrease) in accrued investment advisory fees | 55 |
|  Increase (decrease) in accrued supervisory and administrative fees | 25 |
|  Increase (decrease) in accrued distribution fees | 4 |
|  Increase (decrease) in accrued servicing fees | 6 |
|  Proceeds from short sales transactions | 20227 |
|  Payments on short sales transactions | (20242) |
|  Proceeds from (Payments on) foreign currency transactions | 11 |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (1704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (39452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Short sales | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (1) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (10324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (2572) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | 196 |
|  Net amortization (accretion) on investments | (3364) |
|  **Net Cash Provided by (Used for) Operating Activities** | (239149) |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 94161 |
|  Payments on shares redeemed | (105311) |
|  Proceeds from reverse repurchase agreements | 12744 |
|  Payments on reverse repurchase agreements | (21552) |
|  Proceeds from sale-buyback transactions | 6000069 |
|  Payments on sale-buyback transactions | (5741888) |
|  **Net Cash Received from (Used for) Financing Activities** | 238223 |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | (926) |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 2890 |
|  End of year | $1964 |
|  \* Reinvestment of distributions | $11251 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $9178 |

---

---

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

---

A Statement of Cash Flows is presented when the Portfolio has a significant amount of borrowing during the year, based on the average total borrowing outstanding in relation to total assets or when substantially all of the Portfolio's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>11</sub> |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 171.5% | INVESTMENTS IN SECURITIES 171.5% | INVESTMENTS IN SECURITIES 171.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  0.650% due 01/14/2028 •  | 100 | 115 |
| INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 2100 | 2221 |
|  Total Corporate Bonds & Notes (Cost $2,200) | Total Corporate Bonds & Notes (Cost $2,200) | 2336 |
| U.S. GOVERNMENT AGENCIES 16.5% | U.S. GOVERNMENT AGENCIES 16.5% | U.S. GOVERNMENT AGENCIES 16.5% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.991% due 01/01/2034 •  | 1 | 1 |
|  6.181% due 10/01/2036 •  | 10 | 11 |
|  6.195% due 09/01/2036 •  | 10 | 10 |
|  6.395% due 07/01/2036 •  | 30 | 30 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.673% due 07/15/2044 •  | 94 | 93 |
|  4.814% due 11/25/2054 •  | 1541 | 1548 |
|  4.824% due 04/25/2055 •  | 1383 | 1389 |
|  4.874% due 02/25/2055 •  | 1424 | 1432 |
|  5.024% due 03/25/2055 •  | 761 | 763 |
|  5.074% due 02/25/2055 •  | 1424 | 1430 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  4.548% due 09/15/2042 •  | 194 | 192 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.229% due 02/25/2045 •  | 16 | 15 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  5.277% due 10/01/2044 •  | 1 | 1 |
|  5.931% due 01/01/2036 •  | 8 | 8 |
|  6.155% due 11/01/2035 •  | 2 | 3 |
|  6.346% due 11/01/2034 •  | 3 | 3 |
|  6.529% due 07/01/2035 •  | 3 | 3 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.824% due 03/25/2055 •  | 1507 | 1514 |
|  4.904% due 06/25/2055 •  | 1776 | 1789 |
|  5.074% due 12/25/2053 - 07/25/2055 •  | 2445 | 2455 |
|  6.309% due 05/25/2035 ~ | 4 | 4 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.339% due 05/25/2042 •  | 1 | 1 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 12/20/2052 - 10/20/2054 | 10733 | 9816 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.927% due 08/20/2068 •  | 281 | 283 |
|  5.068% due 06/20/2055 •  | 3791 | 3808 |
|  5.592% due 04/20/2067 •  | 109 | 110 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.510% due 11/01/2027 | 13 | 13 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 02/01/2056 | 2100 | 1991 |
|  4.500% due 02/01/2056 | 24900 | 24288 |
|  5.500% due 02/01/2056 | 3300 | 3343 |
|  6.000% due 02/01/2056 | 9500 | 9750 |
|  6.500% due 02/01/2056 | 2900 | 3015 |
|  Total U.S. Government Agencies<br>(Cost $68,973) | Total U.S. Government Agencies<br>(Cost $68,973) | 69112 |
| U.S. TREASURY OBLIGATIONS 106.9% | U.S. TREASURY OBLIGATIONS 106.9% | U.S. TREASURY OBLIGATIONS 106.9% |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.625% due 02/15/2043 (j) | 212 | 158 |
|  1.000% due 02/15/2046 | 2886 | 2178 |
|  1.375% due 02/15/2044 | 140 | 117 |
|  1.750% due 01/15/2028 | 9594 | 9668 |
|  2.125% due 02/15/2040 (f) | 346 | 343 |
|  2.125% due 02/15/2054 (j) | 106 | 95 |
|  2.500% due 01/15/2029 | 2487 | 2568 |
|  3.875% due 04/15/2029 | 895 | 965 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.125% due 07/15/2026 (f) | $— | 20003 | 19887 |
|  0.125% due 10/15/2026 |  | 6828 | 6765 |
|  0.125% due 04/15/2027 (h) |  | 21911 | 21519 |
|  0.125% due 01/15/2030 |  | 20375 | 19331 |
|  0.125% due 07/15/2030 |  | 20292 | 19156 |
|  0.250% due 07/15/2029 |  | 18330 | 17665 |
|  0.375% due 01/15/2027 (f) |  | 26029 | 25709 |
|  0.375% due 07/15/2027 |  | 17011 | 16816 |
|  0.500% due 01/15/2028 (f) |  | 26700 | 26236 |
|  0.625% due 07/15/2032 (j) |  | 112 | 105 |
|  0.750% due 07/15/2028 (f) |  | 5811 | 5743 |
|  0.875% due 01/15/2029 |  | 19085 | 18795 |
|  1.125% due 10/15/2030 (f) |  | 31606 | 31132 |
|  1.250% due 04/15/2028 (f) |  | 32566 | 32440 |
|  1.375% due 07/15/2033 |  | 2359 | 2300 |
|  1.625% due 10/15/2027 (f) |  | 27204 | 27415 |
|  1.625% due 10/15/2029 (f) |  | 32182 | 32507 |
|  1.625% due 04/15/2030 (f) |  | 30788 | 30951 |
|  1.750% due 01/15/2034 |  | 2330 | 2318 |
|  1.875% due 07/15/2034 (f) |  | 5292 | 5315 |
|  1.875% due 07/15/2035 (f) |  | 8315 | 8295 |
|  2.125% due 04/15/2029 (f) |  | 28949 | 29566 |
|  2.125% due 01/15/2035 |  | 2476 | 2521 |
|  2.375% due 10/15/2028 (f) |  | 29234 | 30110 |
|  Total U.S. Treasury Obligations<br>(Cost $447,565) | Total U.S. Treasury Obligations<br>(Cost $447,565) | Total U.S. Treasury Obligations<br>(Cost $447,565) | 448689 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.326% due 07/25/2037 •  |  | 102 | 91 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.105% due 11/25/2035 ~ |  | 4 | 4 |
|  5.316% due 06/25/2035 ~ |  | 8 | 8 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.214% due 07/25/2036 ~ |  | 14 | 12 |
|  4.783% due 03/25/2035 ~ |  | 17 | 16 |
|  6.470% due 01/25/2035 ~ |  | 25 | 25 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.731% due 10/20/2035 ~ |  | 589 | 557 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.457% due 09/25/2037 ~ |  | 78 | 73 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.043% due 12/20/2046 •  |  | 441 | 397 |
|  4.086% due 06/25/2036 •  |  | 237 | 229 |
|  5.000% due 07/25/2035 |  | 34 | 18 |
|  6.000% due 02/25/2037 |  | 116 | 43 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  4.129% due 10/26/2036 ~ |  | 22 | 20 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.851% due 06/13/2045 •  |  | 41 | 55 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.695% due 06/25/2034 ~ | $— | 2 | 2 |
|  6.000% due 02/25/2037 |  | 37 | 13 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.698% due 10/20/2075 •  |  | 4090 | 4108 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.206% due 09/25/2046 •  |  | 56 | 53 |
|  4.386% due 11/25/2045 •  |  | 3 | 3 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  6.449% due 01/25/2035 ~ |  | 4 | 4 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.326% due 03/19/2036 •  |  | 15 | 14 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  5.051% due 11/25/2035 ~ |  | 3 | 4 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.555% due 02/25/2035 ~ |  | 9 | 9 |
|  6.022% due 08/25/2035 ~ |  | 9 | 8 |
|  6.230% due 07/25/2035 ~ |  | 2 | 2 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.633% due 11/21/2034 ~ |  | 4 | 4 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  4.605% due 09/15/2030 •  |  | 6 | 4 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ |  | 352 | 342 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RALI Trust | RALI Trust | RALI Trust |
|  5.007% due 10/25/2037 ~ | 18 | 14 |
|  5.389% due 09/25/2045 •  | 33 | 29 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.246% due 05/25/2035 •  | 46 | 27 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.248% due 07/20/2036 •  | 34 | 29 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.429% due 01/25/2035 •  | 4 | 4 |
|  6.298% due 02/25/2034 ~ | 2 | 2 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.266% due 04/25/2036 •  | 2 | 2 |
|  4.506% due 10/19/2034 •  | 3 | 2 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.697% due 12/25/2035 ~ | 20 | 18 |
|  4.799% due 05/25/2047 •  | 77 | 69 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  6.500% due 08/25/2035 | 9 | 8 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $6,364) | Total Non-Agency Mortgage-Backed Securities (Cost $6,364) | 6322 |
| ASSET-BACKED SECURITIES 6.8% | ASSET-BACKED SECURITIES 6.8% | ASSET-BACKED SECURITIES 6.8% |
| CMBS OTHER 0.4% | CMBS OTHER 0.4% | CMBS OTHER 0.4% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.434% due 01/15/2037 •  | 485 | 488 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.493% due 01/17/2037 •  | 173 | 174 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.881% due 06/19/2037 •  | 579 | 579 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.386% due 02/15/2039 •  | 237 | 236 |
|  |  | 1477 |
| HOME EQUITY OTHER 0.8% | HOME EQUITY OTHER 0.8% | HOME EQUITY OTHER 0.8% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.126% due 10/25/2036 •  | 541 | 510 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.326% due 05/25/2035 •  | 45 | 42 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.146% due 07/25/2036 •  | 195 | 178 |
|  4.166% due 05/25/2036 •  | 536 | 129 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  5.346% due 10/25/2037 •  | 383 | 389 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.306% due 12/25/2036 •  | 32 | 23 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.346% due 03/25/2037 •  | 66 | 65 |
|  5.046% due 10/25/2035 •  | 4 | 4 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.036% due 11/25/2037 •  | 339 | 327 |
|  4.586% due 08/25/2047 •  | 69 | 68 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.226% due 07/25/2037 •  | 7 | 5 |
|  4.326% due 07/25/2037 •  | 30 | 20 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  4.946% due 05/25/2037 •  | 12 | 12 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.116% due 10/25/2036 •  | 69 | 64 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  6.720% due 03/25/2046 þ | 34 | 18 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.916% due 12/25/2036 •  | 39 | 19 |
|  4.821% due 03/25/2035 •  | 59 | 58 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.521% due 02/25/2036 •  | 150 | 148 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.266% due 10/25/2036 •  | 6 | 6 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.086% due 08/25/2036 •  | 448 | 178 |

---

---

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

---

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.146% due 10/25/2036 •  | 157 | 51 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.000% due 02/25/2037 ~ | 40 | 22 |
|  6.410% due 11/25/2036 þ | 657 | 140 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.611% due 02/25/2035 •  | 60 | 59 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  4.946% due 09/25/2037 •  | 865 | 345 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.306% due 06/25/2036 •  | 118 | 117 |
|  4.341% due 04/25/2036 •  | 13 | 13 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.156% due 09/25/2037 •  | 62 | 60 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.146% due 07/25/2036 •  | 258 | 98 |
|  4.166% due 07/25/2036 •  | 125 | 41 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.046% due 06/25/2037 •  | 488 | 339 |
|  |  | 3548 |
| WHOLE LOAN COLLATERAL 0.5% | WHOLE LOAN COLLATERAL 0.5% | WHOLE LOAN COLLATERAL 0.5% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.341% due 10/25/2036 •  | 400 | 396 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  3.986% due 07/25/2036 •  | 208 | 66 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.166% due 05/25/2036 •  | 59 | 53 |
|  4.377% due 06/25/2036 þ | 68 | 67 |
|  6.146% due 12/25/2037 •  | 270 | 273 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.286% due 10/25/2036 •  | 3586 | 1189 |
|  4.346% due 05/25/2036 •  | 402 | 217 |
|  |  | 2261 |
| OTHER ABS 5.1% | OTHER ABS 5.1% | OTHER ABS 5.1% |
|  Arbour CLO VI DAC | Arbour CLO VI DAC | Arbour CLO VI DAC |
|  3.214% due 11/15/2037 •  | 1000 | 1177 |
|  Atlas Senior Loan Fund XIII | Atlas Senior Loan Fund XIII | Atlas Senior Loan Fund XIII |
|  5.199% due 04/22/2031 •  | 20 | 20 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.629% due 10/15/2031 •  | 166 | 196 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.709% due 01/15/2031 •  | 248 | 292 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.814% due 11/15/2031 •  | 111 | 130 |
|  CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. |
|  4.874% due 07/20/2032 •  | 1857 | 1859 |
|  CIFC European Funding CLO III DAC | CIFC European Funding CLO III DAC | CIFC European Funding CLO III DAC |
|  3.059% due 01/15/2034 •  | 1000 | 1176 |
|  Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC |
|  2.924% due 05/15/2034 •  | 212 | 250 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dryden 69 Euro CLO DAC | Dryden 69 Euro CLO DAC | Dryden 69 Euro CLO DAC | Dryden 69 Euro CLO DAC |
|  2.984% due 10/18/2034 •  | EUR | 1900 | 2235 |
|  Dryden XXVI Senior Loan Fund | Dryden XXVI Senior Loan Fund | Dryden XXVI Senior Loan Fund | Dryden XXVI Senior Loan Fund |
|  5.066% due 04/15/2029 •  | $| 18 | 18 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  4.988% due 07/25/2034 •  |  | 500 | 500 |
|  Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. |
|  5.007% due 04/22/2035 •  |  | 1500 | 1500 |
|  Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC |
|  2.686% due 04/24/2034 •  | EUR | 498 | 585 |
|  Hayfin Emerald CLO VI DAC | Hayfin Emerald CLO VI DAC | Hayfin Emerald CLO VI DAC | Hayfin Emerald CLO VI DAC |
|  3.259% due 10/15/2038 •  |  | 2000 | 2352 |
|  LCM 29 Ltd. | LCM 29 Ltd. | LCM 29 Ltd. | LCM 29 Ltd. |
|  5.236% due 04/15/2031 •  | $| 189 | 189 |
|  LCM XVII LP | LCM XVII LP | LCM XVII LP | LCM XVII LP |
|  5.296% due 10/15/2031 •  |  | 39 | 39 |
|  Madison Park Euro Funding XIII DAC | Madison Park Euro Funding XIII DAC | Madison Park Euro Funding XIII DAC | Madison Park Euro Funding XIII DAC |
|  2.776% due 01/15/2032 •  | EUR | 687 | 808 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  4.934% due 10/19/2034 •  | $| 1600 | 1600 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.300% due 10/20/2039 •  | EUR | 600 | 706 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  5.067% due 07/10/2034 •  | $| 2000 | 2001 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.125% due 10/25/2064 •  |  | 196 | 195 |
|  St. Paul's CLO II DAC | St. Paul's CLO II DAC | St. Paul's CLO II DAC | St. Paul's CLO II DAC |
|  3.045% due 10/25/2035 •  | EUR | 500 | 588 |
|  Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. |
|  5.176% due 04/15/2031 •  | $| 65 | 65 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  | EUR | 500 | 588 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.276% due 04/20/2032 •  | $| 318 | 318 |
|  Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. |
|  5.103% due 09/07/2030 •  |  | 12 | 12 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.014% due 07/20/2032 •  |  | 1390 | 1391 |
|  Voya Euro CLO II DAC | Voya Euro CLO II DAC | Voya Euro CLO II DAC | Voya Euro CLO II DAC |
|  2.969% due 07/15/2035 •  | EUR | 400 | 471 |
|  |  |  | 21261 |
|  Total Asset-Backed Securities (Cost $29,376) | Total Asset-Backed Securities (Cost $29,376) | Total Asset-Backed Securities (Cost $29,376) | 28547 |
| SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (b) | BRL | 47100 | 8315 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  4.250% due 12/01/2026 (c) | CAD | 1129 | 849 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.100% due 03/01/2026 (c) | EUR | 2824 | 3306 |
|  0.100% due 07/25/2031 (c) |  | 3197 | 3556 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (c) |  | 748 | 855 |
|  1.800% due 05/15/2036 (c) |  | 313 | 367 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.005% due 03/10/2034 (c) | 199815 | 1251 |
|  0.005% due 03/10/2035 (c) | 102096 | 636 |
|  0.100% due 03/10/2028 (c) | 383887 | 2494 |
|  0.100% due 03/10/2029 (c) | 966627 | 6273 |
|  Total Sovereign Issues (Cost $30,009) | Total Sovereign Issues (Cost $30,009) | 27902 |
|  | **SHARES** |  |
| PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 (d) | 230000 | 233 |
|  Total Preferred Securities (Cost $230) | Total Preferred Securities (Cost $230) | 233 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 32.6% | SHORT-TERM INSTRUMENTS 32.6% | SHORT-TERM INSTRUMENTS 32.6% |
| REPURCHASE AGREEMENTS (e) 31.9% | REPURCHASE AGREEMENTS (e) 31.9% | REPURCHASE AGREEMENTS (e) 31.9% |
|  |  | 133705 |
| U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% |
|  3.801% due 01/13/2026 - 04/14/2026 (a)(b)(h) | 2948 | 2932 |
| Total Short-Term Instruments<br>(Cost $136,637) | Total Short-Term Instruments<br>(Cost $136,637) | 136637 |
| Total Investments in Securities<br>(Cost $721,354) | Total Investments in Securities<br>(Cost $721,354) | 719778 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 9080 | 88 |
| Total Short-Term Instruments<br>(Cost $88) | Total Short-Term Instruments<br>(Cost $88) | 88 |
| Total Investments in Affiliates<br>(Cost $88) | Total Investments in Affiliates<br>(Cost $88) | 88 |
| Total Investments 171.5%<br>(Cost $721,442) | Total Investments 171.5%<br>(Cost $721,442) | 719866 |
|  Financial Derivative<br>Instruments (g)(i) 0.5 %<br> (Cost or Premiums, net $721) | Financial Derivative<br>Instruments (g)(i) 0.5 %<br> (Cost or Premiums, net $721) | 2223 |
| Other Assets and Liabilities, net (72.0)% | Other Assets and Liabilities, net (72.0)% | (302370) |
| Net Assets 100.0% | Net Assets 100.0% | 419719 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

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

(a) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Principal amount of security is adjusted for inflation.

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

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>13</sub> |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(e) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.750% | 12/31/2025 | 01/02/2026 | $5600 | U.S. Treasury Notes 0.625% due 08/15/2030 | $(5708) | $5600 | $5601 |
|  | 3.930 | 12/31/2025 | 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125400 | U.S. Treasury Notes 4.125% due 11/30/2029 | (127882) | 125400 | 125427 |
| DEU | 3.730 | 12/31/2025 | 01/02/2026 | 2705 | U.S. Treasury Inflation-Indexed Notes 0.125%<br>due 07/15/2026 | (2702) | 2705 | 2706 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136292) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133734 |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> |
|  BCY | 3.800% | 01/05/2026 | 01/06/2026 | $(79129) | $(79129) |
|  | 3.890 | 12/16/2025 | 01/20/2026 | (27019) | (27068) |
|  | 3.970 | 12/31/2025 | 01/02/2026 | (1333) | (1333) |
|  BPS | 3.890 | 12/31/2025 | 01/02/2026 | (1943) | (1944) |
|  | 3.900 | 01/02/2026 | 01/05/2026 | (46968) | (46968) |
|  | 3.960 | 12/31/2025 | 01/05/2026 | (307) | (307) |
|  GSC | 3.860 | 01/02/2026 | 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132070) | (132070) |
|  | 3.950 | 12/17/2025 | 01/07/2026 | (33237) | (33295) |
|  | 3.950 | 12/18/2025 | 01/02/2026 | (189544) | (189856) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(511970) |

---

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $131028 | $0 | $0 | $131028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133590) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2562) |
|  DEU | 2706 | 0 | 0 | 2706 | (2702) | 4 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BCY | 0 | 0 | (107530) | (107530) | 107212 | (318) |
|  BPS | 0 | 0 | (49219) | (49219) | 49098 | (121) |
|  GSC | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355221) | 353902 | (1319) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(511970) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | $0 | $(511970) | $0 | $0 | $(511970) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(511970) | $&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;(511970) |
|  Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | $(511970) |

---

(f) Securities with an aggregate market value of $510,212 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(201956) at a weighted average interest rate of 4.307%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

---

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

---

------

December 31, 2025

<sup>(3)</sup> Payable for sale-buyback transactions includes $(194) of deferred price drop. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

#### PURCHASED OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Put - NYMEX Crude Oil March 2026 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.000 | 02/17/2026 | 11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $14 | $5 |
|  Call - NYMEX Natural Gas March 2026 Futures | 3.750 | 02/24/2026 | 2 | 20 | 4 | 2 |
|  Call - NYMEX Natural Gas March 2026 Futures | 4.500 | 02/24/2026 | 9 | 90 | 22 | 4 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |

---

#### WRITTEN OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - CME Silver December 2026 Futures | $65.000 | 11/24/2026 | 10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $(472) | $(763) |
|  Put - CME Silver December 2026 Futures | 65.000 | 11/24/2026 | 10 | 50 | (468) | (379) |
|  Call - CME Silver December 2026 Futures | 100.000 | 11/24/2026 | 5 | 25 | (83) | (150) |
|  Call - CME Silver December 2026 Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120.000 | 11/24/2026 | 4 | 20 | (42) | (79) |
|  Call - NYMEX Crude Oil March 2026 Futures | 64.000 | 02/17/2026 | 11 | 11 | (13) | (6) |
|  Put - NYMEX Natural Gas March 2026 Futures | 3.000 | 02/24/2026 | 2 | 20 | (4) | (4) |
|  Put - NYMEX Natural Gas March 2026 Futures | 3.500 | 02/24/2026 | 9 | 90 | (21) | (48) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1103) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1429) |

---

#### 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 |
|  Brent Crude August Futures  | 06/2026 | 12 | $722 | $(36) | $0 | $(7) |
|  Brent Crude December Futures  | 10/2026 | 58 | 3493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |
|  Brent Crude July Futures  | 05/2026 | 12 | 723 | (22) | 0 | (7) |
|  Brent Crude June Futures  | 04/2026 | 5 | 301 | 2 | 0 | (3) |
|  Brent Crude March Futures  | 01/2026 | 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4381 | (92) | 0 | (35) |
|  Brent Crude October Futures  | 08/2026 | 7 | 421 | (1) | 0 | (4) |
|  Brent Crude September Futures  | 07/2026 | 7 | 421 | (12) | 0 | (4) |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 414 | 13621 | 492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | 0 |
|  Carbon Emissions December Futures  | 12/2026 | 18 | 1848 | 71 | 2 | (4) |
|  Cocoa March Futures  | 03/2026 | 56 | 3396 | 148 | 1 | 0 |
|  Copper March Futures  | 03/2026 | 2 | 284 | 27 | 0 | (5) |
|  Euro-BTP Future March Futures  | 03/2026 | 49 | 6921 | (18) | 0 | (21) |
|  Euro-Bund March Futures  | 03/2026 | 30 | 4498 | (62) | 0 | (8) |
|  Euro-Schatz March Futures  | 03/2026 | 184 | 23092 | (32) | 0 | (2) |
|  Gold 100 oz. April Futures  | 04/2026 | 2 | 875 | (18) | 0 | (9) |
|  Gold 100 oz. February Futures  | 02/2026 | 5 | 2171 | 37 | 0 | (23) |
|  Hard Red Winter Wheat March Futures  | 03/2026 | 20 | 515 | (20) | 0 | (7) |
|  Henry Hub Natural Gas April Futures  | 03/2031 | 1 | 7 | (1) | 0 | 0 |
|  Henry Hub Natural Gas August Futures  | 07/2031 | 1 | 8 | 0 | 0 | 0 |
|  Henry Hub Natural Gas December Futures  | 11/2031 | 1 | 10 | 2 | 0 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2031 | 1 | 10 | 2 | 0 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2030 | 1 | 11 | 3 | 0 | 0 |
|  Henry Hub Natural Gas July Futures  | 06/2031 | 1 | 8 | 0 | 0 | 0 |
|  Henry Hub Natural Gas June Futures  | 05/2031 | 1 | 8 | (1) | 0 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2031 | 1 | 9 | 0 | 0 | 0 |
|  Henry Hub Natural Gas May Futures  | 04/2031 | 1 | 7 | (1) | 0 | 0 |
|  Henry Hub Natural Gas November Futures  | 10/2031 | 1 | 9 | 1 | 0 | 0 |
|  Henry Hub Natural Gas October Futures  | 09/2031 | 1 | 8 | 0 | 0 | 0 |
|  Henry Hub Natural Gas September Futures  | 08/2031 | 1 | 8 | 0 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **15** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  Iron Ore February Futures  | 02/2026 | 14 | $147 | $4 | $0 | $0 |
|  Iron Ore March Futures  | 03/2026 | 204 | 2138 | 102 | 0 | (3) |
|  Live Cattle April Futures  | 04/2026 | 10 | 929 | 16 | 5 | 0 |
|  LME Nickel March Futures  | 03/2026 | 4 | 399 | 45 | 45 | 0 |
|  LME Zinc March Futures  | 03/2026 | 4 | 312 | 7 | 7 | 0 |
|  Mont Belvieu Ethane (OPIS) February Futures  | 02/2026 | 3 | 30 | (5) | 0 | (1) |
|  Natural Gas April Futures  | 03/2027 | 4 | 136 | 1 | 0 | (2) |
|  Natural Gas March Futures  | 02/2027 | 1 | 37 | 0 | 0 | (1) |
|  Natural Gas May Futures  | 04/2026 | 25 | 808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | 0 | (42) |
|  New York Harbor March Futures  | 02/2026 | 2 | 177 | (2) | 0 | (1) |
|  Palladium March Futures  | 03/2026 | 1 | 165 | 17 | 0 | (8) |
|  Platinum April Futures  | 04/2026 | 1 | 102 | 21 | 0 | (11) |
|  RBOB Gasoline June Futures  | 05/2026 | 1 | 82 | (3) | 0 | (1) |
|  Silver December Futures  | 12/2026 | 7 | 2550 | 111 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259) |
|  SNG KEROS vs. SNG GA March Futures  | 03/2026 | 1 | 0 | 0 | 0 | 0 |
|  Soybean July Futures  | 07/2026 | 6 | 322 | (13) | 0 | (3) |
|  Soybean March Futures  | 03/2026 | 22 | 1152 | (95) | 0 | (16) |
|  Soybean Meal March Futures  | 03/2026 | 69 | 2066 | (192) | 0 | (20) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | 24703 | (2) | 0 | (26) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15104 | (140) | 0 | (48) |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 44 | 5061 | (18) | 0 | (8) |
|  WTI Crude August Futures  | 07/2026 | 12 | 684 | (8) | 0 | (6) |
|  WTI Crude December Futures  | 11/2026 | 16 | 911 | (57) | 0 | (8) |
|  WTI Crude July Futures  | 06/2026 | 10 | 570 | (27) | 0 | (5) |
|  WTI Crude September Futures  | 08/2026 | 3 | 171 | 2 | 0 | (1) |
|  |  |  |  | $(73) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | $(641) |

---

#### 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 |
|  Arabica Coffee July Futures  | 07/2026 | 1 | $(122) | $(1) | $1 | $0 |
|  Arabica Coffee March Futures  | 03/2026 | 2 | (262) | 33 | 1 | 0 |
|  Argus Euro-Bobl Oxy FOB Rotterdam Barges vs Brent 1st Line December Futures  | 12/2025 | 1 | (13) | (2) | 0 | 0 |
|  Brent Crude April Futures  | 02/2026 | 6 | (363) | 17 | 3 | 0 |
|  Brent Crude December Futures  | 10/2027 | 6 | (368) | 20 | 4 | 0 |
|  Brent Crude February Futures  | 12/2026 | 6 | (362) | 3 | 3 | 0 |
|  Brent Crude January Futures  | 11/2026 | 5 | (301) | 9 | 3 | 0 |
|  Brent Crude June Futures  | 04/2027 | 10 | (606) | 27 | 6 | 0 |
|  Brent Crude May Futures  | 03/2026 | 5 | (302) | 7 | 3 | 0 |
|  Brent Crude November Futures  | 09/2026 | 6 | (361) | 11 | 3 | 0 |
|  Corn December Futures  | 12/2026 | 4 | (92) | 1 | 0 | 0 |
|  Corn July Futures  | 07/2026 | 20 | (455) | 3 | 0 | 0 |
|  Corn March Futures  | 03/2026 | 101 | (2223) | (18) | 1 | 0 |
|  Cotton No. 2 July Futures  | 07/2026 | 5 | (167) | (1) | 0 | 0 |
|  Euro-Bobl March Futures  | 03/2026 | 2 | (273) | 2 | 0 | 0 |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2026 | 18 | (2329) | 37 | 7 | 0 |
|  Euro-Oat March Futures  | 03/2026 | 138 | (19557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | 47 | 0 |
|  Gas Oil June Futures  | 06/2026 | 42 | (2526) | (40) | 11 | 0 |
|  Gas Oil March Futures  | 03/2026 | 72 | (4433) | 180 | 34 | 0 |
|  Hard Red Winter Wheat July Futures  | 07/2026 | 3 | (81) | 0 | 1 | 0 |
|  Hard Red Winter Wheat May Futures  | 05/2026 | 1 | (26) | 2 | 0 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2026 | 3 | (28) | 4 | 2 | 0 |
|  Japan Government 10-Year Bond March Futures  | 03/2026 | 3 | (2536) | 17 | 6 | 0 |
|  Lean Hogs April Futures  | 04/2026 | 21 | (755) | (19) | 2 | 0 |
|  LME Aluminum March Futures  | 03/2026 | 7 | (524) | (36) | 0 | (36) |
|  LME Lead March Futures  | 03/2026 | 7 | (351) | 0 | 4 | (3) |
|  Natural Gas April Futures  | 03/2026 | 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1072) | 236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | 0 |
|  Natural Gas January Futures  | 12/2026 | 5 | (235) | 14 | 4 | 0 |
|  Natural Gas July Futures  | 06/2026 | 1 | (37) | 1 | 1 | 0 |
|  Natural Gas March Futures  | 02/2026 | 2 | (63) | 4 | 4 | 0 |
|  Natural Gas March Futures  | 02/2026 | 15 | (433) | (6) | 12 | (9) |
|  Natural Gas March Futures  | 02/2026 | 25 | (607) | (11) | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
|  New York Harbor June Futures  | 05/2026 | 3 | (256) | 3 | 3 | 0 |
|  RBOB Gasoline March Futures  | 02/2026 | 27 | (1975) | 99 | 18 | 0 |
|  Silver March Futures  | 03/2026 | 11 | (3883) | (693) | 402 | 0 |
|  SNG KEROS vs. SNG GA February Futures  | 02/2026 | 2 | 0 | 0 | 0 | 0 |
|  SNG KEROS vs. SNG GA February Futures  | 02/2026 | 2 | 0 | 0 | 0 | 0 |

---

---

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

---

------

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  SNG KEROS vs. SNG GA January Futures  | 01/2026 | 3 | $2 | $1 | $0 | $0 |
|  SNG KEROS vs. SNG GA January Futures  | 01/2026 | 1 | (1) | (1) | 0 | 0 |
|  Soybean Meal July Futures  | 07/2026 | 2 | (62) | 0 | 1 | 0 |
|  Soybean November Futures  | 11/2026 | 1 | (53) | 0 | 0 | 0 |
|  Soybean Oil July Futures  | 07/2026 | 10 | (297) | 5 | 5 | 0 |
|  Soybean Oil March Futures  | 03/2026 | 6 | (175) | 10 | 3 | 0 |
|  Sugar No. 11 July Futures  | 06/2026 | 22 | (362) | (6) | 0 | (2) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53868) | (47) | 18 | 0 |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 15 | (1687) | 3 | 3 | 0 |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2026 | 191 | (22078) | 156 | 42 | 0 |
|  Wheat July Futures  | 07/2026 | 4 | (106) | 1 | 1 | 0 |
|  Wheat March Futures  | 03/2026 | 41 | (1039) | 74 | 8 | 0 |
|  Wheat May Futures  | 05/2026 | 1 | (26) | 0 | 0 | 0 |
|  WTI Crude April Futures  | 03/2026 | 6 | (342) | 4 | 3 | 0 |
|  WTI Crude December Futures  | 11/2026 | 1 | (57) | 3 | 0 | 0 |
|  WTI Crude December Futures  | 11/2027 | 15 | (868) | 42 | 8 | 0 |
|  WTI Crude February Futures  | 01/2026 | 10 | (574) | 46 | 5 | 0 |
|  WTI Crude January Futures  | 12/2026 | 2 | (114) | (2) | 1 | 0 |
|  WTI Crude June Futures  | 05/2026 | 9 | (513) | 6 | 3 | 0 |
|  WTI Crude June Futures  | 05/2027 | 5 | (286) | 4 | 3 | 0 |
|  WTI Crude March Futures  | 02/2026 | 4 | (229) | (1) | 2 | 0 |
|  WTI Crude May Futures  | 04/2026 | 2 | (114) | (2) | 1 | 0 |
|  WTI Crude November Futures  | 10/2026 | 5 | (285) | 14 | 3 | 0 |
|  WTI Crude October Futures  | 09/2026 | 8 | (456) | 41 | 4 | 0 |
|  |  |  |  | $435 | $771 | $(62) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(703) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 16600 | $(86) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | $92 | $19 | $0 |
| Pay<sup>(1)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 7400 | 32 | 7 | 39 | 9 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | 195330 | 5 | 14 | 19 | 1 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 640000 | (26) | 104 | 78 | 4 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 309000 | 27 | 94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | $1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104) | 46 | (58) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 1590 | (108) | 49 | (59) | 0 | (2) |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 | 8471 | 0 | 36 | 36 | 12 | 0 |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 | 11285 | 11 | 0 | 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 700 | (1) | (6) | (7) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 1550 | 69 | (10) | 59 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 1850 | 445 | 224 | 669 | 5 | 0 |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 4600 | 64 | 65 | 129 | 16 | 0 |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.075 | Annual | 11/15/2053 | 4234 | 32 | 41 | 73 | 15 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 1400 | 350 | 167 | 517 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 6700 | 506 | 1043 | 1549 | 20 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 2300 | 61 | 211 | 272 | 7 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.120 | Annual | 09/03/2027 | 11300 | 0 | 25 | 25 | 1 | 0 |
| Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 17800 | (5) | (371) | (376) | 0 | (25) |
| Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 900 | 426 | 171 | 597 | 2 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 950 | 449 | 180 | 629 | 2 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 1800 | 850 | 341 | 1191 | 4 | 0 |
| Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 2450 | (37) | 183 | 146 | 8 | 0 |
| Receive | CPTFEMU | 3.000 | Maturity | 05/15/2027 | 1100 | 23 | (5) | 18 | 0 | 0 |
| Receive | CPTFEMU | 3.130 | Maturity | 05/15/2027 | 100 | 1 | 0 | 1 | 0 | 0 |
| Receive | CPTFEMU | 1.636 | Maturity | 06/15/2027 | 2200 | 0 | 4 | 4 | 0 | 0 |
| Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 130 | (28) | 1 | (27) | 0 | 0 |
| Receive | CPTFEMU | 2.720 | Maturity | 06/15/2032 | 140 | (1) | (5) | (6) | 0 | 0 |
| Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 3500 | (1) | (62) | (63) | 0 | (3) |
| Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 | 1200 | (2) | (17) | (19) | 0 | (1) |
| Pay | CPTFEMU | 2.487 | Maturity | 05/15/2037 | 80 | (3) | 4 | 1 | 0 | 0 |
| Pay | CPTFEMU | 1.945 | Maturity | 11/15/2048 | 100 | (23) | 10 | (13) | 1 | 0 |
| Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 200 | (9) | 20 | 11 | 1 | 0 |
| Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 700 | (28) | 70 | 42 | 2 | 0 |
| Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 200 | (8) | 19 | 11 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **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 | CPTFEMU | 2.421% | Maturity | 05/15/2052 | 230 | $(19) | $24 | $5 | $1 | $0 |
| Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 700 | 22 | 60 | 82 | 1 | 0 |
| Pay | CPTFEMU | 2.680 | Maturity | 04/15/2053 | 600 | 46 | 47 | 93 | 1 | 0 |
| Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 | 400 | 34 | 30 | 64 | 1 | 0 |
| Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 300 | 32 | 23 | 55 | 1 | 0 |
| Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 | 200 | 16 | 15 | 31 | 0 | 0 |
| Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 | 400 | 40 | 29 | 69 | 1 | 0 |
| Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 | $3100 | 0 | (9) | (9) | 0 | (2) |
| Pay | CPURNSA | 2.820 | Maturity | 02/05/2026 | 1800 | 0 | 1 | 1 | 0 | 0 |
| Pay | CPURNSA | 2.842 | Maturity | 02/13/2026 | 2000 | 0 | 2 | 2 | 0 | 0 |
| Pay | CPURNSA | 3.042 | Maturity | 02/21/2026 | 2000 | 0 | 6 | 6 | 0 | 0 |
| Pay | CPURNSA | 3.323 | Maturity | 04/23/2026 | 400 | 0 | 3 | 3 | 0 | 0 |
| Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 | 130 | 10 | 3 | 13 | 0 | 0 |
| Pay | CPURNSA | 3.300 | Maturity | 06/04/2026 | 1900 | 0 | 10 | 10 | 0 | 0 |
| Pay | CPURNSA | 3.435 | Maturity | 08/01/2026 | 2700 | 0 | 16 | 16 | 0 | 0 |
| Pay | CPURNSA | 3.433 | Maturity | 08/27/2026 | 2600 | 0 | 17 | 17 | 0 | 0 |
| Pay | CPURNSA | 2.101 | Maturity | 07/20/2027 | 1800 | (215) | (43) | (258) | 0 | 0 |
| Pay | CPURNSA | 2.080 | Maturity | 07/25/2027 | 1300 | (158) | (32) | (190) | 0 | 0 |
| Pay | CPURNSA | 2.122 | Maturity | 08/01/2027 | 1900 | (223) | (46) | (269) | 0 | 0 |
| Receive | CPURNSA | 1.793 | Maturity | 08/24/2027 | 600 | 89 | 16 | 105 | 0 | 0 |
| Receive | CPURNSA | 1.797 | Maturity | 08/25/2027 | 300 | 44 | 8 | 52 | 0 | 0 |
| Receive | CPURNSA | 1.890 | Maturity | 08/27/2027 | 300 | 42 | 8 | 50 | 0 | 0 |
| Pay | CPURNSA | 2.180 | Maturity | 09/20/2027 | 650 | (74) | (15) | (89) | 0 | 0 |
| Pay | CPURNSA | 2.150 | Maturity | 09/25/2027 | 600 | (70) | (15) | (85) | 0 | 0 |
| Pay | CPURNSA | 2.155 | Maturity | 10/17/2027 | 1400 | (163) | (32) | (195) | 0 | 0 |
| Pay | CPURNSA | 2.335 | Maturity | 02/05/2028 | 2010 | (184) | (40) | (224) | 2 | 0 |
| Pay | CPURNSA | 2.352 | Maturity | 05/09/2028 | 630 | (55) | (12) | (67) | 0 | 0 |
| Pay | CPURNSA | 2.360 | Maturity | 05/09/2028 | 950 | (83) | (17) | (100) | 0 | 0 |
| Pay | CPURNSA | 2.364 | Maturity | 05/10/2028 | 960 | (83) | (18) | (101) | 0 | 0 |
| Pay | CPURNSA | 2.370 | Maturity | 06/06/2028 | 1800 | (158) | (33) | (191) | 0 | 0 |
| Receive | CPURNSA | 2.573 | Maturity | 08/26/2028 | 1100 | 68 | 17 | 85 | 1 | 0 |
| Receive | CPURNSA | 2.645 | Maturity | 09/10/2028 | 500 | 27 | 7 | 34 | 0 | 0 |
| Pay | CPURNSA | 2.165 | Maturity | 04/16/2029 | 1100 | (127) | (20) | (147) | 0 | (2) |
| Pay | CPURNSA | 1.954 | Maturity | 06/03/2029 | 400 | (54) | (7) | (61) | 0 | (1) |
| Pay | CPURNSA | 1.997 | Maturity | 07/25/2029 | 2800 | (359) | (52) | (411) | 0 | (5) |
| Receive | CPURNSA | 2.311 | Maturity | 02/24/2031 | 8300 | 896 | 107 | 1003 | 15 | 0 |
| Pay | FRCPXTOB | 1.910 | Maturity | 01/15/2038 | 390 | (47) | 40 | (7) | 0 | 0 |
| Receive | UKRPI | 3.365 | Maturity | 09/15/2027 | 1500 | 0 | (20) | (20) | 0 | (1) |
| Pay | UKRPI | 3.500 | Maturity | 08/15/2034 | 1600 | 9 | 72 | 81 | 2 | 0 |
| Pay | UKRPI | 3.466 | Maturity | 09/15/2034 | 700 | 0 | 32 | 32 | 0 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(2)</sup> | Variation Margin<br>Asset<sup>(2)</sup> | | Market Value | Variation Margin<br>Liability<sup>(2)</sup> | Variation Margin<br>Liability<sup>(2)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1429) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(719) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2192) |

---

(h) Securities with an aggregate market value of $2,644 and cash of $5,352 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(2)</sup> Unsettled variation margin asset of $11 and liability of $(16) for closed futures is outstanding at period end. 

---

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

---

------

December 31, 2025

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  BOA | 01/2026 | 913 | $10 | $0 | $0 |
|  | 01/2026 | 172780 | 119 | 0 | (1) |
|  | 01/2026 | 733 | 200 | 0 | (4) |
|  | 01/2026 | 2273 | 70 | 0 | (2) |
|  | 01/2026 | 11013 | 361 | 11 | 0 |
|  | 01/2026 | $433 | 329 | 10 | 0 |
|  | 01/2026 | 701 | 2566 | 14 | 0 |
|  | 01/2026 | 43 | 1344 | 0 | 0 |
|  | 01/2026 | 170 | 2834 | 1 | 0 |
|  | 02/2026 | 691 | $217 | 0 | 0 |
|  | 04/2026 | $59 | 1093 | 1 | 0 |
|  BPS | 01/2026 | 1697 | $1103 | 0 | (30) |
|  | 01/2026 | 79 | 100 | 1 | 0 |
|  | 01/2026 | 5594 | 794 | 0 | (9) |
|  | 01/2026 | 249 | 337 | 1 | 0 |
|  | 01/2026 | 1767 | 545 | 0 | (9) |
|  | 01/2026 | 18031 | 200 | 0 | 0 |
|  | 01/2026 | 16900 | 109 | 1 | 0 |
|  | 01/2026 | 1168 | 664 | 0 | (9) |
|  | 01/2026 | 991 | 272 | 0 | (4) |
|  | 01/2026 | 37484 | 1233 | 40 | 0 |
|  | 01/2026 | $899 | 6297 | 4 | 0 |
|  | 01/2026 | 214 | 19338 | 0 | 0 |
|  | 01/2026 | 736 | 2677 | 10 | 0 |
|  | 01/2026 | 1570 | 49294 | 3 | (3) |
|  | 01/2026 | 379 | 6317 | 2 | 0 |
|  | 01/2026 | 2692 | $161 | 0 | (1) |
|  | 02/2026 | $219 | 19762 | 0 | 0 |
|  | 02/2026 | 531 | 16656 | 0 | (1) |
|  | 03/2026 | 7170 | $231 | 3 | 0 |
|  | 04/2026 | 4800 | 840 | 0 | (18) |
|  BRC | 01/2026 | 244 | 283 | 0 | (4) |
|  | 01/2026 | 291 | 91 | 0 | (1) |
|  | 01/2026 | $86 | 74 | 1 | 0 |
|  | 01/2026 | 53 | 192 | 1 | 0 |
|  | 02/2026 | 288 | $90 | 0 | (1) |
|  | 03/2026 | $496 | 9188 | 10 | 0 |
|  | 03/2026 | 2117 | 97370 | 18 | 0 |
|  BSH | 01/2026 | 304263 | $1955 | 11 | 0 |
|  | 04/2026 | 8900 | 1567 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;(25) |
|  CBK | 01/2026 | 190 | 221 | 0 | (2) |
|  | 01/2026 | 1905 | 187 | 0 | (2) |
|  | 01/2026 | 381 | 220 | 1 | 0 |
|  | 01/2026 | 172 | 5 | 0 | 0 |
|  | 01/2026 | 56448 | 1857 | 60 | 0 |
|  | 01/2026 | $581 | 4057 | 1 | 0 |
|  | 01/2026 | 3577 | 319770 | 3 | (30) |
|  | 01/2026 | 60 | 215 | 0 | 0 |
|  | 01/2026 | 0 | 3 | 0 | 0 |
|  | 01/2026 | 431 | 13472 | 0 | (2) |
|  | 02/2026 | 545 | $171 | 0 | 0 |
|  | 02/2026 | $13 | 405 | 0 | 0 |
|  | 03/2026 | 15463 | $494 | 3 | 0 |
|  DUB | 01/2026 | 482 | 150 | 0 | (2) |
|  | 01/2026 | 369772 | 253 | 0 | (4) |
|  | 01/2026 | 312 | 180 | 1 | 0 |
|  | 01/2026 | $293 | 936 | 1 | 0 |
|  | 01/2026 | 1030 | 91739 | 0 | (12) |
|  | 01/2026 | 545 | 800555 | 10 | 0 |
|  | 01/2026 | 160 | 2686 | 2 | 0 |
|  | 02/2026 | 936 | $293 | 0 | (1) |
|  | 02/2026 | $17 | 546 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  FAR | 01/2026 | 3458 | $2246 | $0 | $(62) |
|  | 01/2026 | 88 | 110 | 0 | (1) |
|  | 01/2026 | 2788 | 396 | 0 | (4) |
|  | 01/2026 | 975 | 558 | 0 | (3) |
|  | 01/2026 | $155 | 498 | 1 | 0 |
|  | 01/2026 | 1734 | 32159 | 48 | 0 |
|  | 01/2026 | 758 | 2781 | 16 | 0 |
|  | 01/2026 | 233 | 3914 | 3 | 0 |
|  | 02/2026 | 498 | $155 | 0 | (1) |
|  GLM | 01/2026 | 231 | 72 | 0 | (1) |
|  | 01/2026 | $330 | 265 | 4 | 0 |
|  | 01/2026 | 421 | 2968 | 5 | 0 |
|  | 01/2026 | 369 | 1348 | 6 | 0 |
|  | 01/2026 | 77 | 2467 | 1 | 0 |
|  | 02/2026 | 533 | 2944 | 0 | (1) |
|  | 02/2026 | 309 | 5734 | 8 | 0 |
|  | 03/2026 | 134 | $24 | 0 | 0 |
|  | 03/2026 | $4421 | 24494 | 0 | (9) |
|  | 03/2026 | 235 | 4356 | 6 | 0 |
|  | 04/2026 | 24000 | $4192 | 9 | (107) |
|  | 04/2026 | $503 | 9279 | 7 | 0 |
|  JPM | 01/2026 | 11607 | $1648 | 0 | (17) |
|  | 01/2026 | 2596 | 795 | 0 | (20) |
|  | 01/2026 | 16798 | 189 | 2 | 0 |
|  | 01/2026 | 188936 | 132 | 1 | 0 |
|  | 01/2026 | 569 | 330 | 2 | 0 |
|  | 01/2026 | 1831 | 500 | 0 | (10) |
|  | 01/2026 | $521 | 3658 | 4 | 0 |
|  | 01/2026 | 412 | 36705 | 0 | (5) |
|  | 01/2026 | 636 | 2340 | 16 | 0 |
|  | 02/2026 | 132 | 188688 | 0 | (1) |
|  | 02/2026 | 538 | 9985 | 13 | 0 |
|  | 03/2026 | 327 | 5996 | 4 | 0 |
|  | 04/2026 | 9400 | $1586 | 0 | (94) |
|  | 04/2026 | $186 | 3435 | 3 | 0 |
|  MBC | 01/2026 | 5935 | $4217 | 0 | (110) |
|  | 01/2026 | 127 | 160 | 0 | (1) |
|  | 01/2026 | 97162 | 625 | 5 | 0 |
|  | 01/2026 | 398 | 230 | 1 | 0 |
|  | 01/2026 | 6476 | 4991 | 0 | (50) |
|  | 01/2026 | $392 | 336 | 3 | 0 |
|  | 01/2026 | 132 | 100 | 3 | 0 |
|  | 01/2026 | 66 | 6019 | 0 | 0 |
|  | 01/2026 | 153 | 561 | 3 | 0 |
|  | 01/2026 | 66 | 2074 | 0 | 0 |
|  | 02/2026 | 142 | 2631 | 3 | 0 |
|  | 03/2026 | 136 | 2510 | 2 | 0 |
|  | 04/2026 | 152 | 2798 | 2 | 0 |
|  MYI | 02/2026 | 1063 | $330 | 0 | (4) |
|  NGF | 01/2026 | 606158 | 414 | 0 | (6) |
|  | 01/2026 | $366 | 536986 | 7 | 0 |
|  SCX | 01/2026 | 5560 | $789 | 0 | (9) |
|  | 01/2026 | 2729 | 30 | 0 | 0 |
|  | 01/2026 | 349223 | 2242 | 11 | 0 |
|  | 01/2026 | 19479 | 640 | 20 | 0 |
|  | 01/2026 | $59 | 5339 | 0 | 0 |
|  SOG | 01/2026 | 17740 | $20539 | 0 | (318) |
|  | 01/2026 | 882928 | 5645 | 5 | 0 |
|  | 01/2026 | $1584 | 1210 | 46 | 0 |
|  | 02/2026 | 142 | 2632 | 3 | 0 |
|  | 03/2026 | 111 | $6 | 0 | 0 |
|  | 03/2026 | $0 | 0 | 0 | 0 |
|  UAG | 01/2026 | 457 | $570 | 0 | (7) |
|  | 01/2026 | 732 | 201 | 0 | (3) |
|  | 01/2026 | $465 | 1681 | 4 | 0 |
|  | 02/2026 | 132 | 2448 | 3 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1021) |

---

20 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 1200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 1400 | $(13) | $(6) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 1400 | (12) | (8) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 12500 | (113) | (42) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 12500 | (113) | (82) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 5000 | (46) | (24) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 5000 | (46) | (24) |
|  |  |  |  |  |  | $(343) | $(186) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | CMBX.NA.AAA.8 Index | 0.500% | Monthly | 10/17/2057 | $11 | $(1) | $1 | $0 | $0 |
| GST | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 4 | 0 | 0 | 0 | 0 |
| SAL | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | (1) | 3 | 2 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Receive | BACVWSAV Index « | 2344 | -0.006% | Monthly | 03/31/2026 | $418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3 | $3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  BPS | Receive | BCOMF1NTC Index  | 17434 | 0.120% | Monthly | 03/16/2026 | 2222 | 0 | (1) | 0 | (1) |
|  | Receive | BCOMF1TC Index<sup>(8)</sup> | 140482 | 3.680% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 03/16/2026 | 16586 | 0 | 149 | 149 | 0 |
|  | Receive | BCOMTR Index  | 159612 | 3.660% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 03/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43615 | 0 | 402 | 402 | 0 |
|  CBK | Receive | BCOMF1TC Index  | 421 | 3.680% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 05/15/2026 | 57 | 0 | 1 | 1 | 0 |
|  | Receive | BCOMTR Index  | 7319 | 3.660% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 05/15/2026 | 2000 | 0 | 18 | 18 | 0 |
|  | Receive | CIXBSTR3 Index<sup>(9)</sup> | 118366 | 3.720% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 05/15/2026 | 35384 | 0 | 325 | 325 | 0 |
|  CIB | Receive | BCOMTR Index  | 11132 | 3.660% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 06/15/2026 | 3042 | 0 | 28 | 28 | 0 |
|  GST | Pay | SPGCINP Index  | 721 | -0.070% | Monthly | 01/15/2026 | 170 | 0 | (9) | 0 | (9) |
|  | Receive | BCOMF1NTC Index  | 1176 | 3.740% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 430 | 0 | (1) | 0 | (1) |
|  | Receive | BCOMF1TC Index<sup>(10)</sup> | 102940 | 3.680% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 45031 | 0 | 405 | 405 | 0 |
|  | Receive | BCOMTR Index  | 19697 | 3.670% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 5382 | 0 | 50 | 50 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Receive | CMDSKEWLS Index<sup>(</sup><sup>11)</sup> | 11165 | 0.250% | Monthly | 04/15/2026 | $5751 | $0 | $150 | $150 | $0 |
|  JPM | Receive | JMABFNJ2 Index  | 35936 | 0.000% | Monthly | 01/30/2026 | 3619 | 0 | 0 | 0 | 0 |
|  | Receive | BCOMF1TC Index<sup>(12)</sup> | 21991 | 3.690% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 07/15/2026 | 5031 | 0 | 45 | 45 | 0 |
|  | Receive | JMABNIC5 Index<sup>(13)</sup> | 61603 | 0.000% | Monthly | 07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12205 | 0 | 168 | 168 | 0 |
|  MAC | Receive | BCOMTR Index  | 5094 | 3.670% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/17/2026 | 1392 | 0 | 13 | 13 | 0 |
|  | Receive | PIMCODB Index<sup>(14)</sup> | 200698 | 0.000% | Monthly | 08/17/2026 | 41310 | 0 | 293 | 293 | 0 |
|  MEI | Receive | BCOMTR Index  | 36 | 3.660% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 | 10 | 0 | 0 | 0 | 0 |
|  | Receive | BCOMTR2 Index<sup>(15)</sup> | 292026 | 3.660% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 | 60221 | 0 | 599 | 599 | 0 |
|  MYC | Receive | BCOMTR Index  | 201812 | 3.650% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 10/15/2026 | 55146 | 0 | 509 | 509 | 0 |
|  | Receive | BCOMTR1 Index<sup>(16)</sup> | 102417 | 3.690% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 10/15/2026 | 81514 | 0 | 750 | 750 | 0 |
|  RBC | Receive | RBCAEC0T Index<sup>(17)</sup> | 50266 | 3.640% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 11/16/2026 | 4663 | 0 | 41 | 41 | 0 |
|  SOG | Receive | BCOMTR Index  | 17520 | 3.640% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 12/15/2026 | 4787 | 0 | 44 | 44 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  MYC | Receive | U.S. Treasury Inflation Protected Securities | N/A | 3.880% (SOFR plus a specified spread) | Maturity | 01/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) |

---

#### VOLATILITY SWAPS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Volatility | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Volatility | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  DUB | Pay<br> GOLDLNPM Index<sup>(6)</sup> | 6.126% | Maturity | 01/19/2026 | $90 | $0 | $1 | $1 | $0 |
|  JPM | Pay<br> GOLDLNPM Index<sup>(6)</sup> | 5.905 | Maturity | 01/19/2026 | 200 | 0 | 3 | 3 | 0 |
|  | Pay<br> GOLDLNPM Index<sup>(6)</sup> | 6.325 | Maturity | 04/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4453 | 0 | 141 | 141 | 0 |
|  |  |  |  |  |  | $0 | $145 | $145 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  BOA | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3 | $40 | $(7) | $0 | $0 | $(7) | $33 | $0 | $33 |
|  BPS | 65 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1329) |
|  BRC | 30 | 0 | 0 | 30 | (6) | (14) | 0 | (20) | 10 | 0 | 10 |
|  BSH | 12 | 0 | 0 | 12 | (25) | 0 | 0 | (25) | (13) | 0 | (13) |
|  CBK | 68 | 0 | 344 | 412 | (36) | 0 | 0 | (36) | 376 | (1140) | (764) |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **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** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(7)</sup>** |
|  CIB | $0 | $0 | $28 | $28 | $0 | $0 | $0 | $0 | $28 | $0 | $28 |
|  DUB | 14 | 0 | 1 | 15 | (19) | 0 | 0 | (19) | (4) | 0 | (4) |
|  FAR | 68 | 0 | 0 | 68 | (71) | 0 | 0 | (71) | (3) | 0 | (3) |
|  GLM | 46 | 0 | 0 | 46 | (118) | (197) | 0 | (315) | (269) | 0 | (269) |
|  GST | 0 | 0 | 605 | 605 | 0 | 0 | (10) | (10) | 595 | (1740) | (1145) |
|  JPM | 45 | 0 | 357 | 402 | (147) | 0 | 0 | (147) | 255 | (650) | (395) |
|  MAC | 0 | 0 | 306 | 306 | 0 | 0 | 0 | 0 | 306 | (760) | (454) |
|  MBC | 22 | 0 | 0 | 22 | (161) | 0 | 0 | (161) | (139) | 0 | (139) |
|  MEI | 0 | 0 | 599 | 599 | 0 | 0 | 0 | 0 | 599 | (1840) | (1241) |
|  MYC | 0 | 0 | 1259 | 1259 | 0 | 0 | (87) | (87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2988) |
|  MYI | 0 | 0 | 0 | 0 | (4) | 0 | 0 | (4) | (4) | 0 | (4) |
|  NGF | 7 | 0 | 0 | 7 | (6) | 0 | 0 | (6) | 1 | 0 | 1 |
|  RBC | 0 | 0 | 41 | 41 | 0 | 0 | 0 | 0 | 41 | 0 | 41 |
|  SAL | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  SCX | 31 | 0 | 0 | 31 | (9) | 0 | 0 | (9) | 22 | 0 | 22 |
|  SOG | 54 | 0 | 44 | 98 | (318) | 0 | 0 | (318) | (220) | 343 | 123 |
|  UAG | 7 | 0 | 0 | 7 | (10) | 0 | 0 | (10) | (3) | 0 | (3) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1021) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1330) |  |  |  |

---

(j) Securities with an aggregate market value of $343 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

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

<sup>(5)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(6)</sup> Variance Swap

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC derivatives can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(8)</sup> The following table represents the individual positions within the total return swap as of December 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum March 2026 Futures | 4.3% | $714 |
|  Arabica Coffee March 2026 Futures | 2.9 | 472 |
|  Brent Crude May 2026 Futures | 5.5 | 908 |
|  Copper March 2026 Futures | 6.3 | 1051 |
|  Corn March 2026 Futures | 4.7 | 781 |
|  Cotton No. 02 March 2026 Futures | 1.3 | 218 |
|  Gas Oil March 2026 Futures | 2.2 | 364 |
|  Gold 100 oz. April 2026 Futures | 20.4 | 3386 |
|  Hard Red Winter Wheat March 2026 Futures | 1.5 | 246 |
|  Lead March 2026 Futures | 0.8 | 137 |
|  Lean Hogs April 2026 Futures | 1.7 | 284 |
|  Live Cattle April 2026 Futures | 3.7 | 616 |
|  New York Harbor ULSD March 2026 Futures | 1.7 | 285 |
|  Nickel March 2026 Futures | 2.3 | 375 |
|  NYMEX — Natural Gas March 2026 Futures | 7.0 | 1159 |
|  RBOB Gasoline March 2026 Futures | 1.6 | 266 |
|  Silver March 2026 Futures | 9.0 | 1492 |
|  Soybean Meal March 2026 Futures | 3.0 | 503 |
|  Soybean Oil March 2026 Futures | 3.5 | 572 |
|  Soybeans March 2026 Futures | 5.5 | 905 |
|  Sugar No. 11 March 2026 Futures | 2.0 | 334 |
|  Wheat March 2026 Futures | 2.3 | 381 |
|  WTI Crude March 2026 Futures | 4.7 | 782 |
|  Zinc March 2026 Futures | 2.1 | 355 |
|  Total Long Futures Contracts |  | $16586 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16586 |

---

<sup>\*</sup> The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

<sup>(9)</sup> The following table represents the individual positions within the total return swap as of December 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum March 2026 Futures | 4.3% | $1526 |
|  Arabica Coffee March 2026 Futures | 2.9 | 1010 |
|  Brent Crude March 2026 Futures | 5.5 | 1958 |
|  Copper March 2026 Futures | 6.4 | 2247 |
|  Corn March 2026 Futures | 4.7 | 1669 |
|  Cotton No. 02 March 2026 Futures | 1.3 | 465 |
|  Gas Oil March 2026 Futures | 2.2 | 778 |
|  Gold 100 oz. February 2026 Futures | 20.3 | 7184 |
|  Hard Red Winter Wheat March 2026 Futures | 1.5 | 527 |
|  Lead March 2026 Futures | 0.8 | 293 |
|  Lean Hogs February 2026 Futures | 1.6 | 575 |
|  Live Cattle February 2026 Futures | 3.7 | 1313 |
|  New York Harbor ULSD March 2026 Futures | 1.7 | 609 |
|  Nickel March 2026 Futures | 2.3 | 803 |
|  NYMEX — Natural Gas March 2026 Futures | 7.0 | 2477 |
|  RBOB Gasoline March 2026 Futures | 1.6 | 568 |
|  Silver March 2026 Futures | 9.0 | 3190 |
|  Soybean Meal March 2026 Futures | 3.0 | 1075 |
|  Soybean Oil March 2026 Futures | 3.5 | 1222 |
|  Soybeans March 2026 Futures | 5.5 | 1934 |
|  Sugar No. 11 March 2026 Futures | 2.0 | 714 |
|  Wheat March 2026 Futures | 2.3 | 815 |
|  WTI Crude March 2026 Futures | 4.7 | 1672 |
|  Zinc March 2026 Futures | 2.2 | 760 |
|  Total Long Futures Contracts |  | $35384 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35384 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(10)</sup> The following table represents the individual positions within the total return swap as of December 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum March 2026 Futures | 4.2% | $1938 |
|  Arabica Coffee March 2026 Futures | 4.9 | 1283 |
|  Brent Crude May 2026 Futures | 6.7 | 2466 |
|  Copper March 2026 Futures | 5.3 | 2853 |
|  Corn March 2026 Futures | 5.3 | 2119 |
|  Cotton No. 02 March 2026 Futures | 1.3 | 591 |
|  Gas Oil March 2026 Futures | 2.3 | 988 |
|  Gold 100 oz. April 2026 Futures | 17.5 | 9193 |
|  Hard Red Winter Wheat March 2026 Futures | 1.5 | 669 |
|  Lead March 2026 Futures | 0.8 | 372 |
|  Lean Hogs April 2026 Futures | 2.1 | 772 |
|  Live Cattle April 2026 Futures | 3.7 | 1672 |
|  New York Harbor ULSD March 2026 Futures | 1.8 | 774 |
|  Nickel March 2026 Futures | 2.3 | 1019 |
|  NYMEX — Natural Gas March 2026 Futures | 8.8 | 3146 |
|  RBOB Gasoline March 2026 Futures | 2.0 | 721 |
|  Silver March 2026 Futures | 5.3 | 4051 |
|  Soybean Meal March 2026 Futures | 2.9 | 1365 |
|  Soybean Oil March 2026 Futures | 2.7 | 1552 |
|  Soybeans March 2026 Futures | 4.4 | 2457 |
|  Sugar No. 11 March 2026 Futures | 2.4 | 906 |
|  Wheat March 2026 Futures | 2.4 | 1035 |
|  WTI Crude March 2026 Futures | 6.7 | 2124 |
|  Zinc March 2026 Futures | 2.7 | 965 |
|  Total Long Futures Contracts |  | $45031 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45031 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

<sup>(11)</sup> The following table represents the individual positions within the total return swap as of December 31, 2025: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** | Referenced Commodity — Short Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Arabica Coffee March 2026 Futures | 10.6% | $612 | Aluminum February 2026 Futures | (3.8)% | $(217) |
|  Corn March 2026 Futures | 9.5 | 544 | Cotton No. 02 March 2026 Futures | (16.0) | (918) |
|  Gold 100 oz. February 2026 Futures | 27.8 | 1600 | Hard Red Winter Wheat March 2026 Futures | (1.5) | (90) |
|  Live Cattle February 2026 Futures | 14.6 | 839 | Lead February 2026 Futures | (7.4) | (425) |
|  New York Harbor ULSD February 2026 Futures | 3.5 | 202 | NYMEX-Natural Gas February 2026 Futures | (9.3) | (537) |
|  RBOB Gasoline February 2026 Futures | 3.5 | 203 | Soybean Meal March 2026 Futures | (3.2) | (185) |
|  Silver March 2026 Futures | 20.6 | 1184 | Soybean Oil March 2026 Futures | (3.7) | (210) |
|  |  |  | Soybeans March 2026 Futures | (19.7) | (1135) |
|  |  |  | Sugar No. 11 March 2026 Futures | (2.1) | (122) |
|  |  |  | Wheat March 2026 Futures | (16.3) | (937) |
|  |  |  | Zinc February 2026 Futures | (3.6) | (206) |
|  Total Long Futures Contracts |  | $5184 | Total Short Futures Contracts |  | $(4982) |
|  Cash | 96.5% | $5549 |  |  |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10733 |  |  |  |
|  Total Notional Amount |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(12)</sup> The following table represents the individual positions within the total return swap as of December 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum March 2026 Futures | 4.3% | $217 |
|  Arabica Coffee March 2026 Futures | 2.8 | 143 |
|  Brent Crude May 2026 Futures | 5.5 | 275 |
|  Copper March 2026 Futures | 6.3 | 319 |
|  Corn March 2026 Futures | 4.7 | 237 |
|  Cotton No. 02 March 2026 Futures | 1.3 | 66 |
|  Gas Oil March 2026 Futures | 2.2 | 110 |
|  Gold 100 oz. April 2026 Futures | 20.4 | 1027 |
|  Hard Red Winter Wheat March 2026 Futures | 1.5 | 75 |
|  Lead March 2026 Futures | 0.8 | 42 |
|  Lean Hogs April 2026 Futures | 1.7 | 86 |
|  Live Cattle April 2026 Futures | 3.7 | 187 |
|  New York Harbor ULSD March 2026 Futures | 1.7 | 87 |
|  Nickel March 2026 Futures | 2.3 | 114 |
|  NYMEX — Natural Gas March 2026 Futures | 7.0 | 351 |
|  RBOB Gasoline March 2026 Futures | 1.6 | 81 |
|  Silver March 2026 Futures | 9.0 | 453 |
|  Soybean Meal March 2026 Futures | 3.0 | 152 |
|  Soybean Oil March 2026 Futures | 3.5 | 173 |
|  Soybeans March 2026 Futures | 5.5 | 274 |
|  Sugar No. 11 March 2026 Futures | 2.0 | 101 |
|  Wheat March 2026 Futures | 2.3 | 116 |
|  WTI Crude March 2026 Futures | 4.7 | 237 |
|  Zinc March 2026 Futures | 2.2 | 108 |
|  Total Long Futures Contracts |  | $5031 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(13)</sup> The following table represents the individual positions within the total return swap as of December 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity – Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Brent Crude June 2026 Futures | 13.1% | $1604 |
|  Cotton No. 02 March 2026 Futures | 1.5 | 180 |
|  Gas Oil May 2026 Futures | 2.5 | 300 |
|  Gold 100 oz. February 2026 Futures | 22.7 | 2775 |
|  Live Cattle February 2026 Futures | 6.0 | 730 |
|  LME — Copper February 2026 Futures | 8.2 | 1000 |
|  New York Harbor ULSD May 2026 Futures | 3.6 | 439 |
|  Nickel February 2026 Futures | 3.7 | 452 |
|  RBOB Gasoline May 2026 Futures | 3.5 | 423 |
|  Silver March 2026 Futures | 10.1 | 1232 |
|  Soybean Meal March 2026 Futures | 10.1 | 1231 |
|  Soybeans March 2026 Futures | 12.8 | 1561 |
|  Sugar No. 11 March 2026 Futures | 2.2 | 276 |
|  Total Long Futures Contracts |  | $12203 |
|  Cash | 0.0% | $2 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12205 |

---

<sup>\*</sup> The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

<sup>(14)</sup> The following table represents the individual positions within the total return swap as of December 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum June 2026 Futures | 0.9% | $360 |
|  Aluminum March 2026 Futures | 1.9 | 786 |
|  Arabica Coffee July 2026 Futures | 1.4 | 598 |
|  Arabica Coffee March 2026 Futures | 3.2 | 1310 |
|  Brent Crude August 2026 Futures | 3 | 1225 |
|  Brent Crude May 2026 Futures | 2.3 | 954 |
|  Cocoa July 2026 Futures | 1.5 | 597 |
|  Copper July 2026 Futures | 0.5 | 223 |
|  Copper March 2026 Futures | 1 | 395 |
|  Corn March 2026 Futures | 3.7 | 1541 |
|  Gas Oil August 2026 Futures | 2.9 | 1203 |
|  Gas Oil May 2026 Futures | 2.3 | 942 |
|  Gold 100 oz. April 2026 Futures | 8 | 3316 |
|  Gold 100 oz. June 2026 Futures | 3.4 | 1410 |
|  Lean Hogs June 2026 Futures | 1.8 | 757 |
|  Live Cattle April 2026 Futures | 3.8 | 1566 |
|  Live Cattle June 2026 Futures | 4.6 | 1905 |
|  New York Harbor ULSD August 2026 Futures | 3.8 | 1570 |
|  New York Harbor ULSD May 2026 Futures | 2.3 | 929 |
|  Nickel June 2026 Futures | 3.2 | 1319 |
|  Nickel March 2026 Futures | 1.7 | 703 |
|  RBOB Gasoline August 2026 Futures | 4.8 | 1962 |
|  RBOB Gasoline May 2026 Futures | 2.4 | 1004 |
|  Silver July 2026 Futures | 1.2 | 512 |
|  Silver March 2026 Futures | 4.2 | 1731 |
|  Soybeans July 2026 Futures | 2.7 | 1121 |
|  WTI Crude August 2026 Futures | 1.3 | 533 |
|  WTI Crude May 2026 Futures | 2.1 | 872 |
|  Zinc June 2026 Futures | 2.8 | 1170 |
|  Zinc March 2026 Futures | 5.9 | 2444 |
|  Total Long Futures Contracts |  | $34958 |
|  Cash | 15.4% | $6352 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41310 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(15)</sup> The following table represents the individual positions within the total return swap as of December 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum March 2026 Futures | 4.3% | $2597 |
|  Arabica Coffee March 2026 Futures | 2.9 | 1719 |
|  Brent Crude March 2026 Futures | 5.5 | 3333 |
|  Copper March 2026 Futures | 6.4 | 3824 |
|  Corn March 2026 Futures | 4.7 | 2840 |
|  Cotton No. 02 March 2026 Futures | 1.3 | 792 |
|  Gas Oil March 2026 Futures | 2.2 | 1324 |
|  Gold 100 oz. February 2026 Futures | 20.3 | 12227 |
|  Hard Red Winter Wheat March 2026 Futures | 1.5 | 896 |
|  Lead March 2026 Futures | 0.8 | 499 |
|  Lean Hogs February 2026 Futures | 1.6 | 979 |
|  Live Cattle February 2026 Futures | 3.7 | 2235 |
|  New York Harbor ULSD March 2026 Futures | 1.7 | 1037 |
|  Nickel March 2026 Futures | 2.3 | 1366 |
|  NYMEX — Natural Gas March 2026 Futures | 7.0 | 4216 |
|  RBOB Gasoline March 2026 Futures | 1.6 | 966 |
|  Silver March 2026 Futures | 9.0 | 5429 |
|  Soybean Meal March 2026 Futures | 3.0 | 1829 |
|  Soybean Oil March 2026 Futures | 3.5 | 2081 |
|  Soybeans March 2026 Futures | 5.5 | 3292 |
|  Sugar No. 11 March 2026 Futures | 2.0 | 1214 |
|  Wheat March 2026 Futures | 2.3 | 1387 |
|  WTI Crude March 2026 Futures | 4.7 | 2846 |
|  Zinc March 2026 Futures | 2.2 | 1293 |
|  Total Long Futures Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60221 |
|  Total Notional Amount |  | $60221 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

<sup>(16)</sup> The following table represents the individual positions within the total return swap as of December 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity – Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum March 2026 Futures | 4.3% | $3515 |
|  Arabica Coffee March 2026 Futures | 2.9 | 2327 |
|  Brent Crude March 2026 Futures | 5.5 | 4512 |
|  Copper March 2026 Futures | 6.4 | 5176 |
|  Corn March 2026 Futures | 4.7 | 3844 |
|  Cotton No. 02 March 2026 Futures | 1.3 | 1072 |
|  Gas Oil March 2026 Futures | 2.2 | 1792 |
|  Gold 100 oz. February 2026 Futures | 20.3 | 16551 |
|  Hard Red Winter Wheat March 2026 Futures | 1.5 | 1213 |
|  Lead March 2026 Futures | 0.8 | 675 |
|  Lean Hogs February 2026 Futures | 1.6 | 1325 |
|  Live Cattle February 2026 Futures | 3.7 | 3025 |
|  New York Harbor ULSD March 2026 Futures | 1.7 | 1404 |
|  Nickel March 2026 Futures | 2.3 | 1849 |
|  NYMEX — Natural Gas March 2026 Futures | 7.0 | 5706 |
|  RBOB Gasoline March 2026 Futures | 1.6 | 1308 |
|  Silver March 2026 Futures | 9.0 | 7348 |
|  Soybean Meal March 2026 Futures | 3.0 | 2476 |
|  Soybean Oil March 2026 Futures | 3.5 | 2816 |
|  Soybeans March 2026 Futures | 5.5 | 4456 |
|  Sugar No. 11 March 2026 Futures | 2.0 | 1644 |
|  Wheat March 2026 Futures | 2.3 | 1877 |
|  WTI Crude March 2026 Futures | 4.7 | 3853 |
|  Zinc March 2026 Futures | 2.2 | 1750 |
|  Total Long Futures Contracts |  | $81514 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81514 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(17)</sup> The following table represents the individual positions within the total return swap as of December 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum March 2026 Futures | 4.3% | $201 |
|  Arabica Coffee March 2026 Futures | 2.9 | 133 |
|  Brent Crude March 2026 Futures | 5.5 | 258 |
|  Copper March 2026 Futures | 6.4 | 296 |
|  Corn March 2026 Futures | 4.7 | 220 |
|  Cotton No. 02 March 2026 Futures | 1.3 | 61 |
|  Gas Oil March 2026 Futures | 2.2 | 103 |
|  Gold 100 oz. February 2026 Futures | 20.3 | 947 |
|  Hard Red Winter Wheat March 2026 Futures | 1.5 | 69 |
|  Lead March 2026 Futures | 0.8 | 39 |
|  Lean Hogs February 2026 Futures | 1.6 | 76 |
|  Live Cattle February 2026 Futures | 3.7 | 173 |
|  New York Harbor ULSD March 2026 Futures | 1.7 | 80 |
|  Nickel March 2026 Futures | 2.3 | 106 |
|  NYMEX — Natural Gas March 2026 Futures | 7.0 | 327 |
|  RBOB Gasoline March 2026 Futures | 1.6 | 75 |
|  Silver March 2026 Futures | 9.0 | 420 |
|  Soybean Meal March 2026 Futures | 3.0 | 142 |
|  Soybean Oil March 2026 Futures | 3.5 | 161 |
|  Soybeans March 2026 Futures | 5.5 | 255 |
|  Sugar No. 11 March 2026 Futures | 2.0 | 94 |
|  Wheat March 2026 Futures | 2.3 | 107 |
|  WTI Crude March 2026 Futures | 4.7 | 220 |
|  Zinc March 2026 Futures | 2.2 | 100 |
|  Total Long Futures Contracts |  | $4663 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **27** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

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

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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; Purchased Options  | $11 | $0 | $0 | $0 | $0 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 780 | 0 | 0 | 0 | 124 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 184 | 184 |
|  | $791 | $0 | $0 | $0 | $308 | $1099 |
|  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 | $506 | $0 | $506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 4134 | 2 | 0 | 0 | 4 | 4140 |
|  | $4134 | $2 | $0 | $506 | $4 | $4646 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925 | $&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;506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $1429 | $0 | $0 | $0 | $0 | $1429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 591 | 0 | 0 | 0 | 128 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 44 | 44 |
|  | $2020 | $0 | $0 | $0 | $172 | $2192 |
|  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 | $1021 | $0 | $1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 211 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 11 | 0 | 0 | 0 | 87 | 98 |
|  | $11 | $0 | $0 | $1021 | $298 | $1330 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031 | $&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;1021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522 |

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The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit <br>Contracts | Equity <br>Contracts | Foreign <br>Exchange<br>Contracts | Interest <br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $44 | $0 | $0 | $0 | $0 | $44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 140 | 0 | 0 | 0 | 0 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (2319) | 0 | 0 | 0 | 154 | (2165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 523 | 523 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2135) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $677 | $(1458) |
|  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;(1931) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1931) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 281 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 40638 | 3 | 0 | 0 | 461 | 41102 |
|  | $40638 | $3 | $0 | $(1931) | $742 | $39452 |
|  | $38503 | $3 | $0 | $(1931) | $1419 | $37994 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $(15) | $0 | $0 | $0 | $0 | $(15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (325) | 0 | 0 | 0 | 0 | (325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 1037 | 0 | 0 | 0 | (475) | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2350 | 2350 |
|  | $697 | $0 | $0 | $0 | $1875 | $2572 |
|  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 | $(1936) | $0 | $(1936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (9) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 2037 | 1 | 0 | 0 | 237 | 2275 |
|  | $2037 | $1 | $0 | $(1936) | $228 | $330 |
|  | $2734 | $1 | $0 | $(1936) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | $2902 |

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28 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

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December 31, 2025

#### FAIR VALUE MEASUREMENTS
**The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Portfolio's assets and liabilities**:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $115 | $0 | $115 |
| &nbsp;&nbsp; Industrials | 0 | 2221 | 0 | 2221 |
|  U.S. Government Agencies | 0 | 69112 | 0 | 69112 |
|  U.S. Treasury Obligations | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448689 |
|  Non-Agency Mortgage-Backed Securities | 0 | 6322 | 0 | 6322 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; CMBS Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 1477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 1477 |
| &nbsp;&nbsp; Home Equity Other | 0 | 3548 | 0 | 3548 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2261 | 0 | 2261 |
| &nbsp;&nbsp; Other ABS | 0 | 21261 | 0 | 21261 |
|  Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27902 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27902 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 233 | 0 | 233 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 133705 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2932 | 0 | 2932 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719778 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719778 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $88 | $0 | $0 | $88 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | $719778 | $0 | $719866 |
|  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 | 841 | 247 | 0 | 1088 |
|  Over the counter | 0 | 4643 | 3 | 4646 |
|  | $841 | $4890 | $3 | $5734 |
|  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 | (2050) | (126) | 0 | (2176) |
|  Over the counter | 0 | (1330) | 0 | (1330) |
|  | $(2050) | $(1456) | $0 | $(3506) |
|  Total Financial Derivative Instruments | $(1209) | $3434 | $3 | $2228 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1121) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722094 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Notes to Financial Statements

1. ORGANIZATION

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

The Portfolio has established PIMCO Cayman Commodity Portfolio I, Ltd., a Cayman Islands exempted company (the "Commodity Subsidiary"), which is wholly-owned and controlled by the Portfolio. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

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

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted consolidated financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's

comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's consolidated financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated 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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of consolidated 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 consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

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December 31, 2025

gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

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

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific

expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

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

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

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Notes to Financial Statements (Cont.)

the Portfolio's consolidated financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

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

(e) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented

changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid

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

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December 31, 2025

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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **33** |

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Notes to Financial Statements (Cont.)

class of shares as a result of the different daily expense accruals applicable to each class of shares.

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

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

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

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

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

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

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

(c) Valuation Techniques and the Fair Value Hierarchy

Level1, 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, 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, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **35** |

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Notes to Financial Statements (Cont.)

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, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396501) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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

(b) Investments in Securities

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

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the

Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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 interests in 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 payments. 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

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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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

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, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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Notes to Financial Statements (Cont.)

do not distribute interest on a current basis and tend to be subject to 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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

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

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the

Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's consolidated 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 (in the case of tri-party repurchase agreements). Traditionally, the Portfolio has used bilateral repurchase agreements wherein the underlying securities will be held by the Portfolio's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

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

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date.

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

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

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

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

During the period ended December 31, 2025, 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 Consolidated Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Consolidated Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Consolidated Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **39** |

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Notes to Financial Statements (Cont.)

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

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative

instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Commodity Options are options on commodity futures contracts ("Commodity Option"). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, the Portfolio will normally offset its position rather than exercise the option to retain any remaining time value.

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Inflation-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect the Portfolio from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Consolidated Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Consolidated Statement of Operations upon termination or maturity of the swap.

A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Consolidated Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

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Notes to Financial Statements (Cont.)

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Commodity Forward Swap Agreements ("Commodity Forwards") are entered into to gain or mitigate exposure to the underlying referenced commodity. Commodity Forwards involve commitments between two parties where cash flows are exchanged at a future date based on the difference between a fixed and variable price with respect to the number of units of the commodity. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the fixed and variable price of the underlying commodity multiplied by the number of units. To the extent the difference between the fixed and variable price of the underlying referenced commodity exceeds or falls short of the offsetting payment obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

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

Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Consolidated Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of

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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 indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as 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,

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(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.

Volatility Swap Agreements are also known as forward volatility agreements and volatility swaps, and are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. For example, the Portfolio may enter into a volatility swap in order to take the position that the referenced instrument's volatility will increase over a particular period of time. If the referenced instrument's volatility does increase over the specified time, the Portfolio will receive payment from its counterparty based upon the amount by which the referenced instrument's realized volatility level exceeds a volatility level agreed upon by the parties. If the referenced instrument's volatility does not increase over the specified time, the Portfolio will make a payment to the counterparty based upon the amount by which the referenced instrument's realized volatility level falls below the volatility level agreed upon by the parties. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the referenced instrument and the strike multiplied by the notional amount. As a receiver of the realized price volatility, the Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is

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Notes to Financial Statements (Cont.)

less than the strike. As a payer of the realized price volatility, the Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike. Payments on a volatility swap will be greater if they are based upon the mathematical square of volatility (i.e., the measured volatility multiplied by itself, which is referred to as "variance"). This type of volatility swap is frequently referred to as a variance swap.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Under certain conditions, generally in a market where the value of both commodity-linked derivative instruments and fixed income securities are declining, the Portfolio may experience substantial losses. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make

principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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

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Portfolio's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Model Risk is the risk that the Portfolio's investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Portfolio. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Portfolio.

Commodity Risk is the risk that investing in commodity-linked derivative instruments, either directly or indirectly through a subsidiary, may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity- linked derivative instruments or commodities underlying such derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

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

Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the effects of actual or anticipated changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Portfolio will not receive the principal until maturity.

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Notes to Financial Statements (Cont.)

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

Subsidiary Risk is the risk that, by investing in the Commodity Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Commodity Subsidiary's investments. The Commodity Subsidiary is not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of the Commodity Subsidiary will be achieved.

Gold-Related Risk is the risk that investments in, or tied to the price of, gold may fluctuate substantially over short periods of time or be more volatile than other types of investments due to, among other matters, changes in interest rates, inflation expectations, currency values or other economic, financial and political factors in the U.S. and foreign (non-U.S.) countries.

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.

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, investments in CLOs 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) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

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(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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future

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| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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 complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders.

These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with

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

8. MASTER NETTING ARRANGEMENTS

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

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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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Notes to Financial Statements (Cont.)

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

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

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

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. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

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

9. FEES AND EXPENSES

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

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

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| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Class M | Administrative<br>Class | Advisor<br>Class |
| 0.49% | 0.25% | 0.25% | 0.25% | 0.25% |

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

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

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

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

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries

and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others

(N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Consolidated Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Consolidated Statement of Operations as a component

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **49** |

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Notes to Financial Statements (Cont.)

of Waiver and/or Reimbursement by PIMCO. As of December 31, 2025, the amount waived and/or reimbursed was $2,958.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

(g) Acquired Fund Fees and Expenses The Commodity Subsidiary has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary's portfolio pursuant to which the Commodity Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the Portfolio's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Commodity Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Commodity Subsidiary is in place. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of December 31, 2025, the amount waived and/or reimbursed was $741,164. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and

the accrued related party fee amounts are disclosed on the Consolidated Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent 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. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018328 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16329 |

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

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|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

13. SHARES OF BENEFICIAL INTEREST

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1108 | $6428 | 1174 | $6329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 7 | 43 | 13 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 10475 | 61887 | 7079 | 38521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 4241 | 25647 | 2536 | 14108 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 75 | 441 | 30 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 2 | 13 | 2 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1194 | 7054 | 951 | 5188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 621 | 3743 | 498 | 2775 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (549) | (3212) | (514) | (2760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (18) | (109) | (32) | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (10922) | (64167) | (11487) | (62594) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (6269) | (37999) | (7258) | (40396) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (35) | $(231) | (7008) | $(38759) |

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

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As of December 31, 2025, one person owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 21% of the Portfolio.

14. BASIS FOR CONSOLIDATION

The Commodity Subsidiary, a Cayman Islands exempted company, was incorporated on July 21, 2006, as a wholly-owned subsidiary acting as an investment vehicle for the Portfolio in order to effect certain investments for the Portfolio consistent with the Portfolio's investment objectives and policies as specified in its prospectus and statement of additional information. The Portfolio's investment portfolio has been consolidated and includes the portfolio holdings of the Portfolio and the Commodity Subsidiary. The consolidated financial statements include the accounts of the Portfolio and the Commodity Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Portfolio and the Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary, with the intent that the Portfolio will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Commodity Subsidiary. The net assets of the Commodity Subsidiary as

of period end represented 31.5% of the Portfolio's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

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

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

16. FEDERAL INCOME TAX MATTERS

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

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, 2025, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

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Notes to Financial Statements (Cont.)

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted consolidated financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Portfolio must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by the Portfolio, is not qualifying income under Subchapter M of the Code. As such, the Portfolio's ability to utilize direct investments in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. However, in a subsequent revenue ruling, the IRS provides that income from alternative investment instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will be qualifying income.

Based on the reasoning in such rulings, the Portfolio will continue to seek to gain exposure to the commodity markets primarily through investments in the Commodity Subsidiary and perhaps through commodity-linked notes. The Commodity Subsidiary will be treated as a controlled foreign corporation. As a result, the Portfolio with the Commodity Subsidiary will be required to include in gross income for U.S. federal income tax purposes all of the Commodity Subsidiary's "subpart F income," whether or not such income is distributed by the Commodity Subsidiary. It is expected that all of the Commodity Subsidiary's income and realized gains and mark-to-market gains will be "subpart F income." The Portfolio's recognition of the Commodity Subsidiary's "subpart F income" will increase the Portfolio's tax basis in the Commodity Subsidiary. Distributions by the Commodity Subsidiary to the Portfolio will

be tax-free, to the extent of its previously undistributed "subpart F income," and will correspondingly reduce the Portfolio's tax basis in the Commodity Subsidiary. "Subpart F income" is generally treated by the Portfolio as ordinary income, regardless of the character of the Commodity Subsidiary's underlying income or gains.

If a net loss is realized by the Commodity Subsidiary, such loss is not generally available to offset the income earned by the Commodity Subsidiary's parent Portfolio, and such loss cannot be carried forward to offset taxable income of the parent Portfolio or the Commodity Subsidiary in future periods.

Under IRS regulations, income derived from a controlled foreign corporation will be considered qualifying income if distributed to the Portfolio or if the Portfolio's income from in the subsidiary is derived with respect to the Portfolio's business of investing in securities. A subsidiary may pay such a distribution at any time. An IRS revenue procedure states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

There can be no assurance that the IRS will not change its position with respect to some or all of these conclusions or that future legislation will not adversely impact the tax treatment of the Portfolio's commodity linked investments. If the IRS were to change or reverse its position, or if future legislation adversely affected the tax treatment of the Portfolio's commodity-linked investments, there would likely be a significant adverse impact on the Portfolio, including the possibility of failing to qualify as a regulated investment company. If the Portfolio did not qualify as a regulated investment company for any taxable year, its taxable income would be subject to tax at the Portfolio level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. Furthermore, the tax treatment of the Portfolio's investments in its Commodity Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of the Portfolio's taxable income or any distributions made by the Portfolio or result in the inability of the Portfolio to operate as described in the Portfolio's prospectus.

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

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| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

As of December 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components of<br>Distributable<br>Earnings |
|  PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio | $45987 | $0 | $2462 | $0 | $(65187) | $0 | $0 | $(16738) |

---

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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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, controlled foreign corporation (CFC) basis, straddle loss deferrals, and sale/buyback transactions. 

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

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

<sup>(5)</sup> Capital losses realized during the period November 1, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, 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 CommodityRealReturn<sup>®</sup> Strategy Portfolio | $28769 | $36418 |

---

---

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

---

As of December 31, 2025, 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 CommodityRealReturn<sup>®</sup> Strategy Portfolio | $724898 | $11920 | $(9495) | $2425 |

---

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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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, controlled foreign corporation (CFC) basis, straddle loss deferrals, and sale/buyback transactions. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of Capital<sup>(9)</sup> |
|  PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio | $11251 | $0 | $0 | $8137 | $0 | $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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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **53** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO CommodityRealReturn Strategy Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of PIMCO CommodityRealReturn Strategy Portfolio and its subsidiary (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related consolidated statements of operations and cash flows for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

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

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| | |
|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| BCY | Barclays Capital, Inc. | DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC |
| BOA | Bank of America N.A. | FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC |
| BOS | BofA Securities, Inc. | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GSC | Goldman Sachs & Co. LLC | RBC | Royal Bank of Canada |
| BRC | Barclays Bank PLC | GST | Goldman Sachs International | SAL | Citigroup Global Markets, Inc. |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SCX | Standard Chartered Bank, London |
| CBK | Citibank N.A. | MAC | Macquarie Bank Limited | SOG | Societe Generale Paris |
| CIB | Canadian Imperial Bank of Commerce | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
| DEU | Deutsche Bank Securities, Inc. | MEI | Merrill Lynch International |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | ILS | Israeli Shekel | PLN | Polish Zloty |
| BRL | Brazilian Real | INR | Indian Rupee | SGD | Singapore Dollar |
| CAD | Canadian Dollar | JPY | Japanese Yen | THB | Thai Baht |
| CHF | Swiss Franc | KRW | South Korean Won | TRY | Turkish New Lira |
| CNH | Chinese Renminbi (Offshore) | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EUR | Euro | NOK | Norwegian Krone | USD (or $) | United States Dollar |
| GBP | British Pound | NZD | New Zealand Dollar | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CME | Chicago Mercantile Exchange | NYMEX | New York Mercantile Exchange | OTC | Over the Counter |
| LME | London Metal Exchange |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BACVWSAV | BofA Merrill Lynch Basket Excess Return Strategy Index | CMDSKEWLS | CBEO SKEW Index is an index derived from the price of S&P 500 tail risk | OPIS | Oil Price Information Service |
| BCOMF1NTC | Bloomberg Commodity Index 1-Month Forward Total Return Custom Index | CPALEMU | Euro Area All Items Non-Seasonally Adjusted Index | PIMCODB | PIMCO Custom Commodity Basket |
| BCOMF1TC | Bloomberg Commodity Index 1-Month Forward Total Return | CPI | Consumer Price Index | RBCAEC0T | Custom Commodity Forward Index |
| BCOMTR | Bloomberg Commodity Index Total Return | CPTFEMU | Eurozone HICP ex-Tobacco Index | SNG GA | Singapore Gasoil (Platts) |
| BCOMTR1 | Bloomberg Custom Commodity Index | CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | SNG KEROS | Singapore Jet Kerosene (Platts) |
| BCOMTR2 | Bloomberg Custom Commodity Index | FRCPXTOB | France Consumer Price ex-Tobacco Index | SOFR | Secured Overnight Financing Rate |
| Bobl | Bundesobligation, the German word for federal government bond | GOLDLNPM | London Gold Market Fixing Ltd. PM | SONIO | Sterling Overnight Interbank Average Rate |
| Brent | Brent Crude | JMABFNJ2 | J.P. Morgan Custom Commodity Index | SPGCINP | S&P GSCI Industrial Metals ER |
| CIXBSTR3 | Custom Commodity Index | JMABNIC5 | J.P. Morgan Custom Commodity Index | UKRPI | United Kingdom Retail Prices Index |
| CMBX | Commercial Mortgage-Backed Index | MUTKCALM | Tokyo Overnight Average Rate |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | EURIBOR | Euro Interbank Offered Rate | RBOB | Reformulated Blendstock for Oxygenate Blending |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | OAT | Obligations Assimilables du Trésor | REMIC | Real Estate Mortgage Investment Conduit |
| CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap | TBA | To-Be-Announced |
| CMBS | Collateralized Mortgage-Backed Security | oz. | Ounce | WTI | West Texas Intermediate |
| DAC | Designated Activity Company |  |  |  |  |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **55** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio

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| | | | | |
|:---|:---|:---|:---|:---|
| 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) |
|  September 2025 | $0.0586 | $0.0000 | $0.0000 | $0.0586 |
|  December 2025 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  September 2025 | $0.0564 | $0.0000 | $0.0000 | $0.0564 |
|  December 2025 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
| 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) |
|  September 2025 | $0.0548 | $0.0000 | $0.0000 | $0.0548 |
|  December 2025 | $0.0212 | $0.0000 | $0.0000 | $0.0212 |
| Class M | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  September 2025 | $0.0518 | $0.0000 | $0.0000 | $0.0518 |
|  December 2025 | $0.0178 | $0.0000 | $0.0000 | $0.0178 |

---

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

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

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| | |
|:---|:---|
| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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Federal Income Tax Information (Unaudited)

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

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a porfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio | 0.00% | 0.00% | $9753 | $0 |

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

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, 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 2025.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **57** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **58** | **PIMCO VARIABLE INSURANCE TRUST** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **59** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

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

1. INFORMATION RECEIVED

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

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

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

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also

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| | |
|:---|:---|
| **60** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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

2. NATURE, EXTENT AND QUALITY OF SERVICES

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

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

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

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the "Broadridge Report"). The Board also noted that the Broadridge

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **61** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

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

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

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

the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

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

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

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

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| **62** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

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

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as

the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **63** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

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

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

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

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in

return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

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

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

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in

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| **64** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **65** |

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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 & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g72515g06y60.jpg)

PVITCOMRTRNFSTMAR_123125

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![LOGO](g92941g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO Dynamic Bond Portfolio

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#### **Table of Contents**

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|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Dynamic Bond Portfolio](#tx92941_1a) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx92941_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx92941_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx92941_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx92941_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx92941_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx92941_7) | 24 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx92941_8) | 42 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx92941_8a) | 46 |
| &nbsp;&nbsp; [Glossary](#tx92941_9) | 47 |
| &nbsp;&nbsp; [Distribution Information](#tx92941_10) | 48 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx92941_11) | 49 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx92941_12) | 50 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx92941_13) | 51 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx92941_14) | 52 |

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

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Important Information About the PIMCO Dynamic Bond Portfolio

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

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has

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

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contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based

facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

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

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Name | Portfolio<br>Inception | Portfolio<br>Inception | Institutional<br>Class | Institutional<br>Class | Class M | Class M | Administrative<br>Class | Administrative<br>Class | Advisor<br>Class | Advisor<br>Class | Diversification<br>Status | Diversification<br>Status |
|  PIMCO Dynamic Bond Portfolio |  | 05/02/11 |  | 04/30/12 |  | 10/31/14 |  | 05/02/11 |  | 04/30/13 |  | Diversified |

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service

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

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO Dynamic Bond Portfolio (Cont.)

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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

---

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

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

---

------

Financial Highlights PIMCO Dynamic Bond 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 or Period Ended^**:** | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $8.73 | $0.43 | $0.28 | $0.71 | $(0.50) | $0.00 | $(0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 8.68 | 0.44 | 0.04 | 0.48 | (0.43) | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.41 | 0.41 | 0.19 | 0.60 | (0.33) | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.32 | 0.29 | (0.91) | (0.62) | (0.27) | (1.02) | (1.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.59 | 0.41 | (0.26) | 0.15 | (0.23) | (0.19) | (0.42) |
| Class M |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 8.73 | 0.39 | 0.28 | 0.67 | (0.46) | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 8.68 | 0.40 | 0.04 | 0.44 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.41 | 0.37 | 0.19 | 0.56 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.32 | 0.25 | (0.92) | (0.67) | (0.22) | (1.02) | (1.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.59 | 0.37 | (0.26) | 0.11 | (0.19) | (0.19) | (0.38) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 8.73 | 0.41 | 0.29 | 0.70 | (0.49) | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 8.68 | 0.43 | 0.04 | 0.47 | (0.42) | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.41 | 0.40 | 0.18 | 0.58 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.32 | 0.28 | (0.92) | (0.64) | (0.25) | (1.02) | (1.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.59 | 0.36 | (0.22) | 0.14 | (0.22) | (0.19) | (0.41) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 8.73 | 0.40 | 0.29 | 0.69 | (0.48) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 8.68 | 0.42 | 0.04 | 0.46 | (0.41) | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.41 | 0.39 | 0.19 | 0.58 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.32 | 0.27 | (0.92) | (0.65) | (0.24) | (1.02) | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.59 | 0.39 | (0.26) | 0.13 | (0.21) | (0.19) | (0.40) |

---

---

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

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

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

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $8.94 | 8.39% | $50002 | 0.91% | 0.91% | 0.85% | 0.85% | 4.82% | 1001% |
| 8.73 | 5.65 | 47802 | 0.88 | 0.88 | 0.86 | 0.86 | 5.07 | 947 |
| 8.68 | 7.26 | 46510 | 0.89 | 0.89 | 0.85 | 0.85 | 4.83 | 667 |
| 8.41 | (6.22) | 45034 | 0.86 | 0.86 | 0.85 | 0.85 | 3.23 | 191 |
| 10.32 | 1.44 | 26098 | 0.86 | 0.86 | 0.85 | 0.85 | 3.96 | 318 |
| 8.94 | 7.91 | 179 | 1.36 | 1.36 | 1.30 | 1.30 | 4.37 | 1001 |
| 8.73 | 5.18 | 178 | 1.33 | 1.33 | 1.31 | 1.31 | 4.60 | 947 |
| 8.68 | 6.78 | 191 | 1.34 | 1.34 | 1.30 | 1.30 | 4.38 | 667 |
| 8.41 | (6.64) | 222 | 1.31 | 1.31 | 1.30 | 1.30 | 2.71 | 191 |
| 10.32 | 0.98 | 330 | 1.31 | 1.31 | 1.30 | 1.30 | 3.48 | 318 |
| 8.94 | 8.23 | 32360 | 1.06 | 1.06 | 1.00 | 1.00 | 4.67 | 1001 |
| 8.73 | 5.49 | 28977 | 1.03 | 1.03 | 1.01 | 1.01 | 4.90 | 947 |
| 8.68 | 7.10 | 25885 | 1.04 | 1.04 | 1.00 | 1.00 | 4.69 | 667 |
| 8.41 | (6.36) | 22925 | 1.01 | 1.01 | 1.00 | 1.00 | 3.03 | 191 |
| 10.32 | 1.29 | 25975 | 1.01 | 1.01 | 1.00 | 1.00 | 3.45 | 318 |
| 8.94 | 8.12 | 10499 | 1.16 | 1.16 | 1.10 | 1.10 | 4.57 | 1001 |
| 8.73 | 5.39 | 10747 | 1.13 | 1.13 | 1.11 | 1.11 | 4.82 | 947 |
| 8.68 | 6.99 | 10822 | 1.14 | 1.14 | 1.10 | 1.10 | 4.58 | 667 |
| 8.41 | (6.45) | 12498 | 1.11 | 1.11 | 1.10 | 1.10 | 2.93 | 191 |
| 10.32 | 1.19 | 15264 | 1.11 | 1.11 | 1.10 | 1.10 | 3.75 | 318 |

---

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO Dynamic Bond Portfolio December 31, 2025

---

| | |
|:---|:---|
| (Amounts in thousands†, except per share amounts) | (Amounts in thousands†, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $127865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 13107 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 737 |
|  Cash | 480 |
|  Deposits with counterparty | 1723 |
|  Foreign currency, at value | 352 |
|  Receivable for investments sold on a delayed-delivery basis | 1 |
|  Receivable for TBA investments sold | 45943 |
|  Receivable for Portfolio shares sold | 21 |
|  Interest and/or dividends receivable | 877 |
|  Dividends receivable from Affiliates | 49 |
|  **Total Assets** | 191264 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $1968 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 633 |
|  Payable for investments purchased | 1631 |
|  Payable for investments in Affiliates purchased | 52 |
|  Payable for investments purchased on a delayed-delivery basis | 1690 |
|  Payable for TBA investments purchased | 92092 |
|  Payable for Portfolio shares redeemed | 2 |
|  Accrued investment advisory fees | 44 |
|  Accrued supervisory and administrative fees | 24 |
|  Accrued distribution fees | 3 |
|  Accrued servicing fees | 4 |
|  Foreign capital gains tax payable | 14 |
|  **Total Liabilities** | 98224 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $93040 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $92950 |
|  Distributable earnings (accumulated loss) | 90 |
|  **Net Assets** | $93040 |
|  **Net Assets:** |  |
|  Institutional Class | $50002 |
|  Class M | 179 |
|  Administrative Class | 32360 |
|  Advisor Class | 10499 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 5594 |
|  Class M | 20 |
|  Administrative Class | 3620 |
|  Advisor Class | 1175 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $8.94 |
|  Class M | 8.94 |
|  Administrative Class | 8.94 |
|  Advisor Class | 8.94 |
|  Cost of investments in securities | $129361 |
|  Cost of investments in Affiliates | $13089 |
|  Cost of foreign currency held | $352 |
|  Proceeds received on short sales | $1976 |
|  Cost or premiums of financial derivative instruments, net | $1313 |
|  \* Includes repurchase agreements of: | $13500 |

---

---

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

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

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

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Statement of Operations PIMCO Dynamic Bond Portfolio

---

| | |
|:---|:---|
| Year Ended December 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $4283 |
|  Dividends | 3 |
|  Dividends from Investments in Affiliates | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 5042 |
|  **Expenses:** |  |
|  Investment advisory fees | 483 |
|  Supervisory and administrative fees | 264 |
|  Distribution and/or servicing fees - Class M | 1 |
|  Distribution and/or servicing fees - Administrative Class | 43 |
|  Distribution and/or servicing fees - Advisor Class | 26 |
|  Trustee fees | 4 |
|  Interest expense | 56 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 877 |
|  **Net Investment Income (Loss)** | 4165 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 1522 |
|  Investments in Affiliates | (2) |
|  Exchange-traded or centrally cleared financial derivative instruments | 401 |
|  Over the counter financial derivative instruments | (570) |
|  Short sales | 18 |
|  Foreign currency | 58 |
|  **Net Realized Gain (Loss)** | 1427 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 2978 |
|  Investments in Affiliates | 5 |
|  Exchange-traded or centrally cleared financial derivative instruments | (740) |
|  Over the counter financial derivative instruments | (868) |
|  Foreign currency assets and liabilities | (16) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 1359 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $6951 |
|  \* Foreign tax withholdings | $17 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Dynamic Bond Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $4165 | $4132 |
|  Net realized gain (loss) | 1427 | 87 |
|  Net change in unrealized appreciation (depreciation) | 1359 | 318 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 6951 | 4537 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2762) | (2303) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (9) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1588) | (1209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (569) | (501) |
|  **Total Distributions<sup>(a)</sup>** | (4928) | (4021) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions<sup>\*</sup> | 3313 | 3780 |
|  **Total Increase (Decrease) in Net Assets** | 5336 | 4296 |
|  **Net Assets:** |  |  |
|  Beginning of year | 87704 | 83408 |
|  End of year | $93040 | $87704 |

---

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

---

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

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

---

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

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------

Schedule of Investments PIMCO Dynamic Bond Portfolio December 31, 2025

#### (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 137.4% | INVESTMENTS IN SECURITIES 137.4% | INVESTMENTS IN SECURITIES 137.4% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1% |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  8.199% (TSFR3M + 2.250%) due 12/15/2031 ~ | 182 | $182 |
|  INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
|  7.384% (TSFR1M + 3.250%) due 02/18/2030 ~ | 100 | 81 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  7.655% (TSFR3M + 3.750%) due 05/19/2031 ~ | 421 | 423 |
|  MI Windows & Doors LLC | MI Windows & Doors LLC | MI Windows & Doors LLC |
|  7.831% (TSFR1M + 2.750%) due 03/28/2031 ~ | 99 | 99 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.090% (TSFR3M + 4.250%) due 07/01/2031 ~ | 99 | 99 |
|  X Corp. | X Corp. | X Corp. |
|  9.500% due 10/26/2029 ~ | 100 | 100 |
|  Total Loan Participations and Assignments<br>(Cost $978) | Total Loan Participations and Assignments<br>(Cost $978) | 984 |
| CORPORATE BONDS & NOTES 15.4% | CORPORATE BONDS & NOTES 15.4% | CORPORATE BONDS & NOTES 15.4% |
| BANKING & FINANCE 8.5% | BANKING & FINANCE 8.5% | BANKING & FINANCE 8.5% |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.848% due 01/03/2030 •  | 100 | 106 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 200 | 182 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.544% due 08/13/2027 •  | 200 | 200 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  3.054% (EUR003M + 1.000%) due 02/23/2027 ~ | 100 | 118 |
|  Avolon Holdings Funding Ltd. |  |  |
|  2.528% due 11/18/2027 | 18 | 18 |
|  4.950% due 01/15/2028 | 100 | 101 |
|  4.950% due 10/15/2032 | 200 | 198 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  7.708% due 01/18/2028 •  | 100 | 128 |
|  Barclays PLC |  |  |
|  4.375% due 01/12/2026 | 300 | 300 |
|  7.437% due 11/02/2033 •  | 200 | 229 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 | 50 | 52 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  6.250% due 04/18/2034 | 100 | 103 |
|  BNP Paribas SA |  |  |
|  1.904% due 09/30/2028 •  | 200 | 193 |
|  3.052% due 01/13/2031 •  | 200 | 189 |
|  BPCE SA | BPCE SA | BPCE SA |
|  7.003% due 10/19/2034 •  | 250 | 279 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 200 | 213 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  4.625% due 12/12/2031 | 100 | 118 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.500% due 10/05/2026 | 300 | 304 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 100 | 104 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.625% due 04/29/2030 | 100 | 100 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 200 | 203 |
|  Goldman Sachs Group, Inc. |  |  |
|  3.615% due 03/15/2028 •  | 100 | 100 |
|  3.691% due 06/05/2028 •  | 400 | 398 |
|  4.937% due 04/23/2028 •  | 100 | 101 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.550% due 03/19/2035 •  | 200 | 208 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.750% due 05/01/2033 | 100 | 104 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JPMorgan Chase & Co. |  |  |
|  2.947% due 02/24/2028 •  | 200 | 198 |
|  5.299% due 07/24/2029 •  | 200 | 206 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  5.110% due 12/08/2026 | 250 | 253 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.462% due 01/05/2028 •  | 200 | 203 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.242% due 04/19/2029 •  | 200 | 206 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.123% due 02/01/2029 •  | 200 | 204 |
|  5.230% due 01/15/2031 •  | 200 | 206 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.302% due 03/08/2029 •  | 500 | 501 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.892% due 05/18/2029 •  | 200 | 204 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  4.320% due 09/22/2029 •  | 200 | 200 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.454% due 01/15/2032 | 200 | 209 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  6.327% due 12/22/2027 •  | 250 | 255 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.950% due 02/15/2030 | 200 | 202 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  1.000% due 02/02/2027 | 100 | 116 |
|  3.584% due 05/22/2028 •  | 200 | 199 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.254% due 12/11/2026 | 200 | 202 |
|  |  | 7913 |
| INDUSTRIALS 5.6% | INDUSTRIALS 5.6% | INDUSTRIALS 5.6% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.950% due 03/15/2031 | 200 | 207 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 182 | 184 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.000% due 04/15/2030 | 229 | 222 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.950% due 10/15/2033 | 200 | 212 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 950 | 1004 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.298% due 05/01/2029 | 100 | 106 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  5.050% due 04/15/2030 | 200 | 206 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 100 | 117 |
|  Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
|  6.125% due 06/04/2031 | 100 | 136 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  8.750% due 05/15/2030 | 100 | 104 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.750% due 05/01/2029 | 100 | 97 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.900% due 06/23/2028 | 200 | 203 |
|  International Distribution Services PLC | International Distribution Services PLC | International Distribution Services PLC |
|  7.375% due 09/14/2030 | 100 | 145 |
|  Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA |
|  6.750% due 10/15/2031 | 100 | 117 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.625% due 06/15/2028 | 100 | 103 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 500 | 494 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  5.950% due 01/28/2031 | 100 | 97 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  3.875% due 04/15/2030 | 300 | 295 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 10 | 16 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |  |
|  5.875% due 04/15/2029 | 34 | 35 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.625% due 04/15/2029 | 300 | 299 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 11/01/2033 | 100 | 86 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  4.900% due 08/01/2030 | 50 | 51 |
|  5.700% due 08/01/2035 | 100 | 102 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  5.250% due 05/15/2029 | 100 | 131 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  7.750% due 04/15/2032 | 200 | 209 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 200 | 203 |
|  |  | 5181 |
| UTILITIES 1.3% | UTILITIES 1.3% | UTILITIES 1.3% |
|  BP Capital Markets BV | BP Capital Markets BV | BP Capital Markets BV |
|  3.360% due 09/12/2031 | 200 | 237 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  5.000% due 06/15/2030 | 50 | 51 |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 100 | 105 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 100 | 127 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  4.700% due 05/15/2032 | 100 | 101 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.150% due 01/01/2026 | 200 | 200 |
|  4.200% due 03/01/2029 | 200 | 199 |
|  6.150% due 01/15/2033 | 100 | 106 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.950% due 04/15/2027 | 100 | 99 |
|  |  | 1225 |
|  Total Corporate Bonds & Notes<br>(Cost $14,004) | Total Corporate Bonds & Notes<br>(Cost $14,004) | 14319 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
| WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
|  0.000% due 06/01/2047 (d) | 1000 | 97 |
|  Total Municipal Bonds & Notes (Cost $140) | Total Municipal Bonds & Notes (Cost $140) | 97 |
| U.S. GOVERNMENT AGENCIES 53.2% | U.S. GOVERNMENT AGENCIES 53.2% | U.S. GOVERNMENT AGENCIES 53.2% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.000% due 02/01/2053 | 322 | 323 |
|  6.000% due 04/01/2055 | 555 | 580 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  2.000% due 01/25/2051 (a) | 891 | 93 |
|  2.052% due 07/15/2047 •(a) | 323 | 37 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.000% due 11/20/2050 - 03/20/2051 • | 198 | 184 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  5.000% due 01/01/2056 | 4400 | 4391 |
|  6.000% due 02/01/2056 | 3700 | 3768 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 02/01/2056 | 2500 | 2210 |
|  3.500% due 02/01/2056 | 2100 | 1935 |
|  4.000% due 02/01/2056 | 4300 | 4077 |
|  4.500% due 02/01/2056 | 3700 | 3609 |
|  5.000% due 02/01/2056 | 13100 | 13052 |
|  5.500% due 02/01/2056 | 2600 | 2634 |
|  6.000% due 02/01/2056 | 10500 | 10776 |
|  6.500% due 02/01/2056 | 1800 | 1871 |
|  Total U.S. Government Agencies<br>(Cost $49,534) | Total U.S. Government Agencies<br>(Cost $49,534) | 49540 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 11

------

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| U.S. TREASURY OBLIGATIONS 10.7% | U.S. TREASURY OBLIGATIONS 10.7% |  |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  2.375% due 01/15/2027 | 16 | 16 |
|  0.625% due 07/15/2032 | 1793 | 1683 |
|  1.125% due 01/15/2033 | 1858 | 1784 |
|  1.750% due 01/15/2034 | 424 | 421 |
|  1.875% due 07/15/2034 | 1868 | 1876 |
|  U.S. Treasury Notes |  |  |
|  0.500% due 02/28/2026 (i)(k) | 1000 | 995 |
|  4.250% due 11/15/2034 | 3100 | 3133 |
|  Total U.S. Treasury Obligations (Cost $9,798) | Total U.S. Treasury Obligations (Cost $9,798) | 9908 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.5% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.266% due 06/25/2037 • | 273 | 266 |
|  Banc of America Funding Trust |  |  |
|  4.168% due 02/20/2047 •  | 228 | 221 |
|  4.228% due 07/20/2036 •  | 146 | 146 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.316% due 06/25/2035 ~ | 17 | 15 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  5.250% due 06/26/2036 | 305 | 105 |
|  Bear Stearns ARM Trust |  |  |
|  3.991% due 11/25/2034 ~ | 239 | 212 |
|  6.582% due 01/25/2035 ~ | 2 | 2 |
|  CBA Commercial Small Balance Commercial Mortgage | CBA Commercial Small Balance Commercial Mortgage | CBA Commercial Small Balance Commercial Mortgage |
|  4.346% due 06/25/2038 • | 306 | 248 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.185% due 02/20/2036 ~ | 126 | 116 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.028% due 02/20/2047 •  | 118 | 97 |
|  5.500% due 04/25/2035 | 402 | 276 |
|  6.000% due 02/25/2037 | 274 | 106 |
|  6.500% due 11/25/2037 | 371 | 160 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.506% due 08/25/2037 •  | 232 | 185 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.036% due 10/19/2036 •  | 258 | 238 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.145% due 01/25/2036 ~ | 91 | 43 |
|  5.005% due 06/25/2036 ~ | 59 | 46 |
|  5.695% due 06/25/2034 ~ | 34 | 34 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  4.531% due 11/25/2037 ~ | 350 | 134 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  8.000% due 01/25/2035 | 185 | 192 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.666% due 11/19/2034 •  | 13 | 12 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.378% due 08/25/2037 ~ | 162 | 113 |
|  4.855% due 10/25/2034 ~ | 10 | 10 |
|  Lehman XS Trust |  |  |
|  4.296% due 08/25/2046 •  | 169 | 178 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.020% due 05/25/2042 •  | 98 | 91 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  4.500% due 05/25/2058 ~ | 126 | 124 |
|  Project Cashmere |  |  |
|  4.543% due 12/30/2057 «(b) | 1400 | 934 |
|  RALI Trust |  |  |
|  6.163% due 09/25/2037 ~ | 512 | 338 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.096% due 06/25/2037 •  | 11 | 10 |
|  5.413% due 06/25/2037 •  | 103 | 89 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 264 | 255 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.306% due 04/25/2045 •  | 14 | 13 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.296% due 09/25/2035 •  | 162 | 142 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $5,955) | Total Non-Agency Mortgage-Backed Securities (Cost $5,955) | 5151 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ASSET-BACKED SECURITIES 10.8% | ASSET-BACKED SECURITIES 10.8% | ASSET-BACKED SECURITIES 10.8% |
| CMBS OTHER 0.2% |  |  |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.215% due 11/15/2036 •  | 109 | $110 |
|  MF1 Ltd. |  |  |
|  4.929% due 10/16/2036 •  | 61 | 61 |
|  |  | 171 |
| HOME EQUITY OTHER 3.9% |  |  |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.106% due 12/25/2036 •  | 181 | 170 |
|  4.126% due 06/25/2047 •  | 271 | 249 |
|  4.266% due 05/25/2047 •  | 868 | 830 |
|  4.366% due 07/25/2036 þ | 198 | 190 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  5.985% due 06/25/2036 ~ | 846 | 186 |
|  GSAMP Trust |  |  |
|  4.246% due 11/25/2036 •  | 658 | 309 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.066% due 12/25/2036 •  | 1664 | 407 |
|  4.286% due 12/25/2036 •  | 468 | 109 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.986% due 11/25/2036 •  | 127 | 61 |
|  3.996% due 10/25/2036 •  | 313 | 164 |
|  4.096% due 07/25/2036 •  | 198 | 180 |
|  4.146% due 07/25/2036 •  | 572 | 208 |
|  Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust |
|  4.206% due 03/25/2036 •  | 10 | 8 |
|  4.426% due 01/25/2036 •  | 82 | 80 |
|  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 |
|  4.646% due 02/25/2037 •  | 1703 | 458 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.611% due 02/25/2034 •  | 50 | 50 |
|  |  | 3659 |
| WHOLE LOAN COLLATERAL 0.3% | WHOLE LOAN COLLATERAL 0.3% | WHOLE LOAN COLLATERAL 0.3% |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.506% due 08/25/2035 •  | 282 | 220 |
| OTHER ABS 6.4% |  |  |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.035% due 04/15/2034 •  | 500 | 500 |
|  Belle Haven ABS CDO Ltd. |  |  |
|  7.360% due 11/03/2044 •  | 475 | 124 |
|  Invesco CLO Ltd. |  |  |
|  5.034% due 07/20/2035 •  | 500 | 500 |
|  KKR CLO 12 Ltd. |  |  |
|  5.301% due 10/15/2030 •  | 19 | 19 |
|  KKR CLO 36 Ltd. |  |  |
|  5.055% due 10/15/2034 •  | 500 | 500 |
|  Marble Point CLO XXII Ltd. |  |  |
|  5.078% due 07/25/2034 •  | 500 | 501 |
|  Northwoods Capital 25 Ltd. |  |  |
|  5.004% due 07/20/2034 •  | 500 | 499 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.047% due 07/15/2035 •  | 500 | 588 |
|  Rockford Tower CLO Ltd. |  |  |
|  5.084% due 07/20/2035 •  | 500 | 500 |
|  Romark CLO - IV Ltd. |  |  |
|  5.067% due 07/10/2034 •  | 500 | 500 |
|  Sierra Madre Funding Ltd. |  |  |
|  4.278% due 09/07/2039 •  | 209 | 115 |
|  4.298% due 09/07/2039 •  | 1123 | 620 |
|  Symphony CLO XXXII Ltd. |  |  |
|  5.419% due 10/23/2035 | 500 | 500 |
|  Triaxx Prime CDO Ltd. |  |  |
|  4.590% due 10/02/2039 •  | 56 | 1 |
|  Wind River CLO Ltd. |  |  |
|  4.994% due 07/20/2034 •  | 500 | 500 |
|  |  | 5967 |
|  Total Asset-Backed Securities (Cost $12,466) | Total Asset-Backed Securities (Cost $12,466) | 10017 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 19.2% |  |  |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | 20000 | 22 |
|  5.000% due 03/01/2035 | 10000 | 11 |
|  5.800% due 10/01/2029 | 45000 | 51 |
|  6.000% due 04/01/2033 | 15000 | 17 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 18300 | 3230 |
|  Colombia TES |  |  |
|  1.000% due 09/18/2030 | 2216300 | 482 |
|  1.000% due 01/24/2035 | 2484700 | 612 |
|  2.250% due 04/18/2029 (f) | 198566 | 46 |
|  6.500% due 01/22/2031 (f) | 3177054 | 838 |
|  11.000% due 08/22/2029 | 1616300 | 405 |
|  11.750% due 01/24/2035 | 2664900 | 657 |
|  12.750% due 11/28/2040 | 668400 | 174 |
|  13.250% due 02/09/2033 | 554000 | 149 |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  10.750% due 06/01/2036 | 11900 | 205 |
|  Egypt Government Bonds |  |  |
|  21.954% due 03/04/2028 | 6700 | 141 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 | 400 | 412 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 49000 | 228 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.300% due 12/20/2054 | 60000 | 308 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 | 100000 | 556 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  6.350% due 02/09/2035 | 200 | 210 |
|  Peru Government Bonds |  |  |
|  6.850% due 08/12/2035 | 100 | 32 |
|  7.300% due 08/12/2033 | 2900 | 985 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 1400 | 416 |
|  6.150% due 08/12/2032 | 4600 | 1477 |
|  6.900% due 08/12/2037 | 1400 | 436 |
|  6.950% due 08/12/2031 | 4721 | 1561 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 | 21800 | 1288 |
|  8.000% due 01/31/2030 | 11500 | 710 |
|  8.250% due 03/31/2032 | 3500 | 217 |
|  8.500% due 01/31/2037 | 9100 | 546 |
|  8.875% due 02/28/2035 | 7400 | 466 |
|  9.000% due 01/31/2040 | 8200 | 497 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  4.850% due 09/30/2029 | 200 | 200 |
|  Romania Government International Bonds  | Romania Government International Bonds  | Romania Government International Bonds  |
|  1.750% due 07/13/2030 | 100 | 106 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  7.625% due 05/15/2034 | 200 | 218 |
|  Total Sovereign Issues (Cost $16,562) | Total Sovereign Issues (Cost $16,562) | 17909 |
|  | **SHARES** |  |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% |  |  |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  10.250% ~ | 250 | 44 |
|  Total Preferred Securities (Cost $53) | Total Preferred Securities (Cost $53) | 44 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 21.4% | SHORT-TERM INSTRUMENTS 21.4% | SHORT-TERM INSTRUMENTS 21.4% |
| COMMERCIAL PAPER 1.7% |  |  |
|  Air Lease Corp. |  |  |
|  4.180% due 01/07/2026 | 250 | 250 |
|  Bacardi-Martini BV |  |  |
|  4.350% due 02/05/2026 | 300 | 299 |

---

---

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

---

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Conagra Brands, Inc. |  |  |
|  4.100% due 01/13/2026 | 250 | 249 |
|  Edison International |  |  |
|  4.550% due 01/07/2026 | 250 | 250 |
|  HCA, Inc. |  |  |
|  4.120% due 02/12/2026 | 250 | 249 |
|  Keurig Dr. Pepper, Inc. |  |  |
|  4.240% due 01/09/2026 | 250 | 250 |
|  |  | 1547 |
| REPURCHASE AGREEMENTS (g) 14.5% | REPURCHASE AGREEMENTS (g) 14.5% | REPURCHASE AGREEMENTS (g) 14.5% |
|  |  | 13500 |
| SHORT-TERM NOTES 2.6% |  |  |
|  Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
|  3.710% due 01/28/2026 (d)(e) | 1100 | 1097 |
|  3.870% due 01/16/2026 (d)(e) | 1300 | 1298 |
|  |  | 2395 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% |
|  31.362% due 06/11/2026 - 06/29/2026 (c)(d) |  | 511168 | $321 |
| U.S. TREASURY BILLS 2.3% |  |  |  |
|  3.798% due 01/02/2026 - 02/12/2026 (c)(d) | $— | 2137 | 2133 |
| Total Short-Term Instruments<br>(Cost $19,871) | Total Short-Term Instruments<br>(Cost $19,871) | Total Short-Term Instruments<br>(Cost $19,871) | 19896 |
| Total Investments in Securities<br> (Cost $129,361) | Total Investments in Securities<br> (Cost $129,361) | Total Investments in Securities<br> (Cost $129,361) | 127865 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 14.1% | INVESTMENTS IN AFFILIATES 14.1% | INVESTMENTS IN AFFILIATES 14.1% |
| SHORT-TERM INSTRUMENTS 14.1% | SHORT-TERM INSTRUMENTS 14.1% | SHORT-TERM INSTRUMENTS 14.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.1% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1345562 | 13107 |
| Total Short-Term Instruments<br>(Cost $13,089) | Total Short-Term Instruments<br>(Cost $13,089) | 13107 |
| Total Investments in Affiliates<br>(Cost $13,089) | Total Investments in Affiliates<br>(Cost $13,089) | 13107 |
| Total Investments 151.5%<br>(Cost $142,450) | Total Investments 151.5%<br>(Cost $142,450) | $140972 |
| Financial Derivative Instruments (h)(j) 0.2%<br> (Cost or Premiums, net $1,313) | Financial Derivative Instruments (h)(j) 0.2%<br> (Cost or Premiums, net $1,313) | 146 |
| Other Assets and Liabilities, net (51.7)% | Other Assets and Liabilities, net (51.7)% | (48078) |
| Net Assets 100.0% |  | $93040 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

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

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

#### 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> |
| DEU | 3.870% | 12/31/2025 | 01/05/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | U.S. Treasury Inflation Protected Securities 0.125% due 07/15/2030 | $(13752) | $13500 | $13503 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13752) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13503 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (4.1)% | U.S. Government Agencies (4.1)% | U.S. Government Agencies (4.1)% | U.S. Government Agencies (4.1)% | U.S. Government Agencies (4.1)% | U.S. Government Agencies (4.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 4.000% | 01/01/2056 | $200 | $(190) | $(189) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | (1786) | (1779) |
|  Total Short Sales (4.1)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1976) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1968) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 13

------

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  DEU | $13503 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13752) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2025 was $(5) at a weighted average interest rate of 4.168%. 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

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note February Futures | $111.500 | 01/23/2026 | 6 | $6 | $(1) | $(1) |
|  Put - CBOE U.S. Treasury 10-Year Note February Futures | 112.000 | 01/23/2026 | 1 | 1 | 0 | 0 |
|  Call - CBOE U.S. Treasury 10-Year Note February Futures | 113.500 | 01/23/2026 | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | (1) | (1) |
|  Put - EUREX Euro-Bund January 2026 Futures | EUR 127.500 | 01/23/2026 | 1 | 1 | (1) | (1) |
|  Call - EUREX Euro-Bund January 2026 Futures | 130.500 | 01/23/2026 | 1 | 1 | (1) | 0 |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 10 | $2408 | $(8) | $0 | $0 |
|  3-Month SOFR Active Contract June Futures  | 09/2026 | 10 | 2417 | (1) | 0 | (1) |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 10 | 2412 | (6) | 0 | 0 |
|  Canada Government 10-Year Bond March Futures  | 03/2026 | 8 | 705 | (6) | 0 | (2) |
|  Long Guilt March Futures  | 03/2026 | 6 | 739 | 5 | 2 | (1) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 146 | 30483 | 6 | 0 | (10) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25577 | (2) | 0 | (27) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 28 | 3148 | (6) | 0 | (5) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bobl March Futures  | 03/2026 | 5 | $(683) | $5 | $0 | $0 |
|  Euro-Bund March Futures  | 03/2026 | 7 | (1049) | 15 | 2 | 0 |
|  Euro-Schatz March Futures  | 03/2026 | 6 | (753) | 1 | 0 | 0 |
|  Japan Government 10-Year Bond March Futures  | 03/2026 | 4 | (3381) | 23 | 7 | 0 |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2026 | 5 | (578) | 3 | 1 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 18 | (2124) | 33 | 7 | 0 |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18748) | 46 | 31 | 0 |
|  |  |  |  | $126 | $48 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### 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, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.246% | $100 | $2 | $(1) | $1 | $0 | $0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 4 | (3) | 1 | 0 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.252 | 50 | 0 | 0 | 0 | 0 | 0 |
|  Lloyds Banking Group PLC | 1.000 | Quarterly | 12/20/2030 | 0.993 | 100 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&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 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.HY-41 5-Year Index | (5.000)% | Quarterly | 12/20/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 4700 | $(24) | $50 | $26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Receive<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/18/2028 | 720000 | 15 | 7 | 22 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/10/2026 | $9000 | 10 | 4 | 14 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 06/20/2028 | 4790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 910 | 2 | (14) | (12) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 200 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 2400 | 0 | (13) | (13) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.589 | Annual | 10/31/2030 | 5000 | 0 | (28) | (28) | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 1600 | 0 | (9) | (9) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 1400 | 0 | (9) | (9) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 400 | 0 | (3) | (3) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 300 | 0 | (3) | (3) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 200 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 1100 | 0 | (11) | (11) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 500 | 0 | (5) | (5) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 1100 | 0 | (13) | (13) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 700 | 0 | (9) | (9) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 300 | 0 | (4) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 1400 | (1) | (15) | (16) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 3700 | (1) | (36) | (37) | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 50 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 07/14/2044 | 100 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2045 | 300 | 10 | 7 | 17 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 700 | 146 | 133 | 279 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.999 | Annual | 07/03/2053 | 60 | 3 | 19 | 22 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.842 | Annual | 09/19/2053 | 200 | 66 | 13 | 79 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.874 | Annual | 09/19/2053 | 300 | 97 | 20 | 117 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.060 | Semi-Annual | 10/27/2053 | 100 | 6 | 34 | 40 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 1400 | 198 | 30 | 228 | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 10.768 | Maturity | 01/04/2027 | 9800 | 0 | (94) | (94) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.268 | Maturity | 01/02/2029 | 5200 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 | 32400 | 7 | (18) | (11) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **15** |

---

------

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.500% | Quarterly | 04/28/2028 | COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739300 | $0 | $36 | $36 | $0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.750 | Quarterly | 09/18/2030 |  | 1728700 | 0 | 34 | 34 | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.650 | Quarterly | 12/17/2030 |  | 10000 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.725 | Quarterly | 12/17/2030 |  | 4900 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.788 | Quarterly | 12/17/2030 |  | 9800 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.655 | Quarterly | 01/24/2035 |  | 90000 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.820 | Quarterly | 01/24/2035 |  | 412500 | 0 | (6) | (6) | 0 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.723 | Annual | 12/01/2035 | PLN | 410 | 0 | 0 | 0 | 0 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.685 | Annual | 12/02/2035 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 | AUD | 6300 | 46 | (100) | (54) | 0 | (7) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 5850 | 90 | (168) | (78) | 0 | (8) |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.523 | Annual | 12/01/2035 | CZK | 2360 | 0 | 0 | 0 | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.485 | Annual | 12/02/2035 |  | 500 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | EUR | 100 | (1) | (1) | (2) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 200 | (1) | (3) | (4) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 200 | (2) | (3) | (5) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 470 | 2 | (5) | (3) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.415 | Annual | 07/09/2035 |  | 1700 | 0 | (36) | (36) | 0 | (2) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 600 | 1 | 12 | 13 | 1 | 0 |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | (14) | (12) | (26) | 1 | 0 |
|  |  |  |  |  |  |  | $821 | $(233) | $588 | $59 | $(18) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |  |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total |  | Variation Margin<br>Liability |  | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  |  |  | |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $(3) | $(46) | $(18) | $(67) |

---

(i) Securities with an aggregate market value of $477 and cash of $1,723 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

---

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

---

------

December 31, 2025

&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 |
|  AZD | 01/2026 | $98 | 15195 | $0 | $(1) |
|  BOA | 01/2026 | 695 | $126 | 0 | (1) |
|  | 01/2026 | 68247 | 18 | 0 | 0 |
|  | 01/2026 | 96 | 113 | 0 | 0 |
|  | 01/2026 | 45348 | 31 | 0 | 0 |
|  | 01/2026 | 220 | 60 | 0 | (1) |
|  | 01/2026 | 649 | 20 | 0 | (1) |
|  | 01/2026 | 527 | 17 | 1 | 0 |
|  | 01/2026 | $128 | 695 | 0 | (1) |
|  | 01/2026 | 110 | 403 | 2 | 0 |
|  | 01/2026 | 12 | 377 | 0 | 0 |
|  | 02/2026 | 4 | $0 | 0 | 0 |
|  | 02/2026 | 204 | 64 | 0 | 0 |
|  | 03/2026 | 24184 | 6 | 0 | 0 |
|  | 03/2026 | 1249 | 371 | 0 | 0 |
|  | 08/2026 | $52 | 945 | 4 | 0 |
|  BPS | 01/2026 | 268 | $174 | 0 | (5) |
|  | 01/2026 | 24 | 30 | 0 | 0 |
|  | 01/2026 | 1507 | 214 | 0 | (2) |
|  | 01/2026 | 64 | 87 | 0 | 0 |
|  | 01/2026 | 481 | 148 | 0 | (3) |
|  | 01/2026 | 4508 | 50 | 0 | 0 |
|  | 01/2026 | 17800 | 115 | 1 | 0 |
|  | 01/2026 | 324 | 184 | 0 | (2) |
|  | 01/2026 | 263 | 72 | 0 | (1) |
|  | 01/2026 | 2329 | 76 | 2 | 0 |
|  | 01/2026 | $248 | 1737 | 1 | 0 |
|  | 01/2026 | 30 | 2710 | 0 | 0 |
|  | 01/2026 | 152 | 550 | 1 | 0 |
|  | 01/2026 | 552 | 17314 | 1 | (2) |
|  | 01/2026 | 200 | 3334 | 1 | 0 |
|  | 01/2026 | 1430 | $86 | 0 | (1) |
|  | 02/2026 | 33297 | 9 | 0 | 0 |
|  | 02/2026 | $66 | 5936 | 0 | 0 |
|  | 02/2026 | 144 | 4526 | 0 | 0 |
|  | 04/2026 | 2700 | $473 | 0 | (10) |
|  BRC | 01/2026 | 69 | 80 | 0 | (1) |
|  | 01/2026 | 97 | 30 | 0 | 0 |
|  | 01/2026 | $31 | 113 | 0 | 0 |
|  | 01/2026 | 339 | 15299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 0 |
|  | 01/2026 | 6530 | $377 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
|  | 02/2026 | 79 | 24 | 0 | 0 |
|  | 02/2026 | $435 | 19787 | 11 | 0 |
|  | 03/2026 | 201 | $10 | 0 | 0 |
|  | 03/2026 | $205 | 3792 | 4 | 0 |
|  | 03/2026 | 896 | 40815 | 13 | 0 |
|  | 08/2026 | 26 | 458 | 1 | 0 |
|  BSH | 01/2026 | 692 | $125 | 0 | (2) |
|  | 01/2026 | 44389 | 47 | 0 | (2) |
|  | 01/2026 | 1303 | 8 | 0 | 0 |
|  | 01/2026 | 2042 | 578 | 0 | (29) |
|  | 01/2026 | $126 | 692 | 1 | 0 |
|  | 01/2026 | 120 | 425 | 7 | 0 |
|  | 02/2026 | 1045 | $299 | 0 | (12) |
|  | 02/2026 | $125 | 697 | 2 | 0 |
|  | 03/2026 | 666 | $191 | 0 | (7) |
|  | 04/2026 | 5100 | 898 | 1 | (14) |
|  | 05/2026 | 1196 | 351 | 0 | (3) |
|  | 06/2026 | $126 | 428 | 0 | 0 |
|  CBK | 01/2026 | 132 | $88 | 0 | 0 |
|  | 01/2026 | 1281369 | 331 | 1 | (5) |
|  | 01/2026 | 104 | 60 | 0 | 0 |
|  | 01/2026 | 1668 | 467 | 0 | (29) |
|  | 01/2026 | 225 | 24 | 0 | (1) |
|  | 01/2026 | 11451 | 377 | 13 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

---

------

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $233 | 352 | $2 | $0 |
|  | 01/2026 | 159 | 1112 | 0 | 0 |
|  | 01/2026 | 25 | 94225 | 0 | 0 |
|  | 01/2026 | 1228 | 109677 | 1 | (12) |
|  | 01/2026 | 46 | 154 | 0 | 0 |
|  | 01/2026 | 20 | 72 | 0 | 0 |
|  | 01/2026 | 2 | 67 | 0 | 0 |
|  | 01/2026 | 114 | 3571 | 0 | (1) |
|  | 01/2026 | 195 | 3307 | 4 | 0 |
|  | 02/2026 | 6101948 | $1569 | 0 | (18) |
|  | 02/2026 | 160 | 50 | 0 | 0 |
|  | 02/2026 | 2499 | 720 | 0 | (22) |
|  | 02/2026 | $4 | 121 | 0 | 0 |
|  | 03/2026 | 31410 | $34 | 0 | (1) |
|  | 03/2026 | 186442 | 49 | 1 | 0 |
|  | 03/2026 | 4677 | 1358 | 0 | (30) |
|  | 03/2026 | $3 | 11446 | 0 | 0 |
|  | 04/2026 | 79585 | $21 | 0 | 0 |
|  | 05/2026 | 2646 | 746 | 0 | (37) |
|  DUB | 01/2026 | 132 | 41 | 0 | 0 |
|  | 01/2026 | 60266 | 41 | 0 | (1) |
|  | 01/2026 | 87 | 50 | 0 | 0 |
|  | 01/2026 | $84 | 268 | 0 | 0 |
|  | 01/2026 | 393 | 35026 | 0 | (5) |
|  | 01/2026 | 149 | 218969 | 3 | 0 |
|  | 01/2026 | 85 | 1427 | 1 | 0 |
|  | 01/2026 | 11637 | $668 | 0 | (34) |
|  | 02/2026 | 268 | 84 | 0 | 0 |
|  | 02/2026 | $5 | 164 | 0 | 0 |
|  FAR | 01/2026 | 547 | $355 | 0 | (10) |
|  | 01/2026 | 24 | 30 | 0 | 0 |
|  | 01/2026 | 751 | 107 | 0 | (1) |
|  | 01/2026 | 157 | 206 | 0 | (5) |
|  | 01/2026 | 274 | 157 | 0 | (1) |
|  | 01/2026 | 195 | 57 | 0 | (1) |
|  | 01/2026 | 138 | 107 | 0 | (1) |
|  | 01/2026 | $44 | 143 | 0 | 0 |
|  | 01/2026 | 1304 | 24183 | 36 | 0 |
|  | 01/2026 | 480 | 1619 | 1 | 0 |
|  | 01/2026 | 215 | 784 | 4 | 0 |
|  | 01/2026 | 11364 | $661 | 0 | (24) |
|  | 02/2026 | 143 | 45 | 0 | 0 |
|  | 03/2026 | 155 | 46 | 0 | 0 |
|  | 06/2026 | 1628 | 481 | 0 | (1) |
|  GLM | 01/2026 | 1669 | 27 | 1 | 0 |
|  | 01/2026 | 73 | 23 | 0 | 0 |
|  | 01/2026 | $95 | 76 | 1 | 0 |
|  | 01/2026 | 110 | 778 | 1 | 0 |
|  | 01/2026 | 180 | 658 | 3 | 0 |
|  | 01/2026 | 24 | 756 | 0 | 0 |
|  | 01/2026 | 6001 | $348 | 0 | (14) |
|  | 02/2026 | $82 | 1529 | 2 | 0 |
|  | 02/2026 | 104 | 4721 | 3 | 0 |
|  | 03/2026 | 57 | $10 | 0 | 0 |
|  | 03/2026 | 28159 | 7 | 0 | 0 |
|  | 03/2026 | 519 | 8 | 0 | 0 |
|  | 03/2026 | $1902 | 10538 | 0 | (4) |
|  | 04/2026 | 10500 | $1851 | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
|  | 04/2026 | $269 | 4951 | 3 | 0 |
|  JPM | 01/2026 | 3127 | $444 | 0 | (5) |
|  | 01/2026 | 748 | 229 | 0 | (6) |
|  | 01/2026 | 4420 | 50 | 1 | 0 |
|  | 01/2026 | 161528 | 113 | 1 | 0 |
|  | 01/2026 | 155 | 90 | 1 | 0 |
|  | 01/2026 | 477 | 130 | 0 | (3) |
|  | 01/2026 | $140 | 985 | 1 | 0 |
|  | 01/2026 | 160 | 14254 | 0 | (2) |
|  | 01/2026 | 153 | 565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 0 |
|  | 01/2026 | 3097 | $181 | 0 | (6) |
|  | 02/2026 | 4 | 0 | 0 | 0 |

---

---

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

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 02/2026 | $113 | 161316 | $0 | $(1) |
|  | 02/2026 | 146 | 2700 | 4 | 0 |
|  | 03/2026 | 8 | $0 | 0 | 0 |
|  | 04/2026 | $83 | 1521 | 1 | 0 |
|  MBC | 01/2026 | 116 | $76 | 0 | (1) |
|  | 01/2026 | 1387 | 986 | 0 | (26) |
|  | 01/2026 | 32 | 40 | 0 | 0 |
|  | 01/2026 | 47 | 63 | 0 | 0 |
|  | 01/2026 | 28700 | 185 | 1 | 0 |
|  | 01/2026 | 104 | 60 | 0 | 0 |
|  | 01/2026 | 2250 | 1734 | 0 | (17) |
|  | 01/2026 | $187 | 140 | 1 | 0 |
|  | 01/2026 | 18 | 1647 | 0 | 0 |
|  | 01/2026 | 40 | 147 | 1 | 0 |
|  | 01/2026 | 18 | 581 | 0 | 0 |
|  | 02/2026 | 38 | 702 | 1 | 0 |
|  | 03/2026 | 37 | 682 | 1 | 0 |
|  | 04/2026 | 65 | 1197 | 1 | 0 |
|  MYI | 01/2026 | 1 | 84 | 0 | 0 |
|  | 02/2026 | 290 | $90 | 0 | (1) |
|  | 04/2026 | $67 | 1222 | 0 | 0 |
|  NGF | 01/2026 | 98794 | $68 | 0 | (1) |
|  | 01/2026 | $100 | 146877 | 2 | 0 |
|  | 03/2026 | 92 | 4205 | 1 | 0 |
|  SCX | 01/2026 | 1498 | $213 | 0 | (2) |
|  | 01/2026 | 907 | 10 | 0 | 0 |
|  | 01/2026 | 952 | 6 | 0 | 0 |
|  | 01/2026 | 27591 | 912 | 34 | 0 |
|  | 01/2026 | $20 | 1780 | 0 | 0 |
|  SOG | 01/2026 | 1034 | $1197 | 0 | (19) |
|  | 01/2026 | 3780 | 24 | 0 | 0 |
|  | 01/2026 | $450 | 1516 | 1 | 0 |
|  | 02/2026 | 38 | 702 | 1 | 0 |
|  | 03/2026 | 84 | $4 | 0 | 0 |
|  | 03/2026 | 1521 | 450 | 0 | (1) |
|  UAG | 01/2026 | 120 | $150 | 0 | (2) |
|  | 01/2026 | 220 | 60 | 0 | (1) |
|  | 01/2026 | $183 | 664 | 2 | 0 |
|  | 01/2026 | 11400 | $655 | 0 | (32) |
|  | 02/2026 | $37 | 686 | 1 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC USD versus BRL | BRL | 5.350 | 02/04/2026 | 347 | $5 | $1 |
|  | Put - OTC USD versus KRW | KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419.000 | 02/12/2026 | 300 | 2 | 2 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 521 | 25 | 42 |
| BRC | Put - OTC USD versus KRW | KRW | 1423.000 | 02/12/2026 | 100 | 1 | 1 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.470% | 06/04/2035 | 300 | $27 | $21 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.470 | 06/04/2035 | 300 | 27 | 26 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/16/2039 | 1000 | 96 | 62 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.255 | 08/16/2039 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| DUB Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 11800 | 9 | 6 |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.808 | 07/31/2034 | 500 | 44 | 26 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.808 | 07/31/2034 | 500 | 44 | 52 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

---

------

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757% | 09/18/2026 | 10200 | $8 | $5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.800 | 07/12/2034 | 1000 | 86 | 51 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.800 | 07/12/2034 | 1000 | 86 | 104 |
|  |  |  |  |  |  | $523 | $478 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus BRL | BRL | 5.120 | 02/04/2026 | 347 | $(1) | $0 |
|  | Call - OTC USD versus BRL |  | 5.640 | 02/04/2026 | 347 | (3) | (3) |
|  | Put - OTC USD versus KRW | KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383.000 | 02/12/2026 | 300 | (1) | (1) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 1042 | (25) | (39) |
| BRC | Put - OTC USD versus KRW | KRW | 1385.000 | 02/12/2026 | 100 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | $(43) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.551% | 01/05/2026 | 100 | $0 | $0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.831 | 01/05/2026 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.622 | 01/29/2026 | 200 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.882 | 01/29/2026 | 200 | 0 | (1) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.580 | 01/05/2026 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.860 | 01/05/2026 | 200 | (1) | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.548 | 01/02/2026 | 400 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.848 | 01/02/2026 | 400 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.578 | 01/12/2026 | 200 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.878 | 01/12/2026 | 200 | 0 | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.625 | 01/08/2026 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.925 | 01/08/2026 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.639 | 01/12/2026 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.919 | 01/12/2026 | 200 | (1) | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.498 | 01/05/2026 | 200 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.798 | 01/05/2026 | 200 | 0 | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.639 | 01/12/2026 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.919 | 01/12/2026 | 200 | (1) | 0 |
|  |  |  |  |  |  | $(8) | $(2) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110% | Monthly | 05/25/2046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | $(88) | $63 | $0 | $(25) |
| MYC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 376 | (103) | 73 | 0 | (30) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(1) | $0 | $0 | $(1) | $(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1) |
|  BOA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **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** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(5)</sup>** |
|  BPS | $7 | $0 | $0 | $7 | $(26) | $(1) | $0 | $(27) | $(20) | $0 | $(20) |
|  BRC | 41 | 1 | 0 | 42 | (18) | 0 | (25) | (43) | (1) | 0 | (1) |
|  BSH | 11 | 0 | 0 | 11 | (69) | 0 | 0 | (69) | (58) | 0 | (58) |
|  CBK | 22 | 0 | 0 | 22 | (156) | 0 | 0 | (156) | (134) | 0 | (134) |
|  DUB | 4 | 6 | 0 | 10 | (40) | 0 | 0 | (40) | (30) | 0 | (30) |
|  FAR | 41 | 0 | 0 | 41 | (44) | 0 | 0 | (44) | (3) | 0 | (3) |
|  GLM | 19 | 0 | 0 | 19 | (49) | 0 | 0 | (49) | (30) | 0 | (30) |
|  JPM | 13 | 78 | 0 | 91 | (23) | 0 | 0 | (23) | 68 | 0 | 68 |
|  MBC | 6 | 0 | 0 | 6 | (44) | 0 | 0 | (44) | (38) | 0 | (38) |
|  MYC | 0 | 160 | 0 | 160 | 0 | 0 | (30) | (30) | 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |
|  MYI | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  NGF | 3 | 0 | 0 | 3 | (1) | (1) | 0 | (2) | 1 | 0 | 1 |
|  SCX | 34 | 0 | 0 | 34 | (2) | 0 | 0 | (2) | 32 | 0 | 32 |
|  SOG | 2 | 0 | 0 | 2 | (20) | 0 | 0 | (20) | (18) | 0 | (18) |
|  UAG | 3 | 0 | 0 | 3 | (35) | 0 | 0 | (35) | (32) | 0 | (32) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(633) |  |  |  |

---

(k) Securities with an aggregate market value of $86 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

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

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $50 | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 59 | 59 |
|  | $0 | $0 | $0 | $0 | $109 | $109 |
|  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;213 | $0 | $213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 46 | 478 | 524 |
|  | $0 | $0 | $0 | $259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | $737 |
|  | $0 | $0 | $0 | $259 | $587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 18 | 18 |
|  | $0 | $0 | $0 | $0 | $67 | $67 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 21

------

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $533 | $0 | $533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 43 | 2 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 55 | 0 | 0 | 0 | 55 |
|  | $0 | $55 | $0 | $576 | $2 | $633 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $44 | $44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 87 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 79 | 0 | 0 | 191 | 270 |
|  | $0 | $79 | $0 | $0 | $322 | $401 |
|  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 | $(722) | $0 | $(722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 7 | (143) | (136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1 | 0 | 5 | 263 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 19 | 0 | 0 | 0 | 19 |
|  | $0 | $20 | $0 | $(710) | $120 | $(570) |
|  | $0 | $99 | $0 | $(710) | $442 | $(169) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (75) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8 | 0 | 0 | (674) | (666) |
|  | $0 | $8 | $0 | $0 | $(748) | $(740) |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(813) | $0 | $(813) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 13 | 65 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (14) | (109) | (123) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (10) | 0 | 0 | 0 | (10) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $0 | $(814) | $(44) | $(868) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(814) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(792) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1608) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $984 | $0 | $984 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 7913 | 0 | 7913 |
| &nbsp;&nbsp; Industrials | 0 | 5181 | 0 | 5181 |
| &nbsp;&nbsp; Utilities | 0 | 1225 | 0 | 1225 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; West Virginia | 0 | 97 | 0 | 97 |
|  U.S. Government Agencies | 0 | 49540 | 0 | 49540 |
|  U.S. Treasury Obligations | 0 | 9908 | 0 | 9908 |
|  Non-Agency Mortgage-Backed Securities | 0 | 4217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | 5151 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 171 | 0 | 171 |
| &nbsp;&nbsp; Home Equity Other | 0 | 3659 | 0 | 3659 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 220 | 0 | 220 |
| &nbsp;&nbsp; Other ABS | 0 | 5967 | 0 | 5967 |
|  Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17909 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17909 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | $44 | $0 | $0 | $44 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 1547 | 0 | 1547 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 13500 | 0 | 13500 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 2395 | 0 | 2395 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 321 | 0 | 321 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2133 | 0 | 2133 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127865 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13107 | $0 | $0 | $13107 |
|  Total Investments | $13151 | $126887 | $934 | $140972 |

---

22 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1968) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1968) |
|  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 | 11 | 98 | 0 | 109 |
|  Over the counter | 0 | 737 | 0 | 737 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $835 | $0 | $846 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  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 | $(4) | $(63) | $0 | $(67) |
|  Over the counter | 0 | (578) | (55) | (633) |
|  | $(4) | $(641) | $(55) | $(700) |
|  Total Financial Derivative Instruments | $7 | $194 | $(55) | $146 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139150 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

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|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

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Notes to Financial Statements

1. ORGANIZATION

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

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

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

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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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest

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|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Portfolio may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Portfolio invests. These foreign taxes, if any, are paid by the Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

(c) 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.

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

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

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

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

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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

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Notes to Financial Statements (Cont.)

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 funds, 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.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting

obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to 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

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|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

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

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **27** |

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Notes to Financial Statements (Cont.)

originated by the Portfolio or through an alternative lending platform, generally are fair valued by the Valuation Designee in accordance with procedures approved by the Board.

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

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

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

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

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

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

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

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) 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

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| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

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

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, 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, time deposits and certificates of deposit) 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, rules thereunder or exemptive relief therefrom. 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Notes to Financial Statements (Cont.)

first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>12/31/2024 | **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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62401) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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

(b) Investments in Securities

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

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to 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 ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in

amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a

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percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in 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 payments. 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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

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Notes to Financial Statements (Cont.)

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

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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 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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

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

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

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Portfolio to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Portfolio may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio 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

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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 (in the case of tri-party repurchase agreements). Traditionally, the Portfolio has used bilateral repurchase agreements wherein the underlying securities will be held by the Portfolio's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box."

The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(c) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 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, 2025, 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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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **33** |

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Notes to Financial Statements (Cont.)

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

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends

to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the

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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(d) Swap Agreementsare bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market 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 fail to perform or meet an obligation 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.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **35** |

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Notes to Financial Statements (Cont.)

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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes 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 indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication 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

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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 as the value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Small Portfolio Risk is the risk that a smaller portfolio may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller portfolio may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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

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circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holding.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared 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 non-centrally- cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special

redemption rights.

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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

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

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| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will

be achieved.

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

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or

regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

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

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

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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

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capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

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

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which

typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the

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outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values 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.

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

9. FEES AND EXPENSES

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

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

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

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| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Class M | Administrative<br>Class | Advisor<br>Class |
| 0.55% | 0.30% | 0.30% | 0.30% | 0.30% |

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

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

The Trust has adopted a separate Distribution and Servicing Plan for each of the Advisor Class and Class M shares of the Portfolio (the "Distribution and Servicing Plans"). The Distribution and Servicing Plans have been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plans permit the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class and Class M shares. The Distribution and Servicing Plans permit the Portfolio to make total

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payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class or Class M shares, respectively. The Distribution and Servicing Plan for Class M shares also permits the Portfolio to compensate the Distributor for providing or procuring administrative, recordkeeping, and other investor services at an annual rate of up to 0.20% of the average daily net assets attributable to its Class M shares.

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

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**(d) Portfolio Expenses** PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

**(f) Expense Limitation** Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $748.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements

---

| | |
|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

December 31, 2025

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. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 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;1010206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12972 |

---

---

| | |
|:---|:---|
| <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>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 252 | $2224 | 189 | $1642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 1 | 3 | 2 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1036 | 9151 | 1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 178 | 1564 | 156 | 1360 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 313 | 2762 | 265 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 1 | 9 | 1 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 180 | 1588 | 139 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 64 | 568 | 58 | 501 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (444) | (3911) | (340) | (2955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (2) | (17) | (5) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8011) | (1011) | (8769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (298) | (2617) | (230) | (2004) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 368 | $3313 | 431 | $3780 |

---

---

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

---

As of December 31, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 73% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

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

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

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

15. FEDERAL INCOME TAX MATTERS

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

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **43** |

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------

Notes to Financial Statements (Cont.)

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components of<br>Distributable<br>Earnings |
|  PIMCO Dynamic Bond Portfolio | $3232 | $0 | $(3141) | $(1) | $0 | $0 | $0 | $90 |

---

---

| | |
|:---|:---|
| <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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, interest accrued on defaulted securities, and return of capital distributions from underlying funds. 

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

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

<sup>(5)</sup> Capital losses realized during the period November 1, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Dynamic Bond Portfolio | $0 | $0 |

---

---

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

---

As of December 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Dynamic Bond Portfolio | $143073 | $3646 | $(6763) | $(3117) |

---

---

| | |
|:---|:---|
| <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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, interest accrued on defaulted securities, and return of capital distributions from underlying funds. 

---

| | |
|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Dynamic Bond Portfolio | $4928 | $0 | $0 | $4021 | $0 | $0 |

---

---

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

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **45** |

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------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Dynamic Bond Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Dynamic Bond Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

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

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| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | DEU | Deutsche Bank Securities, Inc. | MYC | Morgan Stanley Capital Services LLC |
| BOA | Bank of America N.A. | DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC |
| BPS | BNP Paribas S.A. | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BRC | Barclays Bank PLC | GLM | Goldman Sachs Bank USA | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | EUR | Euro | PEN | Peruvian New Sol |
| BRL | Brazilian Real | GBP | British Pound | PLN | Polish Zloty |
| CAD | Canadian Dollar | ILS | Israeli Shekel | SEK | Swedish Krona |
| CHF | Swiss Franc | INR | Indian Rupee | SGD | Singapore Dollar |
| CLP | Chilean Peso | JPY | Japanese Yen | THB | Thai Baht |
| CNH | Chinese Renminbi (Offshore) | KRW | South Korean Won | TRY | Turkish New Lira |
| COP | Colombian Peso | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| CZK | Czech Koruna | NGN | Nigerian Naira | USD (or $) | United States Dollar |
| DOP | Dominican Peso | NZD | New Zealand Dollar | ZAR | South African Rand |
| EGP | Egyptian Pound |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | EUREX | Eurex Exchange | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| ABX.HE | Asset-Backed Securities Index - Home Equity | CDX.IG | Credit Derivatives Index - Investment Grade | SOFR | Secured Overnight Financing Rate |
| Bobl | Bundesobligation, the German word for federal government bond | EUR003M | 3 Month EUR Swap Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | IBR | Indicador Bancario de Referencia | TSFR1M | Term SOFR 1-Month |
| CDX.HY | Credit Derivatives Index - High Yield | MUTKCALM | Tokyo Overnight Average Rate | TSFR3M | Term SOFR 3-Month |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | PRIBOR | Prague Interbank Offered Rate |
| BBR | Bank Bill Rate | CMBS | Collateralized Mortgage-Backed Security | REMIC | Real Estate Mortgage Investment Conduit |
| BBSW | Bank Bill Swap Reference Rate | DAC | Designated Activity Company | TBA | To-Be-Announced |
| BRL-CDI | Brazil Interbank Deposit Rate | EURIBOR | Euro Interbank Offered Rate | WIBOR | Warsaw Interbank Offered Rate |
| CDO | Collateralized Debt Obligation | OIS | Overnight Index Swap |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

#### PIMCO Dynamic Bond 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 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  August 2025 | $0.0391 | $0.0000 | $0.0000 | $0.0391 |
|  September 2025 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |
|  October 2025 | $0.0417 | $0.0000 | $0.0000 | $0.0417 |
|  November 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  December 2025 | $0.0374 | $0.0000 | $0.0000 | $0.0374 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  August 2025 | $0.0379 | $0.0000 | $0.0000 | $0.0379 |
|  September 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  October 2025 | $0.0405 | $0.0000 | $0.0000 | $0.0405 |
|  November 2025 | $0.0323 | $0.0000 | $0.0000 | $0.0323 |
|  December 2025 | $0.0362 | $0.0000 | $0.0000 | $0.0362 |
| 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 2025 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
|  August 2025 | $0.0371 | $0.0000 | $0.0000 | $0.0371 |
|  September 2025 | $0.0345 | $0.0000 | $0.0000 | $0.0345 |
|  October 2025 | $0.0397 | $0.0000 | $0.0000 | $0.0397 |
|  November 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  December 2025 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
| Class M | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0339 | $0.0000 | $0.0000 | $0.0339 |
|  August 2025 | $0.0356 | $0.0000 | $0.0000 | $0.0356 |
|  September 2025 | $0.0331 | $0.0000 | $0.0000 | $0.0331 |
|  October 2025 | $0.0381 | $0.0000 | $0.0000 | $0.0381 |
|  November 2025 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  December 2025 | $0.0339 | $0.0000 | $0.0000 | $0.0339 |

---

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

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

---

| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

Federal Income Tax Information (Unaudited)

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

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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> |
|  PIMCO Dynamic Bond Portfolio | 0.00% | 0.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

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

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, 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 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **49** |

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------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

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

1. INFORMATION RECEIVED

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

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

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

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also requested and received supplemental information, including

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(Unaudited)

information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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

2. NATURE, EXTENT AND QUALITY OF SERVICES

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

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

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

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

"Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

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

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

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

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

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

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

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

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(Unaudited)

registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

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

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative

functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

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

The Trustees also considered the advisory fees charged to the Portfolios that invest in other investment companies or operate as funds of funds

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

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

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

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

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from

inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

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

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

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide

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(Unaudited)

distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

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

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g92941g06y60.jpg)

PVITDYNBONDFSTMAR_123125

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![LOGO](g94025g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO Emerging Markets Bond Portfolio

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#### **Table of Contents**

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|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Emerging Markets Bond Portfolio](#tx94025_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx94025_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx94025_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx94025_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx94025_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx94025_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx94025_7) | 30 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx94025_8) | 47 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx94025_9) | 51 |
| &nbsp;&nbsp; [Glossary](#tx94025_10) | 52 |
| &nbsp;&nbsp; [Distribution Information](#tx94025_11) | 53 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx94025_12) | 54 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx94025_13) | 55 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx94025_14) | 56 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx94025_15) | 57 |

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

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Important Information About the PIMCO Emerging Markets Bond Portfolio

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

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

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 U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain

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

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bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

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

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Name | Portfolio<br>Inception | Portfolio<br>Inception | Institutional<br>Class | Institutional<br>Class | Class M | Class M | Administrative<br>Class | Administrative<br>Class | Advisor<br>Class | Advisor<br>Class | Diversification<br>Status | Diversification<br>Status |
|  PIMCO Emerging Markets Bond Portfolio |  | 09/30/02 |  | 04/30/12 |  | 11/10/14 |  | 09/30/02 |  | 03/31/06 |  | Diversified |

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on

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

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO Emerging Markets Bond Portfolio (Cont.)

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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO Emerging Markets Bond Portfolio

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year<br>or Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $10.64 | $0.76 | $0.79 | $1.55 | $(0.77) | $0.00 | $(0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 10.56 | 0.72 | 0.06 | 0.78 | (0.70) | 0.00 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 10.06 | 0.59 | 0.50 | 1.09 | (0.59) | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 12.52 | 0.52 | (2.46) | (1.94) | (0.52) | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.44 | 0.54 | (0.86) | (0.32) | (0.60) | 0.00 | (0.60) |
| Class M |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 10.64 | 0.71 | 0.79 | 1.50 | (0.72) | 0.00 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 10.56 | 0.67 | 0.06 | 0.73 | (0.65) | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 10.06 | 0.55 | 0.49 | 1.04 | (0.54) | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 12.52 | 0.47 | (2.45) | (1.98) | (0.48) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.44 | 0.48 | (0.86) | (0.38) | (0.54) | 0.00 | (0.54) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 10.64 | 0.75 | 0.79 | 1.54 | (0.76) | 0.00 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 10.56 | 0.70 | 0.06 | 0.76 | (0.68) | 0.00 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 10.06 | 0.58 | 0.50 | 1.08 | (0.58) | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 12.52 | 0.51 | (2.46) | (1.95) | (0.51) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.44 | 0.52 | (0.86) | (0.34) | (0.58) | 0.00 | (0.58) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 10.64 | 0.73 | 0.80 | 1.53 | (0.75) | 0.00 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 10.56 | 0.69 | 0.06 | 0.75 | (0.67) | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 10.06 | 0.57 | 0.49 | 1.06 | (0.56) | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 12.52 | 0.49 | (2.45) | (1.96) | (0.50) | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.44 | 0.51 | (0.86) | (0.35) | (0.57) | 0.00 | (0.57) |

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

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<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

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

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

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| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $11.42 | 15.15% | $61013 | 1.02% | 1.02% | 0.85% | 0.85% | 6.96% | 67% |
| 10.64 | 7.59 | 55165 | 1.13 | 1.13 | 0.85 | 0.85 | 6.76 | 62 |
| 10.56 | 11.27 | 53101 | 1.12 | 1.12 | 0.85 | 0.85 | 5.90 | 72 |
| 10.06 | (15.50) | 49539 | 0.89 | 0.89 | 0.85 | 0.85 | 4.95 | 39 |
| 12.52 | (2.42) | 59591 | 0.87 | 0.87 | 0.85 | 0.85 | 4.22 | 42 |
| 11.42 | 14.64 | 458 | 1.47 | 1.47 | 1.30 | 1.30 | 6.52 | 67 |
| 10.64 | 7.11 | 418 | 1.58 | 1.58 | 1.30 | 1.30 | 6.29 | 62 |
| 10.56 | 10.78 | 411 | 1.57 | 1.57 | 1.30 | 1.30 | 5.44 | 72 |
| 10.06 | (15.88) | 440 | 1.34 | 1.34 | 1.30 | 1.30 | 4.47 | 39 |
| 12.52 | (2.85) | 579 | 1.32 | 1.32 | 1.30 | 1.30 | 3.75 | 42 |
| 11.42 | 14.98 | 100395 | 1.17 | 1.17 | 1.00 | 1.00 | 6.82 | 67 |
| 10.64 | 7.43 | 96396 | 1.28 | 1.28 | 1.00 | 1.00 | 6.58 | 62 |
| 10.56 | 11.11 | 104426 | 1.27 | 1.27 | 1.00 | 1.00 | 5.73 | 72 |
| 10.06 | (15.63) | 109838 | 1.04 | 1.04 | 1.00 | 1.00 | 4.78 | 39 |
| 12.52 | (2.56) | 134990 | 1.02 | 1.02 | 1.00 | 1.00 | 4.06 | 42 |
| 11.42 | 14.86 | 43648 | 1.27 | 1.27 | 1.10 | 1.10 | 6.71 | 67 |
| 10.64 | 7.32 | 40059 | 1.38 | 1.38 | 1.10 | 1.10 | 6.49 | 62 |
| 10.56 | 11.00 | 41049 | 1.37 | 1.37 | 1.10 | 1.10 | 5.65 | 72 |
| 10.06 | (15.72) | 38856 | 1.14 | 1.14 | 1.10 | 1.10 | 4.69 | 39 |
| 12.52 | (2.66) | 49141 | 1.12 | 1.12 | 1.10 | 1.10 | 3.97 | 42 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

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Statements of Assets and Liabilities PIMCO Emerging Markets Bond Portfolio December 31, 2025

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $197698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 8722 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 592 |
|  Cash | 267 |
|  Deposits with counterparty | 2371 |
|  Foreign currency, at value | 951 |
|  Receivable for investments sold | 1713 |
|  Receivable for TBA investments sold | 3612 |
|  Receivable for Portfolio shares sold | 51 |
|  Interest and/or dividends receivable | 3288 |
|  Dividends receivable from Affiliates | 26 |
|  **Total Assets** | 219369 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $5232 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1015 |
|  Payable for investments purchased | 171 |
|  Payable for investments in Affiliates purchased | 28 |
|  Payable for TBA investments purchased | 6887 |
|  Deposits from counterparty | 30 |
|  Payable for Portfolio shares redeemed | 158 |
|  Accrued investment advisory fees | 81 |
|  Accrued supervisory and administrative fees | 72 |
|  Accrued distribution fees | 10 |
|  Accrued servicing fees | 14 |
|  Foreign capital gains tax payable | 11 |
|  **Total Liabilities** | 13855 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $205514 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $241669 |
|  Distributable earnings (accumulated loss) | (36155) |
|  **Net Assets** | $205514 |
|  **Net Assets:** |  |
|  Institutional Class | $61013 |
|  Class M | 458 |
|  Administrative Class | 100395 |
|  Advisor Class | 43648 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 5341 |
|  Class M | 40 |
|  Administrative Class | 8789 |
|  Advisor Class | 3821 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $11.42 |
|  Class M | 11.42 |
|  Administrative Class | 11.42 |
|  Advisor Class | 11.42 |
|  Cost of investments in securities | $198236 |
|  Cost of investments in Affiliates | $8720 |
|  Cost of foreign currency held | $937 |
|  Cost or premiums of financial derivative instruments, net | $(498) |

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

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^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

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

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| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Statement of Operations PIMCO Emerging Markets Bond Portfolio

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| | |
|:---|:---|
| Year Ended December 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $15489 |
|  Dividends | 64 |
|  Dividends from Investments in Affiliates | 146 |
|  Miscellaneous income | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 15743 |
|  **Expenses:** |  |
|  Investment advisory fees | 886 |
|  Supervisory and administrative fees | 788 |
|  Distribution and/or servicing fees - Class M | 2 |
|  Distribution and/or servicing fees - Administrative Class | 148 |
|  Distribution and/or servicing fees - Advisor Class | 103 |
|  Trustee fees | 9 |
|  Interest expense | 342 |
|  Miscellaneous expense | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 2278 |
|  **Net Investment Income (Loss)** | 13465 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (1751) |
|  Investments in Affiliates | 2 |
|  Exchange-traded or centrally cleared financial derivative instruments | 1431 |
|  Over the counter financial derivative instruments | (2064) |
|  Foreign currency | 38 |
|  **Net Realized Gain (Loss)** | (2344) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 18152 |
|  Investments in Affiliates | 2 |
|  Exchange-traded or centrally cleared financial derivative instruments | 301 |
|  Over the counter financial derivative instruments | (1927) |
|  Foreign currency assets and liabilities | 35 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 16563 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $27684 |
|  \* Foreign tax withholdings | $24 |

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

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

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Statements of Changes in Net Assets PIMCO Emerging Markets Bond Portfolio

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| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $13465 | $12946 |
|  Net realized gain (loss) | (2344) | (12784) |
|  Net change in unrealized appreciation (depreciation) | 16563 | 14043 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 27684 | 14205 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4019) | (3553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (29) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (6818) | (6452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (2811) | (2603) |
|  **Total Distributions<sup>(a)</sup>** | (13677) | (12634) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (531) | (8520) |
|  **Total Increase (Decrease) in Net Assets** | 13476 | (6949) |
|  **Net Assets:** |  |  |
|  Beginning of year | 192038 | 198987 |
|  End of year | $205514 | $192038 |

---

---

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

---

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

---

------

Schedule of Investments PIMCO Emerging Markets Bond Portfolio December 31, 2025

#### (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 96.2% | INVESTMENTS IN SECURITIES 96.2% | INVESTMENTS IN SECURITIES 96.2% |
| ALBANIA 0.1% | ALBANIA 0.1% | ALBANIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Albania Government International Bonds | Albania Government International Bonds | Albania Government International Bonds |
|  3.500% due 11/23/2031 | 200 | 233 |
|  Total Albania (Cost $224) | Total Albania (Cost $224) | 233 |
| ANGOLA 0.6% | ANGOLA 0.6% | ANGOLA 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
|  8.250% due 05/09/2028 | 200 | 201 |
|  8.750% due 04/14/2032 | 400 | 390 |
|  9.244% due 01/15/2031 | 200 | 202 |
|  9.375% due 05/08/2048 | 200 | 177 |
|  9.875% due 10/15/2035 | 200 | 198 |
|  Total Angola (Cost $1,102) | Total Angola (Cost $1,102) | 1168 |
| ARGENTINA 3.5% | ARGENTINA 3.5% | ARGENTINA 3.5% |
| SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ | 996 | 851 |
|  1.000% due 07/09/2029 | 359 | 321 |
|  3.500% due 07/09/2041 þ | 3612 | 2507 |
|  4.125% due 07/09/2035 þ | 1776 | 1325 |
|  4.125% due 07/09/2046 þ | 296 | 212 |
|  5.000% due 01/09/2038 þ | 2292 | 1786 |
|  Provincia de Buenos Aires/Government Bonds | Provincia de Buenos Aires/Government Bonds | Provincia de Buenos Aires/Government Bonds |
|  6.625% due 09/01/2037 þ | 186 | 143 |
|  Total Argentina (Cost $5,379) | Total Argentina (Cost $5,379) | 7145 |
| ARMENIA 0.4% | ARMENIA 0.4% | ARMENIA 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Republic of Armenia International Bonds | Republic of Armenia International Bonds | Republic of Armenia International Bonds |
|  3.600% due 02/02/2031 | 500 | 456 |
|  3.950% due 09/26/2029 | 300 | 287 |
|  Total Armenia (Cost $791) | Total Armenia (Cost $791) | 743 |
| AZERBAIJAN 0.5% | AZERBAIJAN 0.5% | AZERBAIJAN 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 1100 | 1110 |
|  Total Azerbaijan (Cost $1,103) | Total Azerbaijan (Cost $1,103) | 1110 |
| BAHRAIN 0.6% | BAHRAIN 0.6% | BAHRAIN 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds |
|  4.250% due 01/25/2028 | 300 | 294 |
|  6.625% due 10/06/2037 | 400 | 401 |
|  7.500% due 09/20/2047 (j) | 300 | 310 |
|  CBB International Sukuk Programme Co. WLL | CBB International Sukuk Programme Co. WLL | CBB International Sukuk Programme Co. WLL |
|  5.874% due 02/06/2034 | 200 | 199 |
|  Total Bahrain (Cost $1,181) | Total Bahrain (Cost $1,181) | 1204 |
| BERMUDA 0.2% | BERMUDA 0.2% | BERMUDA 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Star Energy Geothermal Darajat II/Star Energy Geothermal Salak | Star Energy Geothermal Darajat II/Star Energy Geothermal Salak | Star Energy Geothermal Darajat II/Star Energy Geothermal Salak |
|  4.850% due 10/14/2038 | 400 | 389 |
|  Total Bermuda (Cost $400) | Total Bermuda (Cost $400) | 389 |
| BRAZIL 6.4% | BRAZIL 6.4% | BRAZIL 6.4% |
| CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 | 16000 | 897 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Brazil Minas SPE via State of Minas Gerais | Brazil Minas SPE via State of Minas Gerais | Brazil Minas SPE via State of Minas Gerais |
|  5.333% due 02/15/2028 | 1290 | 1297 |
|  CSN Inova Ventures | CSN Inova Ventures | CSN Inova Ventures |
|  6.750% due 01/28/2028 | 500 | 464 |
|  Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) |
|  11.000% due 12/31/2028 ^(a)(b) | 323 | 23 |
|  Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) |
|  13.500% due 12/31/2027 ^(a)(b) | 149 | 30 |
|  Vale SA | Vale SA | Vale SA |
|  0.000% due 12/29/2049 ~(h) | 10380 | 777 |
|  |  | 3488 |
| SOVEREIGN ISSUES 4.7% | SOVEREIGN ISSUES 4.7% | SOVEREIGN ISSUES 4.7% |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  5.500% due 02/04/2033 | 200 | 198 |
|  7.125% due 05/13/2054 | 96 | 95 |
|  7.250% due 01/12/2056 | 803 | 797 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (e) | 44400 | 7838 |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
|  6.000% due 08/15/2050 | 4578 | 731 |
|  |  | 9659 |
|  Total Brazil (Cost $13,913) | Total Brazil (Cost $13,913) | 13147 |
| BULGARIA 0.4% | BULGARIA 0.4% | BULGARIA 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.625% due 09/05/2032 | 400 | 483 |
|  5.000% due 03/05/2037 | 400 | 399 |
|  Total Bulgaria (Cost $843) | Total Bulgaria (Cost $843) | 882 |
| CAMEROON 0.4% | CAMEROON 0.4% | CAMEROON 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Republic of Cameroon International Bonds | Republic of Cameroon International Bonds | Republic of Cameroon International Bonds |
|  5.950% due 07/07/2032 | 550 | 547 |
|  9.500% due 07/31/2031 | 200 | 200 |
|  Total Cameroon (Cost $794) | Total Cameroon (Cost $794) | 747 |
| CANADA 0.2% | CANADA 0.2% | CANADA 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. |
|  7.875% due 01/23/2030 | 300 | 311 |
|  Total Canada (Cost $300) | Total Canada (Cost $300) | 311 |
| CAYMAN ISLANDS 2.6% | CAYMAN ISLANDS 2.6% | CAYMAN ISLANDS 2.6% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  5.454% due 12/31/2035 •  | 250 | 250 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2026 (e) | 24 | 0 |
|  0.000% due 12/31/2027 (e) | 30 | 0 |
|  0.000% due 12/31/2028 (e) | 47 | 1 |
|  0.000% due 12/31/2029 (e) | 47 | 1 |
|  0.000% due 12/31/2030 (e) | 59 | 0 |
|  0.000% due 12/31/2031 (e) | 59 | 0 |
|  0.000% due 12/31/2032 (e) | 112 | 1 |
|  Sunac China Holdings Ltd. | Sunac China Holdings Ltd. | Sunac China Holdings Ltd. |
|  0.000% due 06/23/2026 «(e) | 258 | 41 |
|  0.000% due 06/23/2028 «(e) | 31 | 7 |
|  |  | 51 |
| CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% |
|  Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. |
|  0.000% due 06/05/2034 (e) | 413 | 339 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Energuate Trust 2 0 | Energuate Trust 2 0 | Energuate Trust 2 0 |
|  6.350% due 09/15/2035 | 200 | 200 |
|  FWD Group Holdings Ltd. | FWD Group Holdings Ltd. | FWD Group Holdings Ltd. |
|  5.836% due 09/22/2035 | 200 | 203 |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  4.875% due 02/14/2035 | 1400 | 1395 |
|  ICD Funding Ltd. | ICD Funding Ltd. | ICD Funding Ltd. |
|  3.223% due 04/28/2026 | 200 | 199 |
|  Interoceanica V Finance Ltd. | Interoceanica V Finance Ltd. | Interoceanica V Finance Ltd. |
|  0.000% due 05/15/2030 (e) | 380 | 319 |
|  7.860% due 05/15/2030 | 170 | 177 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 | 5 | 0 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (a) | 40 | 1 |
|  Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 12/28/2029 (a) | 67 | 1 |
|  Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 12/28/2030 (a) | 80 | 1 |
|  Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 12/28/2031 (a) | 121 | 2 |
|  Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 12/28/2032 (a) | 114 | 2 |
|  Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) |
|  6.721% due 12/28/2028 (a) | 27 | 1 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1000 | 1180 |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |
|  5.875% due 07/05/2034 | 76 | 79 |
|  Montego Bay Airport Revenue Finance Ltd. | Montego Bay Airport Revenue Finance Ltd. | Montego Bay Airport Revenue Finance Ltd. |
|  6.600% due 06/15/2035 | 200 | 201 |
|  SRC Sukuk Ltd. | SRC Sukuk Ltd. | SRC Sukuk Ltd. |
|  5.000% due 02/27/2028 | 200 | 203 |
|  |  | 4503 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  KSA Ijarah Sukuk Ltd. | KSA Ijarah Sukuk Ltd. | KSA Ijarah Sukuk Ltd. |
|  4.875% due 09/09/2035 | 600 | 603 |
|  Total Cayman Islands (Cost $5,368) | Total Cayman Islands (Cost $5,368) | 5407 |
| CHILE 2.4% | CHILE 2.4% | CHILE 2.4% |
| CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% |
|  Banco del Estado de Chile | Banco del Estado de Chile | Banco del Estado de Chile |
|  7.950% due 05/02/2029 •(h)(i) | 300 | 319 |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
|  3.700% due 01/30/2050 | 300 | 215 |
|  4.250% due 07/17/2042 | 200 | 166 |
|  4.875% due 11/04/2044 | 600 | 525 |
|  6.300% due 09/08/2053 | 300 | 307 |
|  6.330% due 01/13/2035 | 300 | 321 |
|  6.780% due 01/13/2055 | 500 | 540 |
|  Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado |
|  3.068% due 08/18/2050 | 200 | 129 |
|  3.830% due 09/14/2061 | 200 | 140 |
|  Empresa de Transporte de Pasajeros Metro SA | Empresa de Transporte de Pasajeros Metro SA | Empresa de Transporte de Pasajeros Metro SA |
|  3.650% due 05/07/2030 | 200 | 194 |
|  Empresa Nacional del Petroleo | Empresa Nacional del Petroleo | Empresa Nacional del Petroleo |
|  5.950% due 07/30/2034 | 200 | 209 |
|  6.150% due 05/10/2033 | 200 | 212 |
|  Engie Energia Chile SA | Engie Energia Chile SA | Engie Energia Chile SA |
|  6.375% due 04/17/2034 | 200 | 214 |
|  GNL Quintero SA | GNL Quintero SA | GNL Quintero SA |
|  4.634% due 07/31/2029 | 282 | 283 |
|  |  | 3774 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 11

------

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  3.100% due 05/07/2041 (j) | 300 | 232 |
|  3.250% due 09/21/2071 | 800 | 497 |
|  4.340% due 03/07/2042 (j) | 600 | 535 |
|  |  | 1264 |
|  Total Chile (Cost $5,631) | Total Chile (Cost $5,631) | 5038 |
|  | **SHARES** |  |
| CHINA 0.2% | CHINA 0.2% | CHINA 0.2% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Kaisa Group Holdings Ltd. (c) | 347363 | 4 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  China Government International Bonds | China Government International Bonds | China Government International Bonds |
|  3.625% due 11/13/2028 | 300 | 303 |
|  3.750% due 11/13/2030 | 200 | 202 |
|  |  | 505 |
|  Total China (Cost $499) | Total China (Cost $499) | 509 |
| COLOMBIA 2.2% | COLOMBIA 2.2% | COLOMBIA 2.2% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Banco Davivienda SA | Banco Davivienda SA | Banco Davivienda SA |
|  8.125% due 07/02/2035 •(i) | 400 | 420 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  6.875% due 04/29/2030 | 200 | 203 |
|  7.750% due 02/01/2032 | 200 | 206 |
|  8.375% due 01/19/2036 | 600 | 618 |
|  |  | 1447 |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  3.250% due 04/22/2032 | 800 | 676 |
|  4.500% due 11/26/2030 | 200 | 231 |
|  5.000% due 06/15/2045 | 390 | 285 |
|  5.750% due 11/26/2034 | 200 | 228 |
|  6.125% due 01/18/2041 | 200 | 177 |
|  6.500% due 11/26/2038 | 200 | 228 |
|  7.375% due 04/25/2030 | 200 | 212 |
|  7.500% due 02/02/2034 | 500 | 522 |
|  8.000% due 11/14/2035 | 234 | 250 |
|  8.375% due 11/07/2054 (j) | 300 | 319 |
|  |  | 3128 |
|  Total Colombia (Cost $4,596) | Total Colombia (Cost $4,596) | 4575 |
| COSTA RICA 0.3% | COSTA RICA 0.3% | COSTA RICA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  5.500% due 11/21/2030 | 500 | 603 |
|  Total Costa Rica (Cost $582) | Total Costa Rica (Cost $582) | 603 |
| CZECH REPUBLIC 0.2% | CZECH REPUBLIC 0.2% | CZECH REPUBLIC 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS |
|  5.250% due 01/10/2031 | 100 | 122 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 300 | 381 |
|  Total Czech Republic (Cost $451) | Total Czech Republic (Cost $451) | 503 |
| DOMINICAN REPUBLIC 2.5% | DOMINICAN REPUBLIC 2.5% | DOMINICAN REPUBLIC 2.5% |
| SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  4.875% due 09/23/2032 | 700 | 675 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 02/22/2029 | $— | 200 | 203 |
|  5.875% due 10/28/2035 |  | 400 | 401 |
|  5.875% due 01/30/2060 |  | 600 | 536 |
|  6.000% due 07/19/2028 |  | 200 | 205 |
|  6.000% due 02/22/2033 |  | 500 | 513 |
|  6.500% due 02/15/2048 |  | 300 | 301 |
|  6.600% due 06/01/2036 |  | 150 | 158 |
|  6.950% due 03/15/2037 |  | 400 | 430 |
|  7.150% due 02/24/2055 |  | 400 | 429 |
|  8.625% due 04/20/2027 |  | 200 | 207 |
|  10.500% due 03/15/2037 |  | 8000 | 137 |
|  10.750% due 06/01/2036 |  | 20100 | 347 |
|  11.250% due 09/15/2035 |  | 12800 | 226 |
|  13.625% due 02/10/2034 |  | 23800 | 461 |
|  Total Dominican Republic (Cost $5,241) | Total Dominican Republic (Cost $5,241) | Total Dominican Republic (Cost $5,241) | 5229 |
| ECUADOR 1.4% | ECUADOR 1.4% | ECUADOR 1.4% | ECUADOR 1.4% |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (e) | $— | 749 | 642 |
|  5.000% due 07/31/2040 þ |  | 495 | 386 |
|  6.900% due 07/31/2030 þ |  | 392 | 389 |
|  6.900% due 07/31/2035 þ |  | 1507 | 1332 |
|  Ecuador Social Bonds SARL | Ecuador Social Bonds SARL | Ecuador Social Bonds SARL | Ecuador Social Bonds SARL |
|  0.000% due 01/30/2035 (e) |  | 40 | 29 |
|  Total Ecuador (Cost $2,038) | Total Ecuador (Cost $2,038) | Total Ecuador (Cost $2,038) | 2778 |
| EGYPT 1.8% | EGYPT 1.8% | EGYPT 1.8% | EGYPT 1.8% |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
|  4.750% due 04/16/2026 |  | 300 | 353 |
|  6.375% due 04/11/2031 |  | 900 | 1089 |
|  7.300% due 09/30/2033 (j) | $— | 300 | 309 |
|  7.625% due 05/29/2032 |  | 800 | 855 |
|  8.500% due 01/31/2047 |  | 200 | 197 |
|  8.875% due 05/29/2050 |  | 400 | 407 |
|  9.450% due 02/04/2033 (j) |  | 400 | 460 |
|  Total Egypt (Cost $2,659) | Total Egypt (Cost $2,659) | Total Egypt (Cost $2,659) | 3670 |
| EL SALVADOR 0.8% | EL SALVADOR 0.8% | EL SALVADOR 0.8% | EL SALVADOR 0.8% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa |
|  8.650% due 01/24/2033 | $— | 500 | 537 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds |
|  8.250% due 04/10/2032 |  | 30 | 32 |
|  9.250% due 04/17/2030 |  | 300 | 327 |
|  9.650% due 11/21/2054 |  | 500 | 574 |
|  |  |  | 933 |
|  Total El Salvador (Cost $1,306) | Total El Salvador (Cost $1,306) | Total El Salvador (Cost $1,306) | 1470 |
| GABON 0.1% | GABON 0.1% | GABON 0.1% | GABON 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds |
|  9.500% due 02/18/2029 | $— | 300 | 261 |
|  Total Gabon (Cost $275) | Total Gabon (Cost $275) | Total Gabon (Cost $275) | 261 |
| GERMANY 0.5% | GERMANY 0.5% | GERMANY 0.5% | GERMANY 0.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  6.599% - 7.723% (EUR006M + 4.500%) due 04/26/2032 ~ |  | 1000 | 1114 |
|  Total Germany (Cost $1,049) | Total Germany (Cost $1,049) | Total Germany (Cost $1,049) | 1114 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| GHANA 0.6% | GHANA 0.6% | GHANA 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds |
|  0.000% due 07/03/2026 (e) | 48 | 47 |
|  1.500% due 01/03/2037 | 700 | 393 |
|  5.000% due 07/03/2029 þ | 822 | 810 |
|  Total Ghana (Cost $1,089) | Total Ghana (Cost $1,089) | 1250 |
| GUATEMALA 0.7% | GUATEMALA 0.7% | GUATEMALA 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
|  4.375% due 06/05/2027 | 200 | 199 |
|  4.875% due 02/13/2028 | 200 | 202 |
|  6.050% due 08/06/2031 | 200 | 209 |
|  6.125% due 06/01/2050 | 300 | 295 |
|  6.250% due 08/15/2036 | 300 | 314 |
|  6.875% due 08/15/2055 | 200 | 214 |
|  Total Guatemala (Cost $1,387) | Total Guatemala (Cost $1,387) | 1433 |
| HONG KONG 0.3% | HONG KONG 0.3% | HONG KONG 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Fortune Star BVI Ltd. | Fortune Star BVI Ltd. | Fortune Star BVI Ltd. |
|  3.950% due 10/02/2026 | 300 | 352 |
|  5.050% due 01/27/2027 | 300 | 294 |
|  Total Hong Kong (Cost $587) | Total Hong Kong (Cost $587) | 646 |
| HUNGARY 1.6% | HUNGARY 1.6% | HUNGARY 1.6% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  MVM Energetika Zrt | MVM Energetika Zrt | MVM Energetika Zrt |
|  7.500% due 06/09/2028 | 200 | 212 |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  2.125% due 09/22/2031 | 250 | 216 |
|  5.250% due 06/16/2029 | 500 | 511 |
|  5.500% due 06/16/2034 | 200 | 203 |
|  5.500% due 03/26/2036 | 600 | 600 |
|  6.000% due 09/26/2035 | 200 | 208 |
|  6.750% due 09/25/2052 | 400 | 425 |
|  6.750% due 09/23/2055 | 300 | 314 |
|  7.625% due 03/29/2041 | 100 | 117 |
|  MFB Magyar Fejlesztesi Bank Zrt | MFB Magyar Fejlesztesi Bank Zrt | MFB Magyar Fejlesztesi Bank Zrt |
|  6.500% due 06/29/2028 | 500 | 522 |
|  |  | 3116 |
|  Total Hungary (Cost $3,219) | Total Hungary (Cost $3,219) | 3328 |
| INDIA 0.4% | INDIA 0.4% | INDIA 0.4% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.250% due 05/21/2036 | 133 | 120 |
|  IIFL Finance Ltd. | IIFL Finance Ltd. | IIFL Finance Ltd. |
|  8.750% due 07/24/2028 | 300 | 308 |
|  |  | 428 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Export-Import Bank of India | Export-Import Bank of India | Export-Import Bank of India |
|  3.250% due 01/15/2030 | 500 | 479 |
|  Total India (Cost $932) | Total India (Cost $932) | 907 |
| INDONESIA 3.1% | INDONESIA 3.1% | INDONESIA 3.1% |
| CORPORATE BONDS & NOTES 2.6% | CORPORATE BONDS & NOTES 2.6% | CORPORATE BONDS & NOTES 2.6% |
|  Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
|  5.315% due 04/14/2032 | 400 | 409 |

---

---

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

---

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT |
|  5.450% due 05/15/2030 | 800 | 826 |
|  Pertamina Hulu Energi PT | Pertamina Hulu Energi PT | Pertamina Hulu Energi PT |
|  5.250% due 05/21/2030 | 500 | 510 |
|  Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
|  6.000% due 05/03/2042 | 500 | 510 |
|  6.450% due 05/30/2044 | 1500 | 1605 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
|  4.000% due 06/30/2050 | 800 | 594 |
|  4.375% due 02/05/2050 | 200 | 160 |
|  5.250% due 05/15/2047 | 400 | 366 |
|  6.250% due 01/25/2049 | 400 | 412 |
|  |  | 5392 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
|  3.875% due 01/15/2033 | 300 | 356 |
|  4.125% due 01/15/2037 | 300 | 354 |
|  5.650% due 01/11/2053 | 200 | 203 |
|  Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III |
|  5.650% due 11/25/2054 | 200 | 202 |
|  |  | 1115 |
|  Total Indonesia (Cost $6,663) | Total Indonesia (Cost $6,663) | 6507 |
| IRELAND 1.3% | IRELAND 1.3% | IRELAND 1.3% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 253 | 239 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% - 9.716% (EUR006M + 1.750%) due 03/05/2027 «~ | 900 | 1060 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Avenir Issuer III Ireland DAC | Avenir Issuer III Ireland DAC | Avenir Issuer III Ireland DAC |
|  6.000% due 03/22/2027 | 133 | 129 |
|  Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC |
|  6.000% due 12/30/2027 | 648 | 650 |
|  Republic of Angola Via Avenir Issuer II Ireland DAC | Republic of Angola Via Avenir Issuer II Ireland DAC | Republic of Angola Via Avenir Issuer II Ireland DAC |
|  6.927% due 02/19/2027 | 692 | 675 |
|  |  | 1454 |
|  Total Ireland (Cost $2,642) | Total Ireland (Cost $2,642) | 2753 |
| ISLE OF MAN 0.1% | ISLE OF MAN 0.1% | ISLE OF MAN 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  6.500% due 04/15/2040 | 100 | 106 |
|  Total Isle of Man (Cost $103) | Total Isle of Man (Cost $103) | 106 |
| ISRAEL 0.4% | ISRAEL 0.4% | ISRAEL 0.4% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  ICL Group Ltd. | ICL Group Ltd. | ICL Group Ltd. |
|  6.375% due 05/31/2038 | 200 | 208 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  3.750% due 02/22/2032 | 300 | 281 |
|  |  | 489 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 | 100 | 103 |
|  5.625% due 02/19/2035 | 200 | 209 |
|  |  | 312 |
|  Total Israel (Cost $778) | Total Israel (Cost $778) | 801 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ITALY 0.1% | ITALY 0.1% | ITALY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 200 | 211 |
|  Total Italy (Cost $199) | Total Italy (Cost $199) | 211 |
| IVORY COAST 1.5% | IVORY COAST 1.5% | IVORY COAST 1.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% |
|  Republic of Cote d'Ivoire | Republic of Cote d'Ivoire | Republic of Cote d'Ivoire |
|  5.153% - 9.488% (EUR006M + 3.050%) due 03/09/2026 «~ | 1000 | 1173 |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  4.875% due 01/30/2032 | 349 | 398 |
|  5.250% due 03/22/2030 | 263 | 310 |
|  5.750% due 12/31/2032 þ | 417 | 419 |
|  6.625% due 03/22/2048 | 400 | 426 |
|  8.250% due 01/30/2037 | 200 | 218 |
|  |  | 1771 |
|  Total Ivory Coast (Cost $2,744) | Total Ivory Coast (Cost $2,744) | 2944 |
| JAMAICA 0.1% | JAMAICA 0.1% | JAMAICA 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  TransJamaican Highway Ltd. | TransJamaican Highway Ltd. | TransJamaican Highway Ltd. |
|  5.750% due 10/10/2036 | 167 | 156 |
|  Total Jamaica (Cost $167) | Total Jamaica (Cost $167) | 156 |
| JORDAN 0.5% | JORDAN 0.5% | JORDAN 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Jordan Government International Bonds | Jordan Government International Bonds | Jordan Government International Bonds |
|  5.750% due 01/31/2027 | 200 | 201 |
|  7.375% due 10/10/2047 | 300 | 302 |
|  7.500% due 01/13/2029 | 200 | 211 |
|  7.750% due 01/15/2028 | 200 | 209 |
|  Total Jordan (Cost $919) | Total Jordan (Cost $919) | 923 |
| KAZAKHSTAN 0.9% | KAZAKHSTAN 0.9% | KAZAKHSTAN 0.9% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  5.750% due 04/19/2047 | 220 | 208 |
|  Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. |
|  3.250% due 08/15/2030 | 400 | 372 |
|  |  | 580 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  5.500% due 04/15/2027 | 500 | 507 |
|  18.400% due 10/16/2028 | 182000 | 373 |
|  Kazakhstan Government International Bonds | Kazakhstan Government International Bonds | Kazakhstan Government International Bonds |
|  4.412% due 10/28/2030 | 300 | 298 |
|  |  | 1178 |
|  Total Kazakhstan (Cost $1,695) | Total Kazakhstan (Cost $1,695) | 1758 |
| KENYA 0.8% | KENYA 0.8% | KENYA 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
|  6.300% due 01/23/2034 | 200 | 183 |
|  7.875% due 10/09/2033 | 300 | 301 |
|  8.800% due 10/09/2038 | 300 | 304 |
|  9.500% due 03/05/2036 | 200 | 214 |
|  9.750% due 02/16/2031 | 600 | 657 |
|  Total Kenya (Cost $1,572) | Total Kenya (Cost $1,572) | 1659 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| KUWAIT 0.5% | KUWAIT 0.5% | KUWAIT 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.652% due 10/09/2035 | 1000 | 1001 |
|  Total Kuwait (Cost $1,000) | Total Kuwait (Cost $1,000) | 1001 |
| LATVIA 0.3% | LATVIA 0.3% | LATVIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Latvia Government International Bonds | Latvia Government International Bonds | Latvia Government International Bonds |
|  5.125% due 07/30/2034 | 500 | 514 |
|  Total Latvia (Cost $496) | Total Latvia (Cost $496) | 514 |
| LEBANON 0.1% | LEBANON 0.1% | LEBANON 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Lebanon Government International Bonds | Lebanon Government International Bonds | Lebanon Government International Bonds |
|  8.250% due 05/17/2034 ^(b) | 300 | 71 |
|  8.250% due 04/12/2049 ^(b) | 400 | 93 |
|  Total Lebanon (Cost $68) | Total Lebanon (Cost $68) | 164 |
|  | SHARES |  |
| LUXEMBOURG 3.1% | LUXEMBOURG 3.1% | LUXEMBOURG 3.1% |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
|  Foresea Holdings SA « | 9903 | 223 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% |
|  Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |
|  5.580% due 10/20/2035 | 391 | 401 |
|  5.672% due 10/20/2035 | 194 | 202 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 123 | 122 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 300 | 314 |
|  6.103% due 08/23/2042 | 300 | 313 |
|  6.129% due 02/23/2038 | 300 | 319 |
|  6.510% due 02/23/2042 | 300 | 328 |
|  Poinsettia Finance Ltd. SARL | Poinsettia Finance Ltd. SARL | Poinsettia Finance Ltd. SARL |
|  6.625% due 06/17/2031 | 505 | 496 |
|  PRIO Luxembourg Holding SARL | PRIO Luxembourg Holding SARL | PRIO Luxembourg Holding SARL |
|  6.750% due 10/15/2030 | 400 | 390 |
|  Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA |
|  6.250% due 07/08/2032 | 500 | 420 |
|  Saavi Energia SARL | Saavi Energia SARL | Saavi Energia SARL |
|  8.875% due 02/10/2035 | 300 | 326 |
|  |  | 3631 |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 2500 | 2550 |
|  Total Luxembourg (Cost $6,197) | Total Luxembourg (Cost $6,197) | 6404 |
| MACEDONIA 0.3% | MACEDONIA 0.3% | MACEDONIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  North Macedonia Government International Bonds | North Macedonia Government International Bonds | North Macedonia Government International Bonds |
|  6.960% due 03/13/2027 | 500 | 609 |
|  Total Macedonia (Cost $532) | Total Macedonia (Cost $532) | 609 |
| MALAYSIA 0.4% | MALAYSIA 0.4% | MALAYSIA 0.4% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  3.404% due 04/28/2061 | 300 | 204 |
|  4.800% due 04/21/2060 | 300 | 271 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.848% due 04/03/2055 | $— | 200 | 210 |
|  |  |  | 685 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Export-Import Bank of Malaysia Bhd. | Export-Import Bank of Malaysia Bhd. | Export-Import Bank of Malaysia Bhd. | Export-Import Bank of Malaysia Bhd. |
|  4.250% due 06/06/2029 |  | 300 | 297 |
|  Total Malaysia (Cost $1,072) | Total Malaysia (Cost $1,072) | Total Malaysia (Cost $1,072) | 982 |
|  | **SHARES** | **SHARES** |  |
| MEXICO 6.6% | MEXICO 6.6% | MEXICO 6.6% | MEXICO 6.6% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Desarrolladora Homex SAB de CV «(c) |  | 17978 | 0 |
|  Hipotecaria Su Casita SA (c) |  | 5259 | 0 |
|  |  |  | 0 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 3.6% | CORPORATE BONDS & NOTES 3.6% | CORPORATE BONDS & NOTES 3.6% | CORPORATE BONDS & NOTES 3.6% |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  6.625% due 01/24/2032 •(h)(i) | $— | 400 | 393 |
|  Banco Nacional de Comercio Exterior SNC | Banco Nacional de Comercio Exterior SNC | Banco Nacional de Comercio Exterior SNC | Banco Nacional de Comercio Exterior SNC |
|  5.875% due 05/07/2030 |  | 300 | 311 |
|  Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad |
|  6.264% due 02/15/2052 |  | 200 | 187 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |
|  7.250% due 01/31/2041 |  | 198 | 208 |
|  Industrias Penoles SAB de CV | Industrias Penoles SAB de CV | Industrias Penoles SAB de CV | Industrias Penoles SAB de CV |
|  4.750% due 08/06/2050 |  | 400 | 335 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.625% due 06/15/2038 |  | 400 | 363 |
|  6.750% due 09/21/2047 |  | 460 | 378 |
|  6.950% due 01/28/2060 |  | 1400 | 1141 |
|  7.690% due 01/23/2050 |  | 4600 | 4126 |
|  |  |  | 7442 |
| SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  3.750% due 04/19/2071 |  | 500 | 296 |
|  3.771% due 05/24/2061 |  | 2044 | 1266 |
|  5.000% due 04/27/2051 (j) |  | 900 | 726 |
|  5.125% due 03/19/2038 |  | 200 | 234 |
|  5.375% due 03/22/2033 | $— | 300 | 298 |
|  5.625% due 09/22/2035 |  | 300 | 296 |
|  5.750% due 10/12/2110 |  | 1200 | 1011 |
|  5.850% due 07/02/2032 |  | 300 | 309 |
|  6.400% due 05/07/2054 |  | 200 | 193 |
|  6.625% due 01/29/2038 |  | 300 | 314 |
|  6.875% due 05/13/2037 |  | 400 | 428 |
|  7.375% due 05/13/2055 |  | 700 | 756 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  3.000% due 12/03/2026 (g) |  | 260 | 14 |
|  |  |  | 6141 |
|  Total Mexico (Cost $15,828) | Total Mexico (Cost $15,828) | Total Mexico (Cost $15,828) | 13583 |
| MONGOLIA 0.1% | MONGOLIA 0.1% | MONGOLIA 0.1% | MONGOLIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Mongolia Government International Bonds | Mongolia Government International Bonds | Mongolia Government International Bonds | Mongolia Government International Bonds |
|  7.875% due 06/05/2029 | $— | 200 | 213 |
|  Total Mongolia (Cost $199) | Total Mongolia (Cost $199) | Total Mongolia (Cost $199) | 213 |
| MOROCCO 0.4% | MOROCCO 0.4% | MOROCCO 0.4% | MOROCCO 0.4% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  OCP SA | OCP SA | OCP SA | OCP SA |
|  5.125% due 06/23/2051 | $— | 500 | 414 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.700% due 03/01/2036 | $— | 200 | 215 |
|  |  |  | 629 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Morocco Government International Bonds | Morocco Government International Bonds | Morocco Government International Bonds | Morocco Government International Bonds |
|  4.000% due 12/15/2050 |  | 200 | 146 |
|  Total Morocco (Cost $851) | Total Morocco (Cost $851) | Total Morocco (Cost $851) | 775 |
|  | **SHARES** | **SHARES** |  |
| NETHERLANDS 1.3% | NETHERLANDS 1.3% | NETHERLANDS 1.3% | NETHERLANDS 1.3% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Stichting Administratiekantoor (c) |  | 1222 | 0 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
|  Metinvest BV | Metinvest BV | Metinvest BV | Metinvest BV |
|  8.500% due 04/23/2026 | $— | 400 | 357 |
|  Mong Duong Finance Holdings BV | Mong Duong Finance Holdings BV | Mong Duong Finance Holdings BV | Mong Duong Finance Holdings BV |
|  5.125% due 05/07/2029 |  | 232 | 229 |
|  NE Property BV | NE Property BV | NE Property BV | NE Property BV |
|  1.875% due 10/09/2026 |  | 400 | 467 |
|  Prosus NV | Prosus NV | Prosus NV | Prosus NV |
|  1.539% due 08/03/2028 |  | 200 | 227 |
|  2.031% due 08/03/2032 |  | 100 | 106 |
|  3.257% due 01/19/2027 | $— | 200 | 197 |
|  3.680% due 01/21/2030 |  | 200 | 192 |
|  4.027% due 08/03/2050 |  | 200 | 139 |
|  Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) |
|  15.000% due 12/31/2044 ^(a)(b) |  | 263 | 9 |
|  Yinson Bergenia Production BV | Yinson Bergenia Production BV | Yinson Bergenia Production BV | Yinson Bergenia Production BV |
|  8.498% due 01/31/2045 |  | 400 | 420 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 |  | 294 | 321 |
|  |  |  | 2664 |
|  Total Netherlands (Cost $2,776) | Total Netherlands (Cost $2,776) | Total Netherlands (Cost $2,776) | 2664 |
| NIGERIA 2.0% | NIGERIA 2.0% | NIGERIA 2.0% | NIGERIA 2.0% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  BOI Finance BV | BOI Finance BV | BOI Finance BV | BOI Finance BV |
|  7.500% due 02/16/2027 |  | 600 | 727 |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |
|  6.500% due 11/28/2027 | $— | 600 | 611 |
|  7.375% due 09/28/2033 |  | 200 | 204 |
|  7.875% due 02/16/2032 |  | 600 | 628 |
|  8.250% due 09/28/2051 |  | 200 | 197 |
|  8.631% due 01/13/2036 |  | 400 | 430 |
|  8.747% due 01/21/2031 |  | 200 | 218 |
|  9.130% due 01/13/2046 |  | 400 | 430 |
|  9.625% due 06/09/2031 |  | 200 | 228 |
|  10.375% due 12/09/2034 |  | 300 | 357 |
|  |  |  | 3303 |
|  Total Nigeria (Cost $3,752) | Total Nigeria (Cost $3,752) | Total Nigeria (Cost $3,752) | 4030 |
| OMAN 1.0% | OMAN 1.0% | OMAN 1.0% | OMAN 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |
|  5.625% due 01/17/2028 | $— | 600 | 615 |
|  6.000% due 08/01/2029 |  | 600 | 630 |
|  6.500% due 03/08/2047 |  | 300 | 323 |
|  7.000% due 01/25/2051 |  | 500 | 570 |
|  Total Oman (Cost $1,951) | Total Oman (Cost $1,951) | Total Oman (Cost $1,951) | 2138 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| PAKISTAN 0.5% | PAKISTAN 0.5% | PAKISTAN 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds |
|  6.000% due 04/08/2026 | 500 | 500 |
|  6.875% due 12/05/2027 | 200 | 202 |
|  8.875% due 04/08/2051 | 300 | 296 |
|  Total Pakistan (Cost $987) | Total Pakistan (Cost $987) | 998 |
| PANAMA 1.2% | PANAMA 1.2% | PANAMA 1.2% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA |
|  5.125% due 08/11/2061 | 300 | 244 |
|  Banco General SA | Banco General SA | Banco General SA |
|  5.250% due 05/07/2031 •(h)(i) | 400 | 379 |
|  |  | 623 |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  4.300% due 04/29/2053 | 300 | 226 |
|  4.500% due 04/01/2056 (j) | 900 | 678 |
|  4.500% due 01/19/2063 | 300 | 224 |
|  6.853% due 03/28/2054 | 400 | 418 |
|  7.875% due 03/01/2057 | 200 | 234 |
|  |  | 1780 |
|  Total Panama (Cost $2,733) | Total Panama (Cost $2,733) | 2403 |
| PARAGUAY 0.5% | PARAGUAY 0.5% | PARAGUAY 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  6.100% due 08/11/2044 | 200 | 208 |
|  6.650% due 03/04/2055 | 200 | 218 |
|  7.900% due 02/09/2031 | 3116000 | 452 |
|  8.500% due 03/04/2035 | 1502000 | 218 |
|  Total Paraguay (Cost $1,018) | Total Paraguay (Cost $1,018) | 1096 |
| PERU 2.5% | PERU 2.5% | PERU 2.5% |
| CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% |
|  Banco de Credito del Peru SA | Banco de Credito del Peru SA | Banco de Credito del Peru SA |
|  5.850% due 01/11/2029 | 500 | 521 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 2200 | 694 |
|  10.100% due 12/15/2043 | 1700 | 550 |
|  InRetail Consumer | InRetail Consumer | InRetail Consumer |
|  3.250% due 03/22/2028 | 500 | 489 |
|  InRetail Shopping Malls | InRetail Shopping Malls | InRetail Shopping Malls |
|  5.650% due 10/16/2032 | 200 | 202 |
|  Kallpa Generacion SA | Kallpa Generacion SA | Kallpa Generacion SA |
|  5.875% due 01/30/2032 | 200 | 208 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  4.750% due 06/19/2032 | 600 | 443 |
|  5.625% due 06/19/2047 | 1000 | 637 |
|  |  | 3744 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  3.230% due 07/28/2121 | 200 | 110 |
|  3.300% due 03/11/2041 | 200 | 155 |
|  5.500% due 03/30/2036 | 300 | 306 |
|  5.875% due 08/08/2054 (j) | 370 | 367 |
|  6.200% due 06/30/2055 | 300 | 309 |
|  6.900% due 08/12/2037 | 200 | 62 |
|  6.950% due 08/12/2031 | 561 | 186 |
|  |  | 1495 |
|  Total Peru (Cost $5,359) | Total Peru (Cost $5,359) | 5239 |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| PHILIPPINES 1.0% | PHILIPPINES 1.0% | PHILIPPINES 1.0% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. |
|  8.125% due 12/02/2029 •(h) | 500 | 506 |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
|  2.650% due 12/10/2045 | 200 | 133 |
|  2.950% due 05/05/2045 | 400 | 281 |
|  3.700% due 03/01/2041 | 1000 | 838 |
|  9.500% due 02/02/2030 | 300 | 361 |
|  |  | 1613 |
|  Total Philippines (Cost $2,556) | Total Philippines (Cost $2,556) | 2119 |
| POLAND 1.2% | POLAND 1.2% | POLAND 1.2% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  ORLEN SA | ORLEN SA | ORLEN SA |
|  6.000% due 01/30/2035 | 200 | 211 |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
|  5.750% due 07/09/2034 | 400 | 422 |
|  6.250% due 07/09/2054 | 400 | 416 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  5.375% due 02/12/2035 | 400 | 415 |
|  5.500% due 04/04/2053 | 650 | 626 |
|  5.500% due 03/18/2054 | 400 | 384 |
|  |  | 2263 |
|  Total Poland (Cost $2,426) | Total Poland (Cost $2,426) | 2474 |
| QATAR 0.4% | QATAR 0.4% | QATAR 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. |
|  6.067% due 12/31/2033 | 70 | 75 |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  3.300% due 07/12/2051 | 1000 | 701 |
|  Total Qatar (Cost $920) | Total Qatar (Cost $920) | 776 |
| REPUBLIC OF KOREA 0.1% | REPUBLIC OF KOREA 0.1% | REPUBLIC OF KOREA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Korea Gas Corp. | Korea Gas Corp. | Korea Gas Corp. |
|  3.500% due 10/21/2029 | 200 | 192 |
|  Total Republic of Korea (Cost $194) | Total Republic of Korea (Cost $194) | 192 |
| ROMANIA 2.0% | ROMANIA 2.0% | ROMANIA 2.0% |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.625% due 12/02/2040 | 300 | 232 |
|  2.875% due 04/13/2042 | 400 | 311 |
|  3.000% due 02/27/2027 | 1100 | 1084 |
|  3.500% due 04/03/2034 | 200 | 208 |
|  5.250% due 03/10/2030 | 400 | 492 |
|  5.250% due 05/30/2032 | 100 | 120 |
|  5.375% due 06/07/2033 | 400 | 475 |
|  5.625% due 05/30/2037 | 500 | 573 |
|  5.750% due 09/16/2030 | 100 | 103 |
|  6.500% due 10/07/2045 | 100 | 117 |
|  6.750% due 07/11/2039 | 300 | 368 |
|  Total Romania (Cost $4,202) | Total Romania (Cost $4,202) | 4083 |
| RUSSIA 0.1% | RUSSIA 0.1% | RUSSIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond |
|  5.625% due 04/04/2042 | 300 | 210 |
|  Total Russia (Cost $294) | Total Russia (Cost $294) | 210 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SAUDI ARABIA 2.7% | SAUDI ARABIA 2.7% | SAUDI ARABIA 2.7% |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.500% due 11/24/2070 | 300 | 190 |
|  4.250% due 04/16/2039 | 1000 | 914 |
|  5.250% due 07/17/2034 | 400 | 412 |
|  5.875% due 07/17/2064 | 400 | 389 |
|  6.375% due 06/02/2055 | 500 | 524 |
|  |  | 2429 |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.450% due 02/02/2061 | 200 | 128 |
|  3.750% due 01/21/2055 | 400 | 283 |
|  4.500% due 10/26/2046 (j) | 2500 | 2140 |
|  5.625% due 01/13/2035 | 500 | 531 |
|  |  | 3082 |
|  Total Saudi Arabia (Cost $6,156) | Total Saudi Arabia (Cost $6,156) | 5511 |
| SENEGAL 0.6% | SENEGAL 0.6% | SENEGAL 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |
|  4.750% due 03/13/2028 | 300 | 245 |
|  5.375% due 06/08/2037 | 200 | 128 |
|  6.250% due 05/23/2033 | 800 | 467 |
|  7.750% due 06/10/2031 | 800 | 475 |
|  Total Senegal (Cost $1,933) | Total Senegal (Cost $1,933) | 1315 |
| SERBIA 0.4% | SERBIA 0.4% | SERBIA 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.650% due 03/03/2033 | 500 | 491 |
|  6.000% due 06/12/2034 | 400 | 415 |
|  Total Serbia (Cost $989) | Total Serbia (Cost $989) | 906 |
| SINGAPORE 0.2% | SINGAPORE 0.2% | SINGAPORE 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 06/15/2029 | 100 | 101 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 200 | 210 |
|  Total Singapore (Cost $300) | Total Singapore (Cost $300) | 311 |
| SLOVENIA 0.4% | SLOVENIA 0.4% | SLOVENIA 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Slovenia Government International Bonds | Slovenia Government International Bonds | Slovenia Government International Bonds |
|  5.000% due 09/19/2033 | 700 | 728 |
|  Total Slovenia (Cost $695) | Total Slovenia (Cost $695) | 728 |
| SOUTH AFRICA 2.3% | SOUTH AFRICA 2.3% | SOUTH AFRICA 2.3% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Eskom Holdings | Eskom Holdings | Eskom Holdings |
|  8.450% due 08/10/2028 | 500 | 537 |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  8.750% due 05/03/2029 | 300 | 306 |
|  |  | 843 |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.500% due 01/31/2037 | 3900 | 234 |
|  8.875% due 02/28/2035 | 25300 | 1594 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  4.850% due 09/30/2029 | 400 | 401 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 10/12/2046 | $— | 300 | 236 |
|  5.750% due 09/30/2049 |  | 600 | 506 |
|  5.875% due 04/20/2032 |  | 200 | 206 |
|  7.250% due 12/11/2055 |  | 200 | 199 |
|  7.300% due 04/20/2052 |  | 300 | 304 |
|  7.950% due 11/19/2054 |  | 300 | 323 |
|  |  |  | 4003 |
|  Total South Africa (Cost $4,577) | Total South Africa (Cost $4,577) | Total South Africa (Cost $4,577) | 4846 |
| SPAIN 0.1% | SPAIN 0.1% | SPAIN 0.1% | SPAIN 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU |
|  8.499% due 06/30/2032 | $— | 200 | 208 |
|  Total Spain (Cost $200) | Total Spain (Cost $200) | Total Spain (Cost $200) | 208 |
| SRI LANKA 0.6% | SRI LANKA 0.6% | SRI LANKA 0.6% | SRI LANKA 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds |
|  3.100% due 01/15/2030 þ | $— | 259 | 247 |
|  3.350% due 03/15/2033 þ |  | 308 | 265 |
|  3.600% due 06/15/2035 þ |  | 43 | 33 |
|  3.600% due 05/15/2036 þ |  | 238 | 217 |
|  3.600% due 02/15/2038 þ |  | 276 | 253 |
|  4.000% due 04/15/2028 |  | 248 | 238 |
|  Total Sri Lanka (Cost $1,061) | Total Sri Lanka (Cost $1,061) | Total Sri Lanka (Cost $1,061) | 1253 |
| SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  African Development Bank | African Development Bank | African Development Bank | African Development Bank |
|  5.875% due 05/07/2035 •(h)(i) | $— | 500 | 501 |
|  African Export-Import Bank | African Export-Import Bank | African Export-Import Bank | African Export-Import Bank |
|  2.634% due 05/17/2026 |  | 600 | 592 |
|  Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement |
|  6.250% due 10/14/2040 |  | 300 | 346 |
|  Total Supranational (Cost $1,449) | Total Supranational (Cost $1,449) | Total Supranational (Cost $1,449) | 1439 |
| SURINAME 0.2% | SURINAME 0.2% | SURINAME 0.2% | SURINAME 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Suriname Government International Bonds | Suriname Government International Bonds | Suriname Government International Bonds | Suriname Government International Bonds |
|  7.700% due 11/06/2030 | $— | 300 | 310 |
|  Total Suriname (Cost $296) | Total Suriname (Cost $296) | Total Suriname (Cost $296) | 310 |
| THAILAND 0.4% | THAILAND 0.4% | THAILAND 0.4% | THAILAND 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Bangkok Bank PCL | Bangkok Bank PCL | Bangkok Bank PCL | Bangkok Bank PCL |
|  5.082% due 11/26/2035 | $— | 400 | 400 |
|  GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. |
|  6.500% due 09/10/2030 •(h) |  | 200 | 202 |
|  7.125% due 03/10/2035 •(h) |  | 200 | 204 |
|  Total Thailand (Cost $800) | Total Thailand (Cost $800) | Total Thailand (Cost $800) | 806 |
| TRINIDAD AND TOBAGO 0.4% | TRINIDAD AND TOBAGO 0.4% | TRINIDAD AND TOBAGO 0.4% | TRINIDAD AND TOBAGO 0.4% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  National Gas Co. of Trinidad & Tobago Ltd. | National Gas Co. of Trinidad & Tobago Ltd. | National Gas Co. of Trinidad & Tobago Ltd. | National Gas Co. of Trinidad & Tobago Ltd. |
|  6.050% due 01/15/2036 | $— | 200 | 185 |
|  Trinidad Generation UnLtd. | Trinidad Generation UnLtd. | Trinidad Generation UnLtd. | Trinidad Generation UnLtd. |
|  7.750% due 06/16/2033 |  | 200 | 208 |
|  |  |  | 393 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Trinidad & Tobago Government International Bonds | Trinidad & Tobago Government International Bonds | Trinidad & Tobago Government International Bonds | Trinidad & Tobago Government International Bonds |
|  5.950% due 01/14/2031 |  | 300 | 307 |
|  Total Trinidad and Tobago (Cost $679) | Total Trinidad and Tobago (Cost $679) | Total Trinidad and Tobago (Cost $679) | 700 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 15

------

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| TURKEY 5.9% | TURKEY 5.9% | TURKEY 5.9% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS |
|  7.450% due 01/24/2030 | 400 | 421 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 | 269 | 266 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  7.250% due 07/31/2030 | 300 | 311 |
|  |  | 998 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.2% |
|  SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS |
|  5.535% - 9.360% (EUR006M + 3.450%) due 08/11/2026 «~ | 1000 | 1178 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.100% - 9.488% (EUR003M + 3.000%) due 12/15/2028 «~ | 1000 | 1181 |
|  |  | 2359 |
| SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% |
|  Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS |
|  6.750% due 09/01/2030 | 400 | 420 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  37.966% (BISTREFI + 0.000%) due 06/16/2027 ~ | 19400 | 457 |
|  39.431% (BISTREFI + 0.000%) due 05/20/2026 ~ | 1400 | 33 |
|  39.431% (BISTREFI + 0.000%) due 08/19/2026 ~ | 3300 | 78 |
|  39.431% (BISTREFI + 0.000%) due 05/17/2028 ~ | 32200 | 750 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  4.875% due 04/16/2043 | 700 | 542 |
|  5.750% due 05/11/2047 | 1400 | 1152 |
|  5.875% due 06/26/2031 | 500 | 502 |
|  6.000% due 01/14/2041 | 600 | 543 |
|  6.500% due 01/03/2035 | 200 | 201 |
|  6.875% due 03/17/2036 | 1200 | 1237 |
|  7.125% due 02/12/2032 | 500 | 531 |
|  7.125% due 07/17/2032 | 200 | 212 |
|  7.625% due 05/15/2034 | 500 | 544 |
|  9.125% due 07/13/2030 | 700 | 802 |
|  Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS |
|  6.875% due 07/03/2028 | 200 | 207 |
|  7.500% due 02/06/2028 | 400 | 418 |
|  |  | 8629 |
|  Total Turkey (Cost $12,192) | Total Turkey (Cost $12,192) | 11986 |
| UGANDA 0.1% | UGANDA 0.1% | UGANDA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Republic of Uganda Government Bonds | Republic of Uganda Government Bonds | Republic of Uganda Government Bonds |
|  15.000% due 06/18/2043 | 662800 | 157 |
|  Total Uganda (Cost $151) | Total Uganda (Cost $151) | 157 |
| UKRAINE 0.9% | UKRAINE 0.9% | UKRAINE 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(f) | 118 | 70 |
|  0.000% due 02/01/2034 þ(f) | 440 | 210 |
|  0.000% due 02/01/2035 þ(f) | 371 | 212 |
|  0.000% due 02/01/2036 þ(f) | 153 | 87 |
|  4.000% due 02/01/2032 | 161 | 122 |
|  4.500% due 02/01/2029 þ | 200 | 150 |
|  4.500% due 02/01/2034 þ | 1038 | 636 |
|  4.500% due 02/01/2035 þ | 401 | 240 |
|  4.500% due 02/01/2036 þ | 337 | 199 |
|  Total Ukraine (Cost $1,568) | Total Ukraine (Cost $1,568) | 1926 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UNITED ARAB EMIRATES 2.2% | UNITED ARAB EMIRATES 2.2% | UNITED ARAB EMIRATES 2.2% |
| CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  5.250% due 10/02/2054 | 400 | 391 |
|  5.375% due 05/08/2029 | 200 | 208 |
|  5.500% due 05/08/2034 | 200 | 212 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  5.125% due 09/11/2054 | 1000 | 941 |
|  DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. |
|  3.750% due 02/15/2026 | 200 | 200 |
|  4.500% due 10/16/2030 | 400 | 395 |
|  DP World Ltd. | DP World Ltd. | DP World Ltd. |
|  6.850% due 07/02/2037 | 400 | 452 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
|  5.084% due 05/22/2053 | 200 | 190 |
|  NBK SPC Ltd. | NBK SPC Ltd. | NBK SPC Ltd. |
|  1.625% due 09/15/2027 •  | 700 | 687 |
|  |  | 3676 |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  3.875% due 04/16/2050 | 200 | 161 |
|  5.500% due 04/30/2054 | 400 | 409 |
|  Finance Department Government of Sharjah | Finance Department Government of Sharjah | Finance Department Government of Sharjah |
|  4.375% due 03/10/2051 | 400 | 286 |
|  |  | 856 |
|  Total United Arab Emirates (Cost $4,453) | Total United Arab Emirates (Cost $4,453) | 4532 |
| UNITED KINGDOM 2.0% | UNITED KINGDOM 2.0% | UNITED KINGDOM 2.0% |
| CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.041% due 03/13/2028 •  | 200 | 200 |
|  5.210% due 08/11/2028 •  | 200 | 203 |
|  ICBC Standard Bank PLC | ICBC Standard Bank PLC | ICBC Standard Bank PLC |
|  20.000% due 12/13/2029 « | 4612000 | 384 |
|  NAK Naftogaz Ukraine via Kondor Finance PLC | NAK Naftogaz Ukraine via Kondor Finance PLC | NAK Naftogaz Ukraine via Kondor Finance PLC |
|  7.125% due 07/19/2026 | 116 | 115 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 2800 | 2162 |
|  Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC |
|  9.125% due 10/15/2032 | 400 | 403 |
|  9.475% due 07/24/2030 | 200 | 205 |
|  |  | 3672 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% |
|  Canada Square Funding 6 PLC | Canada Square Funding 6 PLC | Canada Square Funding 6 PLC |
|  4.785% due 01/17/2059 •  | 138 | 186 |
|  Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC |
|  4.473% due 12/18/2044 •  | 101 | 135 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  4.482% due 12/20/2063 •  | 35 | 48 |
|  |  | 369 |
|  Total United Kingdom (Cost $3,633) | Total United Kingdom (Cost $3,633) | 4041 |
| UNITED STATES 6.8% | UNITED STATES 6.8% | UNITED STATES 6.8% |
| ASSET-BACKED SECURITIES 1.4% | ASSET-BACKED SECURITIES 1.4% | ASSET-BACKED SECURITIES 1.4% |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.091% due 01/25/2037 þ | 541 | 149 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.326% due 02/25/2037 •  | 149 | 147 |
|  4.971% due 11/25/2035 •  | 233 | 233 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.611% due 01/25/2035 •  | 69 | 68 |
|  4.641% due 03/25/2034 •  | 246 | 265 |
|  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 |
|  4.626% due 09/25/2035 •  | 500 | 466 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.746% due 10/25/2037 •  | 105 | 83 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.486% due 03/25/2037 •  | 1500 | 1408 |
|  |  | 2819 |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 980 | 1036 |
|  Credit Suisse AG AT1 Claim | 200 | 59 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 200 | 195 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 238 | 246 |
|  9.750% due 01/06/2027 | 184 | 190 |
|  Rutas 2 & 7 Finance Ltd. | Rutas 2 & 7 Finance Ltd. | Rutas 2 & 7 Finance Ltd. |
|  0.000% due 09/30/2036 (e) | 513 | 391 |
|  |  | 2117 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.141% due 05/26/2037 ~ | 469 | 421 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.203% due 05/25/2047 ~ | 4 | 4 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.666% due 01/15/2051 ~ | 1000 | 990 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.457% due 09/25/2037 ~ | 9 | 9 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  4.496% due 10/25/2036 •  | 60 | 47 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.196% due 05/25/2036 •  | 111 | 41 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.521% due 01/25/2036 ~ | 1 | 1 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.367% due 11/25/2037 ~ | 49 | 40 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.206% due 02/25/2037 •  | 119 | 117 |
|  4.486% due 07/25/2045 •  | 62 | 47 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.226% due 09/25/2046 •  | 87 | 80 |
|  4.346% due 08/25/2037 •  | 106 | 105 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.782% due 06/25/2036 ~ | 1 | 1 |
|  SG Residential Mortgage Trust | SG Residential Mortgage Trust | SG Residential Mortgage Trust |
|  5.353% due 08/25/2062 þ | 796 | 797 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  4.564% due 10/25/2037 ~ | 29 | 26 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.173% due 02/25/2037 ~ | 9 | 8 |
|  4.569% due 03/25/2036 ~ | 83 | 76 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.779% due 02/25/2047 •  | 110 | 104 |
|  |  | 2914 |
| U.S. GOVERNMENT AGENCIES 1.6% | U.S. GOVERNMENT AGENCIES 1.6% | U.S. GOVERNMENT AGENCIES 1.6% |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.000% due 07/01/2048 | 21 | 20 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.500% due 03/01/2056 | 350 | 323 |
|  4.000% due 02/01/2056 | 500 | 474 |
|  4.500% due 02/01/2056 | 750 | 732 |
|  5.000% due 02/01/2056 | 800 | 797 |
|  5.500% due 02/01/2056 | 950 | 962 |
|  |  | 3308 |
| U.S. TREASURY OBLIGATIONS 1.4% | U.S. TREASURY OBLIGATIONS 1.4% | U.S. TREASURY OBLIGATIONS 1.4% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.250% due 05/15/2042 (m) | 100 | 84 |

---

---

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

---

------

December 31, 2025

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.625% due 05/15/2054 (m) | $— | 50 | 48 |
|  4.750% due 11/15/2043 (m) |  | 2300 | 2301 |
|  4.875% due 08/15/2045 |  | 30 | 30 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 08/15/2035 |  | 40 | 40 |
|  4.375% due 11/30/2030 (m) |  | 400 | 412 |
|  |  |  | 2915 |
|  Total United States (Cost $14,034) | Total United States (Cost $14,034) | Total United States (Cost $14,034) | 14073 |
| URUGUAY 0.2% | URUGUAY 0.2% | URUGUAY 0.2% | URUGUAY 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
|  5.100% due 06/18/2050 | $— | 300 | 284 |
|  5.442% due 02/14/2037 |  | 200 | 208 |
|  Total Uruguay (Cost $482) | Total Uruguay (Cost $482) | Total Uruguay (Cost $482) | 492 |
| UZBEKISTAN 0.6% | UZBEKISTAN 0.6% | UZBEKISTAN 0.6% | UZBEKISTAN 0.6% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |
|  8.950% due 07/24/2029 | $— | 200 | 215 |
|  21.000% due 07/24/2027 |  | 2980000 | 266 |
|  Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC |
|  4.750% due 11/16/2028 | $— | 400 | 385 |
|  |  |  | 866 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
|  3.900% due 10/19/2031 |  | 400 | 371 |
|  Total Uzbekistan (Cost $1,129) | Total Uzbekistan (Cost $1,129) | Total Uzbekistan (Cost $1,129) | 1237 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| VENEZUELA 0.8% | VENEZUELA 0.8% | VENEZUELA 0.8% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(b) | 150 | 35 |
|  5.500% due 04/12/2037 ^(b) | 3250 | 761 |
|  6.000% due 11/15/2026 ^(b) | 1200 | 288 |
|  |  | 1084 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  7.650% due 04/21/2035 ^(b) | 100 | 29 |
|  9.250% due 09/15/2027 ^(b) | 1190 | 397 |
|  9.250% due 05/07/2028 ^(b) | 180 | 58 |
|  9.375% due 01/13/2034 ^(b) | 40 | 13 |
|  11.950% due 08/05/2031 ^(b) | 560 | 184 |
|  |  | 681 |
|  Total Venezuela (Cost $2,900) | Total Venezuela (Cost $2,900) | 1765 |
| ZAMBIA 0.1% | ZAMBIA 0.1% | ZAMBIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Zambia Government International Bonds | Zambia Government International Bonds | Zambia Government International Bonds |
|  0.500% due 12/31/2053 | 300 | 211 |
|  Total Zambia (Cost $205) | Total Zambia (Cost $205) | 211 |
| SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% |
| NIGERIA TREASURY BILLS 1.1% | NIGERIA TREASURY BILLS 1.1% | NIGERIA TREASURY BILLS 1.1% |
|  27.231% due 02/17/2026 - 06/29/2026 ~(d)(e) | 3396217 | 2173 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOUTH AFRICA TREASURY BILLS 0.2% | SOUTH AFRICA TREASURY BILLS 0.2% | SOUTH AFRICA TREASURY BILLS 0.2% | SOUTH AFRICA TREASURY BILLS 0.2% | SOUTH AFRICA TREASURY BILLS 0.2% |
|  7.400% due 08/05/2026 - 10/07/2026 (d)(e) | ZAR | 8400 | $— | 487 |
| Total Short-Term Instruments<br>(Cost $2,522) | Total Short-Term Instruments<br>(Cost $2,522) | Total Short-Term Instruments<br>(Cost $2,522) |  | 2660 |
| Total Investments in Securities<br>(Cost $198,236) | Total Investments in Securities<br>(Cost $198,236) | Total Investments in Securities<br>(Cost $198,236) |  | 197698 |
|  |  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 4.2% | INVESTMENTS IN AFFILIATES 4.2% | INVESTMENTS IN AFFILIATES 4.2% | INVESTMENTS IN AFFILIATES 4.2% | INVESTMENTS IN AFFILIATES 4.2% |
| SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | PIMCO Short-Term<br>Floating NAV Portfolio III | 895380 |  | 8722 |
| Total Short-Term Instruments<br>(Cost $8,720) | Total Short-Term Instruments<br>(Cost $8,720) | Total Short-Term Instruments<br>(Cost $8,720) |  | 8722 |
| Total Investments in Affiliates<br>(Cost $8,720) | Total Investments in Affiliates<br>(Cost $8,720) | Total Investments in Affiliates<br>(Cost $8,720) |  | 8722 |
| Total Investments 100.4%<br>(Cost $206,956) | Total Investments 100.4%<br>(Cost $206,956) | Total Investments 100.4%<br>(Cost $206,956) | $— | 206420 |
|  Financial Derivative<br>Instruments (k)(l) (0.2)%<br> (Cost or Premiums, net $(498)) | Financial Derivative<br>Instruments (k)(l) (0.2)%<br> (Cost or Premiums, net $(498)) |  |  | (491) |
| Other Assets and Liabilities, net (0.2)% | Other Assets and Liabilities, net (0.2)% | Other Assets and Liabilities, net (0.2)% |  | (415) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 205514 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

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

(a) Payment in-kind security.

(b) Security is not accruing income as of the date of this report.

(c) Security did not produce income within the last twelve months.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Security becomes interest bearing at a future date.

(g) Principal amount of security is adjusted for inflation.

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

(i) Contingent convertible security.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BPS | 3.450% | 12/12/2025 | TBD<sup>(2)</sup> | $(316) | $(317) |
|  BRC | 3.800 | 12/12/2025 | TBD<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1975) |
|  MYI | 3.000 | 12/12/2025 | TBD<sup>(2)</sup> | (460) | (461) |
|  | 3.100 | 12/12/2025 | TBD<sup>(2)</sup> | (316) | (317) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(1)</sup>** | **Settlement<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** |
|  | 3.400 | 12/12/2025 | TBD<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305) | $(306) |
|  | 3.450 | 12/12/2025 | TBD<sup>(2)</sup> | (154) | (155) |
|  | 3.500 | 12/12/2025 | TBD<sup>(2)</sup> | (677) | (678) |
|  | 3.600 | 12/12/2025 | TBD<sup>(2)</sup> | (383) | (383) |
|  NOM | 3.570 | 12/12/2025 | TBD<sup>(2)</sup> | (639) | (640) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5232) |

---

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $0 | $(317) | $0 | $(317) | $310 | $(7) |
|  BRC | 0 | (1975) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 |
|  MYI | 0 | (2300) | 0 | (2300) | 2297 | (3) |
|  NOM | 0 | (640) | 0 | (640) | 726 | 86 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5232) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Sovereign Issues | $0 | $0 | $0 | $(5232) | $(5232) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5232) | $(5232) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5232) |

---

(j) Securities with an aggregate market value of $5,473 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(7290) at a weighted average interest rate of 4.281%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-BTP Future March Futures  | 03/2026 | 2 | $282 | $(1) | $0 | $(1) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 34 | 7099 | 6 | 0 | (2) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 166 | 18145 | (1) | 0 | (19) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45200 | (75) | 0 | (82) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 5 | 590 | (15) | 0 | (2) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) |

---

18 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SHORT FUTURES CONTRACTS** | | | | | | |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Euro-Bobl March Futures  | 03/2026 | 2 | $(273) | $2 | $0 | $0 |
|  Euro-Bund March Futures  | 03/2026 | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2099) | 29 | 4 | 0 |
|  Euro-Schatz March Futures  | 03/2026 | 9 | (1129) | 2 | 0 | 0 |
|  |  |  |  | $33 | $4 | $0 |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) 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>(Pay) 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-38 5-Year Index | (1.000)% | Quarterly | 12/20/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $57 | $(65) | $(8) | $1 | $0 |
|  CDX.EM-39 5-Year Index | (1.000) | Quarterly | 06/20/2028 | 900 | 56 | (63) | (7) | 0 | 0 |
|  CDX.EM-42 5-Year Index | (1.000) | Quarterly | 12/20/2029 | 1900 | 44 | (45) | (1) | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</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-44 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500% | Semi-Annual | 06/21/2027 | $— | 5700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 |  | 400 | 2 | (26) | (24) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 |  | 1500 | (44) | 59 | 15 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 3625 | (17) | 65 | 48 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 2920 | (94) | 55 | (39) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 |  | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174) | 86 | (88) | 0 | (5) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 |  | 4725 | 1 | 19 | 20 | 7 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 |  | 6262 | 6 | 0 | 6 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 |  | 8200 | 230 | (245) | (15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/15/2031 |  | 200 | 3 | (25) | (22) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.730 | Annual | 08/03/2033 |  | 200 | (1) | 2 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 08/07/2033 |  | 200 | (1) | 2 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.165 | Annual | 09/27/2033 |  | 400 | (2) | 16 | 14 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/02/2033 |  | 300 | (1) | 11 | 10 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.170 | Annual | 10/03/2033 |  | 400 | (2) | 16 | 14 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/04/2033 |  | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 |  | 300 | (1) | 12 | 11 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 |  | 300 | (1) | 11 | 10 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 |  | 200 | (1) | 9 | 8 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 |  | 200 | (1) | 9 | 8 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 |  | 100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 |  | 680 | (37) | 29 | (8) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2034 |  | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 1500 | 8 | (9) | (1) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 700 | (11) | 10 | (1) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 |  | 800 | 58 | (20) | 38 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 |  | 1000 | (7) | 11 | 4 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2036 |  | 400 | (1) | 5 | 4 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2039 |  | 100 | 6 | (3) | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2039 |  | 500 | (2) | 16 | 14 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 |  | 100 | (1) | (5) | (6) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 |  | 200 | (1) | (9) | (10) | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 11.253 | Maturity | 01/04/2027 | BRL | 6400 | 0 | 51 | 51 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.550 | Maturity | 01/04/2027 |  | 400 | 0 | (3) | (3) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Year BRL-CDI | 11.570% | Maturity | 01/04/2027 | BRL | 5700 | $0 | $(37) | $(37) | $0 | $0 |
|  Receive | 1-Year BRL-CDI | 13.055 | Maturity | 01/04/2027 |  | 2200 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.015 | Maturity | 01/02/2029 |  | 1200 | (1) | 0 | (1) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.265 | Maturity | 01/02/2029 |  | 2800 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.310 | Maturity | 01/02/2029 |  | 1700 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 2800 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 | PLN | 5400 | 7 | 96 | 103 | 2 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.075 | Annual | 04/11/2030 |  | 5400 | 0 | (51) | (51) | 0 | (2) |
|  Receive | 6-Month CLP-CHILIBOR | 5.511 | Semi-Annual | 11/13/2033 | CLP | 623400 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | (23) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.855 | Semi-Annual | 12/18/2033 |  | 600000 | 0 | (8) | (8) | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.250 | Annual | 04/18/2029 | CZK | 12400 | 15 | 9 | 24 | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.530 | Annual | 07/15/2029 |  | 56100 | 0 | (16) | (16) | 2 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.080 | Annual | 10/03/2029 |  | 34000 | 0 | (40) | (40) | 2 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.325 | Annual | 05/09/2030 |  | 51000 | 0 | 4 | 4 | 0 | (4) |
|  Receive | 6-Month CZK-PRIBOR | 3.363 | Annual | 05/29/2030 |  | 40900 | 19 | (18) | 1 | 0 | (3) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 | EUR | 9200 | (71) | 6 | (65) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 |  | 300 | (1) | 12 | 11 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 |  | 300 | (1) | 12 | 11 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.818 | Annual | 06/26/2029 |  | 1100 | 33 | 2 | 35 | 0 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 800 | 4 | (9) | (5) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 |  | 300 | (1) | 15 | 14 | 0 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 6100 | 14 | 115 | 129 | 8 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 40 | (1) | 3 | 2 | 0 | 0 |
|  Pay | 6-Month HUF-BBR | 5.955 | Annual | 05/08/2030 | HUF | 912000 | 0 | 75 | 75 | 7 | 0 |
|  Receive | 6-Month HUF-BBR | 6.190 | Annual | 11/18/2030 |  | 188500 | 6 | (9) | (3) | 0 | (2) |
|  Receive | 6-Month HUF-BBR | 6.410 | Annual | 11/21/2030 |  | 332100 | 0 | (14) | (14) | 0 | (3) |
|  Receive | 6-Month HUF-BBR | 6.439 | Annual | 11/24/2030 |  | 100800 | 0 | (5) | (5) | 0 | (1) |
|  Receive | 6-Month HUF-BBR | 6.500 | Annual | 11/25/2030 |  | 131400 | 0 | (7) | (7) | 0 | (1) |
|  |  |  |  |  |  |  | $25 | $(112) | $(87) | $73 | $(40) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |

---

#### 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, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) |

---

Cash of $2,371 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

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

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  BOA | 01/2026 | 1506 | $274 | $0 | $(1) |
|  | 01/2026 | 121975 | 17 | 0 | (2) |
|  | 01/2026 | 663 | 22 | 1 | 0 |
|  | 01/2026 | $278 | 1506 | 0 | (3) |
|  | 01/2026 | 113 | 96 | 0 | 0 |
|  | 02/2026 | 15582 | $244 | 1 | (1) |
|  | 02/2026 | 772055 | 107 | 0 | (10) |
|  | 02/2026 | 12624 | 264 | 0 | (23) |
|  | 03/2026 | 498 | 148 | 0 | 0 |
|  | 03/2026 | $79 | 3896 | 0 | 0 |
|  | 06/2026 | 2949 | $871 | 0 | 0 |
|  | 08/2026 | 4827 | 273 | 0 | (14) |
|  BPS | 01/2026 | 121 | 79 | 0 | (2) |
|  | 01/2026 | 856 | 14 | 0 | 0 |
|  | 01/2026 | 2758 | 90 | 2 | 0 |
|  | 01/2026 | $41 | 288 | 0 | 0 |
|  | 03/2026 | 1443 | $69 | 0 | (1) |
|  | 03/2026 | 611 | 20 | 0 | 0 |
|  | 04/2026 | 6500 | 1138 | 0 | (24) |
|  | 05/2026 | $184 | 56 | 0 | (1) |
|  | 06/2026 | 272 | 83 | 0 | (1) |
|  | 07/2026 | 119 | 36 | 0 | 0 |
|  | 06/2027 | 70 | 21 | 0 | (1) |
|  | 05/2029 | 280 | $964 | 38 | 0 |
|  | 07/2029 | 62 | 214 | 8 | 0 |
|  | 05/2030 | 170 | 585 | 21 | 0 |
|  | 08/2030 | 24 | 82 | 1 | 0 |
|  BRC | 01/2026 | $842 | 726 | 11 | 0 |
|  | 01/2026 | 70 | 287 | 1 | 0 |
|  | 01/2026 | 3711 | $214 | 0 | (10) |
|  | 02/2026 | 10953 | 242 | 0 | (6) |
|  | 02/2026 | $2462 | 112965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | 0 |
|  | 03/2026 | 53 | 2415 | 1 | 0 |
|  BSH | 02/2026 | 1710 | $489 | 0 | (19) |
|  | 03/2026 | $119 | 404 | 1 | 0 |
|  | 04/2026 | 12500 | $2201 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
|  CBK | 01/2026 | 1398 | 254 | 0 | (1) |
|  | 01/2026 | 2984 | 46 | 0 | (1) |
|  | 01/2026 | 58 | 68 | 0 | (1) |
|  | 01/2026 | 179625 | 25 | 0 | (2) |
|  | 01/2026 | 2960 | 97 | 3 | 0 |
|  | 01/2026 | $258 | 1398 | 0 | (3) |
|  | 01/2026 | 105 | 90 | 1 | 0 |
|  | 02/2026 | 243375 | $165 | 0 | (3) |
|  | 02/2026 | $7 | 344 | 0 | 0 |
|  | 03/2026 | 664 | $21 | 0 | 0 |
|  | 05/2026 | $15 | 23340 | 1 | 0 |
|  | 11/2026 | 24510 | $15 | 0 | 0 |
|  DUB | 01/2026 | 34517 | 24 | 0 | 0 |
|  | 01/2026 | 194737 | 55 | 2 | 0 |
|  | 01/2026 | $160 | 7848 | 4 | 0 |
|  | 01/2026 | 61 | 193 | 0 | 0 |
|  | 01/2026 | 6613 | $380 | 0 | (19) |
|  | 02/2026 | 46928 | 143 | 0 | (1) |
|  | 02/2026 | 193 | 61 | 0 | 0 |
|  | 03/2026 | $222 | 125913 | 21 | 0 |
|  | 04/2026 | 73 | 3712 | 3 | 0 |
|  | 06/2026 | 70791 | $132 | 0 | (1) |
|  | 09/2026 | 27266 | 92 | 0 | (3) |
|  | 11/2026 | 2177675 | 167 | 0 | (2) |
|  | 12/2026 | 3837990 | 295 | 0 | (2) |
|  FAR | 01/2026 | 136 | 88 | 0 | (3) |
|  | 01/2026 | 325 | 427 | 0 | (11) |
|  | 01/2026 | 12482 | 673 | 0 | (19) |
|  | 01/2026 | 74 | 57 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $20 | 144 | $0 | $0 |
|  | 01/2026 | 32 | 103 | 0 | 0 |
|  | 01/2026 | 53 | 192 | 1 | 0 |
|  | 01/2026 | 4586 | $267 | 0 | (10) |
|  | 02/2026 | 103 | 32 | 0 | 0 |
|  GLM | 01/2026 | 2992 | 552 | 6 | 0 |
|  | 01/2026 | 89 | 112 | 0 | (2) |
|  | 01/2026 | 37306 | 602 | 15 | 0 |
|  | 01/2026 | 383 | 119 | 0 | (2) |
|  | 01/2026 | 44010 | 30 | 0 | 0 |
|  | 01/2026 | $544 | 2992 | 2 | 0 |
|  | 01/2026 | 7 | 28 | 0 | 0 |
|  | 01/2026 | 61 | 88020 | 0 | 0 |
|  | 01/2026 | 47 | 173 | 1 | 0 |
|  | 01/2026 | 0 | 1 | 0 | 0 |
|  | 01/2026 | 3410 | $198 | 0 | (8) |
|  | 02/2026 | 19906 | 313 | 1 | 0 |
|  | 02/2026 | $105 | 4800 | 3 | 0 |
|  | 03/2026 | 5541 | $1000 | 2 | 0 |
|  | 03/2026 | 13102 | 207 | 2 | 0 |
|  | 03/2026 | $5 | 30 | 0 | 0 |
|  | 03/2026 | 958 | 62322 | 19 | 0 |
|  | 04/2026 | 25400 | $4478 | 12 | (74) |
|  | 05/2026 | 20543 | 314 | 0 | (4) |
|  IND | 01/2026 | $41 | 2045 | 1 | 0 |
|  JPM | 01/2026 | 626 | $192 | 0 | (5) |
|  | 01/2026 | $85 | 598 | 1 | 0 |
|  | 01/2026 | 15 | 746 | 0 | 0 |
|  | 01/2026 | 64 | 91151 | 0 | 0 |
|  | 01/2026 | 34 | 126 | 1 | 0 |
|  | 01/2026 | 1250 | $73 | 0 | (3) |
|  | 02/2026 | 91031 | 64 | 0 | 0 |
|  | 02/2026 | $25 | 38628 | 1 | 0 |
|  | 06/2027 | 154501 | $11 | 0 | 0 |
|  MBC | 01/2026 | 271 | 192 | 0 | (5) |
|  | 01/2026 | 136 | 3 | 0 | 0 |
|  | 01/2026 | 1098 | 1274 | 0 | (17) |
|  | 01/2026 | $464 | 22427 | 3 | 0 |
|  | 01/2026 | 232 | 199 | 2 | 0 |
|  | 01/2026 | 234 | 173 | 0 | (1) |
|  | 01/2026 | 162 | 5232 | 5 | 0 |
|  | 02/2026 | 0 | 5 | 0 | 0 |
|  | 04/2026 | 1 | 53 | 0 | 0 |
|  | 05/2026 | 9 | 438 | 0 | 0 |
|  | 10/2026 | 3097 | $174 | 0 | (9) |
|  MYI | 01/2026 | $0 | 5 | 0 | 0 |
|  | 10/2026 | 257 | 460 | 4 | 0 |
|  | 10/2027 | 515 | 947 | 0 | (15) |
|  NGF | 01/2026 | 56583 | $39 | 0 | (1) |
|  SCX | 01/2026 | 719 | 24 | 1 | 0 |
|  | 01/2026 | $41 | 287 | 0 | 0 |
|  | 01/2026 | 117 | 5758 | 4 | 0 |
|  | 02/2026 | 30 | 44860 | 1 | 0 |
|  | 04/2026 | 107 | 5527 | 5 | 0 |
|  SOG | 01/2026 | 17459 | $20214 | 0 | (313) |
|  | 02/2026 | $354 | 17378 | 5 | 0 |
|  | 03/2026 | $2 | 43 | 0 | 0 |
|  | 04/2026 | 257400 | $72 | 2 | 0 |
|  UAG | 01/2026 | $32 | 118 | 1 | 0 |
|  | 01/2026 | 6478 | $372 | 0 | (18) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(713) |

---

22 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus TRY | TRY | 43.000 | 01/12/2026 | 3954 | $(89) | $(2) |
|  | Call - OTC USD versus TRY |  | 56.500 | 01/12/2026 | 1546 | (62) | (1) |
|  | Call - OTC USD versus TRY |  | 56.750 | 02/03/2026 | 1935 | (69) | (5) |
| GLM | Call - OTC USD verses TRY |  | 47.700 | 02/09/2026 | 759 | (14) | (5) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Mexico Government International Bonds | (1.000)% | Quarterly | 06/20/2035 | 1.562% | $200 | $14 | $(5) | $9 | $0 |
|  | Oman Government International Bonds | (1.000) | Quarterly | 12/20/2027 | 0.340 | 100 | 3 | (4) | 0 | (1) |
|  | Panama Government International Bonds | (1.000) | Quarterly | 06/20/2029 | 0.910 | 200 | 5 | (6) | 0 | (1) |
| BPS | Oman Government International Bonds | (1.000) | Quarterly | 12/20/2027 | 0.340 | 100 | 3 | (4) | 0 | (1) |
| BRC | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2035 | 1.562 | 200 | 13 | (4) | 9 | 0 |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 0.977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | 0 | (4) |
| CBK | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2035 | 1.562 | 100 | 7 | (3) | 4 | 0 |
| GST | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2035 | 1.562 | 100 | 7 | (3) | 4 | 0 |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 0.977 | 700 | (8) | 6 | 0 | (2) |
| MYC | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 0.977 | 1200 | (13) | 11 | 0 | (2) |
|  |  |  |  |  |  |  | $7 | $8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Argentine Republic Government International Bonds | 5.000% | Quarterly | 06/20/2027 | 5.525% | $290 | $(38) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $0 | $(2) |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 2.219 | 200 | (28) | 10 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.146 | 100 | 1 | 0 | 1 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 2.076 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | 4 | 0 | (47) |
| BPS | Brazil Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.627 | 200 | (15) | 16 | 1 | 0 |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | (5) | 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.221 | 1000 | 6 | (2) | 4 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.290 | 300 | 0 | 2 | 2 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.398 | 400 | 1 | 4 | 5 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.206 | 600 | 4 | (2) | 2 | 0 |
|  | Serbia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.656 | 200 | (18) | 19 | 1 | 0 |
| BRC | Benin Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.986 | 200 | (7) | 7 | 0 | 0 |
|  | Chile Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | 4 | 0 |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.853 | 100 | (3) | 3 | 0 | 0 |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 2.965 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) | 23 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.622 | 4100 | 58 | 7 | 65 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 1.686 | 100 | (7) | 5 | 0 | (2) |
| CBK | Benin Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.986 | 25 | (1) | 1 | 0 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 2.076 | 1900 | (95) | 6 | 0 | (89) |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.853 | 150 | (5) | 5 | 0 | 0 |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.371 | 100 | (13) | 8 | 0 | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| DUB | Colombia Government International Bonds | 1.000% | Quarterly | 12/20/2030 | 2.076% | $200 | $(10) | $1 | $0 | $(9) |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 2.965 | 200 | (33) | 19 | 0 | (14) |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 | —¨ | 412 | 0 | 4 | 4 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 | —¨ | 741 | 0 | 7 | 7 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.878 | 100 | (10) | 7 | 0 | (3) |
| GLM | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.635 | 400 | (2) | 7 | 5 | 0 |
| GST | Benin Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 1.379 | 500 | (11) | 3 | 0 | (8) |
|  | Indonesia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.689 | 3600 | 29 | 23 | 52 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.204 | 200 | 0 | 1 | 1 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.534 | 100 | (1) | 2 | 1 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.206 | 1500 | 7 | (1) | 6 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.622 | 3600 | 53 | 4 | 57 | 0 |
| JPM | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.371 | 50 | (6) | 3 | 0 | (3) |
|  | Poland Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.349 | 100 | 0 | 2 | 2 | 0 |
|  | Republic of South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2035 | 2.305 | 300 | (35) | 5 | 0 | (30) |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.622 | 300 | 5 | 0 | 5 | 0 |
|  | State Oil Company of Azerbaijan | 5.000 | Quarterly | 06/20/2026 | 1.635 | 100 | 1 | 1 | 2 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 1.686 | 500 | (34) | 22 | 0 | (12) |
| MYC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 5.525 | 100 | (21) | 20 | 0 | (1) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.146 | 700 | 4 | 2 | 6 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.362 | 200 | (1) | 3 | 2 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.480 | 100 | (2) | 3 | 1 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.534 | 500 | (5) | 12 | 7 | 0 |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 3.028 | 20 | (5) | 3 | 0 | (2) |
|  | Panama Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.136 | 200 | (9) | 8 | 0 | (1) |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | 3 | 4 | 7 | 0 |
|  | Qatar Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.084 | 300 | 4 | (1) | 3 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 1.313 | 1300 | (117) | 106 | 0 | (11) |
|  |  |  |  |  |  |  | $(439) | $430 | $269 | $(278) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289) |

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#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  BOA | $2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $10 | $12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | $54 |
|  BPS | 70 | 0 | 31 | 101 | (30) | 0 | (1) | (31) | 70 | 0 | 70 |
|  BRC | 86 | 0 | 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | (16) | 0 | (27) | (43) | 121 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
|  BSH | 3 | 0 | 0 | 3 | (54) | 0 | 0 | (54) | (51) | 0 | (51) |
|  CBK | 5 | 0 | 4 | 9 | (11) | 0 | (94) | (105) | (96) | 0 | (96) |
|  DUB | 30 | 0 | 11 | 41 | (28) | 0 | (26) | (54) | (13) | 0 | (13) |
|  FAR | 1 | 0 | 0 | 1 | (43) | 0 | 0 | (43) | (42) | 0 | (42) |
|  GLM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | 0 | 5 | 68 | (90) | (5) | 0 | (95) | (27) | 0 | (27) |
|  GST | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | 121 | 0 | 0 | (10) | (10) | 111 | 0 | 111 |
|  IND | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  JPM | 3 | 0 | 9 | 12 | (8) | 0 | (45) | (53) | (41) | 0 | (41) |
|  MBC | 10 | 0 | 0 | 10 | (32) | 0 | 0 | (32) | (22) | 0 | (22) |
|  MYC | 0 | 0 | 26 | 26 | 0 | 0 | (17) | (17) | 9 | (20) | (11) |
|  MYI | 4 | 0 | 0 | 4 | (15) | 0 | 0 | (15) | (11) | (10) | (21) |
|  NGF | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  SCX | 11 | 0 | 0 | 11 | 0 | 0 | 0 | 0 | 11 | 0 | 11 |
|  SOG | 7 | 0 | 0 | 7 | (313) | 0 | 0 | (313) | (306) | 328 | 22 |
|  UAG | 1 | 0 | 0 | 1 | (18) | 0 | 0 | (18) | (17) | 0 | (17) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | $0 | $295 | $592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(713) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1015) |  |  |  |

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24 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

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December 31, 2025

(m) Securities with an aggregate market value of $501 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 73 | 74 |
|  | $0 | $1 | $0 | $0 | $77 | $78 |
|  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 | $297 | $0 | $297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 295 | 0 | 0 | 0 | 295 |
|  | $0 | $295 | $0 | $297 | $0 | $592 |
|  | $0 | $296 | $0 | $297 | $77 | $670 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $106 | $106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 40 | 40 |
|  | $0 | $0 | $0 | $0 | $146 | $146 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $713 | $0 | $713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 13 | 0 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 289 | 0 | 0 | 0 | 289 |
|  | $0 | $289 | $0 | $726 | $0 | $1015 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 25

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Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1096 | $1096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (11) | 0 | 0 | 346 | 335 |
|  | $0 | $(11) | $0 | $0 | $1442 | $1431 |
|  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 | $(2515) | $0 | $(2515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (66) | 0 | 0 | 0 | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 67 | 0 | 141 | 0 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 309 | 0 | 0 | 0 | 309 |
|  | $0 | $310 | $0 | $(2374) | $0 | $(2064) |
|  | $0 | $299 | $0 | $(2374) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 | $(633) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $389 | $389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (68) | 0 | 0 | (20) | (88) |
|  | $0 | $(68) | $0 | $0 | $369 | $301 |
|  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 | $(2482) | $0 | $(2482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 193 | 0 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 362 | 0 | 0 | 0 | 362 |
|  | $0 | $362 | $0 | $(2289) | $0 | $(1927) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2289) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1626) |

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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, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Albania | Albania | Albania | Albania | Albania |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $233 | $0 | $233 |
|  Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1168 | 0 | 1168 |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7145 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7145 |
|  Armenia | Armenia | Armenia | Armenia | Armenia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 743 | 0 | 743 |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1110 | 0 | 1110 |
|  Bahrain | Bahrain | Bahrain | Bahrain | Bahrain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1204 | 0 | 1204 |
|  Bermuda | Bermuda | Bermuda | Bermuda | Bermuda |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 389 | 0 | 389 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3488 | 0 | 3488 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9659 | 0 | 9659 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 882 | 0 | 882 |
|  Cameroon | Cameroon | Cameroon | Cameroon | Cameroon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 747 | 0 | 747 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 311 | 0 | 311 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 250 | 0 | 250 |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 3 | 48 | 51 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | 4503 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 603 | 0 | 603 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3774 | 0 | 3774 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1264 | 0 | 1264 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  China | China | China | China | China |
| &nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $4 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 505 | 0 | 505 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1447 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3128 | 0 | 3128 |
|  Costa Rica | Costa Rica | Costa Rica | Costa Rica | Costa Rica |
| &nbsp;&nbsp; Sovereign Issues | 0 | 603 | 0 | 603 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 503 | 0 | 503 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5229 | 0 | 5229 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2778 | 0 | 2778 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3670 | 0 | 3670 |
|  El Salvador | El Salvador | El Salvador | El Salvador | El Salvador |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 537 | 0 | 537 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 933 | 0 | 933 |
|  Gabon | Gabon | Gabon | Gabon | Gabon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 261 | 0 | 261 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1114 | 0 | 1114 |
|  Ghana | Ghana | Ghana | Ghana | Ghana |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1250 | 0 | 1250 |
|  Guatemala | Guatemala | Guatemala | Guatemala | Guatemala |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1433 | 0 | 1433 |
|  Hong Kong | Hong Kong | Hong Kong | Hong Kong | Hong Kong |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 646 | 0 | 646 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 212 | 0 | 212 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3116 | 0 | 3116 |

---

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| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $428 | $0 | $428 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 479 | 0 | 479 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5392 | 0 | 5392 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1115 | 0 | 1115 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 239 | 0 | 239 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1060 | 1060 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1454 | 0 | 1454 |
|  Isle of Man | Isle of Man | Isle of Man | Isle of Man | Isle of Man |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 106 | 0 | 106 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 489 | 0 | 489 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 312 | 0 | 312 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Sovereign Issues | 0 | 211 | 0 | 211 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1173 | 1173 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1771 | 0 | 1771 |
|  Jamaica | Jamaica | Jamaica | Jamaica | Jamaica |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 156 | 0 | 156 |
|  Jordan | Jordan | Jordan | Jordan | Jordan |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | 0 | 923 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 580 | 0 | 580 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1178 | 0 | 1178 |
|  Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1659 | 0 | 1659 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1001 | 0 | 1001 |
|  Latvia | Latvia | Latvia | Latvia | Latvia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 514 | 0 | 514 |
|  Lebanon | Lebanon | Lebanon | Lebanon | Lebanon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 164 | 0 | 164 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | 223 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3631 | 0 | 3631 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2550 | 0 | 2550 |
|  Macedonia | Macedonia | Macedonia | Macedonia | Macedonia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 609 | 0 | 609 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 685 | 0 | 685 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 297 | 0 | 297 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7442 | 0 | 7442 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6141 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6141 |
|  Mongolia | Mongolia | Mongolia | Mongolia | Mongolia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 213 | 0 | 213 |
|  Morocco | Morocco | Morocco | Morocco | Morocco |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 629 | 0 | 629 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 146 | 0 | 146 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2664 | 0 | 2664 |
|  Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 727 | 0 | 727 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3303 | 0 | 3303 |
|  Oman | Oman | Oman | Oman | Oman |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2138 | 0 | 2138 |
|  Pakistan | Pakistan | Pakistan | Pakistan | Pakistan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 998 | 0 | 998 |
|  Panama | Panama | Panama | Panama | Panama |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 623 | 0 | 623 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1780 | 0 | 1780 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1096 | 0 | 1096 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3744 | 0 | 3744 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1495 | 0 | 1495 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $506 | $0 | $506 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1613 | 0 | 1613 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 211 | 0 | 211 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2263 | 0 | 2263 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 776 | 0 | 776 |
|  Republic of Korea | Republic of Korea | Republic of Korea | Republic of Korea | Republic of Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 192 | 0 | 192 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4083 |
|  Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 210 | 0 | 210 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2429 | 0 | 2429 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3082 | 0 | 3082 |
|  Senegal | Senegal | Senegal | Senegal | Senegal |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1315 | 0 | 1315 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 906 | 0 | 906 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 311 | 0 | 311 |
|  Slovenia | Slovenia | Slovenia | Slovenia | Slovenia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 728 | 0 | 728 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 843 | 0 | 843 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4003 | 0 | 4003 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 208 | 0 | 208 |
|  Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1253 | 0 | 1253 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1439 | 0 | 1439 |
|  Suriname | Suriname | Suriname | Suriname | Suriname |
| &nbsp;&nbsp; Sovereign Issues | 0 | 310 | 0 | 310 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 806 | 0 | 806 |
|  Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 393 | 0 | 393 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 307 | 0 | 307 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 998 | 0 | 998 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2359 | 2359 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8629 | 0 | 8629 |
|  Uganda | Uganda | Uganda | Uganda | Uganda |
| &nbsp;&nbsp; Sovereign Issues | 0 | 157 | 0 | 157 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1926 | 0 | 1926 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3676 | 0 | 3676 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 856 | 0 | 856 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3288 | 384 | 3672 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 369 | 0 | 369 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 2819 | 0 | 2819 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2117 | 0 | 2117 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 2914 | 0 | 2914 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 3308 | 0 | 3308 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 2915 | 0 | 2915 |
|  Uruguay | Uruguay | Uruguay | Uruguay | Uruguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 492 | 0 | 492 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 866 | 0 | 866 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 371 | 0 | 371 |
|  Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1084 | 0 | 1084 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 681 | 0 | 681 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **27** |

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------

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Zambia | Zambia | Zambia | Zambia | Zambia |
| &nbsp;&nbsp; Sovereign Issues | $0 | $211 | $0 | $211 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 2173 | 0 | 2173 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 487 | 0 | 487 |
|  | $0 | $191271 | $6427 | $197698 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $8722 | $0 | $0 | $8722 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8722 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206420 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  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 | $4 | $74 | $0 | $78 |
|  Over the counter | 0 | 581 | 11 | 592 |
|  | $4 | $655 | $11 | $670 |
|  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 | (1) | (145) | 0 | (146) |
|  Over the counter | 0 | (1015) | 0 | (1015) |
|  | $(1) | $(1160) | $0 | $(1161) |
|  Total Financial Derivative Instruments | $3 | $(505) | $11 | $(491) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6438 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205929 |

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The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended December 31, 2025:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Convertible Bonds & Notes | $0 | $45 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(9) | $0 | $0 | $48 | $(9) |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | 1180 | 10 |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 969 | 0 | 1 | 0 | 90 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) | 3 | 5 | (2) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129) | 0 | 0 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 1034 | 0 | 0 | 2 | 0 | 137 | 0 | 0 | 1173 | 137 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 249 | 0 | 0 | 0 | 0 | (26) | 0 | 0 | 223 | (26) |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | 1058 | 0 | 0 | (1) | 0 | 124 | 1178 | 0 | 2359 | 124 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 719 | 384 | (817) | 108 | (22) | 12 | 0 | 0 | 384 | (1) |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 196 | 0 | (196) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  | $3543 | $2568 | $(1177) | $125 | $(17) | $336 | $1178 | $(129) | $6427 | $325 |
|  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 | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $5 | $0 | $0 | $0 | $6 | $0 | $0 | $11 | $6 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1177) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6438 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 |

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28 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category<br>and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category<br>and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | $48 | Indicative Market Quotation | Broker Quote | 16.000-21.500 | 16.757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 1180 | Discounted Cash Flow | Discount Rate | 5.429 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1060 | Discounted Cash Flow | Discount Rate | 3.939 |  |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1173 | Discounted Cash Flow | Discount Rate | 6.177 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 223 | Indicative Market Quotation | Broker Quote | $22.563 |  |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1181 | Discounted Cash Flow | Discount Rate | 4.834 |  |
|  | 1178 | Third Party Vendor | Broker Quote | 100.250 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 384 | Proxy Pricing | Base Price | 99.972 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 11 | Indicative Market Quotation | Broker Quote | 0.497-0.524 | 0.514 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6438 |  |  |  |  |

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<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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------

Notes to Financial Statements

1. ORGANIZATION

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

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

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

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

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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

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

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------

December 31, 2025

obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Portfolio may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Portfolio invests. These foreign taxes, if any, are paid by the Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

(c) 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.

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

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

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

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

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

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Notes to Financial Statements (Cont.)

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 funds, 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.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to 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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued by the Valuation Designee in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and

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Notes to Financial Statements (Cont.)

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

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

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

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

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

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

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable

market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the

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basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

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

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the

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Notes to Financial Statements (Cont.)

initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) 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, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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| **Market Value**<br> **12/31/2024** | 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> **12/31/2025** | **Dividend**<br> **Income<sup>(1)</sup>** | **Realized Net**<br> **Capital Gain**<br> **Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70500) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8722 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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

(b) Investments in Securities

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

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to 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 ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

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The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in 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 payments. 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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

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

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

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

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

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Notes to Financial Statements (Cont.)

guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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 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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

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

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolio to post collateral in connection

with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Portfolio to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Portfolio may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

(b) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the

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

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

During the period ended December 31, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

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

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

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and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with

premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within

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centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation 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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the

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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 indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes 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 indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication 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 as 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.

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7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that the Portfolio's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject the Portfolio to risks similar to those associated with direct ownership of real estate, including risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Portfolio's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Portfolio to liquidity and valuation risk.

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

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

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

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

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

be achieved.

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

(b) Other Risks

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

Market Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/ environmental disasters, which can all negatively impact the securities markets and cause the Portfolio

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

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December 31, 2025

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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

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

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

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **45** |

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Notes to Financial Statements (Cont.)

single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

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

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

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

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| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

9. FEES AND EXPENSES

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Class M | Administrative<br>Class | Advisor<br>Class |
| 0.45% | 0.40% | 0.40% | 0.40% | 0.40% |

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

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

The Trust has adopted a separate Distribution and Servicing Plan for each of the Advisor Class and Class M shares of the Portfolio (the "Distribution and Servicing Plans"). The Distribution and Servicing Plans have been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plans permit the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class and Class M shares. The Distribution and Servicing Plans permit the Portfolio to make total

payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class or Class M shares, respectively. The Distribution and Servicing Plan for Class M shares also permits the Portfolio to compensate the Distributor for providing or procuring administrative, recordkeeping, and other investor services at an annual rate of up to 0.20% of the average daily net assets attributable to its Class M shares.

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

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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Notes to Financial Statements (Cont.)

Administrator or its affiliates. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $1,891.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

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

11. GUARANTEES AND INDEMNIFICATIONS

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

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69485 |

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

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| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

13. SHARES OF BENEFICIAL INTEREST

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended**<br> **12/31/2025** | **Year Ended**<br> **12/31/2025** | **Year Ended**<br> **12/31/2024** | **Year Ended**<br> **12/31/2024** |
| | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 289 | $3184 | 280 | $2956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 1 | 16 | 3 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 2548 | 27780 | 2178 | 23099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 588 | 6456 | 445 | 4724 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 366 | 4019 | 334 | 3553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 3 | 29 | 2 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 622 | 6818 | 607 | 6452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 256 | 2811 | 245 | 2603 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (498) | (5425) | (461) | (4888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (3) | (37) | (5) | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (787) | (8624) | (815) | (8699) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (54) | $(531) | (807) | $(8520) |

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

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As of December 31, 2025, three persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 57% of the Portfolio. One of the shareholders is a related party of the Portfolio and comprises 21% of the Portfolio. Related parties may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

14. REGULATORY AND LITIGATION MATTERS

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

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, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **49** |

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Notes to Financial Statements (Cont.) December 31, 2025

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | **Qualified**<br> **Late-Year**<br> **Loss<br>Deferral -**<br> **Ordinary<sup>(6)</sup>** | Total<br>Components<br>of<br>Distributable<br>Earnings |
|  PIMCO Emerging Markets Bond Portfolio | $4102 | $0 | $(4212) | $0 | $(36045) | $0 | $0 | $(36155) |

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

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

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, interest accrued on defaulted securities, and return of capital distributions from underlying funds. 

<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, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Emerging Markets Bond Portfolio | $3490 | $32555 |

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

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As of December 31, 2025, 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 Emerging Markets Bond Portfolio | $210072 | $12835 | $(17075) | $(4240) |

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

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<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, interest accrued on defaulted securities, and return of capital distributions from underlying funds. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of Capital<sup>(9)</sup> |
|  PIMCO Emerging Markets Bond Portfolio | $13677 | $0 | $0 | $12634 | $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>(8)</sup> Includes short-term capital gains distributed, if any.

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

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| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Emerging Markets Bond Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Emerging Markets Bond Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

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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. | GLM | Goldman Sachs Bank USA | MYI | Morgan Stanley & Co. International PLC |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | NGF | Nomura Global Financial Products, Inc. |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | NOM | Nomura Securities International, Inc. |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SCX | Standard Chartered Bank, London |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | SOG | Societe Generale Paris |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC | UAG | UBS AG Stamford |
| FAR | Wells Fargo Bank National Association |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | PKR | Pakistani Rupee |
| AZN | Azerbaijani Manat | HUF | Hungarian Forint | PLN | Polish Zloty |
| BRL | Brazilian Real | ILS | Israeli Shekel | PYG | Paraguayan Guarani |
| CAD | Canadian Dollar | KRW | South Korean Won | SGD | Singapore Dollar |
| CHF | Swiss Franc | KWD | Kuwaiti Dinar | THB | Thai Baht |
| CLP | Chilean Peso | KZT | Kazakhstani Tenge | TRY | Turkish New Lira |
| CNH | Chinese Renminbi (Offshore) | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| CZK | Czech Koruna | MYR | Malaysian Ringgit | UGX | Ugandan Shilling |
| DOP | Dominican Peso | NGN | Nigerian Naira | USD (or $) | United States Dollar |
| EGP | Egyptian Pound | PEN | Peruvian New Sol | UZS | Uzbekistani Sum |
| EUR | Euro | PHP | Philippine Peso | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| OTC | Over the Counter |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BISTREFI | Turkish Lira Overnight Reference Rate | CDX.EM | Credit Derivatives Index - Emerging Markets | EUR006M | 6 Month EUR Swap Rate |
| Bobl | Bundesobligation, the German word for federal government bond | EUR003M | 3 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | PRIBOR | Prague Interbank Offered Rate |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | TBA | To-Be-Announced |
| BRL-CDI | Brazil Interbank Deposit Rate | JSC | Joint Stock Company | TBD | To-Be-Determined |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | OIS | Overnight Index Swap | WIBOR | Warsaw Interbank Offered Rate |
| CHILIBOR | Chile Interbank Offered Rate | PIK | Payment-in-Kind |  |  |

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| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Emerging Markets Bond Portfolio

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 2025 | $0.0633 | $0.0000 | $0.0000 | $0.0633 |
|  August 2025 | $0.0615 | $0.0000 | $0.0000 | $0.0615 |
|  September 2025 | $0.0610 | $0.0000 | $0.0000 | $0.0610 |
|  October 2025 | $0.0672 | $0.0000 | $0.0000 | $0.0672 |
|  November 2025 | $0.0546 | $0.0000 | $0.0000 | $0.0546 |
|  December 2025 | $0.0635 | $0.0000 | $0.0000 | $0.0635 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0619 | $0.0000 | $0.0000 | $0.0619 |
|  August 2025 | $0.0600 | $0.0000 | $0.0000 | $0.0600 |
|  September 2025 | $0.0596 | $0.0000 | $0.0000 | $0.0596 |
|  October 2025 | $0.0656 | $0.0000 | $0.0000 | $0.0656 |
|  November 2025 | $0.0533 | $0.0000 | $0.0000 | $0.0533 |
|  December 2025 | $0.0620 | $0.0000 | $0.0000 | $0.0620 |
| 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 2025 | $0.0610 | $0.0000 | $0.0000 | $0.0610 |
|  August 2025 | $0.0591 | $0.0000 | $0.0000 | $0.0591 |
|  September 2025 | $0.0587 | $0.0000 | $0.0000 | $0.0587 |
|  October 2025 | $0.0646 | $0.0000 | $0.0000 | $0.0646 |
|  November 2025 | $0.0525 | $0.0000 | $0.0000 | $0.0525 |
|  December 2025 | $0.0610 | $0.0000 | $0.0000 | $0.0610 |
| Class M | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0592 | $0.0000 | $0.0000 | $0.0592 |
|  August 2025 | $0.0571 | $0.0000 | $0.0000 | $0.0571 |
|  September 2025 | $0.0570 | $0.0000 | $0.0000 | $0.0570 |
|  October 2025 | $0.0626 | $0.0000 | $0.0000 | $0.0626 |
|  November 2025 | $0.0507 | $0.0000 | $0.0000 | $0.0507 |
|  December 2025 | $0.0590 | $0.0000 | $0.0000 | $0.0590 |

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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 portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio net income, yield, earnings or investment performance. 

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **53** |

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Federal Income Tax Information (Unaudited)

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

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO Emerging Markets Bond Portfolio | 0.00% | 0.00% | $904 | $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 2026, 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 2025.

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| | |
|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **55** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

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

1. INFORMATION RECEIVED

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

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

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

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also requested and received

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **57** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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

2. NATURE, EXTENT AND QUALITY OF SERVICES

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

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

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

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the

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| | |
|:---|:---|
| **58** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

"Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

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

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

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

the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

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

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **59** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

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

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as

the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

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

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|:---|:---|
| **60** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

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

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

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

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in

return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

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

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

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **61** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.) (Unaudited)

PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

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

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|:---|:---|
| **62** | **PIMCO VARIABLE INSURANCE TRUST** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g94025g06y60.jpg)

PVITEMGMKTSFSTMAR_123125

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![LOGO](g98514g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO Global Bond Opportunities Portfolio (Unhedged)

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#### **Table of Contents**

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|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Global Bond Opportunities Portfolio (Unhedged)](#tx98514_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx98514_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx98514_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx98514_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx98514_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx98514_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx98514_7) | 29 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx98514_8) | 47 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx98514_9) | 50 |
| &nbsp;&nbsp; [Glossary](#tx98514_10) | 51 |
| &nbsp;&nbsp; [Distribution Information](#tx98514_11) | 52 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx98514_12) | 53 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx98514_13) | 54 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx98514_14) | 55 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx98514_15) | 56 |

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

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Important Information About the PIMCO Global Bond Opportunities Portfolio (Unhedged)

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

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries

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

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has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based

facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

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

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Name | Portfolio<br>Inception | Portfolio<br>Inception | Institutional<br>Class | Institutional<br>Class | Administrative<br>Class | Administrative<br>Class | Advisor<br>Class | Advisor<br>Class | Diversification<br>Status | Diversification<br>Status |
|  PIMCO Global Bond Opportunities Portfolio (Unhedged) |  | 01/10/02 |  | 01/31/06 |  | 01/10/02 |  | 10/31/06 |  | Diversified |

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the

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

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when

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|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO Global Bond Opportunities Portfolio (Unhedged)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or<br>Period Ended<sup>^</sup>: | **Net Asset<br>Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $9.24 | $0.38 | $0.80 | $1.18 | $(0.43) | $0.00 | $(0.02) | $(0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.62 | 0.33 | (0.36) | (0.03) | (0.26) | 0.00 | (0.09) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.45 | 0.26 | 0.23 | 0.49 | (0.04) | (0.10) | (0.18) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.94 | 0.21 | (1.40) | (1.19) | (0.16) | (0.14) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 12.19 | 0.23 | (0.69) | (0.46) | (0.61) | (0.18) | 0.00 | (0.79) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 9.24 | 0.37 | 0.80 | 1.17 | (0.42) | 0.00 | (0.02) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.62 | 0.31 | (0.36) | (0.05) | (0.24) | 0.00 | (0.09) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.45 | 0.24 | 0.24 | 0.48 | (0.03) | (0.10) | (0.18) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.94 | 0.19 | (1.39) | (1.20) | (0.15) | (0.14) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 12.19 | 0.21 | (0.69) | (0.48) | (0.59) | (0.18) | 0.00 | (0.77) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 9.24 | 0.36 | 0.80 | 1.16 | (0.41) | 0.00 | (0.02) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.62 | 0.30 | (0.36) | (0.06) | (0.23) | 0.00 | (0.09) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.45 | 0.23 | 0.24 | 0.47 | (0.02) | (0.10) | (0.18) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.94 | 0.18 | (1.39) | (1.21) | (0.14) | (0.14) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 12.19 | 0.21 | (0.70) | (0.49) | (0.58) | (0.18) | 0.00 | (0.76) |

---

---

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

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

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

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.97 | 13.04% | $12456 | 1.00% | 1.00% | 0.75% | 0.75% | 3.96% | 696% |
| 9.24 | (0.35) | 9639 | 0.93 | 0.93 | 0.76 | 0.76 | 3.47 | 607 |
| 9.62 | 5.42 | 9473 | 0.86 | 0.86 | 0.75 | 0.75 | 2.76 | 653 |
| 9.45 | (10.87) | 9551 | 0.81 | 0.81 | 0.75 | 0.75 | 2.14 | 560 |
| 10.94 | (4.01) | 10553 | 0.77 | 0.77 | 0.75 | 0.75 | 2.01 | 408 |
| 9.97 | 12.87 | 95740 | 1.15 | 1.15 | 0.90 | 0.90 | 3.81 | 696 |
| 9.24 | (0.50) | 94422 | 1.08 | 1.08 | 0.91 | 0.91 | 3.31 | 607 |
| 9.62 | 5.26 | 93660 | 1.01 | 1.01 | 0.90 | 0.90 | 2.61 | 653 |
| 9.45 | (11.00) | 81498 | 0.96 | 0.96 | 0.90 | 0.90 | 1.97 | 560 |
| 10.94 | (4.16) | 99746 | 0.92 | 0.92 | 0.90 | 0.90 | 1.80 | 408 |
| 9.97 | 12.76 | 30078 | 1.25 | 1.25 | 1.00 | 1.00 | 3.71 | 696 |
| 9.24 | (0.60) | 25234 | 1.18 | 1.18 | 1.01 | 1.01 | 3.22 | 607 |
| 9.62 | 5.16 | 23780 | 1.11 | 1.11 | 1.00 | 1.00 | 2.51 | 653 |
| 9.45 | (11.09) | 23113 | 1.06 | 1.06 | 1.00 | 1.00 | 1.88 | 560 |
| 10.94 | (4.25) | 25954 | 1.02 | 1.02 | 1.00 | 1.00 | 1.79 | 408 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO Global Bond Opportunities Portfolio (Unhedged) December 31, 2025

---

| | |
|:---|:---|
| (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\* | $195871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 1459 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1209 |
|  Cash | 91 |
|  Deposits with counterparty | 4836 |
|  Foreign currency, at value | 1219 |
|  Receivable for investments sold | 26397 |
|  Receivable for TBA investments sold | 78708 |
|  Receivable for Portfolio shares sold | 157 |
|  Interest and/or dividends receivable | 1276 |
|  Dividends receivable from Affiliates | 4 |
|  **Total Assets** | 311520 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $14731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 19263 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 812 |
|  Payable for investments purchased | 21247 |
|  Payable for investments in Affiliates purchased | 5 |
|  Payable for TBA investments purchased | 116777 |
|  Deposits from counterparty | 3 |
|  Payable for Portfolio shares redeemed | 22 |
|  Accrued investment advisory fees | 30 |
|  Accrued supervisory and administrative fees | 60 |
|  Accrued distribution fees | 6 |
|  Accrued servicing fees | 13 |
|  **Total Liabilities** | 173246 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $138274 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $142491 |
|  Distributable earnings (accumulated loss) | (4217) |
|  **Net Assets** | $138274 |
|  **Net Assets:** |  |
|  Institutional Class | $12456 |
|  Administrative Class | 95740 |
|  Advisor Class | 30078 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 1250 |
|  Administrative Class | 9606 |
|  Advisor Class | 3018 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.97 |
|  Administrative Class | 9.97 |
|  Advisor Class | 9.97 |
|  Cost of investments in securities | $195382 |
|  Cost of investments in Affiliates | $1459 |
|  Cost of foreign currency held | $1215 |
|  Proceeds received on short sales | $19298 |
|  Cost or premiums of financial derivative instruments, net | $3687 |
|  \* Includes repurchase agreements of: | $801 |

---

---

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

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

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

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Statement of Operations PIMCO Global Bond Opportunities Portfolio (Unhedged)

---

| | |
|:---|:---|
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest | $6510 |
|  Dividends from Investments in Affiliates | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 6547 |
|  **Expenses:** |  |
|  Investment advisory fees | 330 |
|  Supervisory and administrative fees | 660 |
|  Distribution and/or servicing fees - Administrative Class | 140 |
|  Distribution and/or servicing fees - Advisor Class | 69 |
|  Trustee fees | 6 |
|  Interest expense | 326 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1531 |
|  **Net Investment Income (Loss)** | 5016 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 65 |
|  Exchange-traded or centrally cleared financial derivative instruments | 1466 |
|  Over the counter financial derivative instruments | 505 |
|  Short sales | (1) |
|  Foreign currency | (418) |
|  **Net Realized Gain (Loss)** | 1617 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 7900 |
|  Exchange-traded or centrally cleared financial derivative instruments | 1040 |
|  Over the counter financial derivative instruments | 149 |
|  Short sales | 36 |
|  Foreign currency assets and liabilities | 27 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 9152 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $15785 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Global Bond Opportunities Portfolio (Unhedged)

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $5016 | $4186 |
|  Net realized gain (loss) | 1617 | (2880) |
|  Net change in unrealized appreciation (depreciation) | 9152 | (1872) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 15785 | (566) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (502) | (258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (3980) | (2402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1153) | (599) |
|  Tax basis return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (28) | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (231) | (889) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (68) | (230) |
|  **Total Distributions<sup>(a)</sup>** | (5962) | (4468) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (844) | 7416 |
|  **Total Increase (Decrease) in Net Assets** | 8979 | 2382 |
|  **Net Assets:** |  |  |
|  Beginning of year | 129295 | 126913 |
|  End of year | $138274 | $129295 |

---

---

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

---

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

---

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) December 31, 2025

#### (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 141.6% | INVESTMENTS IN SECURITIES 141.6% | INVESTMENTS IN SECURITIES 141.6% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ | 54 | 35 |
|  4.125% due 07/09/2035 þ | 44 | 32 |
|  Total Argentina (Cost $58) | Total Argentina (Cost $58) | 67 |
| AUSTRALIA 3.0% | AUSTRALIA 3.0% | AUSTRALIA 3.0% |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% |
|  Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(b) | 2100 | 1401 |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  1.750% due 06/21/2051 | 50 | 17 |
|  2.500% due 05/21/2030 | 400 | 249 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 400 | 207 |
|  2.000% due 03/08/2033 | 200 | 110 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 500 | 269 |
|  1.750% due 07/20/2034 | 300 | 153 |
|  2.000% due 08/22/2033 | 1200 | 645 |
|  5.250% due 07/21/2036 | 700 | 460 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 300 | 149 |
|  2.250% due 09/15/2033 | 500 | 273 |
|  4.250% due 12/20/2032 | 300 | 192 |
|  |  | 2724 |
|  Total Australia (Cost $4,096) | Total Australia (Cost $4,096) | 4125 |
| BRAZIL 1.8% | BRAZIL 1.8% | BRAZIL 1.8% |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 13900 | 2454 |
|  Total Brazil (Cost $2,493) | Total Brazil (Cost $2,493) | 2454 |
| BULGARIA 0.3% | BULGARIA 0.3% | BULGARIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.375% due 07/18/2035 | 200 | 231 |
|  4.125% due 07/18/2045 | 200 | 226 |
|  Total Bulgaria (Cost $455) | Total Bulgaria (Cost $455) | 457 |
| CANADA 2.0% | CANADA 2.0% | CANADA 2.0% |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 64 | 61 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 | 900 | 932 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 100 | 117 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.814% due 07/16/2027 | 500 | 509 |
|  |  | 1619 |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  3.000% due 06/01/2034 | 1500 | 1068 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  1.500% due 12/01/2044 (e) | 143 | 99 |
|  |  | 1167 |
|  Total Canada (Cost $2,754) | Total Canada (Cost $2,754) | 2786 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CAYMAN ISLANDS 2.4% | CAYMAN ISLANDS 2.4% | CAYMAN ISLANDS 2.4% |
| ASSET-BACKED SECURITIES 2.1% | ASSET-BACKED SECURITIES 2.1% | ASSET-BACKED SECURITIES 2.1% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.434% due 01/15/2037 •  | 121 | 122 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.199% due 12/16/2036 •  | 113 | 113 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.077% due 10/24/2030 •  | 78 | 78 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.034% due 10/20/2034 •  | 500 | 500 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.181% due 02/17/2039 •  | 144 | 144 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.226% due 04/20/2031 •  | 161 | 161 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.081% due 02/19/2037 •  | 195 | 195 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  4.913% due 06/15/2031 •  | 226 | 227 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.154% due 04/20/2034 •  | 500 | 501 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.049% due 04/18/2038 •  | 209 | 210 |
|  5.334% due 11/15/2038 •  | 109 | 109 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  4.968% due 01/25/2034 •  | 400 | 400 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.386% due 02/15/2039 •  | 178 | 177 |
|  |  | 2937 |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 124 | 120 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.268% due 10/25/2028 | 200 | 206 |
|  Total Cayman Islands (Cost $3,258) | Total Cayman Islands (Cost $3,258) | 3263 |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.850% due 01/22/2029 | 200 | 205 |
|  Total Chile (Cost $200) | Total Chile (Cost $200) | 205 |
| DENMARK 0.1% | DENMARK 0.1% | DENMARK 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 535 | 68 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 267 | 34 |
|  Total Denmark (Cost $122) | Total Denmark (Cost $122) | 102 |
| FRANCE 6.8% | FRANCE 6.8% | FRANCE 6.8% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  6.316% due 10/03/2029 •  | 300 | 317 |
| SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.750% due 02/25/2028 | 800 | 910 |
|  2.750% due 10/25/2027 | 800 | 948 |
|  2.750% due 02/25/2030 | 4300 | 5067 |
|  UNEDIC ASSEO | UNEDIC ASSEO | UNEDIC ASSEO |
|  0.875% due 05/25/2028 | 2000 | 2267 |
|  |  | 9192 |
|  Total France (Cost $8,517) | Total France (Cost $8,517) | 9509 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| GERMANY 1.0% | GERMANY 1.0% | GERMANY 1.0% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
|  0.000% due 12/15/2027 | 1200 | 1352 |
|  Total Germany (Cost $1,198) | Total Germany (Cost $1,198) | 1352 |
| IRELAND 2.6% | IRELAND 2.6% | IRELAND 2.6% |
| ASSET-BACKED SECURITIES 2.6% | ASSET-BACKED SECURITIES 2.6% | ASSET-BACKED SECURITIES 2.6% |
|  BBAM European CLO I DAC | BBAM European CLO I DAC | BBAM European CLO I DAC |
|  2.885% due 07/22/2034 •  | 500 | 588 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.904% due 08/15/2033 •  | 417 | 490 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.249% due 01/15/2039 •  | 500 | 588 |
|  Harvest CLO XXI DAC | Harvest CLO XXI DAC | Harvest CLO XXI DAC |
|  1.040% due 07/15/2031 | 201 | 234 |
|  Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC |
|  3.225% due 01/22/2039 •  | 600 | 705 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.659% due 04/15/2031 •  | 172 | 202 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.790% due 12/15/2031 •  | 37 | 43 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.026% due 01/24/2035 •  | 600 | 706 |
|  Total Ireland (Cost $3,302) | Total Ireland (Cost $3,302) | 3556 |
| ISRAEL 1.0% | ISRAEL 1.0% | ISRAEL 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 | 200 | 206 |
|  5.375% due 02/19/2030 | 700 | 725 |
|  5.500% due 03/12/2034 | 200 | 207 |
|  5.750% due 03/12/2054 | 200 | 193 |
|  Total Israel (Cost $1,285) | Total Israel (Cost $1,285) | 1331 |
| ITALY 2.4% | ITALY 2.4% | ITALY 2.4% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 | 300 | 349 |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 200 | 201 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  2.100% due 08/26/2027 | 2300 | 2700 |
|  |  | 2901 |
|  Total Italy (Cost $3,254) | Total Italy (Cost $3,254) | 3250 |
| JAPAN 5.5% | JAPAN 5.5% | JAPAN 5.5% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  4.527% due 09/12/2031 •  | 200 | 201 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.520% due 01/13/2028 | 300 | 309 |
|  |  | 510 |
| SOVEREIGN ISSUES 5.1% | SOVEREIGN ISSUES 5.1% | SOVEREIGN ISSUES 5.1% |
|  Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. |
|  2.125% due 09/01/2026 | 500 | 588 |
|  4.000% due 08/28/2027 | 300 | 301 |
|  Japan Finance Organization for Municipalities | Japan Finance Organization for Municipalities | Japan Finance Organization for Municipalities |
|  2.375% due 09/08/2027 | 2300 | 2703 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (e) | 196486 | 1276 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  0.400% due 06/20/2029 | 110000 | 679 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 60000 | 279 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  0.700% due 06/20/2051 | 14000 | 49 |
|  2.300% due 12/20/2054 | 27200 | 139 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  0.400% due 06/20/2040 | 80000 | 379 |
|  2.000% due 12/20/2044 | 80000 | 444 |
|  2.400% due 03/20/2045 | 47000 | 278 |
|  |  | 7115 |
|  Total Japan (Cost $8,147) | Total Japan (Cost $8,147) | 7625 |
| JERSEY, CHANNEL ISLANDS 0.3% | JERSEY, CHANNEL ISLANDS 0.3% | JERSEY, CHANNEL ISLANDS 0.3% |
| ASSET-BACKED SECURITIES 0.3% | ASSET-BACKED SECURITIES 0.3% | ASSET-BACKED SECURITIES 0.3% |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.014% due 07/20/2032 •  | 348 | 348 |
|  Total Jersey, Channel Islands (Cost $348) | Total Jersey, Channel Islands (Cost $348) | 348 |
| KUWAIT 0.5% | KUWAIT 0.5% | KUWAIT 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 | 300 | 301 |
|  4.136% due 10/09/2030 | 200 | 200 |
|  4.652% due 10/09/2035 | 200 | 200 |
|  Total Kuwait (Cost $700) | Total Kuwait (Cost $700) | 701 |
| LUXEMBOURG 0.6% | LUXEMBOURG 0.6% | LUXEMBOURG 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 800 | 816 |
|  Total Luxembourg (Cost $798) | Total Luxembourg (Cost $798) | 816 |
| MALAYSIA 0.1% | MALAYSIA 0.1% | MALAYSIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  2.632% due 04/15/2031 | 700 | 167 |
|  Total Malaysia (Cost $151) | Total Malaysia (Cost $151) | 167 |
| NETHERLANDS 0.2% | NETHERLANDS 0.2% | NETHERLANDS 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.515% due 12/03/2035 •  | 300 | 310 |
|  Total Netherlands (Cost $300) | Total Netherlands (Cost $300) | 310 |
| NORWAY 0.1% | NORWAY 0.1% | NORWAY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  1.900% due 01/19/2027 | 300 | 195 |
|  Total Norway (Cost $218) | Total Norway (Cost $218) | 195 |
| PERU 2.3% | PERU 2.3% | PERU 2.3% |
| SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 900 | 289 |
|  7.300% due 08/12/2033 | 6000 | 2037 |
|  7.600% due 08/12/2039 | 1400 | 455 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  6.150% due 08/12/2032 | 100 | 32 |
|  6.900% due 08/12/2037 | 1200 | 374 |
|  Total Peru (Cost $2,813) | Total Peru (Cost $2,813) | 3187 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| POLAND 0.3% | POLAND 0.3% | POLAND 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.875% due 02/12/2030 | 100 | 103 |
|  5.125% due 09/18/2034 | 200 | 205 |
|  5.375% due 02/12/2035 | 100 | 104 |
|  Total Poland (Cost $398) | Total Poland (Cost $398) | 412 |
| QATAR 0.1% | QATAR 0.1% | QATAR 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 200 | 180 |
|  Total Qatar (Cost $199) | Total Qatar (Cost $199) | 180 |
| ROMANIA 0.9% | ROMANIA 0.9% | ROMANIA 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 | 200 | 213 |
|  2.000% due 01/28/2032 | 100 | 101 |
|  2.000% due 04/14/2033 | 100 | 96 |
|  2.124% due 07/16/2031 | 100 | 103 |
|  2.875% due 04/13/2042 | 100 | 78 |
|  5.000% due 09/27/2026 | 220 | 263 |
|  5.250% due 03/10/2030 | 100 | 123 |
|  5.250% due 05/30/2032 | 100 | 120 |
|  5.625% due 05/30/2037 | 100 | 114 |
|  6.500% due 10/07/2045 | 50 | 58 |
|  Total Romania (Cost $1,287) | Total Romania (Cost $1,287) | 1269 |
| SAUDI ARABIA 2.0% | SAUDI ARABIA 2.0% | SAUDI ARABIA 2.0% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  6.375% due 06/02/2055 | 200 | 209 |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.375% due 03/05/2032 | 300 | 354 |
|  3.750% due 03/05/2037 | 100 | 116 |
|  4.750% due 01/18/2028 | 300 | 304 |
|  4.750% due 01/16/2030 | 1100 | 1124 |
|  5.125% due 01/13/2028 | 400 | 409 |
|  5.375% due 01/13/2031 | 200 | 210 |
|  |  | 2517 |
|  Total Saudi Arabia (Cost $2,607) | Total Saudi Arabia (Cost $2,607) | 2726 |
| SERBIA 0.1% | SERBIA 0.1% | SERBIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 | 100 | 110 |
|  2.050% due 09/23/2036 | 100 | 91 |
|  Total Serbia (Cost $232) | Total Serbia (Cost $232) | 201 |
| SOUTH AFRICA 2.7% | SOUTH AFRICA 2.7% | SOUTH AFRICA 2.7% |
| SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 1700 | 88 |
|  8.000% due 01/31/2030 | 13000 | 803 |
|  8.750% due 02/28/2048 | 1800 | 105 |
|  8.875% due 02/28/2035 | 43900 | 2766 |
|  Total South Africa (Cost $3,230) | Total South Africa (Cost $3,230) | 3762 |
| SPAIN 4.7% | SPAIN 4.7% | SPAIN 4.7% |
| SOVEREIGN ISSUES 4.7% | SOVEREIGN ISSUES 4.7% | SOVEREIGN ISSUES 4.7% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 | 100 | 121 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  0.000% due 01/31/2028 | 1650 | 1854 |
|  2.400% due 05/31/2028 | 1050 | 1238 |
|  3.150% due 04/30/2035 | 200 | 233 |
|  3.450% due 10/31/2034 | 2490 | 2986 |
|  Total Spain (Cost $6,121) | Total Spain (Cost $6,121) | 6432 |
| SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  European Union | European Union | European Union |
|  3.750% due 10/12/2045 | 800 | 928 |
|  Total Supranational (Cost $932) | Total Supranational (Cost $932) | 928 |
| UNITED ARAB EMIRATES 0.4% | UNITED ARAB EMIRATES 0.4% | UNITED ARAB EMIRATES 0.4% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.500% due 05/06/2030 | 200 | 202 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  5.500% due 04/30/2054 | 400 | 409 |
|  Total United Arab Emirates (Cost $592) | Total United Arab Emirates (Cost $592) | 611 |
| UNITED KINGDOM 6.6% | UNITED KINGDOM 6.6% | UNITED KINGDOM 6.6% |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  3.973% due 05/22/2030 •  | 100 | 99 |
|  4.041% due 03/13/2028 •  | 200 | 200 |
|  4.787% due 03/10/2032 •  | 200 | 250 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.892% due 05/18/2029 •  | 400 | 407 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.534% due 01/10/2029 •  | 300 | 314 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.608% due 01/12/2028 •  | 200 | 197 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 | 400 | 474 |
|  |  | 1941 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.050% due 06/15/2044 •  | 36 | 48 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.851% due 06/13/2045 •  | 61 | 83 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.856% due 07/20/2053 •  | 336 | 454 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  4.552% due 12/20/2066 •  | 481 | 649 |
|  |  | 1234 |
| SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.375% due 03/07/2030 | 4000 | 5485 |
|  5.375% due 01/31/2056 | 300 | 417 |
|  |  | 5902 |
|  Total United Kingdom (Cost $8,885) | Total United Kingdom (Cost $8,885) | 9077 |
| UNITED STATES 86.7% | UNITED STATES 86.7% | UNITED STATES 86.7% |
| ASSET-BACKED SECURITIES 2.9% | ASSET-BACKED SECURITIES 2.9% | ASSET-BACKED SECURITIES 2.9% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.746% due 08/25/2035 •  | 303 | 303 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.966% due 11/25/2036 •  | 12 | 5 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.836% due 07/25/2035 •  | 389 | 378 |

---

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

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------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  7.490% due 07/01/2031 þ | 170 | 173 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.246% due 08/25/2034 •  | 53 | 52 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.286% due 06/25/2047 •  | 405 | 395 |
|  4.586% due 08/25/2047 •  | 38 | 38 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.346% due 05/25/2046 •  | 282 | 274 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.956% due 03/25/2037 •  | 722 | 309 |
|  4.346% due 08/25/2036 •  | 1639 | 826 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.386% due 05/25/2036 •  | 499 | 491 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.294% due 01/25/2037 þ | 454 | 137 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  3.946% due 12/25/2036 •  | 4 | 2 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 84 | 81 |
|  4.965% due 07/15/2053 •  | 21 | 21 |
|  5.434% due 02/16/2055 •  | 145 | 147 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.346% due 11/25/2036 •  | 364 | 349 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  4.786% due 11/25/2033 •  | 7 | 7 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  3.851% due 10/25/2036 •  | 28 | 10 |
|  |  | 3998 |
| CORPORATE BONDS & NOTES 4.9% | CORPORATE BONDS & NOTES 4.9% | CORPORATE BONDS & NOTES 4.9% |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.516% due 03/25/2027 | 200 | 203 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.511% due 01/24/2036 •  | 300 | 313 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 1400 | 1480 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.259% due 05/01/2027 | 100 | 103 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.350% due 12/15/2030 | 39 | 38 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  4.975% due 09/01/2035 | 300 | 297 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 150 | 147 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.300% due 01/15/2029 | 200 | 204 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.505% due 10/22/2028 •  | 400 | 404 |
|  5.140% due 01/24/2031 •  | 400 | 413 |
|  Kraton Corp. | Kraton Corp. | Kraton Corp. |
|  5.000% due 07/15/2027 | 300 | 305 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.699% (EUR003M + 0.650%) due 03/19/2027 ~ | 400 | 471 |
|  5.652% due 04/13/2028 •  | 500 | 510 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.504% due 05/26/2028 •  | 300 | 306 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.000% due 12/01/2046 | 100 | 75 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  5.100% due 02/15/2029 | 150 | 153 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  5.125% due 02/13/2031 | 150 | 156 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.211% due 12/03/2035 •  | 400 | 409 |
|  5.244% due 01/24/2031 •  | 500 | 518 |
|  5.499% due 01/23/2035 •  | 300 | 313 |
|  |  | 6818 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 |
|  4.145% due 02/01/2033 | 100 | 100 |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 | 84 | 86 |
|  |  | 186 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.2% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.404% due 09/25/2035 ~ | 2 | 2 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.036% due 05/25/2046 •  | 81 | 73 |
|  4.056% due 10/25/2046 •  | 207 | 103 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  5.985% due 01/25/2069 þ | 354 | 357 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.328% due 10/20/2046 ~ | 38 | 32 |
|  5.500% due 01/25/2036 | 10 | 10 |
|  5.798% due 02/20/2036 ~ | 22 | 21 |
|  Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust |
|  3.000% due 11/25/2051 ~ | 213 | 186 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.186% due 01/25/2037 •  | 81 | 77 |
|  5.250% due 04/26/2037 | 280 | 154 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.159% due 08/25/2036 ~ | 92 | 41 |
|  4.668% due 11/25/2035 ~ | 37 | 28 |
|  4.791% due 09/25/2035 ~ | 42 | 22 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.000% due 05/25/2034 ~ | 1 | 1 |
|  4.203% due 05/25/2047 ~ | 54 | 48 |
|  5.014% due 08/25/2033 ~ | 2 | 2 |
|  5.717% due 11/25/2034 ~ | 1 | 1 |
|  5.741% due 10/25/2033 ~ | 1 | 1 |
|  6.811% due 05/25/2034 ~ | 3 | 3 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.944% due 12/26/2046 ~ | 29 | 23 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.594% due 10/15/2036 •  | 119 | 119 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.927% due 07/25/2037 ~ | 9 | 7 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.026% due 07/25/2036 •  | 137 | 126 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  3.795% due 05/25/2047 ~ | 37 | 32 |
|  4.306% due 05/25/2035 •  | 21 | 18 |
|  4.386% due 04/25/2046 •  | 900 | 258 |
|  4.426% due 04/25/2035 •  | 1 | 1 |
|  4.446% due 03/25/2035 •  | 278 | 146 |
|  4.466% due 02/25/2035 •  | 160 | 151 |
|  4.486% due 03/25/2035 •  | 21 | 19 |
|  4.506% due 02/25/2035 •  | 2 | 2 |
|  4.606% due 09/25/2034 •  | 1 | 1 |
|  4.796% due 11/25/2034 ~ | 3 | 3 |
|  5.500% due 10/25/2035 | 29 | 14 |
|  6.148% due 02/20/2036 •  | 114 | 108 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  2.500% due 05/25/2051 ~ | 653 | 548 |
|  6.190% due 09/25/2035 •  | 1 | 1 |
|  6.560% due 10/25/2035 •  | 71 | 69 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.043% due 12/20/2046 •  | 132 | 119 |
|  4.196% due 05/25/2037 •  | 33 | 10 |
|  4.268% due 03/20/2046 •  | 41 | 39 |
|  4.268% due 07/20/2046 •  | 72 | 62 |
|  4.406% due 02/25/2037 •  | 46 | 39 |
|  4.671% due 11/25/2035 ~ | 65 | 60 |
|  5.250% due 06/25/2035 | 5 | 4 |
|  5.529% due 11/25/2035 •  | 7 | 6 |
|  6.000% due 04/25/2037 | 37 | 15 |
|  6.069% due 11/25/2035 •  | 7 | 6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.250% due 08/25/2037 | $— | 16 | $— | 7 |
|  6.500% due 06/25/2036 |  | 88 |  | 39 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  2.500% due 07/25/2056 ~ |  | 68 |  | 57 |
|  6.500% due 07/26/2036 |  | 103 |  | 21 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  6.386% due 10/25/2036 þ |  | 71 |  | 62 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  3.000% due 04/25/2052 ~ |  | 315 |  | 276 |
|  4.250% due 05/25/2067 ~ |  | 497 |  | 476 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.386% due 11/25/2045 •  |  | 3 |  | 3 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 ~ |  | 73 |  | 61 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.410% due 06/25/2034 ~ |  | 1 |  | 1 |
|  4.951% due 09/25/2035 ~ |  | 18 |  | 17 |
|  5.880% due 03/25/2033 •  |  | 1 |  | 1 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.879% due 12/19/2036 •  |  | 45 |  | 42 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.983% due 09/25/2035 ~ |  | 65 |  | 53 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 01/25/2052 ~ |  | 500 |  | 437 |
|  3.000% due 03/25/2052 ~ |  | 468 |  | 411 |
|  3.000% due 04/25/2052 ~ |  | 474 |  | 416 |
|  3.000% due 05/25/2052 ~ |  | 708 |  | 622 |
|  4.397% due 01/25/2037 ~ |  | 48 |  | 38 |
|  5.555% due 02/25/2035 ~ |  | 1 |  | 1 |
|  5.869% due 11/25/2033 ~ |  | 1 |  | 1 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.566% due 04/25/2036 •  |  | 141 |  | 127 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 |  | 400 |  | 385 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.839% due 05/25/2034 ~ |  | 106 |  | 103 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.246% due 03/25/2036 •  |  | 43 |  | 4 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.305% due 12/15/2030 •  |  | 1 |  | 1 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.266% due 02/25/2036 •  |  | 13 |  | 13 |
|  6.041% due 02/25/2033 ~ |  | 1 |  | 1 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.030% due 04/25/2037 ~ |  | 3 |  | 2 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  6.105% due 12/25/2068 þ |  | 301 |  | 304 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ |  | 163 |  | 158 |
|  2.750% due 11/25/2059 ~ |  | 146 |  | 142 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.343% due 10/25/2035 ~ |  | 3 |  | 3 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  4.960% due 11/15/2038 •  |  | 400 |  | 400 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  4.496% due 06/25/2057 •  |  | 47 |  | 46 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  4.815% due 01/15/2036 •  |  | 500 |  | 491 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  2.500% due 07/25/2051 ~ |  | 296 |  | 248 |
|  PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust |
|  6.221% due 11/25/2068 þ |  | 322 |  | 326 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.266% due 04/25/2046 •  |  | 117 |  | 29 |
|  6.000% due 12/25/2036 |  | 108 |  | 91 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.500% due 11/25/2035 |  | 20 |  | 16 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.298% due 02/25/2034 ~ |  | 1 |  | 1 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.226% due 07/25/2046 •  |  | 148 |  | 106 |
|  4.266% due 05/25/2036 •  |  | 27 |  | 20 |
|  4.286% due 05/25/2036 •  |  | 137 |  | 115 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.286% due 09/25/2047 •  | 123 | 111 |
|  4.346% due 07/19/2035 •  | 12 | 12 |
|  4.406% due 02/25/2036 •  | 109 | 93 |
|  4.546% due 03/19/2034 •  | 1 | 1 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.126% due 01/25/2036 •  | 59 | 50 |
|  Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust |
|  4.496% due 12/25/2035 •  | 104 | 91 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ | 168 | 155 |
|  2.710% due 01/25/2060 ~ | 107 | 104 |
|  2.900% due 10/25/2059 ~ | 502 | 485 |
|  4.578% due 10/27/2064 ~ | 559 | 561 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.664% due 01/25/2037 ~ | 8 | 7 |
|  3.930% due 06/25/2037 ~ | 20 | 17 |
|  4.146% due 12/25/2036 ~ | 12 | 11 |
|  4.150% due 09/25/2036 ~ | 27 | 23 |
|  4.271% due 12/25/2036 ~ | 2 | 2 |
|  4.386% due 12/25/2045 •  | 7 | 7 |
|  4.466% due 01/25/2045 •  | 1 | 1 |
|  4.486% due 01/25/2045 •  | 1 | 1 |
|  4.729% due 02/25/2047 •  | 113 | 106 |
|  5.077% due 07/25/2046 •  | 67 | 62 |
|  5.429% due 08/25/2042 •  | 1 | 1 |
|  5.494% due 02/25/2033 ~ | 14 | 14 |
|  5.731% due 06/25/2033 ~ | 1 | 1 |
|  6.166% due 03/25/2034 ~ | 4 | 4 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.969% due 07/25/2046 •  | 28 | 17 |
|  |  | 11279 |
| U.S. GOVERNMENT AGENCIES 60.1% | U.S. GOVERNMENT AGENCIES 60.1% | U.S. GOVERNMENT AGENCIES 60.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 02/01/2051 | 193 | 164 |
|  3.000% due 03/01/2045 | 132 | 122 |
|  3.500% due 10/01/2039 | 34 | 33 |
|  6.000% due 04/01/2054 - 08/01/2054 | 7710 | 7962 |
|  6.500% due 12/01/2053 - 10/01/2055 | 1944 | 2022 |
|  6.807% due 04/01/2037 •  | 2 | 2 |
|  Federal Home Loan Mortgage Corp. Reference REMICS | Federal Home Loan Mortgage Corp. Reference REMICS | Federal Home Loan Mortgage Corp. Reference REMICS |
|  6.000% due 04/15/2036 | 61 | 65 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.733% due 01/15/2038 ~(a) | 53 | 3 |
|  4.673% due 01/15/2038 •  | 53 | 53 |
|  4.814% due 11/25/2054 •  | 487 | 489 |
|  4.824% due 03/25/2055 •  | 397 | 401 |
|  4.854% due 08/25/2055 •  | 279 | 281 |
|  5.274% due 03/25/2055 •  | 571 | 576 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.269% due 09/25/2031 •  | 2 | 2 |
|  5.229% due 10/25/2044 •  | 9 | 8 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 08/01/2042 - 03/01/2060 | 431 | 382 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 10/01/2034 - 01/01/2059 | 500 | 463 |
|  4.000% due 06/01/2050 | 95 | 91 |
|  5.756% due 12/01/2034 •  | 1 | 1 |
|  6.000% due 01/01/2054 - 09/01/2054 | 5981 | 6170 |
|  6.346% due 11/01/2034 •  | 4 | 4 |
|  6.500% due 11/01/2054 | 91 | 95 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.389% due 06/25/2036 •  | 4 | 4 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.000% due 07/25/2044 | 6 | 6 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 12/20/2052 | 416 | 375 |
|  3.500% due 10/20/2052 - 07/20/2055 | 6669 | 6081 |
|  6.000% due 09/20/2038 | 1 | 1 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.000% due 07/20/2046 | 2 | 2 |
|  4.708% due 04/20/2074 •  | 471 | 473 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 02/01/2056 | 600 | 518 |
|  3.000% due 01/01/2056 | 3800 | 3415 |
|  3.500% due 02/01/2056 | 500 | 455 |
|  6.500% due 02/01/2056 | 4500 | 4647 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 02/01/2056 | 1100 | 972 |
|  4.000% due 02/01/2056 | 600 | 569 |
|  5.000% due 02/01/2056 | 24900 | 24810 |
|  6.500% due 02/01/2056 | 20600 | 21414 |
|  |  | 83131 |
| U.S. TREASURY OBLIGATIONS 10.5% | U.S. TREASURY OBLIGATIONS 10.5% | U.S. TREASURY OBLIGATIONS 10.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2041 (k) | 300 | 210 |
|  2.250% due 08/15/2049 | 400 | 251 |
|  2.375% due 11/15/2049 | 300 | 193 |
|  3.000% due 02/15/2048 | 400 | 298 |
|  3.000% due 08/15/2048 | 175 | 129 |
|  3.375% due 11/15/2048 (g)(k) | 1400 | 1108 |
|  4.125% due 08/15/2044 (g) | 3650 | 3351 |
|  4.500% due 11/15/2054 (g) | 3100 | 2925 |
|  4.625% due 02/15/2055 (g) | 2000 | 1927 |
|  4.875% due 08/15/2045 | 38 | 38 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  1.750% due 01/15/2028 (i) | 2176 | 2193 |
|  3.875% due 04/15/2029 | 317 | 342 |
|  0.125% due 07/15/2031 | 364 | 338 |
|  0.125% due 01/15/2032 | 117 | 107 |
|  0.625% due 07/15/2032 | 112 | 105 |
|  1.125% due 01/15/2033 | 874 | 839 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 08/15/2035 | 100 | 101 |
|  |  | 14455 |
|  Total United States (Cost $121,940) | Total United States (Cost $121,940) | 119867 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% |
| COMMERCIAL PAPER 1.4% | COMMERCIAL PAPER 1.4% | COMMERCIAL PAPER 1.4% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.180% due 01/07/2026 | 400 | 399 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.130% due 01/07/2026 | 400 | 400 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  4.600% due 01/06/2026 | 400 | 400 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.300% due 01/07/2026 | 400 | 400 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.130% due 01/12/2026 | 400 | 399 |
|  |  | 1998 |
| REPURCHASE AGREEMENTS (f) 0.6% | REPURCHASE AGREEMENTS (f) 0.6% | REPURCHASE AGREEMENTS (f) 0.6% |
|  |  | 801 |
| NIGERIA TREASURY BILLS 0.6% | NIGERIA TREASURY BILLS 0.6% | NIGERIA TREASURY BILLS 0.6% |
|  31.831% due 06/11/2026 - 06/29/2026 (c)(d) | 1235770 | 779 |
| SOUTH AFRICA TREASURY BILLS 0.7% | SOUTH AFRICA TREASURY BILLS 0.7% | SOUTH AFRICA TREASURY BILLS 0.7% |
|  7.351% due 04/22/2026 - 11/18/2026 (c)(d) | 17470 | 1022 |
| Total Short-Term Instruments<br>(Cost $4,492) | Total Short-Term Instruments<br>(Cost $4,492) | 4600 |
| Total Investments in Securities (Cost $195,382) | Total Investments in Securities (Cost $195,382) | 195871 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 1.1% | INVESTMENTS IN AFFILIATES 1.1% | INVESTMENTS IN AFFILIATES 1.1% |
| SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.1% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 149777 | 1459 |
| Total Short-Term Instruments<br>(Cost $1,459) | Total Short-Term Instruments<br>(Cost $1,459) | 1459 |
| Total Investments in Affiliates<br>(Cost $1,459) | Total Investments in Affiliates<br>(Cost $1,459) | 1459 |
| Total Investments 142.7%<br>(Cost $196,841) | Total Investments 142.7%<br>(Cost $196,841) | 197330 |
|  Financial Derivative<br>Instruments (h)(j) 0.3%<br> (Cost or Premiums, net $3,687) | Financial Derivative<br>Instruments (h)(j) 0.3%<br> (Cost or Premiums, net $3,687) | 413 |
| Other Assets and Liabilities, net (43.0)% | Other Assets and Liabilities, net (43.0)% | (59469) |
| Net Assets 100.0% | Net Assets 100.0% | 138274 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

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

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

---

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

---

------

December 31, 2025

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(f) REPURCHASE AGREEMENTS:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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> |
| BRC | 1.980% | 07/10/2025 | TBD<sup>(2)</sup> | EUR 256 | France Government International Bonds 3.000% due 06/25/2049 | $(291) | $300 | $303 |
| MEI | 1.960 | 07/11/2025 | TBD<sup>(2)</sup> | 426 | France Government International Bonds 3.000% due 06/25/2049 | (484) | 501 | 506 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(775) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(3)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(3)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BSN | 3.810% | 01/02/2026 | 01/16/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6540) | $(6540) |
|  | 3.930 | 12/18/2025 | 01/02/2026 | (7081) | (7093) |
|  CIB | 3.930 | 12/17/2025 | 01/07/2026 | (1097) | (1098) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14731) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(4)</sup> |
|  France (0.5)% | France (0.5)% | France (0.5)% | France (0.5)% | France (0.5)% | France (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | 3.000% | 06/25/2049 | 800 | $(799) | $(777) |
|  United States (13.4)% | United States (13.4)% | United States (13.4)% | United States (13.4)% | United States (13.4)% | United States (13.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 01/01/2041 | $2300 | $(2122) | $(2130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2056 | 12200 | (9903) | (9865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 01/01/2056 | 800 | (679) | (677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 02/01/2056 | 800 | (737) | (737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 01/01/2056 | 200 | (195) | (195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 02/01/2056 | 260 | (262) | (264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 02/01/2056 | 4500 | (4601) | (4618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States |  |  |  | (18499) | (18486) |
|  Total Short Sales (13.9)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19298) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19263) |

---

#### 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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales<sup>(4)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(5)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BRC | $303 | $0 | $0 | $0 | $303 | $(291) | $12 |
|  BSN | 0 | (13633) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13633) | 6976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6657) |
|  CIB | 0 | (1098) | 0 | 0 | (1098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | (8) |
|  MEI | 506 | 0 | 0 | 0 | 506 | (484) | 22 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BPS | 0 | 0 | 0 | (777) | (777) | 0 | (777) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14731) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(777) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 15

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $0 | $(8191) | $0 | $0 | $(8191) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8191) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(8191) |
|  Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8191) |

---

(g) Securities with an aggregate market value of $8,066 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

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

<sup>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(7190) at a weighted average interest rate of 4.326%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Payable for short sales includes $(15) of accrued interest. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(6)</sup> Unsettled reverse repurchase agreements liability of $(6540) is outstanding at period end. 

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

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | **Strike**<br>**Price** | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note February Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.500 | 01/23/2026 | 4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $(1) | $(1) |
|  Put - CBOE U.S. Treasury 10-Year Note February Futures | 112.000 | 01/23/2026 | 2 | 2 | 0 | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note February Futures | 113.500 | 01/23/2026 | 6 | 6 | (1) | 0 |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 3-Year Bond March Futures  | 03/2026 | 7 | $490 | $0 | $0 | $0 |
|  Euro-BTP Future March Futures  | 03/2026 | 52 | 7344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | 0 | (22) |
|  Long Guilt March Futures  | 03/2026 | 77 | 9483 | 64 | 17 | (7) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 116 | 12679 | (1) | 0 | (14) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 42 | 4722 | (8) | 0 | (9) |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 71 | 8166 | (37) | 0 | (13) |
|  |  |  |  | $0 | $17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond March Futures  | 03/2026 | 117 | $(8549) | $(14) | $0 | $(9) |
|  Canada Government 5-Year Bond March Futures  | 03/2026 | 11 | (908) | 6 | 2 | 0 |
|  Canada Government 10-Year Bond March Futures  | 03/2026 | 4 | (352) | 4 | 1 | 0 |
|  Euro-Bobl March Futures  | 03/2026 | 52 | (7099) | 55 | 5 | 0 |
|  Euro-Bund March Futures  | 03/2026 | 54 | (8096) | 111 | 14 | 0 |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2026 | 2 | (259) | 4 | 1 | 0 |
|  Euro-Oat March Futures  | 03/2026 | 85 | (12046) | 72 | 29 | 0 |
|  Euro-Schatz March Futures  | 03/2026 | 98 | (12299) | 17 | 1 | 0 |
|  Japan Government 10-Year Bond March Futures  | 03/2026 | 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22823) | 156 | 50 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 19 | (2242) | 35 | 7 | 0 |
|  |  |  |  | $446 | $110 | $(9) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) |

---

16 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### 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, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Deutsche Bank | 1.000% | Quarterly | 12/20/2032 | 1.011% | EUR 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.IG-45 10-Year Index | (1.000)% | Quarterly | 12/20/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.IG-44 5-Year Index | 1.000% | Quarterly | 06/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | $291 | $16 | $307 | $0 | $0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 75330 | 1686 | 43 | 1729 | 1 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036 | $&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 GBP-SONIO Compounded-OIS | 3.000% | Annual | 06/17/2027 | 7500 | $(27) | $(103) | $(130) | $0 | $0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/17/2027 | 300 | 2 | (1) | 1 | 0 | 0 |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 13700 | 42 | 145 | 187 | 4 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 09/17/2030 | 600 | (3) | 6 | 3 | 1 | 0 |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 7800 | 16 | 25 | 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 0 |
|  Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 4200 | (21) | 28 | 7 | 0 | (6) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 100 | 4 | (5) | (1) | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 400 | 7 | (10) | (3) | 0 | (1) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 12/18/2029 | 40000 | 0 | (8) | (8) | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 12/17/2030 | 1100000 | (7) | (76) | (83) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 739200 | (13) | (135) | (148) | 0 | (9) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 356000 | (5) | (135) | (140) | 0 | (5) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 12/18/2034 | 20000 | 1 | (9) | (8) | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 560000 | (60) | (174) | (234) | 0 | (8) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 190000 | 23 | (80) | (57) | 0 | (3) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 660150 | (44) | (175) | (219) | 0 | (9) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 480000 | 262 | 391 | 653 | 7 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 349600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490) | 0 | (4) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 14800 | (2) | 17 | 15 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.500 | Annual | 12/17/2055 | 240000 | 50 | 56 | 106 | 6 | 0 |
|  Receive<sup>(6)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.250 | Semi-Annual | 03/18/2027 | 8100 | 9 | 1 | 10 | 0 | (3) |
|  Receive<sup>(6)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 03/18/2031 | 5806 | 80 | 18 | 98 | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.020 | Annual | 05/15/2026 | $1200 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 700 | 10 | (10) | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 1300 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 4600 | 1 | 24 | 25 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 3400 | 23 | (33) | (10) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 28150 | 587 | (164) | 423 | 9 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | 1400 | (10) | 0 | (10) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 9800 | 54 | 5 | 59 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.981 | Annual | 11/30/2027 | 2400 | 0 | 30 | 30 | 0 | (1) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2028 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 700 | 0 | (8) | (8) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 500 | 0 | (6) | (6) | 1 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 | 4052 | 1 | 16 | 17 | 6 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 | 5184 | 5 | 0 | 5 | 7 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 12500 | 171 | (4) | 167 | 0 | (20) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.695 | Annual | 11/15/2031 | 1300 | (2) | (128) | (130) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 11/15/2032 | 9160 | (48) | (235) | (283) | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 500 | (2) | 10 | 8 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/18/2034 | $2600 | $18 | $(22) | $(4) | $6 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 4750 | 294 | (70) | 224 | 11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 1500 | 82 | (13) | 69 | 3 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 700 | 1 | 6 | 7 | 1 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 700 | (1) | 5 | 4 | 2 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 1079 | 3 | 2 | 5 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 2400 | (47) | 54 | 7 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 6080 | (46) | 67 | 21 | 14 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 100 | (2) | 0 | (2) | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 900 | 13 | 12 | 25 | 3 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.075 | Annual | 11/15/2053 | 813 | 6 | 8 | 14 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 1070 | 136 | 29 | 165 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 | 500 | 0 | 20 | 20 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 200 | 0 | 7 | 7 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 | 200 | 0 | 6 | 6 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 | 540 | 0 | 5 | 5 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 | 260 | 0 | 2 | 2 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 800 | 0 | 58 | 58 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 | 200 | 0 | 13 | 13 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 200 | 0 | 13 | 13 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 | 200 | 0 | 11 | 11 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 | 500 | 0 | 36 | 36 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 980 | 123 | 38 | 161 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 | 246 | 1 | 9 | 10 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 | 142 | (2) | 5 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 | 315 | 0 | 11 | 11 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 200 | 20 | 3 | 23 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 | 84 | (1) | 3 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 3900 | 246 | 30 | 276 | 13 | 0 |
|  Pay | 1-Year BRL-CDI | 12.970 | Maturity | 01/02/2029 | 17400 | 0 | (15) | (15) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.268 | Maturity | 01/02/2029 | 21000 | 0 | 9 | 9 | 0 | 0 |
|  Pay<sup>(6)</sup> | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | 25170 | 0 | (1) | (1) | 0 | 0 |
|  Receive<sup>(6)</sup> | 3-Month NZD-BBR | 2.500 | Semi-Annual | 03/12/2028 | 4300 | 2 | 23 | 25 | 0 | (3) |
|  Receive<sup>(6)</sup> | 3-Month NZD-BBR | 3.500 | Semi-Annual | 03/18/2031 | 9700 | (72) | 107 | 35 | 0 | (24) |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.723 | Annual | 12/01/2035 | 12800 | (1) | (3) | (4) | 0 | (1) |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.685 | Annual | 12/02/2035 | 3300 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | 1000 | (3) | (20) | (23) | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 | 32300 | (279) | (700) | (979) | 0 | (18) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 900 | 0 | (21) | (21) | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 | 2700 | 10 | (38) | (28) | 0 | (4) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 300 | 2 | (6) | (4) | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 | 6700 | 42 | (216) | (174) | 0 | (9) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 | 1300 | 21 | (37) | (16) | 0 | (2) |
|  Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 1600 | 1 | (49) | (48) | 0 | (2) |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.523 | Annual | 12/01/2035 | 62200 | 1 | 6 | 7 | 3 | 0 |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.485 | Annual | 12/02/2035 | 18400 | 0 | 1 | 1 | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | 5170 | 36 | 129 | 165 | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 | 6000 | (23) | (19) | (42) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 | 900 | 0 | (16) | (16) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 | 2000 | 0 | (25) | (25) | 0 | (1) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 4110 | 18 | (43) | (25) | 0 | (3) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 8910 | (27) | (161) | (188) | 0 | (12) |
|  Pay | 6-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 | 200 | (14) | (99) | (113) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 | 100 | 0 | 69 | 69 | 0 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 | 4100 | 61 | 393 | 454 | 6 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 3430 | 15 | 189 | 204 | 11 | 0 |
|  Pay | 6-Month PLN-WIBOR | 2.585 | Annual | 10/14/2029 | 1200 | 0 | (14) | (14) | 0 | 0 |
|  Pay | CAONREPO | 3.898 | Annual | 06/19/2026 | 5400 | (1) | 58 | 57 | 0 | 0 |
|  Pay | CAONREPO | 3.925 | Annual | 06/19/2026 | 5100 | 0 | 54 | 54 | 0 | 0 |
|  Pay | CAONREPO | 3.500 | Semi-Annual | 06/19/2034 | 700 | 22 | (5) | 17 | 0 | (1) |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 | 900 | 9 | 25 | 34 | 2 | 0 |
|  |  |  |  |  |  | $1604 | $(1131) | $473 | $165 | $(201) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1082) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201) |

---

18 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | |  | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&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;166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | $(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277) |

---

(i) Securities with an aggregate market value of $1,007 and cash of $4,836 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 01/2026 | $159 | 122 | $5 | $0 |
|  | 01/2026 | 226 | 35090 | 0 | (2) |
|  | 01/2026 | 74 | 131 | 2 | 0 |
|  BOA | 01/2026 | 13489 | $1929 | 0 | (6) |
|  | 01/2026 | 135947 | 93 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  | 01/2026 | 623 | 170 | 0 | (3) |
|  | 01/2026 | 1948 | 60 | 0 | (2) |
|  | 01/2026 | 7600 | 249 | 7 | 0 |
|  | 01/2026 | $34 | 242 | 0 | 0 |
|  | 01/2026 | 256 | 39500 | 0 | (3) |
|  | 01/2026 | 154 | 225970 | 3 | 0 |
|  | 01/2026 | 536 | 1962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 0 |
|  | 01/2026 | 80 | 3562 | 2 | 0 |
|  | 01/2026 | 36 | 1129 | 0 | 0 |
|  | 01/2026 | 140 | 2334 | 1 | 0 |
|  | 02/2026 | 580 | $182 | 0 | 0 |
|  | 02/2026 | 226117 | 155 | 0 | (1) |
|  | 03/2026 | 636 | 26 | 0 | 0 |
|  | 03/2026 | 73 | 1790 | 1 | 0 |
|  | 03/2026 | 2094 | $4 | 0 | 0 |
|  | 03/2026 | 447 | 133 | 0 | 0 |
|  | 03/2026 | $1 | 6 | 0 | 0 |
|  | 04/2026 | 48 | 885 | 1 | 0 |
|  | 04/2026 | 1551 | $88 | 0 | (5) |
|  | 08/2026 | 4704 | 270 | 0 | (9) |
|  BPS | 01/2026 | 1727 | 1123 | 0 | (30) |
|  | 01/2026 | 1299 | 236 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | 64 | $81 | $0 | $0 |
|  | 01/2026 | 2422 | 347 | 0 | (1) |
|  | 01/2026 | 1764 | 2076 | 3 | (1) |
|  | 01/2026 | 1443 | 445 | 0 | (8) |
|  | 01/2026 | 14425 | 160 | 0 | 0 |
|  | 01/2026 | 66300 | 429 | 6 | 0 |
|  | 01/2026 | 801 | 220 | 0 | (4) |
|  | 01/2026 | 34489 | 1128 | 30 | 0 |
|  | 01/2026 | $236 | 1299 | 1 | 0 |
|  | 01/2026 | 2726 | 19177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 0 |
|  | 01/2026 | 2311 | 1962 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
|  | 01/2026 | 231 | 3859818 | 0 | 0 |
|  | 01/2026 | 80 | 7227 | 0 | 0 |
|  | 01/2026 | 77 | 136 | 1 | 0 |
|  | 01/2026 | 580 | 2107 | 7 | 0 |
|  | 01/2026 | 1098 | 34498 | 2 | (1) |
|  | 01/2026 | 304 | 5061 | 2 | 0 |
|  | 01/2026 | 2019 | $121 | 0 | (1) |
|  | 02/2026 | 37 | 191 | 0 | 0 |
|  | 02/2026 | $149 | 1050 | 2 | 0 |
|  | 02/2026 | 178 | 16059 | 0 | 0 |
|  | 02/2026 | 435 | 13638 | 0 | (1) |
|  | 03/2026 | 1153 | 47 | 0 | (1) |
|  | 03/2026 | 9710 | $313 | 4 | 0 |
|  | 03/2026 | $295 | 2069 | 2 | 0 |
|  | 04/2026 | 1900 | $333 | 0 | (7) |
|  | 04/2026 | $42 | 295 | 0 | 0 |
|  BRC | 01/2026 | 225 | 1156 | 2 | 0 |
|  | 01/2026 | 920 | $1080 | 0 | (1) |
|  | 01/2026 | 258 | 80 | 0 | (1) |
|  | 01/2026 | $116 | 747 | 2 | 0 |
|  | 01/2026 | 344 | 1414 | 4 | 0 |
|  | 01/2026 | 640 | 1106 | 0 | (3) |
|  | 01/2026 | 77 | 282 | 1 | 0 |
|  | 01/2026 | 28 | 1289 | 1 | 0 |
|  | 01/2026 | 6398 | $369 | 0 | (16) |
|  | 02/2026 | 245 | 76 | 0 | (1) |
|  | 02/2026 | $1112 | 50682 | 28 | 0 |
|  | 03/2026 | 407 | 7534 | 9 | 0 |
|  | 03/2026 | 291 | 13278 | 4 | 0 |
|  | 04/2026 | 1583 | $90 | 0 | (5) |
|  | 07/2026 | 2353 | 133 | 0 | (7) |
|  BSH | 01/2026 | 520 | 95 | 0 | 0 |
|  | 01/2026 | 3096 | 4094 | 0 | (80) |
|  | 01/2026 | 432 | 125 | 0 | (4) |
|  | 01/2026 | $94 | 520 | 1 | 0 |
|  | 01/2026 | 1899 | 295642 | 0 | (11) |
|  | 01/2026 | 135 | 240 | 4 | 0 |
|  | 02/2026 | 524 | $94 | 0 | (1) |
|  | 02/2026 | 288 | 82 | 0 | (3) |
|  | 04/2026 | 3900 | 687 | 1 | (11) |
|  CBK | 01/2026 | 1890 | 1258 | 1 | (4) |
|  | 01/2026 | 6530 | 934 | 0 | (3) |
|  | 01/2026 | 327 | 381 | 0 | (3) |
|  | 01/2026 | 20000 | 147 | 20 | 0 |
|  | 01/2026 | 483 | 280 | 1 | 0 |
|  | 01/2026 | 1565 | 462 | 0 | (3) |
|  | 01/2026 | 42097 | 1385 | 45 | 0 |
|  | 01/2026 | $318 | 476 | 1 | (1) |
|  | 01/2026 | 2573 | 17956 | 3 | 0 |
|  | 01/2026 | 66 | 467 | 1 | 0 |
|  | 01/2026 | 40 | 129 | 0 | 0 |
|  | 01/2026 | 2811 | 251167 | 2 | (25) |
|  | 01/2026 | 34 | 122 | 0 | 0 |
|  | 01/2026 | 443 | 572 | 3 | 0 |
|  | 01/2026 | 0 | 3 | 0 | 0 |
|  | 01/2026 | 343 | 10714 | 0 | (2) |
|  | 02/2026 | 14 | 73 | 0 | 0 |
|  | 02/2026 | 449 | $141 | 0 | 0 |
|  | 02/2026 | 3872 | 1125 | 0 | (25) |
|  | 02/2026 | $103 | 727 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 02/2026 | $10 | 324 | $0 | $0 |
|  | 03/2026 | 6889 | $889 | 2 | 0 |
|  | 03/2026 | 3175 | 910 | 0 | (32) |
|  | 03/2026 | 10553 | 339 | 4 | 0 |
|  | 03/2026 | $659 | 4636 | 6 | 0 |
|  | 07/2026 | 1020 | $295 | 0 | (6) |
|  DUB | 01/2026 | 135 | 692 | 1 | 0 |
|  | 01/2026 | 409 | $127 | 0 | (1) |
|  | 01/2026 | 243 | 141 | 1 | 0 |
|  | 01/2026 | $41 | 2025 | 1 | 0 |
|  | 01/2026 | 196 | 626 | 0 | 0 |
|  | 01/2026 | 937 | 83440 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  | 01/2026 | 882 | 1294143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | 0 |
|  | 01/2026 | 120 | 2015 | 2 | 0 |
|  | 01/2026 | 11401 | $654 | 0 | (33) |
|  | 02/2026 | 128 | 655 | 1 | 0 |
|  | 02/2026 | 626 | $196 | 0 | 0 |
|  | 02/2026 | $124 | 40899 | 0 | 0 |
|  | 02/2026 | 14 | 437 | 0 | 0 |
|  | 03/2026 | 1653 | $3 | 0 | 0 |
|  | 03/2026 | 351 | 104 | 0 | 0 |
|  | 03/2026 | $311 | 2181 | 2 | 0 |
|  | 03/2026 | 174 | 3584 | 0 | 0 |
|  | 03/2026 | 146 | 79639 | 8 | 0 |
|  | 04/2026 | 65 | 3360 | 3 | 0 |
|  | 06/2026 | 31333 | $58 | 0 | (1) |
|  | 07/2026 | 1727 | 98 | 0 | (5) |
|  FAR | 01/2026 | 3800 | 2469 | 0 | (67) |
|  | 01/2026 | 71 | 89 | 0 | (1) |
|  | 01/2026 | 305 | 175 | 0 | (1) |
|  | 01/2026 | 156 | 120 | 0 | (1) |
|  | 01/2026 | $994 | 6999 | 10 | 0 |
|  | 01/2026 | 104 | 333 | 1 | 0 |
|  | 01/2026 | 2870 | 53234 | 80 | 0 |
|  | 01/2026 | 158 | 280 | 4 | 0 |
|  | 01/2026 | 770 | 2818 | 15 | 0 |
|  | 01/2026 | 176 | 2949 | 2 | 0 |
|  | 01/2026 | 7906 | $460 | 0 | (17) |
|  | 02/2026 | 333 | 104 | 0 | (1) |
|  GLM | 01/2026 | 489 | 70 | 0 | 0 |
|  | 01/2026 | 315 | 1618 | 3 | 0 |
|  | 01/2026 | 40000 | $297 | 42 | 0 |
|  | 01/2026 | 129096 | 88 | 0 | (1) |
|  | 01/2026 | $957 | 767 | 12 | 0 |
|  | 01/2026 | 341 | 2403 | 4 | 0 |
|  | 01/2026 | 13 | 41 | 0 | 0 |
|  | 01/2026 | 74 | 6671 | 0 | 0 |
|  | 01/2026 | 33 | 136 | 0 | 0 |
|  | 01/2026 | 179 | 258192 | 0 | (1) |
|  | 01/2026 | 468 | 1711 | 8 | 0 |
|  | 01/2026 | 68 | 2172 | 1 | 0 |
|  | 01/2026 | 5879 | $341 | 0 | (13) |
|  | 02/2026 | $98 | 542 | 0 | 0 |
|  | 02/2026 | 252 | 4683 | 6 | 0 |
|  | 03/2026 | 1 | $0 | 0 | 0 |
|  | 03/2026 | $5009 | 27750 | 0 | (11) |
|  | 03/2026 | 3 | 20 | 0 | 0 |
|  | 03/2026 | 228 | 4233 | 6 | 0 |
|  | 04/2026 | 8100 | $1428 | 4 | (24) |
|  | 04/2026 | $405 | 7460 | 6 | 0 |
|  JPM | 01/2026 | 416 | $78 | 2 | 0 |
|  | 01/2026 | 1806 | 553 | 0 | (14) |
|  | 01/2026 | 14145 | 159 | 2 | 0 |
|  | 01/2026 | 2882891 | 2009 | 10 | 0 |
|  | 01/2026 | 468 | 272 | 2 | 0 |
|  | 01/2026 | 1539 | 420 | 0 | (9) |
|  | 01/2026 | $76 | 416 | 0 | 0 |
|  | 01/2026 | 4558 | 32094 | 47 | 0 |
|  | 01/2026 | 24 | 168 | 0 | 0 |
|  | 01/2026 | 10 | 477 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $20 | 67 | $0 | $0 |
|  | 01/2026 | 344 | 30658 | 0 | (4) |
|  | 01/2026 | 117 | 1195 | 2 | 0 |
|  | 01/2026 | 395 | 678 | 0 | (4) |
|  | 01/2026 | 605 | 2229 | 16 | 0 |
|  | 01/2026 | 2155 | $126 | 0 | (4) |
|  | 02/2026 | $2009 | 2879108 | 0 | (13) |
|  | 02/2026 | 458 | 8501 | 11 | 0 |
|  | 03/2026 | 264 | 4832 | 3 | 0 |
|  | 04/2026 | 150 | 2760 | 2 | 0 |
|  | 06/2026 | 1200 | $68 | 0 | (4) |
|  | 11/2026 | 1379 | 79 | 0 | (3) |
|  MBC | 01/2026 | 383 | 253 | 0 | (2) |
|  | 01/2026 | 317 | 225 | 0 | (6) |
|  | 01/2026 | 95 | 120 | 0 | 0 |
|  | 01/2026 | 389 | 55 | 0 | (1) |
|  | 01/2026 | 2272 | 3035 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |
|  | 01/2026 | 216200 | 1392 | 10 | 0 |
|  | 01/2026 | 355 | 205 | 1 | 0 |
|  | 01/2026 | 8468 | 6527 | 0 | (66) |
|  | 01/2026 | $195 | 292 | 0 | 0 |
|  | 01/2026 | 55 | 388 | 0 | 0 |
|  | 01/2026 | 88 | 4363 | 3 | 0 |
|  | 01/2026 | 3472 | 2616 | 54 | 0 |
|  | 01/2026 | 54 | 4865 | 0 | 0 |
|  | 01/2026 | 596 | 92797 | 0 | (3) |
|  | 01/2026 | 125 | 459 | 3 | 0 |
|  | 01/2026 | 552 | 5255 | 19 | 0 |
|  | 01/2026 | 492 | 15926 | 14 | 0 |
|  | 01/2026 | 55 | 1742 | 0 | 0 |
|  | 02/2026 | 116 | 2149 | 3 | 0 |
|  | 03/2026 | 868 | $112 | 0 | 0 |
|  | 03/2026 | $110 | 2023 | 2 | 0 |
|  | 04/2026 | 121 | 2238 | 2 | 0 |
|  | 05/2026 | 2349 | $135 | 0 | (5) |
|  MYI | 01/2026 | $1 | 194 | 0 | 0 |
|  | 01/2026 | 1238 | $72 | 0 | (3) |
|  | 02/2026 | 1239 | 50 | 0 | (1) |
|  | 02/2026 | 869 | $270 | 0 | (3) |
|  | 02/2026 | $32 | 228 | 0 | 0 |
|  NGF | 01/2026 | 1022 | 1497118 | 16 | 0 |
|  | 01/2026 | 353 | 15935 | 14 | 0 |
|  | 02/2026 | 395 | 18011 | 11 | 0 |
|  | 03/2026 | 310 | 14168 | 4 | 0 |
|  SCX | 01/2026 | 1405 | $262 | 5 | 0 |
|  | 01/2026 | 602 | 85 | 0 | (1) |
|  | 01/2026 | 2728 | 30 | 0 | 0 |
|  | 01/2026 | 30000 | 192 | 0 | 0 |
|  | 01/2026 | 8240 | 270 | 8 | 0 |
|  | 01/2026 | $255 | 1405 | 1 | 0 |
|  | 01/2026 | 1981 | 13955 | 22 | 0 |
|  | 01/2026 | 85 | 601 | 1 | 0 |
|  | 01/2026 | 384 | 6420178 | 1 | 0 |
|  | 01/2026 | 49 | 4449 | 0 | 0 |
|  | 01/2026 | 1673 | 260328 | 0 | (10) |
|  | 01/2026 | 109 | 3413 | 0 | 0 |
|  | 03/2026 | 1242 | $68 | 0 | 0 |
|  | 03/2026 | $190 | 1336 | 1 | 0 |
|  SOG | 01/2026 | 785 | 4023 | 5 | 0 |
|  | 01/2026 | $5190 | 4483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | 0 |
|  | 01/2026 | 2210 | 1687 | 65 | 0 |
|  | 01/2026 | 5485 | 857912 | 0 | (4) |
|  | 01/2026 | 128 | 432 | 0 | 0 |
|  | 01/2026 | 194 | 842 | 0 | 0 |
|  | 01/2026 | 214 | 277 | 2 | 0 |
|  | 02/2026 | 101 | 518 | 1 | 0 |
|  | 02/2026 | $200 | 9812 | 3 | 0 |
|  | 02/2026 | 116 | 2150 | 3 | 0 |
|  | 03/2026 | 184 | $10 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 03/2026 | $86 | 83011 | $7 | $0 |
|  | 03/2026 | 0 | 1 | 0 | 0 |
|  | 07/2026 | 434 | $128 | 0 | 0 |
|  SSB | 01/2026 | $14 | 11 | 0 | 0 |
|  UAG | 01/2026 | 369 | $461 | 0 | (6) |
|  | 01/2026 | 646637 | 165 | 0 | (5) |
|  | 01/2026 | 622 | 170 | 0 | (3) |
|  | 01/2026 | $497 | 1804 | 5 | 0 |
|  | 01/2026 | 11168 | $642 | 0 | (31) |
|  | 02/2026 | $174 | 652576 | 0 | (5) |
|  | 02/2026 | 128 | 2379 | 3 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | **Strike<br>Price** | **Strike<br>Price** | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | CZK | 24.200 | 03/11/2026 | 198 | $1 | $1 |
|  | Put - OTC EUR versus HUF | HUF | 375.000 | 03/05/2026 | 327 | 1 | 1 |
|  | Put - OTC EUR versus HUF |  | 376.000 | 03/06/2026 | 115 | 0 | 0 |
|  | Put - OTC USD versus BRL | BRL | 5.400 | 02/05/2026 | 300 | 4 | 2 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 475 | 1 | 0 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 745 | 1 | 0 |
|  | Put - OTC USD versus KRW | KRW | 1417.000 | 02/11/2026 | 795 | 5 | 4 |
|  | Put - OTC USD versus KRW |  | 1419.000 | 02/11/2026 | 795 | 5 | 5 |
|  | Put - OTC USD versus KRW |  | 1419.000 | 02/12/2026 | 503 | 3 | 3 |
|  | Call - OTC USD versus SGD | SGD | 1.315 | 11/05/2026 | 509 | 3 | 2 |
| GLM | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 116 | 0 | 0 |
| JPM | Put - OTC EUR versus CZK | CZK | 24.200 | 03/05/2026 | 561 | 2 | 3 |
|  | Put - OTC EUR versus HUF | HUF | 378.000 | 03/03/2026 | 250 | 1 | 1 |
|  | Put - OTC EUR versus HUF |  | 376.000 | 03/06/2026 | 203 | 1 | 0 |
| MBC | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 427 | 1 | 0 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 222 | 0 | 0 |
| MYI | Put - OTC EUR versus CZK | CZK | 24.200 | 02/10/2026 | 210 | 1 | 1 |
|  | Put - OTC EUR versus CZK |  | 24.100 | 03/13/2026 | 508 | 2 | 2 |
|  | Put - OTC EUR versus CZK |  | 23.900 | 06/02/2026 | 352 | 1 | 1 |
|  | Put - OTC USD versus BRL | BRL | 5.410 | 02/04/2026 | 700 | 11 | 5 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus BRL | BRL | 5.160 | 02/05/2026 | 300 | $(1) | $0 |
|  | Call - OTC USD versus BRL |  | 5.690 | 02/05/2026 | 300 | (4) | (3) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 475 | 0 | 0 |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 745 | 0 | 0 |
|  | Put - OTC USD versus KRW | KRW | 1380.000 | 02/11/2026 | 795 | (1) | (1) |
|  | Put - OTC USD versus KRW |  | 1382.000 | 02/11/2026 | 795 | (2) | (1) |
|  | Put - OTC USD versus KRW |  | 1383.000 | 02/12/2026 | 503 | (1) | (1) |
|  | Put - OTC USD versus SGD | SGD | 1.237 | 11/05/2026 | 509 | (4) | (5) |
| GLM | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 116 | 0 | 0 |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 427 | 0 | 0 |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 222 | 0 | 0 |
| MYI | Put - OTC USD versus BRL | BRL | 5.160 | 02/04/2026 | 700 | (2) | 0 |
|  | Call - OTC USD versus BRL |  | 5.700 | 02/04/2026 | 700 | (9) | (5) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 23

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.622% | 01/29/2026 | 700 | $(2) | $(1) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.882 | 01/29/2026 | 700 | (2) | (2) |
| MYC | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.625 | 01/08/2026 | 500 | (1) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.925 | 01/08/2026 | 500 | (1) | 0 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.639 | 01/12/2026 | 500 | (1) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.919 | 01/12/2026 | 500 | (1) | 0 |
| NGF | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.498 | 01/05/2026 | 500 | (1) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.798 | 01/05/2026 | 500 | (1) | (1) |
|  |  |  |  |  |  |  | $(10) | $(4) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2029 | 0.187% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $(7) | $1 | $0 | $(6) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | 0.220 | 500 | (18) | 0 | 0 | (18) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | $&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;(24) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(</sup><sup>4)</sup> | **Notional<br>Amount<sup>(</sup><sup>5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(</sup><sup>4)</sup> | **Notional<br>Amount<sup>(</sup><sup>5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 | —¨ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(</sup><sup>3)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR 100 | $23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $23 | $0 |
| CBK | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 100 | 23 | 1 | 24 | 0 |
| JPM | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 200 | 46 | 1 | 47 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(</sup><sup>7)</sup>** | Notional<br>Amount of<br>Currency<br>Received | **Notional**<br> **Amount of<br>Currency<br>Delivered** | **Notional**<br> **Amount of<br>Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/**<br> (Depreciation) | Swap Agreements, at Value | Swap Agreements, at Value |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(</sup><sup>7)</sup>** | Notional<br>Amount of<br>Currency<br>Received | **Notional**<br> **Amount of<br>Currency<br>Delivered** | **Notional**<br> **Amount of<br>Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/**<br> (Depreciation) | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.357% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/16/2027 | $8637 | JPY | 1295600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | $(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.301% based on the notional amount of currency received | Floating rate equal to 1-Day GBP-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2045 | 1347 | GBP | 1013 | (5) | 2 | 0 | (3) |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(</sup><sup>7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional**<br> **Amount of<br>Currency<br>Delivered** | **Notional**<br> **Amount of<br>Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/**<br> (Depreciation) | **Swap Agreements, at Value** | **Swap Agreements, at Value** |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(</sup><sup>7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional**<br> **Amount of<br>Currency<br>Delivered** | **Notional**<br> **Amount of<br>Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/**<br> (Depreciation) | **Asset** | **Liability** |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.315% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/16/2027 | $7142 | JPY | 1107000 | $5 | $(4) | $1 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | 2721 |  | 400000 | 3 | 1 | 4 | 0 |
|  |  |  |  |  |  |  |  | $113 | $(3) | $113 | $(3) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(8)</sup> |
|  AZD | $7 | $0 | $0 | $7 | $(2) | $0 | $0 | $(2) | $5 | $0 | $5 |
|  BOA | 25 | 18 | 0 | 43 | (30) | (11) | 0 | (41) | 2 | 0 | 2 |
|  BPS | 86 | 0 | 23 | 109 | (60) | (3) | 0 | (63) | 46 | 0 | 46 |
|  BRC | 51 | 0 | 0 | 51 | (34) | 0 | 0 | (34) | 17 | 0 | 17 |
|  BSH | 6 | 0 | 0 | 6 | (110) | 0 | 0 | (110) | (104) | 0 | (104) |
|  CBK | 90 | 0 | 132 | 222 | (104) | 0 | 0 | (104) | 118 | 0 | 118 |
|  DUB | 34 | 0 | 2 | 36 | (50) | 0 | 0 | (50) | (14) | 0 | (14) |
|  FAR | 112 | 0 | 0 | 112 | (88) | 0 | 0 | (88) | 24 | 0 | 24 |
|  GLM | 92 | 0 | 5 | 97 | (50) | 0 | (3) | (53) | 44 | 0 | 44 |
|  JPM | 97 | 4 | 47 | 148 | (55) | 0 | 0 | (55) | 93 | 0 | 93 |
|  MBC | 111 | 0 | 0 | 111 | (110) | 0 | 0 | (110) | 1 | 0 | 1 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (24) | (24) | (24) | 0 | (24) |
|  MYI | 0 | 9 | 0 | 9 | (7) | (5) | 0 | (12) | (3) | 20 | 17 |
|  NGF | 45 | 0 | 0 | 45 | 0 | (1) | 0 | (1) | 44 | 0 | 44 |
|  SCX | 39 | 0 | 0 | 39 | (11) | 0 | 0 | (11) | 28 | 0 | 28 |
|  SOG | 166 | 0 | 0 | 166 | (4) | 0 | 0 | (4) | 162 | (3) | 159 |
|  UAG | 8 | 0 | 0 | 8 | (50) | 0 | 0 | (50) | (42) | 0 | (42) |
|  Total Over the Counter | $969 | $31 | $209 | $1209 | $(765) | $(20) | $(27) | $(812) |  |  |  |

---

(k) Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

<sup>(7)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

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

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

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $127 | $127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 165 | 166 |
|  | $0 | $1 | $0 | $0 | $292 | $293 |
|  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 | $969 | $0 | $969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 31 | 0 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 96 | 0 | 113 | 0 | 209 |
|  | $0 | $96 | $0 | $1113 | $0 | $1209 |
|  | $0 | $97 | $0 | $1113 | $292 | $1502 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 74 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 201 | 201 |
|  | $0 | $0 | $0 | $0 | $277 | $277 |
|  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 | $765 | $0 | $765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 16 | 4 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 24 | 0 | 3 | 0 | 27 |
|  | $0 | $24 | $0 | $784 | $4 | $812 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $49 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 2383 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 619 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1585) | (966) |
|  | $0 | $619 | $0 | $0 | $847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466 |
|  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;(352) | $0 | $(352) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 28 | (35) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 71 | 163 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 28 | 0 | 618 | (16) | 630 |
|  | $0 | $28 | $0 | $365 | $112 | $505 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $365 | $959 | $1971 |

---

26 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (188) | (188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 41 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 | 1227 |
|  | $0 | $41 | $0 | $0 | $999 | $1040 |
|  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 | $270 | $0 | $270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (41) | (122) | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (9) | 84 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (12) | 0 | (35) | 14 | (33) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $185 | $(24) | $149 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $29 | $0 | $185 | $975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Portfolio's assets and liabilitie**s**:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $67 | $0 | $67 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2724 | 0 | 2724 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454 | 0 | 2454 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 457 | 0 | 457 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1619 | 0 | 1619 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1167 | 0 | 1167 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 2937 | 0 | 2937 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 120 | 0 | 120 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 206 | 0 | 206 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 205 | 0 | 205 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 102 | 0 | 102 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 317 | 0 | 317 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9192 | 0 | 9192 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1352 | 0 | 1352 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 3556 | 0 | 3556 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1331 | 0 | 1331 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 349 | 0 | 349 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2901 | 0 | 2901 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 510 | 0 | 510 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7115 | 0 | 7115 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 348 | 0 | 348 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | 0 | 701 | 0 | 701 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Sovereign Issues | 0 | 816 | 0 | 816 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 167 | 0 | 167 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $310 | $0 | $310 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 195 | 0 | 195 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 412 | 0 | 412 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 180 | 0 | 180 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1269 | 0 | 1269 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 209 | 0 | 209 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2517 | 0 | 2517 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 201 | 0 | 201 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3762 | 0 | 3762 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6432 | 0 | 6432 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Sovereign Issues | 0 | 928 | 0 | 928 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 202 | 0 | 202 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 409 | 0 | 409 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1941 | 0 | 1941 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 1234 | 0 | 1234 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5902 | 0 | 5902 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 3998 | 0 | 3998 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6818 | 0 | 6818 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 186 | 0 | 186 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 11279 | 0 | 11279 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 83131 | 0 | 83131 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 14455 | 0 | 14455 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 1998 | 0 | 1998 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 801 | 0 | 801 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 779 | 0 | 779 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 1022 | 0 | 1022 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195871 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 27

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $1459 | $0 | $0 | $1459 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197330 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  France | France | France | France | France |
| &nbsp;&nbsp; Sovereign Issues | 0 | (777) | 0 | (777) |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | (18486) | 0 | (18486) |
|  | $0 | $(19263) | $0 | $(19263) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  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 | $120 | $173 | $0 | $293 |
|  Over the counter | 0 | 1207 | 2 | 1209 |
|  | $120 | $1380 | $2 | $1502 |
|  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 | (38) | (239) | 0 | (277) |
|  Over the counter | 0 | (812) | 0 | (812) |
|  | $(38) | $(1051) | $0 | $(1089) |
|  Total Financial Derivative Instruments | $82 | $329 | $2 | $413 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178480 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $0 | $1373 | $0 | $0 | $0 | $28 | $0 | $0 | $1401 | $28 |
|  | $0 | $1373 | $0 | $0 | $0 | $28 | $0 | $0 | $1401 | $28 |
|  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 | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $1 | $0 | $0 | $0 | $1 | $0 | $0 | $2 | $1 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |

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The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia | Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $1401 | Recent Transaction | Purchase Price | 100.000 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 2 | Indicative Market Quotation | Broker Quote | 0.497 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403 |  |  |  |  |

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<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

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| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Notes to Financial Statements December 31, 2025

1. ORGANIZATION

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

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

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

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

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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Notes to Financial Statements (Cont.)

interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

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

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders

monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

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

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

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

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December 31, 2025

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 September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

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

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

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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

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Notes to Financial Statements (Cont.)

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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

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

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

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The

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| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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 fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market

movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **33** |

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Notes to Financial Statements (Cont.)

markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) 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, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67401) | $&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;1459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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

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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

(b) Investments in Securities

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

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to 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 ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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 interests in 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 payments. 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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **35** |

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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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

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

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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 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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

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

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

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a

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| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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 (in the case of tri-party repurchase agreements). Traditionally, the Portfolio has used bilateral repurchase agreements wherein the underlying securities will be held by the Portfolio's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty

during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

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

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net

assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

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

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin

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| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the

proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(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

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agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation 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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred,

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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 indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge the portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes 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 indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk. Increasing market

values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The net of the notional amount received/delivered, when translated to USD at the trade date, represents an upfront payable/receivable. The re-exchange at maturity may take place at the same exchange rate, a specified rate or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as 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

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collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make

principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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

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Portfolio's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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.

China Risk is the risk of investing in securities and instruments economically tied to the People's Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) ("PRC"). These investments subject the Portfolio to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in

currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce.

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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

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

be achieved.

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

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, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be

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adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

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

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

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. A

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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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders.

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

8. MASTER NETTING ARRANGEMENTS

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

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total

net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. FCM customers, such as the Portfolio, are permitted to transfer their customer account

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(and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

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

9. FEES AND EXPENSES

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

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

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

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| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Administrative<br>Class | Advisor<br>Class |
| 0.25% | 0.50% | 0.50% | 0.50% |

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

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

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

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

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing

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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 (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $1,161.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025 there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

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

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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Notes to Financial Statements (Cont.)

an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $1270889 | $1237383 | $56065 | $41147 |

---

---

| | |
|:---|:---|
| <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>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
| | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 394 | $3801 | 195 | $1831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 2099 | 20361 | 2534 | 23903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 572 | 5568 | 494 | 4655 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 54 | 530 | 37 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 433 | 4211 | 349 | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 125 | 1221 | 88 | 829 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (241) | (2337) | (174) | (1638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (3141) | (30235) | (2402) | (22741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (409) | (3964) | (324) | (3062) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (114) | $(844) | 797 | $7416 |

---

---

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

---

As of December 31, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 35% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

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

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, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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

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| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO Global Bond Opportunities Portfolio (Unhedged) | $0 | $0 | $(4213) | $0 | $(4) | $0 | $0 | $(4217) |

---

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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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, short positions, straddle loss deferrals, sale/buyback transactions, interest accrued on defaulted securities, and return of capital distributions from underlying funds. 

<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, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Global Bond Opportunities Portfolio (Unhedged) | $0 | $4 |

---

---

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

---

As of December 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Global Bond Opportunities Portfolio (Unhedged) | $185680 | $8823 | $(13177) | $(4354) |

---

---

| | |
|:---|:---|
| <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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, short positions, straddle loss deferrals, sale/buyback transactions, interest accrued on defaulted securities, and return of capital distributions from underlying funds. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Global Bond Opportunities Portfolio (Unhedged) | $5635 | $0 | $327 | $3259 | $0 | $1209 |

---

---

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

---

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

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **49** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Global Bond Opportunities Portfolio (Unhedged)

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Global Bond Opportunities Portfolio (Unhedged) (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

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

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| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | CIB | Canadian Imperial Bank of Commerce | MYC | Morgan Stanley Capital Services LLC |
| BOA | Bank of America N.A. | DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC |
| BPS | BNP Paribas S.A. | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BRC | Barclays Bank PLC | GLM | Goldman Sachs Bank USA | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BSN | The Bank of Nova Scotia - Toronto | MBC | HSBC Bank Plc | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MEI | Merrill Lynch International | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | NOK | Norwegian Krone |
| BRL | Brazilian Real | HKD | Hong Kong Dollar | NZD | New Zealand Dollar |
| CAD | Canadian Dollar | HUF | Hungarian Forint | PEN | Peruvian New Sol |
| CHF | Swiss Franc | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CLP | Chilean Peso | ILS | Israeli Shekel | RON | Romanian New Leu |
| CNH | Chinese Renminbi (Offshore) | INR | Indian Rupee | SEK | Swedish Krona |
| CNY | Chinese Renminbi (Mainland) | JPY | Japanese Yen | SGD | Singapore Dollar |
| COP | Colombian Peso | KRW | South Korean Won | THB | Thai Baht |
| CZK | Czech Koruna | KZT | Kazakhstani Tenge | TRY | Turkish New Lira |
| DKK | Danish Krone | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EGP | Egyptian Pound | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| EUR | Euro | NGN | Nigerian Naira | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |
| CBOE | Chicago Board Options Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |
| Bobl | Bundesobligation, the German word for federal government bond | CPI | Consumer Price Index | SIBCSORA | Singapore Overnight Rate Average |
| CAONREPO | Canadian Overnight Repo Rate Average | EUR003M | 3 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
| CDX.IG | Credit Derivatives Index - Investment Grade | MUTKCALM | Tokyo Overnight Average Rate | SONIO | Sterling Overnight Interbank Average Rate |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap |
| ALT | Alternate Loan Trust | DAC | Designated Activity Company | PRIBOR | Prague Interbank Offered Rate |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| BBSW | Bank Bill Swap Reference Rate | KORIBOR | Korea Interbank Offered Rate | TBA | To-Be-Announced |
| BRL-CDI | Brazil Interbank Deposit Rate | OAT | Obligations Assimilables du Trésor | WIBOR | Warsaw Interbank Offered Rate |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" |  |  |  |  |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Global Bond Opportunities Portfolio (Unhedged)

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 2025 | $0.0390 | $0.0000 | $0.0000 | $0.0390 |
|  August 2025 | $0.0423 | $0.0000 | $0.0000 | $0.0423 |
|  September 2025 | $0.0372 | $0.0000 | $0.0000 | $0.0372 |
|  October 2025 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |
|  November 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  December 2025 | $0.0421 | $0.0000 | $0.0000 | $0.0421 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0377 | $0.0000 | $0.0000 | $0.0377 |
|  August 2025 | $0.0410 | $0.0000 | $0.0000 | $0.0410 |
|  September 2025 | $0.0360 | $0.0000 | $0.0000 | $0.0360 |
|  October 2025 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  November 2025 | $0.0342 | $0.0000 | $0.0000 | $0.0342 |
|  December 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
| 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 2025 | $0.0369 | $0.0000 | $0.0000 | $0.0369 |
|  August 2025 | $0.0402 | $0.0000 | $0.0000 | $0.0402 |
|  September 2025 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |
|  October 2025 | $0.0403 | $0.0000 | $0.0000 | $0.0403 |
|  November 2025 | $0.0334 | $0.0000 | $0.0000 | $0.0334 |
|  December 2025 | $0.0399 | $0.0000 | $0.0000 | $0.0399 |

---

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

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

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| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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Federal Income Tax Information (Unaudited)

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

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO Global Bond Opportunities Portfolio (Unhedged) | 0.00% | 0.00% | $2237 | $0 |

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

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, 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 2025.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **53** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **55** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

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

1. INFORMATION RECEIVED

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

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

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

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also

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| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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

2. NATURE, EXTENT AND QUALITY OF SERVICES

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

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

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

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **57** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

"Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

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

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing

the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

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

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

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

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| **58** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

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

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as

the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **59** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

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

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

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

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in

return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

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

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

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in

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| **60** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **61** |

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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 & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g98514g06y60.jpg)

PVITGLBLUNHFSTMAR_123125

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![LOGO](g247849g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO Global Core Bond (Hedged) Portfolio

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#### **Table of Contents**

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|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Global Core Bond (Hedged) Portfolio](#tx247849_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx247849_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx247849_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx247849_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx247849_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx247849_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx247849_7) | 29 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx247849_8) | 47 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx247849_9) | 50 |
| &nbsp;&nbsp; [Glossary](#tx247849_10) | 51 |
| &nbsp;&nbsp; [Distribution Information](#tx247849_13) | 52 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx247849_11) | 53 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx247849_14) | 54 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx247849_15) | 55 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx247849_12) | 56 |

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

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Important Information About the PIMCO Global Core Bond (Hedged) Portfolio

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

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

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

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

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tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a

fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

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

Portfolio Name   <u>PortfolioInception</u>     <u>InstitutionalClass</u>     <u>AdministrativeClass</u>     <u>AdvisorClass</u>     <u>DiversificationStatus</u>   <br> <u> PIMCO Global Core Bond (Hedged) Portfolio</u>     <u>05/02/11</u>       <u>—</u>       <u>05/02/11</u>       <u>—</u>       <u>Diversified</u>  

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees)

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

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO Global Core Bond (Hedged) Portfolio

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> |
| Selected Per Share Data for the Year or Period Ended^: | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net Asset<br>Value<br>Beginning**<br> **of Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $8.77 | $0.32 | $0.26 | $0.58 | $(0.31) | $0.00 | $(0.05) | $(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 8.79 | 0.29 | 0.02 | 0.31 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.33 | 0.19 | 0.46 | 0.65 | (0.11) | 0.00 | (0.08) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 9.65 | 0.15 | (1.27) | (1.12) | (0.14) | (0.06) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.08 | 0.16 | (0.30) | (0.14) | (0.22) | (0.07) | 0.00 | (0.29) |

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

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<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

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

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

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| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $8.99 | 6.72% | $78205 | 1.13% | 1.13% | 0.71% | 0.71% | 3.66% | 646% |
| 8.77 | 3.56 | 84734 | 1.04 | 1.04 | 0.71 | 0.71 | 3.30 | 584 |
| 8.79 | 7.97 | 93851 | 0.87 | 0.87 | 0.71 | 0.71 | 2.29 | 791 |
| 8.33 | (11.63) | 98735 | 0.77 | 0.77 | 0.71 | 0.71 | 1.66 | 449 |
| 9.65 | (1.41) | 129638 | 0.73 | 0.73 | 0.71 | 0.71 | 1.65 | 364 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

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Statement of Assets and Liabilities PIMCO Global Core Bond (Hedged) Portfolio December 31, 2025

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $119397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 266 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 319 |
|  Cash | 177 |
|  Deposits with counterparty | 1830 |
|  Foreign currency, at value | 583 |
|  Receivable for investments sold | 16590 |
|  Receivable for TBA investments sold | 44002 |
|  Interest and/or dividends receivable | 911 |
|  Dividends receivable from Affiliates | 2 |
|  **Total Assets** | 184195 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $15229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 7689 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 749 |
|  Payable for investments purchased | 10043 |
|  Payable for investments in Affiliates purchased | 2 |
|  Payable for TBA investments purchased | 72083 |
|  Payable for Portfolio shares redeemed | 12 |
|  Accrued investment advisory fees | 17 |
|  Accrued supervisory and administrative fees | 21 |
|  Accrued servicing fees | 10 |
|  Foreign capital gains tax payable | 4 |
|  **Total Liabilities** | 105990 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |
|  **Net Assets** | $78205 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $87454 |
|  Distributable earnings (accumulated loss) | (9249) |
|  **Net Assets** | $78205 |
|  **Net Assets:** |  |
|  Administrative Class | $78205 |
|  **Shares Issued and Outstanding:** |  |
|  Administrative Class | 8695 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Administrative Class | $8.99 |
|  Cost of investments in securities | $121672 |
|  Cost of investments in Affiliates | $266 |
|  Cost of foreign currency held | $584 |
|  Proceeds received on short sales | $7715 |
|  Cost or premiums of financial derivative instruments, net | $349 |
|  \* Includes repurchase agreements of: | $501 |

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

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<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

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

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| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Statement of Operations PIMCO Global Core Bond (Hedged) Portfolio

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| | |
|:---|:---|
| Year Ended December 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $3770 |
|  Dividends | 59 |
|  Dividends from Investments in Affiliates | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 3855 |
|  **Expenses:** |  |
|  Investment advisory fees | 201 |
|  Supervisory and administrative fees | 249 |
|  Distribution and/or servicing fees - Administrative Class | 121 |
|  Trustee fees | 4 |
|  Interest expense | 337 |
|  Miscellaneous expense | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 913 |
|  **Net Investment Income (Loss)** | 2942 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (1549) |
|  Investments in Affiliates | (1) |
|  Exchange-traded or centrally cleared financial derivative instruments | 659 |
|  Over the counter financial derivative instruments | (569) |
|  Short sales | (0) |
|  Foreign currency | (160) |
|  **Net Realized Gain (Loss)** | (1620) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 6260 |
|  Exchange-traded or centrally cleared financial derivative instruments | (704) |
|  Over the counter financial derivative instruments | (1647) |
|  Short sales | 22 |
|  Foreign currency assets and liabilities | 5 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 3936 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $5258 |
|  \* Foreign tax withholdings | $4 |

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

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

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Statements of Changes in Net Assets PIMCO Global Core Bond (Hedged) Portfolio

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| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $2942 | $2916 |
|  Net realized gain (loss) | (1620) | 194 |
|  Net change in unrealized appreciation (depreciation) | 3936 | (52) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 5258 | 3058 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2829) | (3277) |
|  Tax basis return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (426) | 0 |
|  **Total Distributions<sup>(a)</sup>** | (3255) | (3277) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (8532) | (8898) |
|  **Total Increase (Decrease) in Net Assets** | (6529) | (9117) |
|  **Net Assets:** |  |  |
|  Beginning of year | 84734 | 93851 |
|  End of year | $78205 | $84734 |

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

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

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

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

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Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio December 31, 2025

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

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 152.7% | INVESTMENTS IN SECURITIES 152.7% | INVESTMENTS IN SECURITIES 152.7% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ | 28 | 18 |
|  4.125% due 07/09/2035 þ | 24 | 17 |
|  Total Argentina (Cost $30) | Total Argentina (Cost $30) | 35 |
| AUSTRALIA 4.4% | AUSTRALIA 4.4% | AUSTRALIA 4.4% |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.971% due 01/22/2030 | 800 | 832 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% |
|  Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(b) | 1200 | 801 |
| SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  1.750% due 06/21/2051 | 50 | 17 |
|  2.500% due 05/21/2030 | 100 | 62 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 535 | 277 |
|  2.000% due 03/08/2033 | 200 | 110 |
|  4.750% due 09/20/2035 | 500 | 321 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.750% due 07/20/2034 | 100 | 51 |
|  5.250% due 07/21/2036 | 300 | 197 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 200 | 99 |
|  2.250% due 09/15/2033 | 1000 | 546 |
|  4.250% due 12/20/2032 | 200 | 128 |
|  |  | 1808 |
|  Total Australia (Cost $3,362) | Total Australia (Cost $3,362) | 3441 |
| BRAZIL 2.1% | BRAZIL 2.1% | BRAZIL 2.1% |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 9300 | 1642 |
|  Total Brazil (Cost $1,668) | Total Brazil (Cost $1,668) | 1642 |
| BULGARIA 0.3% | BULGARIA 0.3% | BULGARIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.375% due 07/18/2035 | 100 | 116 |
|  4.125% due 07/18/2045 | 100 | 113 |
|  Total Bulgaria (Cost $227) | Total Bulgaria (Cost $227) | 229 |
| CANADA 4.6% | CANADA 4.6% | CANADA 4.6% |
| CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 64 | 61 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  0.010% due 09/14/2029 | 200 | 213 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 | 600 | 621 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 100 | 117 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.498% due 08/06/2029 •  | 200 | 202 |
|  4.851% due 12/14/2026 | 200 | 202 |
|  4.969% due 08/02/2030 •  | 100 | 103 |
|  |  | 1519 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  3.000% due 06/01/2034 | 1300 | 926 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  1.500% due 12/01/2044 (e) | 143 | 99 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  7.130% due 03/11/2029 | 13500 | 152 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 200 | 147 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 1100 | 801 |
|  |  | 2125 |
|  Total Canada (Cost $3,596) | Total Canada (Cost $3,596) | 3644 |
| CAYMAN ISLANDS 3.3% | CAYMAN ISLANDS 3.3% | CAYMAN ISLANDS 3.3% |
| ASSET-BACKED SECURITIES 2.7% | ASSET-BACKED SECURITIES 2.7% | ASSET-BACKED SECURITIES 2.7% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.185% due 10/15/2034 •  | 450 | 451 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.186% due 10/20/2031 •  | 52 | 53 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.434% due 01/15/2037 •  | 121 | 122 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.124% due 07/19/2034 •  | 300 | 300 |
|  BRSP Ltd. | BRSP Ltd. | BRSP Ltd. |
|  4.996% due 08/19/2038 •  | 146 | 146 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.493% due 01/17/2037 •  | 87 | 87 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.049% due 04/18/2038 •  | 84 | 84 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.151% due 08/16/2034 •  | 500 | 500 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.084% due 07/20/2032 •  | 346 | 346 |
|  |  | 2089 |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 200 | 204 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.268% due 10/25/2028 | 200 | 206 |
|  Total Cayman Islands (Cost $2,486) | Total Cayman Islands (Cost $2,486) | 2499 |
| CHINA 4.1% | CHINA 4.1% | CHINA 4.1% |
| SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% |
|  China Development Bank | China Development Bank | China Development Bank |
|  2.630% due 01/08/2034 | 7290 | 1093 |
|  2.820% due 05/22/2033 | 7810 | 1184 |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  1.650% due 05/15/2035 | 1700 | 239 |
|  2.190% due 09/25/2054 | 4800 | 662 |
|  Total China (Cost $3,195) | Total China (Cost $3,195) | 3178 |
| COLOMBIA 1.1% | COLOMBIA 1.1% | COLOMBIA 1.1% |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Colombia TES | Colombia TES | Colombia TES |
|  11.000% due 08/22/2029 | 906800 | 227 |
|  11.750% due 01/24/2035 | 862700 | 213 |
|  12.750% due 11/28/2040 | 914300 | 237 |
|  13.250% due 02/09/2033 | 791500 | 212 |
|  Total Colombia (Cost $871) | Total Colombia (Cost $871) | 889 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| DENMARK 0.1% | DENMARK 0.1% | DENMARK 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.000% due 10/01/2050 | 20 | 2 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 802 | 103 |
|  1.500% due 10/01/2052 | 1 | 0 |
|  Total Denmark (Cost $122) | Total Denmark (Cost $122) | 105 |
| FRANCE 6.1% | FRANCE 6.1% | FRANCE 6.1% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.876% due 01/14/2031 •  | 300 | 314 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 250 | 264 |
|  |  | 578 |
| SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.750% due 02/25/2028 | 950 | 1080 |
|  2.750% due 10/25/2027 | 850 | 1008 |
|  2.750% due 02/25/2030 | 1800 | 2121 |
|  |  | 4209 |
|  Total France (Cost $4,347) | Total France (Cost $4,347) | 4787 |
| INDONESIA 0.2% | INDONESIA 0.2% | INDONESIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
|  4.125% due 01/15/2037 | 100 | 118 |
|  Total Indonesia (Cost $102) | Total Indonesia (Cost $102) | 118 |
| IRELAND 2.6% | IRELAND 2.6% | IRELAND 2.6% |
| ASSET-BACKED SECURITIES 2.6% | ASSET-BACKED SECURITIES 2.6% | ASSET-BACKED SECURITIES 2.6% |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.394% due 05/15/2038 •  | 450 | 530 |
|  Arbour CLO VI DAC | Arbour CLO VI DAC | Arbour CLO VI DAC |
|  3.214% due 11/15/2037 •  | 300 | 353 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  2.789% due 10/15/2031 •  | 124 | 146 |
|  Harvest CLO XXI DAC | Harvest CLO XXI DAC | Harvest CLO XXI DAC |
|  2.769% due 07/15/2031 •  | 126 | 148 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.326% due 08/29/2036 •  | 300 | 353 |
|  St. Pauls CLO | St. Pauls CLO | St. Pauls CLO |
|  2.866% due 01/17/2032 •  | 426 | 501 |
|  Total Ireland (Cost $1,918) | Total Ireland (Cost $1,918) | 2031 |
| ISRAEL 1.2% | ISRAEL 1.2% | ISRAEL 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 | 200 | 206 |
|  5.375% due 02/19/2030 | 400 | 414 |
|  5.500% due 03/12/2034 | 200 | 207 |
|  State of Israel | State of Israel | State of Israel |
|  3.800% due 05/13/2060 | 200 | 136 |
|  Total Israel (Cost $1,001) | Total Israel (Cost $1,001) | 963 |
| ITALY 3.3% | ITALY 3.3% | ITALY 3.3% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 | 100 | 116 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 200 | 229 |
|  |  | 345 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 11

------

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 2.9% | SOVEREIGN ISSUES 2.9% | SOVEREIGN ISSUES 2.9% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 200 | 201 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  2.100% due 08/26/2027 | 1400 | 1643 |
|  Republic of Italy Government International Bonds | Republic of Italy Government International Bonds | Republic of Italy Government International Bonds |
|  6.000% due 08/04/2028 | 300 | 420 |
|  |  | 2264 |
|  Total Italy (Cost $2,663) | Total Italy (Cost $2,663) | 2609 |
| JAPAN 6.1% | JAPAN 6.1% | JAPAN 6.1% |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  4.527% due 09/12/2031 •  | 200 | 201 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.454% due 01/15/2032 | 400 | 419 |
|  5.520% due 01/13/2028 | 300 | 309 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.350% due 09/11/2030 | 200 | 201 |
|  |  | 1130 |
| SOVEREIGN ISSUES 4.7% | SOVEREIGN ISSUES 4.7% | SOVEREIGN ISSUES 4.7% |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (e) | 135155 | 878 |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  0.400% due 06/20/2029 | 10000 | 62 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 27000 | 126 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  0.500% due 03/20/2049 | 66400 | 239 |
|  0.700% due 12/20/2048 | 85000 | 327 |
|  0.700% due 12/20/2050 | 13000 | 46 |
|  0.700% due 03/20/2051 | 13000 | 46 |
|  0.700% due 06/20/2051 | 11000 | 39 |
|  2.200% due 06/20/2054 | 1750 | 9 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  0.400% due 06/20/2040 | 100000 | 473 |
|  2.000% due 12/20/2044 | 60000 | 333 |
|  2.400% due 03/20/2045 | 45000 | 266 |
|  Japan Government Two Year Bonds | Japan Government Two Year Bonds | Japan Government Two Year Bonds |
|  0.100% due 01/01/2026 | 130000 | 830 |
|  |  | 3674 |
|  Total Japan (Cost $6,206) | Total Japan (Cost $6,206) | 4804 |
| JERSEY, CHANNEL ISLANDS 0.6% | JERSEY, CHANNEL ISLANDS 0.6% | JERSEY, CHANNEL ISLANDS 0.6% |
| ASSET-BACKED SECURITIES 0.6% | ASSET-BACKED SECURITIES 0.6% | ASSET-BACKED SECURITIES 0.6% |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.123% due 10/20/2033 •  | 500 | 501 |
|  Total Jersey, Channel Islands (Cost $500) | Total Jersey, Channel Islands (Cost $500) | 501 |
| KUWAIT 0.5% | KUWAIT 0.5% | KUWAIT 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 | 200 | 201 |
|  4.652% due 10/09/2035 | 200 | 200 |
|  Total Kuwait (Cost $400) | Total Kuwait (Cost $400) | 401 |
|  | **SHARES** |  |
| LUXEMBOURG 1.4% | LUXEMBOURG 1.4% | LUXEMBOURG 1.4% |
| COMMON STOCKS 0.3% | COMMON STOCKS 0.3% | COMMON STOCKS 0.3% |
|  Drillco Holdings Luxembourg SA «(f) | 6410 | 145 |
|  Foresea Holdings SA « | 2675 | 60 |
|  |  | 205 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 113 | 112 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.510% due 02/23/2042 | 300 | 328 |
|  |  | 440 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 400 | 408 |
|  Total Luxembourg (Cost $904) | Total Luxembourg (Cost $904) | 1053 |
| MALAYSIA 1.7% | MALAYSIA 1.7% | MALAYSIA 1.7% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  2.480% due 01/28/2032 | 500 | 449 |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  2.632% due 04/15/2031 | 400 | 96 |
|  3.519% due 04/20/2028 | 2831 | 706 |
|  4.762% due 04/07/2037 | 200 | 54 |
|  |  | 856 |
|  Total Malaysia (Cost $1,242) | Total Malaysia (Cost $1,242) | 1305 |
| MEXICO 0.2% | MEXICO 0.2% | MEXICO 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  4.490% due 05/25/2032 | 100 | 120 |
|  Total Mexico (Cost $109) | Total Mexico (Cost $109) | 120 |
| NEW ZEALAND 0.1% | NEW ZEALAND 0.1% | NEW ZEALAND 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds |
|  1.500% due 05/15/2031 | 100 | 51 |
|  Total New Zealand (Cost $69) | Total New Zealand (Cost $69) | 51 |
| NORWAY 0.1% | NORWAY 0.1% | NORWAY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  1.900% due 01/19/2027 | 100 | 65 |
|  Total Norway (Cost $73) | Total Norway (Cost $73) | 65 |
| PERU 2.2% | PERU 2.2% | PERU 2.2% |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 900 | 289 |
|  7.300% due 08/12/2033 | 3700 | 1256 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.375% due 02/08/2035 | 100 | 102 |
|  6.150% due 08/12/2032 | 100 | 32 |
|  Total Peru (Cost $1,497) | Total Peru (Cost $1,497) | 1679 |
| POLAND 0.7% | POLAND 0.7% | POLAND 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.625% due 03/18/2029 | 200 | 205 |
|  4.875% due 02/12/2030 | 100 | 103 |
|  5.125% due 09/18/2034 | 200 | 205 |
|  Total Poland (Cost $498) | Total Poland (Cost $498) | 513 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ROMANIA 1.2% | ROMANIA 1.2% | ROMANIA 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.375% due 12/02/2029 | 90 | 97 |
|  2.000% due 04/14/2033 | 50 | 48 |
|  2.125% due 03/07/2028 | 100 | 116 |
|  2.875% due 04/13/2042 | 100 | 78 |
|  5.000% due 09/27/2026 | 220 | 263 |
|  5.250% due 03/10/2030 | 100 | 123 |
|  5.625% due 05/30/2037 | 100 | 115 |
|  6.500% due 10/07/2045 | 90 | 105 |
|  Total Romania (Cost $947) | Total Romania (Cost $947) | 945 |
| SAUDI ARABIA 1.6% | SAUDI ARABIA 1.6% | SAUDI ARABIA 1.6% |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.250% due 10/22/2030 | 200 | 191 |
|  3.375% due 03/05/2032 | 200 | 236 |
|  3.750% due 03/05/2037 | 100 | 116 |
|  4.750% due 01/18/2028 | 200 | 203 |
|  4.750% due 01/16/2030 | 200 | 204 |
|  5.375% due 01/13/2031 | 300 | 315 |
|  Total Saudi Arabia (Cost $1,202) | Total Saudi Arabia (Cost $1,202) | 1265 |
| SERBIA 0.1% | SERBIA 0.1% | SERBIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 | 100 | 110 |
|  Total Serbia (Cost $117) | Total Serbia (Cost $117) | 110 |
| SOUTH AFRICA 2.0% | SOUTH AFRICA 2.0% | SOUTH AFRICA 2.0% |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 700 | 36 |
|  8.000% due 01/31/2030 | 4300 | 266 |
|  8.750% due 02/28/2048 | 1100 | 64 |
|  8.875% due 02/28/2035 | 17600 | 1109 |
|  10.500% due 12/21/2026 | 1000 | 62 |
|  Total South Africa (Cost $1,350) | Total South Africa (Cost $1,350) | 1537 |
| SOUTH KOREA 1.4% | SOUTH KOREA 1.4% | SOUTH KOREA 1.4% |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
|  1.375% due 06/10/2030 | 111630 | 71 |
|  2.375% due 12/10/2028 | 326550 | 223 |
|  2.625% due 06/10/2028 | 1130790 | 778 |
|  Total South Korea (Cost $1,183) | Total South Korea (Cost $1,183) | 1072 |
| SPAIN 3.5% | SPAIN 3.5% | SPAIN 3.5% |
| SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  0.000% due 01/31/2028 | 650 | 731 |
|  2.400% due 05/31/2028 | 450 | 531 |
|  3.150% due 04/30/2035 | 270 | 315 |
|  3.200% due 10/31/2035 | 200 | 233 |
|  3.450% due 10/31/2034 | 740 | 887 |
|  Total Spain (Cost $2,535) | Total Spain (Cost $2,535) | 2697 |
| SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  European Union | European Union | European Union |
|  3.750% due 10/12/2045 | 500 | 580 |
|  Total Supranational (Cost $583) | Total Supranational (Cost $583) | 580 |

---

12 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SWITZERLAND 0.9% | SWITZERLAND 0.9% | SWITZERLAND 0.9% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.194% due 04/01/2031 •  | 250 | 248 |
|  4.282% due 01/09/2028 | 250 | 250 |
|  5.699% due 02/08/2035 •  | 200 | 210 |
|  Total Switzerland (Cost $718) | Total Switzerland (Cost $718) | 708 |
| THAILAND 0.7% | THAILAND 0.7% | THAILAND 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  2.410% due 03/17/2035 | 2400 | 81 |
|  2.500% due 11/17/2029 | 12780 | 425 |
|  3.775% due 06/25/2032 | 1550 | 57 |
|  Total Thailand (Cost $499) | Total Thailand (Cost $499) | 563 |
| UNITED ARAB EMIRATES 0.6% | UNITED ARAB EMIRATES 0.6% | UNITED ARAB EMIRATES 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.375% due 10/02/2031 | 300 | 299 |
|  5.375% due 05/08/2029 | 200 | 207 |
|  Total United Arab Emirates (Cost $498) | Total United Arab Emirates (Cost $498) | 506 |
| UNITED KINGDOM 7.6% | UNITED KINGDOM 7.6% | UNITED KINGDOM 7.6% |
| CORPORATE BONDS & NOTES 3.2% | CORPORATE BONDS & NOTES 3.2% | CORPORATE BONDS & NOTES 3.2% |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.972% due 05/16/2029 •  | 400 | 407 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.856% due 05/23/2033 •  | 400 | 504 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  2.972% due 02/16/2028 •  | 300 | 297 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.516% due 09/30/2028 •  | 300 | 308 |
|  5.778% due 03/01/2035 •  | 300 | 317 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.534% due 01/10/2029 •  | 200 | 209 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.608% due 01/12/2028 •  | 200 | 197 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 | 200 | 237 |
|  |  | 2476 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% |
|  Alba PLC | Alba PLC | Alba PLC |
|  4.144% due 11/25/2042 •  | 50 | 67 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.851% (BP0003M + 0.950%) due 06/13/2045 ~ | 91 | 123 |
|  RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC |
|  4.079% due 06/12/2044 •  | 113 | 149 |
|  |  | 339 |
| SOVEREIGN ISSUES 4.0% | SOVEREIGN ISSUES 4.0% | SOVEREIGN ISSUES 4.0% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  0.625% due 10/22/2050 | 400 | 199 |
|  1.250% due 07/31/2051 | 500 | 300 |
|  1.500% due 07/31/2053 | 100 | 62 |
|  1.750% due 01/22/2049 | 100 | 73 |
|  4.375% due 03/07/2030 | 1800 | 2468 |
|  |  | 3102 |
|  Total United Kingdom (Cost $6,454) | Total United Kingdom (Cost $6,454) | 5917 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UNITED STATES 83.7% | UNITED STATES 83.7% | UNITED STATES 83.7% |
| ASSET-BACKED SECURITIES 3.3% | ASSET-BACKED SECURITIES 3.3% | ASSET-BACKED SECURITIES 3.3% |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.146% due 07/25/2036 •  | 307 | 83 |
|  4.166% due 05/25/2036 •  | 536 | 129 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  1.660% due 02/20/2028 | 300 | 293 |
|  C-BASS Mortgage Loan Trust | C-BASS Mortgage Loan Trust | C-BASS Mortgage Loan Trust |
|  3.267% due 03/25/2037 þ | 200 | 73 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.126% due 07/25/2037 •  | 30 | 28 |
|  4.366% due 07/25/2036 ~ | 2 | 2 |
|  5.721% due 07/25/2035 •  | 573 | 572 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.017% due 07/25/2034 •  | 4 | 4 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.746% due 08/25/2037 •  | 1 | 1 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.086% due 04/25/2037 •  | 181 | 124 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.266% due 05/25/2037 •  | 75 | 73 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.076% due 10/25/2036 •  | 417 | 219 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.000% due 02/25/2037 ~ | 8 | 7 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  7.000% due 06/20/2031 ~ | 215 | 199 |
|  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 |
|  4.476% due 02/25/2036 •  | 229 | 210 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  3.986% due 03/25/2037 •  | 34 | 31 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.294% due 01/25/2037 þ | 363 | 110 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 42 | 40 |
|  4.965% due 07/15/2053 •  | 21 | 21 |
|  5.434% due 02/16/2055 •  | 145 | 147 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.571% due 10/25/2034 •  | 232 | 233 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  4.786% due 11/25/2033 •  | 3 | 3 |
|  |  | 2602 |
| CORPORATE BONDS & NOTES 6.9% | CORPORATE BONDS & NOTES 6.9% | CORPORATE BONDS & NOTES 6.9% |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.938% (SOFRINDX + 1.210%) due 03/25/2027 ~ | 200 | 201 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.162% due 01/24/2031 •  | 300 | 310 |
|  5.288% due 04/25/2034 •  | 100 | 103 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 740 | 783 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.388% due 05/01/2031 | 100 | 109 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  5.100% due 02/22/2031 | 100 | 104 |
|  Credit Suisse AG AT1 Claim | 300 | 89 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 150 | 147 |
|  5.400% due 01/13/2030 | 200 | 205 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  4.692% due 10/23/2030 •  | 100 | 101 |
|  5.330% due 07/23/2035 •  | 200 | 206 |
|  5.536% due 01/28/2036 •  | 500 | 519 |
|  5.851% due 04/25/2035 •  | 200 | 213 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.580% due 04/22/2032 •  | 100 | 91 |
|  5.502% due 01/24/2036 •  | 200 | 209 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.590% (EUR003M + 0.600%) due 05/04/2029 ~ | EUR | 200 | 235 |
|  3.955% due 03/21/2035 •  |  | 100 | 119 |
|  4.654% due 10/18/2030 •  | $| 300 | 304 |
|  5.587% due 01/18/2036 •  |  | 200 | 209 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 |  | 300 | 294 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.200% due 03/01/2029 |  | 100 | 99 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  5.300% due 02/15/2031 |  | 100 | 103 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  5.125% due 02/13/2031 |  | 100 | 104 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.808% due 07/25/2028 •  |  | 200 | 202 |
|  5.211% due 12/03/2035 •  |  | 300 | 307 |
|  |  |  | 5366 |
| MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  2.746% due 06/01/2034 |  | 135 | 120 |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.169% due 04/01/2041 |  | 100 | 102 |
|  |  |  | 222 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0% |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  5.985% due 01/25/2069 þ |  | 354 | 357 |
|  Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust |
|  2.756% due 05/15/2053 |  | 200 | 188 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.268% due 04/20/2047 •  |  | 41 | 35 |
|  6.000% due 07/25/2037 |  | 46 | 40 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.266% due 05/25/2047 •  |  | 55 | 54 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.115% due 09/15/2036 •  |  | 400 | 391 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.789% due 03/25/2037 ~ |  | 23 | 22 |
|  4.927% due 07/25/2037 ~ |  | 4 | 3 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  6.250% due 09/25/2036 |  | 34 | 12 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  2.500% due 05/25/2051 ~ |  | 444 | 373 |
|  4.603% due 04/25/2037 ~ |  | 24 | 22 |
|  4.829% due 08/25/2035 ~ |  | 255 | 236 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  2.500% due 07/25/2056 ~ |  | 68 | 57 |
|  5.715% due 10/15/2037 •  |  | 200 | 199 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  3.996% due 02/25/2047 •  |  | 134 | 76 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  6.445% due 02/25/2036 þ |  | 35 | 32 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  3.000% due 04/25/2052 ~ |  | 315 | 276 |
|  4.250% due 05/25/2067 ~ |  | 414 | 396 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.306% due 06/25/2045 •  |  | 31 | 25 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 ~ |  | 73 | 61 |
|  3.000% due 09/25/2052 ~ |  | 484 | 425 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.622% due 12/25/2036 ~ |  | 3 | 3 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  2.500% due 12/25/2051 ~ |  | 223 | 188 |
|  3.000% due 01/25/2052 ~ |  | 500 | 437 |
|  3.000% due 03/25/2052 ~ |  | 468 | 411 |
|  3.000% due 04/25/2052 ~ |  | 474 | 416 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.000% due 05/25/2052 ~ | 708 | 622 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.312% due 03/25/2036 ~ | 85 | 40 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.941% due 05/25/2036 ~ | 58 | 31 |
|  5.124% due 09/25/2035 ~ | 40 | 10 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 81 | 79 |
|  2.750% due 11/25/2059 ~ | 59 | 57 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  4.960% due 11/15/2038 •  | 300 | 300 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 226 | 197 |
|  PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust |
|  6.000% due 05/25/2037 | 17 | 16 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  2.500% due 07/25/2051 ~ | 222 | 186 |
|  RALI Trust | RALI Trust | RALI Trust |
|  6.000% due 06/25/2036 | 41 | 33 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  6.000% due 06/25/2037 | 17 | 13 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.126% due 01/25/2036 •  | 30 | 25 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.710% due 01/25/2060 ~ | 64 | 62 |
|  2.900% due 10/25/2059 ~ | 264 | 255 |
|  4.578% due 10/27/2064 ~ | 399 | 401 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.150% due 09/25/2036 ~ | 14 | 12 |
|  |  | 7074 |
| U.S. GOVERNMENT AGENCIES 52.0% | U.S. GOVERNMENT AGENCIES 52.0% | U.S. GOVERNMENT AGENCIES 52.0% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 01/01/2052 | 317 | 269 |
|  3.000% due 02/01/2046 | 154 | 141 |
|  3.500% due 10/01/2039 - 04/01/2048 | 151 | 143 |
|  6.000% due 12/01/2053 | 312 | 321 |
|  6.300% due 09/01/2037 •  | 72 | 75 |
|  6.500% due 11/01/2053 - 12/01/2053 | 377 | 392 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.733% due 01/15/2038 ~(a) | 36 | 2 |
|  4.673% due 01/15/2038 •  | 36 | 35 |
|  4.814% due 11/25/2054 •  | 406 | 407 |
|  4.824% due 03/25/2055 •  | 397 | 401 |
|  5.274% due 03/25/2055 •  | 357 | 360 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 02/01/2051 | 64 | 55 |
|  3.000% due 10/01/2049 | 122 | 109 |
|  3.500% due 10/01/2034 - 01/01/2059 | 214 | 199 |
|  4.000% due 06/01/2050 | 46 | 45 |
|  4.500% due 12/01/2033 | 27 | 27 |
|  6.500% due 10/01/2053 - 12/01/2053 | 647 | 673 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.389% due 06/25/2036 •  | 2 | 2 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 04/20/2052 - 12/20/2052 | 1599 | 1440 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.894% due 09/20/2066 •  | 77 | 77 |
|  7.058% due 09/20/2066 ~ | 66 | 67 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 02/01/2056 | 900 | 776 |
|  3.000% due 01/01/2056 | 1200 | 1079 |
|  3.500% due 02/01/2056 | 3300 | 3003 |
|  6.500% due 02/01/2056 | 2400 | 2479 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 01/01/2056 | 600 | 507 |
|  4.000% due 02/01/2056 | 300 | 284 |
|  4.500% due 02/01/2056 | 200 | 195 |
|  5.000% due 02/01/2056 | 10500 | 10462 |
|  5.500% due 02/01/2056 | 2100 | 2128 |
|  6.000% due 02/01/2056 | 4800 | 4926 |
|  6.500% due 02/01/2056 | 9200 | 9564 |
|  |  | 40643 |
| U.S. TREASURY OBLIGATIONS 12.2% | U.S. TREASURY OBLIGATIONS 12.2% | U.S. TREASURY OBLIGATIONS 12.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.625% due 11/15/2050 | 50 | 26 |
|  1.875% due 02/15/2041 (h) | 1700 | 1188 |
|  2.250% due 08/15/2049 | 250 | 157 |
|  2.375% due 11/15/2049 (h) | 525 | 337 |
|  3.000% due 02/15/2048 | 300 | 223 |
|  3.000% due 08/15/2048 | 325 | 241 |
|  3.000% due 02/15/2049 | 250 | 184 |
|  3.375% due 11/15/2048 (h) | 430 | 340 |
|  4.125% due 08/15/2044 (h) | 750 | 689 |
|  4.500% due 11/15/2054 (h) | 2300 | 2170 |
|  4.625% due 02/15/2055 (h) | 1200 | 1156 |
|  4.875% due 08/15/2045 | 38 | 39 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.500% due 01/15/2028 (h) | 1980 | 1946 |
|  1.125% due 01/15/2033 (h) | 601 | 577 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 02/15/2033 (k) | 100 | 97 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 02/15/2034 (k) | $| 100 | $— | 100 |
|  4.250% due 08/15/2035 (k) |  | 100 |  | 101 |
|  |  |  |  | 9571 |
|  Total United States (Cost $67,190) | Total United States (Cost $67,190) | Total United States (Cost $67,190) |  | 65478 |
| SHORT-TERM INSTRUMENTS 1.7% | SHORT-TERM INSTRUMENTS 1.7% | SHORT-TERM INSTRUMENTS 1.7% | SHORT-TERM INSTRUMENTS 1.7% | SHORT-TERM INSTRUMENTS 1.7% |
| REPURCHASE AGREEMENTS (g) 0.6% | REPURCHASE AGREEMENTS (g) 0.6% | REPURCHASE AGREEMENTS (g) 0.6% | REPURCHASE AGREEMENTS (g) 0.6% | REPURCHASE AGREEMENTS (g) 0.6% |
|  |  |  |  | 501 |
| NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% |
|  31.947% due 06/11/2026 - 06/29/2026 (c)(d) | NGN | 340760 |  | 214 |
| SOUTH AFRICA TREASURY BILLS 0.8% | SOUTH AFRICA TREASURY BILLS 0.8% | SOUTH AFRICA TREASURY BILLS 0.8% | SOUTH AFRICA TREASURY BILLS 0.8% | SOUTH AFRICA TREASURY BILLS 0.8% |
|  7.387% due 04/22/2026 - 08/05/2026 (c)(d) | ZAR | 10960 |  | 642 |
| Total Short-Term Instruments<br>(Cost $1,310) | Total Short-Term Instruments<br>(Cost $1,310) | Total Short-Term Instruments<br>(Cost $1,310) |  | 1357 |
| Total Investments in Securities<br>(Cost $121,672) | Total Investments in Securities<br>(Cost $121,672) | Total Investments in Securities<br>(Cost $121,672) |  | 119397 |
|  |  | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% |
|  PIMCO Short-Term Floating NAV Portfolio III |  | 27292 |  | 266 |
| Total Short-Term Instruments<br>(Cost $266) | Total Short-Term Instruments<br>(Cost $266) | Total Short-Term Instruments<br>(Cost $266) |  | 266 |
| Total Investments in Affiliates<br>(Cost $266) | Total Investments in Affiliates<br>(Cost $266) | Total Investments in Affiliates<br>(Cost $266) |  | 266 |
| Total Investments 153.0%<br>(Cost $121,938) | Total Investments 153.0%<br>(Cost $121,938) | Total Investments 153.0%<br>(Cost $121,938) | $— | 119663 |
|  Financial Derivative<br>Instruments (i)(j) (0.6)%<br> (Cost or Premiums, net $349) | Financial Derivative<br>Instruments (i)(j) (0.6)%<br> (Cost or Premiums, net $349) | Financial Derivative<br>Instruments (i)(j) (0.6)%<br> (Cost or Premiums, net $349) |  | (443) |
| Other Assets and Liabilities, net (52.4)% | Other Assets and Liabilities, net (52.4)% | Other Assets and Liabilities, net (52.4)% |  | (41015) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 78205 |

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#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

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

---

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

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

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | 0.19% |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### 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> |
| BRC | 1.980% | 07/10/2025 | TBD<sup>(2)</sup> | EUR 170 | France Government International Bonds 3.000% due 06/25/2049 | $(194) | $201 | $202 |
| MYI | 1.960 | 07/11/2025 | TBD<sup>(2)</sup> | 256 | France Government International Bonds 3.000% due 06/25/2049 | (290) | 300 | 303 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(3)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(3)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BSN | 3.810% | 01/02/2026 | 01/16/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7320) | $(7320) |
|  | 3.930 | 12/18/2025 | 01/02/2026 | (6711) | (6722) |
|  DEU | 3.920 | 12/19/2025 | 01/02/2026 | (197) | (198) |
|  JPS | 4.010 | 12/30/2025 | 01/06/2026 | (989) | (989) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15229) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  France (0.6)% |  |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues (0.6)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | 3.000% | 06/25/2049 | EUR 500 | $(499) | $(486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total France |  |  |  | (499) | (486) |
|  United States (9.2)% |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Government Agencies (9.2)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 3.000 | 02/01/2056 | $400 | (360) | (359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2041 | 1900 | (1753) | (1759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2056 | 5500 | (4464) | (4447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 02/01/2056 | 200 | (177) | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 02/01/2056 | 500 | (462) | (461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States |  |  |  | (7216) | (7203) |
|  Total Short Sales (9.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7715) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7689) |

---

#### 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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BRC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | $(194) | $8 |
|  BSN | 0 | (14042) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7372) |
|  DEU | 0 | (198) | 0 | 0 | (198) | 193 | (5) |
|  JPS | 0 | (989) | 0 | 0 | (989) | 963 | (26) |
|  MYI | 303 | 0 | 0 | 0 | 303 | (290) | 13 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BPS | 0 | 0 | 0 | (486) | (486) | 0 | (486) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15229) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(486) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 15

------

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7909) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7909) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(7909) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(7909) |
|  Payable for reverse repurchase agreements<sup>(5)</sup> | Payable for reverse repurchase agreements<sup>(5)</sup> | Payable for reverse repurchase agreements<sup>(5)</sup> | Payable for reverse repurchase agreements<sup>(5)</sup> | Payable for reverse repurchase agreements<sup>(5)</sup> | $(7909) |

---

(h) Securities with an aggregate market value of $7,826 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

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

<sup>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $6,757 at a weighted average interest rate of 4.345%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(5)</sup> Unsettled reverse repurchase agreements liability of $(7320) is outstanding at period end. 

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

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note February Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.500 | 01/23/2026 | 3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Call - CBOE U.S. Treasury 10-Year Note February Futures | 113.500 | 01/23/2026 | 3 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | 0 |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(1) | $(1) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 3-Year Bond March Futures  | 03/2026 | 4 | $280 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  Canada Government 10-Year Bond March Futures  | 03/2026 | 16 | 1409 | (13) | 0 | (3) |
|  Euro-BTP Future March Futures  | 03/2026 | 37 | 5226 | (11) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  Long Guilt March Futures  | 03/2026 | 27 | 3325 | 23 | 6 | (2) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8089 | (1) | 0 | (9) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 25 | 2811 | (5) | 0 | (5) |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 58 | 6671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | 0 | (11) |
|  |  |  |  | $(28) | $6 | $(46) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond March Futures  | 03/2026 | 62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4530) | $(8) | $0 | $(5) |
|  Euro-Bobl March Futures  | 03/2026 | 24 | (3276) | 25 | 2 | 0 |
|  Euro-Bund March Futures  | 03/2026 | 10 | (1499) | 21 | 3 | 0 |
|  Euro-Oat March Futures  | 03/2026 | 30 | (4252) | 16 | 10 | 0 |
|  Euro-Schatz March Futures  | 03/2026 | 60 | (7530) | 10 | 1 | 0 |
|  Japan Government 10-Year Bond March Futures  | 03/2026 | 11 | (9298) | 63 | 20 | 0 |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 5 | (1044) | (1) | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 13 | (1534) | 24 | 5 | 0 |
|  |  |  |  | $150 | $41 | $(5) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |

---

16 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) 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>(Pay) 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.IG-45 10-Year Index | (1.000)% | Quarterly | 12/20/2035 | $1650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</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.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.000% | Annual | 06/17/2027 | 2600 | $(6) | $(39) | $(45) | $0 | $0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/17/2027 | 2300 | 15 | (11) | 4 | 0 | 0 |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 4600 | 14 | 49 | 63 | 1 | 0 |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2028 | 600 | (2) | 3 | 1 | 0 | 0 |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 3400 | 0 | 18 | 18 | 4 | 0 |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 1800 | (4) | 7 | 3 | 0 | (3) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 180 | 9 | (11) | (2) | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 300 | 5 | (7) | (2) | 0 | (1) |
|  Receive<sup>(5)</sup> | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/18/2031 | 13110 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2027 | 130000 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2030 | 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | (31) | (45) | 0 | (2) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 12/17/2030 | 100000 | (1) | (7) | (8) | 0 | (1) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 5.890 | Semi-Annual | 03/17/2031 | 180000 | (17) | (76) | (93) | 0 | (2) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 | 136880 | (33) | (43) | (76) | 0 | (2) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 280000 | (9) | (47) | (56) | 0 | (3) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 450000 | (8) | (170) | (178) | 0 | (6) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 180000 | (19) | (56) | (75) | 0 | (2) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 341000 | (17) | (96) | (113) | 0 | (5) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 120000 | (41) | 204 | 163 | 2 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 150000 | (72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/18/2054 | 40000 | 3 | 65 | 68 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 12/18/2054 | 10000 | 2 | 15 | 17 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.250 | Annual | 09/17/2055 | 20000 | 4 | 11 | 15 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.500 | Annual | 12/17/2055 | 20000 | 4 | 5 | 9 | 1 | 0 |
|  Receive<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.250 | Semi-Annual | 03/18/2027 | 4200 | 5 | 0 | 5 | 0 | (1) |
|  Receive<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 03/18/2031 | 2960 | 41 | 9 | 50 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.020 | Annual | 05/15/2026 | $700 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 900 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 5300 | 2 | 26 | 28 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 12/15/2026 | 1100 | 4 | 23 | 27 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 7700 | 50 | (28) | 22 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 5840 | 116 | (28) | 88 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.460 | Annual | 06/30/2027 | 1000 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 7700 | 46 | 0 | 46 | 0 | (3) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 12/15/2027 | 3210 | (6) | 2 | (4) | 2 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2028 | 650 | (3) | 0 | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 05/31/2028 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 800 | 0 | (9) | (9) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 900 | 0 | (10) | (10) | 1 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 | 2278 | 1 | 9 | 10 | 3 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 | 3280 | 3 | 0 | 3 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 400 | 6 | (1) | 5 | 0 | (1) |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 180 | 1 | (1) | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 400 | 0 | (3) | (3) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.847 | Annual | 05/15/2034 | 200 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 300 | 0 | (3) | (3) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 400 | (2) | (9) | (11) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 300 | (1) | 6 | 5 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 300 | (1) | 5 | 4 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 300 | (1) | 4 | 3 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

---

------

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.643% | Annual | 08/28/2034 | $300 | $(1) | $3 | $2 | $1 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 200 | 2 | (2) | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 2260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | (37) | 106 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 200 | (1) | (1) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 200 | (1) | (1) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 400 | 18 | 0 | 18 | 1 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 500 | 1 | 4 | 5 | 1 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 500 | 0 | 3 | 3 | 1 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 751 | 2 | 1 | 3 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 1000 | (20) | 23 | 3 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 4520 | (30) | 46 | 16 | 11 | 0 |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 320 | 6 | (1) | 5 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 100 | 1 | 7 | 8 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 | 200 | 0 | 7 | 7 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.964 | Annual | 11/15/2054 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 | 200 | 0 | 6 | 6 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 100 | 0 | 7 | 7 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 | 200 | 0 | 13 | 13 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 100 | 0 | 7 | 7 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 | 100 | 0 | 6 | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 | 200 | 0 | 11 | 11 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 290 | 36 | 12 | 48 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 | 148 | 1 | 5 | 6 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 | 142 | (2) | 5 | 3 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 | 180 | 0 | 7 | 7 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 200 | 19 | 4 | 23 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 | 84 | (1) | 3 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 500 | 24 | 11 | 35 | 2 | 0 |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 10 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 300 | (1) | 3 | 2 | 0 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 300 | 0 | 2 | 2 | 0 | 0 |
|  Pay<sup>(5)</sup> | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | 958460 | 7 | (37) | (30) | 0 | 0 |
|  Receive<sup>(5)</sup> | 3-Month NZD-BBR | 2.500 | Semi-Annual | 03/12/2028 | 1500 | 1 | 8 | 9 | 0 | (1) |
|  Receive<sup>(5)</sup> | 3-Month NZD-BBR | 3.500 | Semi-Annual | 03/18/2031 | 3600 | (26) | 39 | 13 | 0 | (9) |
|  Receive<sup>(5)</sup> | 3-Month PLN-WIBOR | 4.723 | Annual | 12/01/2035 | 800 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | 2100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | 500 | (1) | (10) | (11) | 0 | 0 |
|  Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 | 10300 | (93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 600 | 0 | (14) | (14) | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 | 900 | 6 | (16) | (10) | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 200 | 1 | (4) | (3) | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 | 900 | 5 | (28) | (23) | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 | 500 | 8 | (14) | (6) | 0 | (1) |
|  Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 1600 | 1 | (49) | (48) | 0 | (2) |
|  Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | 1600 | 6 | (10) | (4) | 0 | 0 |
|  Pay<sup>(5)</sup> | 6-Month CZK-PRIBOR | 4.523 | Annual | 12/01/2035 | 4400 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | 1080 | 13 | 22 | 35 | 0 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 | 2600 | (11) | (7) | (18) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 | 900 | 0 | (11) | (11) | 0 | (1) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 6920 | 31 | (74) | (43) | 0 | (5) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 4290 | (8) | (83) | (91) | 0 | (6) |
|  Pay | 6-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 | 150 | (11) | (74) | (85) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 | 100 | 0 | 69 | 69 | 0 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 | 1800 | 41 | 158 | 199 | 3 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 150 | 5 | 4 | 9 | 1 | 0 |
|  Pay | CAONREPO | 3.500 | Annual | 03/19/2026 | 2700 | 0 | 18 | 18 | 0 | 0 |
|  Pay | CAONREPO | 3.925 | Annual | 06/19/2026 | 200 | 0 | 2 | 2 | 0 | 0 |
|  Pay | CAONREPO | 1.500 | Semi-Annual | 06/17/2030 | 1000 | (86) | 48 | (38) | 0 | (1) |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 | 400 | 6 | (12) | (6) | 0 | 0 |
|  Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 | 100 | 1 | 0 | 1 | 0 | 0 |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 | 800 | (1) | (7) | (8) | 1 | 0 |
|  Receive | CAONREPO | 3.300 | Semi-Annual | 06/01/2033 | 100 | 1 | (3) | (2) | 0 | 0 |
|  Receive | CAONREPO | 3.400 | Semi-Annual | 06/01/2033 | 400 | 0 | (8) | (8) | 0 | 0 |
|  Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 09/01/2033 | 200 | 2 | (7) | (5) | 0 | 0 |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 300 | 0 | 1 | 1 | 0 | 0 |

---

---

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

---

------

December 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | CAONREPO | 3.250% | Semi-Annual | 12/18/2034 CAD | 200 | $(5) | $3 | $(2) | $0 | $0 |
|  |  |  |  |  |  | $163 | $(520) | $(357) | $71 | $(79) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** |  | Variation Margin<br>Liability |  | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** |  | Futures |  | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | $(1) | $(51) | $(79) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) |

---

Cash of $1,830 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

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

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&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 |
|  AZD | 01/2026 | $372 | 57850 | $0 | $(3) |
|  | 01/2026 | 22 | 39 | 1 | 0 |
|  BOA | 01/2026 | 165398 | $43 | 0 | 0 |
|  | 01/2026 | 74 | 20 | 0 | 0 |
|  | 01/2026 | 325 | 10 | 0 | 0 |
|  | 01/2026 | 1032 | 34 | 1 | 0 |
|  | 01/2026 | $30 | 208 | 0 | 0 |
|  | 01/2026 | 48 | 41 | 0 | 0 |
|  | 01/2026 | 84 | 123617 | 1 | 0 |
|  | 01/2026 | 44 | 162 | 1 | 0 |
|  | 01/2026 | 23 | 1021 | 1 | 0 |
|  | 01/2026 | 4 | 135 | 0 | 0 |
|  | 02/2026 | 80 | $25 | 0 | 0 |
|  | 02/2026 | 64938 | 45 | 0 | 0 |
|  | 03/2026 | 234748 | 61 | 1 | 0 |
|  | 03/2026 | 244 | 10 | 0 | 0 |
|  | 03/2026 | 30 | 736 | 0 | 0 |
|  | 03/2026 | 1047 | $2 | 0 | 0 |
|  | 03/2026 | 959 | 285 | 0 | 0 |
|  | 03/2026 | $116 | 818 | 1 | 0 |
|  | 04/2026 | 916 | $52 | 0 | (3) |
|  BPS | 01/2026 | 1061 | 690 | 0 | (18) |
|  | 01/2026 | 7187 | 1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  | 01/2026 | 488 | 573 | 0 | (1) |
|  | 01/2026 | 171 | 53 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

---

------

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | 1803 | $20 | $0 | $0 |
|  | 01/2026 | 6800 | 44 | 1 | 0 |
|  | 01/2026 | 88 | 24 | 0 | 0 |
|  | 01/2026 | 3651 | 120 | 4 | 0 |
|  | 01/2026 | $78 | 547 | 0 | 0 |
|  | 01/2026 | 61 | 432 | 1 | 0 |
|  | 01/2026 | 10 | 903 | 0 | 0 |
|  | 01/2026 | 70 | 253 | 1 | 0 |
|  | 01/2026 | 142 | 4472 | 0 | 0 |
|  | 01/2026 | 45 | 759 | 0 | 0 |
|  | 01/2026 | 759 | $45 | 0 | 0 |
|  | 02/2026 | 169303 | 44 | 0 | 0 |
|  | 02/2026 | 11 | 54 | 0 | 0 |
|  | 02/2026 | $66 | 467 | 1 | 0 |
|  | 02/2026 | 21 | 1868 | 0 | 0 |
|  | 02/2026 | 43 | 1364 | 0 | 0 |
|  | 03/2026 | 491 | 20 | 0 | 0 |
|  | 03/2026 | 927 | $45 | 0 | (1) |
|  | 03/2026 | 751 | 24 | 0 | 0 |
|  | 03/2026 | $34 | 241 | 0 | 0 |
|  | 04/2026 | 1400 | $245 | 0 | (5) |
|  | 04/2026 | $26 | 183 | 0 | 0 |
|  BRC | 01/2026 | 768 | $119 | 0 | (2) |
|  | 01/2026 | 59 | 302 | 1 | 0 |
|  | 01/2026 | 32 | $10 | 0 | 0 |
|  | 01/2026 | 64721 | 44 | 0 | (1) |
|  | 01/2026 | 3142 | 765 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  | 01/2026 | 146 | 85 | 0 | 0 |
|  | 01/2026 | $262 | 453 | 0 | (1) |
|  | 01/2026 | 11 | 501 | 0 | 0 |
|  | 01/2026 | 2729 | $158 | 0 | (7) |
|  | 02/2026 | 26 | 8 | 0 | 0 |
|  | 02/2026 | $512 | 23251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | 0 |
|  | 03/2026 | 36 | 1666 | 0 | 0 |
|  | 04/2026 | 934 | $53 | 0 | (3) |
|  | 07/2026 | 1384 | 78 | 0 | (4) |
|  | 12/2026 | 477 | 27 | 0 | (1) |
|  BSH | 01/2026 | 1308 | 1730 | 0 | (34) |
|  | 01/2026 | 101044 | 649 | 4 | 0 |
|  | 01/2026 | 216 | 62 | 0 | (2) |
|  | 01/2026 | $40 | 71 | 1 | 0 |
|  | 04/2026 | 2700 | $475 | 0 | (8) |
|  CBK | 01/2026 | 437 | 291 | 0 | (1) |
|  | 01/2026 | 248 | 35 | 0 | (1) |
|  | 01/2026 | 593031 | 156 | 1 | 0 |
|  | 01/2026 | 165 | 192 | 0 | (2) |
|  | 01/2026 | 10000 | 74 | 10 | 0 |
|  | 01/2026 | 34 | 20 | 0 | 0 |
|  | 01/2026 | 768 | 227 | 0 | (1) |
|  | 01/2026 | 55 | 43 | 0 | 0 |
|  | 01/2026 | 5367 | 177 | 6 | 0 |
|  | 01/2026 | $86 | 128 | 0 | (1) |
|  | 01/2026 | 45 | 315 | 0 | 0 |
|  | 01/2026 | 87 | 612 | 1 | 0 |
|  | 01/2026 | 28 | 106697 | 0 | 0 |
|  | 01/2026 | 91 | 78 | 1 | 0 |
|  | 01/2026 | 208 | 18605 | 0 | (2) |
|  | 01/2026 | 10 | 36 | 0 | 0 |
|  | 01/2026 | 109 | 141 | 0 | 0 |
|  | 01/2026 | 45 | 1410 | 0 | 0 |
|  | 01/2026 | 667 | $39 | 0 | (2) |
|  | 02/2026 | 121797 | 32 | 0 | 0 |
|  | 02/2026 | 64 | 20 | 0 | 0 |
|  | 02/2026 | 1882 | 548 | 0 | (11) |
|  | 02/2026 | $161 | 1136 | 1 | 0 |
|  | 02/2026 | 1 | 40 | 0 | 0 |
|  | 03/2026 | 200830 | $53 | 1 | 0 |
|  | 03/2026 | 2054 | 265 | 1 | 0 |
|  | 03/2026 | 1186 | 338 | 0 | (14) |
|  | 03/2026 | 816 | 26 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 03/2026 | $367 | 2583 | $3 | $0 |
|  | 04/2026 | 49542 | $13 | 0 | 0 |
|  | 07/2026 | 453 | 131 | 0 | (3) |
|  DUB | 01/2026 | 42 | 218 | 0 | 0 |
|  | 01/2026 | 44 | $14 | 0 | 0 |
|  | 01/2026 | 630111 | 430 | 0 | (7) |
|  | 01/2026 | 35 | 20 | 0 | 0 |
|  | 01/2026 | $7 | 356 | 0 | 0 |
|  | 01/2026 | 26 | 84 | 0 | 0 |
|  | 01/2026 | 55 | 4922 | 0 | (1) |
|  | 01/2026 | 49 | 71822 | 1 | 0 |
|  | 01/2026 | 45 | 758 | 1 | 0 |
|  | 01/2026 | 4863 | $279 | 0 | (14) |
|  | 02/2026 | 33 | 171 | 0 | 0 |
|  | 02/2026 | 84 | $26 | 0 | 0 |
|  | 02/2026 | $2 | 55 | 0 | 0 |
|  | 03/2026 | 672 | $1 | 0 | 0 |
|  | 03/2026 | 189 | 56 | 0 | 0 |
|  | 03/2026 | $33 | 229 | 0 | 0 |
|  | 03/2026 | 68 | 1390 | 0 | 0 |
|  | 03/2026 | 44 | 23747 | 2 | 0 |
|  | 04/2026 | 11 | 540 | 0 | 0 |
|  | 06/2026 | 13328 | $25 | 0 | 0 |
|  | 07/2026 | 1016 | 57 | 0 | (3) |
|  | 12/2026 | 636 | 36 | 0 | (1) |
|  FAR | 01/2026 | 2162 | 1404 | 0 | (39) |
|  | 01/2026 | 8 | 10 | 0 | 0 |
|  | 01/2026 | 3583 | 509 | 0 | (5) |
|  | 01/2026 | 1931 | 2536 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67) |
|  | 01/2026 | $14 | 45 | 0 | 0 |
|  | 01/2026 | 453 | 8396 | 13 | 0 |
|  | 01/2026 | 47 | 83 | 1 | 0 |
|  | 01/2026 | 78 | 285 | 2 | 0 |
|  | 01/2026 | 3372 | $196 | 0 | (7) |
|  | 02/2026 | 45 | 14 | 0 | 0 |
|  GLM | 01/2026 | 234 | 33 | 0 | 0 |
|  | 01/2026 | 93 | 479 | 1 | 0 |
|  | 01/2026 | 40000 | $297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | 0 |
|  | 01/2026 | 303 | 74 | 0 | (1) |
|  | 01/2026 | $37 | 30 | 1 | 0 |
|  | 01/2026 | 40 | 282 | 0 | 0 |
|  | 01/2026 | 51 | 186 | 1 | 0 |
|  | 01/2026 | 141 | 183 | 1 | 0 |
|  | 01/2026 | 13 | 414 | 0 | 0 |
|  | 01/2026 | 3586 | $208 | 0 | (8) |
|  | 02/2026 | 19 | 0 | 0 | 0 |
|  | 02/2026 | $0 | 1 | 0 | 0 |
|  | 02/2026 | 64 | 1192 | 2 | 0 |
|  | 03/2026 | 22 | $4 | 0 | 0 |
|  | 03/2026 | 39 | 0 | 0 | 0 |
|  | 03/2026 | $724 | 4009 | 0 | (2) |
|  | 03/2026 | 6 | 42 | 0 | 0 |
|  | 04/2026 | 5200 | $917 | 3 | (15) |
|  | 04/2026 | 115 | 6 | 0 | 0 |
|  | 08/2026 | 4490 | 252 | 0 | (15) |
|  JPM | 01/2026 | 14913 | 2118 | 0 | (22) |
|  | 01/2026 | 238 | 73 | 0 | (2) |
|  | 01/2026 | 1768 | 20 | 0 | 0 |
|  | 01/2026 | 146 | 40 | 0 | (1) |
|  | 01/2026 | $50 | 350 | 0 | 0 |
|  | 01/2026 | 20 | 144 | 0 | 0 |
|  | 01/2026 | 7 | 351 | 0 | 0 |
|  | 01/2026 | 21 | 1886 | 0 | 0 |
|  | 01/2026 | 1035 | 1484970 | 0 | (5) |
|  | 01/2026 | 61 | 224 | 2 | 0 |
|  | 01/2026 | 919 | $54 | 0 | (2) |
|  | 02/2026 | 1483021 | 1035 | 7 | 0 |
|  | 02/2026 | $13 | 247 | 0 | 0 |
|  | 03/2026 | 4 | $0 | 0 | 0 |
|  | 03/2026 | $102 | 1878 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

---

------

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 134 | $7 | $0 | $0 |
|  | 06/2026 | 700 | 40 | 0 | (2) |
|  MBC | 01/2026 | 118 | 78 | 0 | 0 |
|  | 01/2026 | 3231 | 2296 | 0 | (60) |
|  | 01/2026 | 8 | 10 | 0 | 0 |
|  | 01/2026 | 99 | 14 | 0 | 0 |
|  | 01/2026 | 243 | 5 | 0 | 0 |
|  | 01/2026 | 503 | 671 | 0 | (7) |
|  | 01/2026 | 43200 | 278 | 2 | 0 |
|  | 01/2026 | 51 | 30 | 0 | 0 |
|  | 01/2026 | 1154 | 889 | 0 | (9) |
|  | 01/2026 | 17929 | 554 | 0 | (16) |
|  | 01/2026 | $14 | 99 | 0 | 0 |
|  | 01/2026 | 31 | 1506 | 1 | 0 |
|  | 01/2026 | 1271 | 954 | 15 | 0 |
|  | 01/2026 | 21 | 3331 | 0 | 0 |
|  | 01/2026 | 16 | 59 | 0 | 0 |
|  | 01/2026 | 7 | 207 | 0 | 0 |
|  | 02/2026 | 30 | 547 | 1 | 0 |
|  | 03/2026 | 263 | $34 | 0 | 0 |
|  | 03/2026 | $12 | 219 | 0 | 0 |
|  | 05/2026 | 2 | 102 | 0 | 0 |
|  | 05/2026 | 1370 | $79 | 0 | (3) |
|  MYI | 01/2026 | $2 | 320 | 0 | 0 |
|  | 01/2026 | 63 | 1084 | 2 | 0 |
|  | 02/2026 | 496 | 20 | 0 | 0 |
|  | 02/2026 | 97 | $30 | 0 | 0 |
|  | 02/2026 | $9 | 63 | 0 | 0 |
|  | 03/2026 | 94 | 659 | 1 | 0 |
|  NGF | 01/2026 | 1032925 | $706 | 0 | (11) |
|  | 01/2026 | $33 | 48176 | 1 | 0 |
|  | 02/2026 | 80 | 3639 | 2 | 0 |
|  | 03/2026 | 68 | 3097 | 1 | 0 |
|  SCX | 01/2026 | 7483 | $1062 | 0 | (12) |
|  | 01/2026 | 81341 | 523 | 4 | 0 |
|  | 01/2026 | 1119 | 37 | 1 | 0 |
|  | 01/2026 | $48 | 339 | 0 | 0 |
|  | 01/2026 | 10 | 890 | 0 | 0 |
|  | 01/2026 | 22 | 3492 | 0 | 0 |
|  | 03/2026 | 37 | 263 | 0 | 0 |
|  SOG | 01/2026 | 247 | 1265 | 2 | 0 |
|  | 01/2026 | 11634 | $13469 | 0 | (209) |
|  | 01/2026 | 293217 | 1875 | 2 | 0 |
|  | 01/2026 | $64 | 216 | 0 | 0 |
|  | 01/2026 | 104 | 135 | 1 | 0 |
|  | 02/2026 | 29 | 146 | 0 | 0 |
|  | 02/2026 | $45 | 2209 | 1 | 0 |
|  | 02/2026 | 30 | 547 | 1 | 0 |
|  | 03/2026 | 29 | $2 | 0 | 0 |
|  | 03/2026 | 1 | 0 | 0 | 0 |
|  | 07/2026 | 217 | 64 | 0 | 0 |
|  SSB | 01/2026 | 80000 | 534 | 24 | 0 |
|  UAG | 01/2026 | 40 | 50 | 0 | (1) |
|  | 01/2026 | 73 | 20 | 0 | 0 |
|  | 01/2026 | $57 | 205 | 1 | 0 |
|  | 01/2026 | 4764 | $274 | 0 | (13) |
|  | 02/2026 | $13 | 245 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(714) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | CZK | 24.200 | 03/11/2026 | 82 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  | Put - OTC EUR versus HUF | HUF | 375.000 | 03/05/2026 | 127 | 0 | 0 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 142 | 0 | 0 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 223 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
|  | Put - OTC USD versus KRW | KRW | 1417.000 | 02/11/2026 | 228 | $2 | $1 |
|  | Put - OTC USD versus KRW |  | 1419.000 | 02/11/2026 | 229 | 1 | 1 |
|  | Put - OTC USD versus KRW |  | 1419.000 | 02/12/2026 | 144 | 1 | 1 |
|  | Call - OTC USD versus SGD | SGD | 1.315 | 11/05/2026 | 148 | 1 | 1 |
| GLM | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 34 | 0 | 0 |
| JPM | Put - OTC EUR versus CZK | CZK | 24.200 | 03/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | 1 | 1 |
|  | Put - OTC EUR versus HUF | HUF | 378.000 | 03/03/2026 | 100 | 1 | 0 |
|  | Put - OTC EUR versus HUF |  | 376.000 | 03/06/2026 | 124 | 0 | 0 |
| MBC | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 127 | 0 | 0 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 66 | 0 | 0 |
| MYI | Put - OTC EUR versus CZK | CZK | 24.200 | 02/10/2026 | 84 | 0 | 0 |
|  | Put - OTC EUR versus CZK |  | 24.100 | 03/13/2026 | 195 | 1 | 1 |
|  | Put - OTC EUR versus CZK |  | 23.900 | 06/02/2026 | 140 | 1 | 1 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 142 | $0 | $0 |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 223 | 0 | 0 |
|  | Put - OTC USD versus KRW | KRW | 1380.000 | 02/11/2026 | 228 | (1) | 0 |
|  | Put - OTC USD versus KRW |  | 1382.000 | 02/11/2026 | 229 | (1) | (1) |
|  | Put - OTC USD versus KRW |  | 1383.000 | 02/12/2026 | 144 | 0 | 0 |
|  | Put - OTC USD versus SGD | SGD | 1.237 | 11/05/2026 | 148 | (1) | (1) |
| GLM | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 34 | 0 | 0 |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 127 | 0 | 0 |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 66 | 0 | 0 |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(5)</sup> | **Notional<br>Amount<sup>(6)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(5)</sup> | **Notional<br>Amount<sup>(6)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2029 | 0.187% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $(3) | $0 | $0 | $(3) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | 0.220 | 400 | (15) | 0 | 0 | (15) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(4)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 | — <sup>¨</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(4)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(6)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(6)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR 100 | $23 | $0 | $23 | $0 |
| CBK | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 100 | 23 | 1 | 24 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 23

------

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Upfront Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Upfront Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Floating rate equal to<br>1-Day USD-SOFR Compounded-OIS less 0.357% based on the notional amount of currency received | Floating rate equal to<br>1-Day JPY-SOFR<br>based on the notional amount of currency delivered | Maturity | 12/16/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341 | JPY 651,100 | $56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  GLM | Floating rate equal to<br>1-Day USD-SOFR Compounded-OIS less 0.301% based on the notional amount of currency received | Floating rate equal to<br>1-Day GBP-SOFR<br>based on the notional amount of currency delivered | Maturity | 10/15/2045 | 797 | 599 | (3) | 1 | 0 | (2) |
|  | Floating rate equal to<br>1-Day USD-SOFR Compounded-OIS less 0.315% based on the notional amount of currency received | Floating rate equal to<br>1-Day JPY-SOFR<br>based on the notional amount of currency delivered | Maturity | 12/16/2027 | 2335 | 362000 | 1 | (1) | 0 | 0 |
|  | Floating rate equal to<br>1-Day USD-SOFR Compounded-OIS less 0.425% based on the notional amount of currency received | Floating rate equal to<br>1-Day JPY-SOFR<br>based on the notional amount of currency delivered | Maturity | 09/16/2031 | 1769 | 260000 | 2 | 1 | 3 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | $0 | $58 | $(2) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Pay/Receive<br>Floating Rate** | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | **Pay/Receive<br>Floating Rate** | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay<br> 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 9600 | $(2) | $(4) | $0 | $(6) |
| SCX | Pay<br> 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 |  | 12420 | 6 | (13) | 0 | (7) |
|  |  |  |  |  |  |  | $4 | $(17) | $0 | $(13) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(9)</sup> |
|  AZD | $1 | $0 | $0 | $1 | $(3) | $0 | $0 | $(3) | $(2) | $0 | $(2) |
|  BOA | 6 | 5 | 0 | 11 | (3) | (2) | 0 | (5) | 6 | 0 | 6 |
|  BPS | 8 | 0 | 23 | 31 | (37) | 0 | (6) | (43) | (12) | 0 | (12) |
|  BRC | 15 | 0 | 0 | 15 | (29) | 0 | 0 | (29) | (14) | 0 | (14) |
|  BSH | 5 | 0 | 0 | 5 | (44) | 0 | 0 | (44) | (39) | 0 | (39) |
|  CBK | 25 | 0 | 79 | 104 | (38) | 0 | 0 | (38) | 66 | 0 | 66 |
|  DUB | 4 | 0 | 2 | 6 | (26) | 0 | 0 | (26) | (20) | 0 | (20) |
|  FAR | 16 | 0 | 0 | 16 | (118) | 0 | 0 | (118) | (102) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) |
|  GLM | 51 | 0 | 3 | 54 | (41) | 0 | (2) | (43) | 11 | 0 | 11 |
|  JPM | 10 | 1 | 0 | 11 | (34) | 0 | 0 | (34) | (23) | 0 | (23) |
|  MBC | 19 | 0 | 0 | 19 | (95) | 0 | 0 | (95) | (76) | 0 | (76) |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (18) | (18) | (18) | 0 | (18) |
|  MYI | 3 | 2 | 0 | 5 | 0 | 0 | 0 | 0 | 5 | 0 | 5 |
|  NGF | 4 | 0 | 0 | 4 | (11) | 0 | 0 | (11) | (7) | 0 | (7) |
|  SCX | 5 | 0 | 0 | 5 | (12) | 0 | (7) | (19) | (14) | 0 | (14) |
|  SOG | 7 | 0 | 0 | 7 | (209) | 0 | 0 | (209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | 66 |
|  SSB | 24 | 0 | 0 | 24 | 0 | 0 | 0 | 0 | 24 | 0 | 24 |
|  UAG | 1 | 0 | 0 | 1 | (14) | 0 | 0 | (14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(714) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749) |  |  |  |

---

24 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

(k) Securities with an aggregate market value of $268 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(5)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(7)</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>(8)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(9)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $47 | $47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 71 | 71 |
|  | $0 | $0 | $0 | $0 | $118 | $118 |
|  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  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | $0 | $204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 8 | 0 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 49 | 0 | 58 | 0 | 107 |
|  | $0 | $49 | $0 | $270 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
|  | $0 | $49 | $0 | $270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | $437 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 51 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 79 | 79 |
|  | $0 | $0 | $0 | $0 | $131 | $131 |
|  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 | $714 | $0 | $714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 2 | 0 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 18 | 0 | 2 | 13 | 33 |
|  | $0 | $18 | $0 | $718 | $13 | $749 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | $144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 25

------

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $17 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 17 | 0 | 0 | (541) | (524) |
|  | $0 | $17 | $0 | $0 | $642 | $659 |
|  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 | $(904) | $0 | $(904) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 10 | (24) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 15 | 109 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 16 | 0 | 238 | (29) | 225 |
|  | $0 | $16 | $0 | $(641) | $56 | $(569) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(641) | $698 | $90 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(8) | $(8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | (701) | (696) |
|  | $0 | $5 | $0 | $0 | $(709) | $(704) |
|  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;(1588) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (9) | (82) | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (4) | 55 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (3) | 0 | (16) | 0 | (19) |
|  | $0 | $(3) | $0 | $(1617) | $(27) | $(1647) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2 | $0 | $(1617) | $(736) | $(2351) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $35 | $0 | $35 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 832 | 0 | 832 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | 801 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1808 | 0 | 1808 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642 | 0 | 1642 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 229 | 0 | 229 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1519 | 0 | 1519 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2125 | 0 | 2125 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 2089 | 0 | 2089 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 204 | 0 | 204 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 206 | 0 | 206 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3178 | 0 | 3178 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 889 | 0 | 889 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 105 | 0 | 105 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 578 | 0 | 578 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4209 | 0 | 4209 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 118 | 0 | 118 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031 | $0 | $2031 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 963 | 0 | 963 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 345 | 0 | 345 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2264 | 0 | 2264 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1130 | 0 | 1130 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3674 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 501 | 0 | 501 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | 0 | 401 | 0 | 401 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | 205 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 440 | 0 | 440 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 408 | 0 | 408 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 449 | 0 | 449 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 856 | 0 | 856 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 120 | 0 | 120 |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 51 | 0 | 51 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 65 | 0 | 65 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1679 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $513 | $0 | $513 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 945 | 0 | 945 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1265 | 0 | 1265 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 110 | 0 | 110 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1537 | 0 | 1537 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1072 | 0 | 1072 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2697 | 0 | 2697 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Sovereign Issues | 0 | 580 | 0 | 580 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 708 | 0 | 708 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 563 | 0 | 563 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 506 | 0 | 506 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2476 | 0 | 2476 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 339 | 0 | 339 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3102 | 0 | 3102 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 2602 | 0 | 2602 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5366 | 0 | 5366 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 222 | 0 | 222 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 7074 | 0 | 7074 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40643 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 9571 | 0 | 9571 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 501 | 0 | 501 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 214 | 0 | 214 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 642 | 0 | 642 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | $119397 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $266 | $0 | $0 | $266 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119663 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  France | France | France | France | France |
| &nbsp;&nbsp; Sovereign Issues | 0 | (486) | 0 | (486) |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | (7203) | 0 | (7203) |
|  | $0 | $(7689) | $0 | $(7689) |
|  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 | 42 | 76 | 0 | 118 |
|  Over the counter | 0 | 317 | 2 | 319 |
|  | $42 | $393 | $2 | $437 |
|  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 | (26) | (105) | 0 | (131) |
|  Over the counter | 0 | (749) | 0 | (749) |
|  | $(26) | $(854) | $0 | $(880) |
|  Total Financial Derivative Instruments | $16 | $(461) | $2 | $(443) |
|  Totals | $282 | $110241 | $1008 | $111531 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $0 | $785 | $0 | $0 | $0 | $16 | $0 | $0 | $801 | $16 |
|  Luxembourg |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 228 | 0 | 0 | 0 | 0 | (23) | 0 | 0 | 205 | (23) |
|  | $228 | $785 | $0 | $0 | $0 | $(7) | $0 | $0 | $1006 | $(7) |
|  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 | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $1 | $0 | $0 | $0 | $1 | $0 | $0 | $2 | $1 |
|  Totals | $228 | $786 | $0 | $0 | $0 | $(6) | $0 | $0 | $1008 | $(6) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 27

------

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) December 31, 2025

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia | Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $801 | Recent Transaction | Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.000 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 205 | Indicative Market Quotation | Broker Quote | $22.563 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 2 | Indicative Market Quotation | Broker Quote | 0.497 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 |  |  |  |  |

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<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

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| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Notes to Financial Statements December 31, 2025

1. ORGANIZATION

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

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

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

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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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Notes to Financial Statements (Cont.)

obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Portfolio may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Portfolio invests. These foreign taxes, if any, are paid by the Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

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

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

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

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

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| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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 September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

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Notes to Financial Statements (Cont.)

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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

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

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value

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| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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 fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **33** |

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Notes to Financial Statements (Cont.)

these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) 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, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42500) | $&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;266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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

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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 according to 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 ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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 interests in 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 payments. 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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among

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investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

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

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2025, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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 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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

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

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

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis

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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 (in the case of tri-party repurchase agreements). Traditionally, the Portfolio has used bilateral repurchase agreements wherein the underlying securities will be held by the Portfolio's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as

a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

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

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest

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that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

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

During the period ended December 31, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial

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

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

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the

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contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Barrier Options ("Barrier Options") are options, which may be written or purchased, with non-standard payout structures or other features. Barrier Options are generally traded OTC. The Portfolio may invest in various types of Barrier Options including down-and-in, down-and-out and up-and-in options. Down-and-in and up-and-in options are similar to standard options, except that the option expires worthless to the purchaser of the option if the price of the underlying instrument does, or does not, reach a specific barrier price level prior to the option's expiration date. Down-and-out options expire worthless to the purchaser of the option if the price of the underlying instrument reaches a specific barrier price level prior to the option's expiration date.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(d) Swap Agreementsare bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing

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organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these

agreements, that the counterparty to the agreements may fail to perform or meet an obligation 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, other deliverable obligations 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

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defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes 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 indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The net of the notional amount received/delivered, when translated to USD at the trade date, represents an upfront payable/receivable. The re-exchange at maturity may take place at the same exchange rate, a specified rate or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help

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hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Small Portfolio Risk is the risk that a smaller portfolio may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller portfolio may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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

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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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic

developments, trade restrictions (including tariffs) 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.

China Risk is the risk of investing in securities and instruments economically tied to the People's Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) ("PRC"). These investments subject the Portfolio to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce.

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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

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

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restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

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

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, investments in CLOs 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) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health

emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

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

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which

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could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement

governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

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

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

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction

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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. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated

with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

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

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

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

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| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Administrative<br>Class | Advisor<br>Class |
| 0.25% | 0.31% \* | 0.31% | 0.31% \* |

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\* This particular share class has been registered with the SEC, but was not operational during the fiscal year ended December 31, 2025.

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

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

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and

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Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class shares.

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

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\* This particular share class has been registered with the SEC, but was not operational during the fiscal year ended December 31, 2025.

(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 (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

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(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $1,027.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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Notes to Financial Statements (Cont.)

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. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 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;706803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36622 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25793 |

---

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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>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 569 | $5039 | 674 | $5919 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 366 | 3255 | 374 | 3277 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16826) | (2064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18094) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (963) | $(8532) | (1016) | $(8898) |

---

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

---

As of December 31, 2025, one person owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 83% 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.

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.

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, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by

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| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of<br>Distributable<br>Earnings |
|  PIMCO Global Core Bond (Hedged) Portfolio | $0 | $0 | $(4565) | $0 | $(4134) | $0 | $(550) | $(9249) |

---

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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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, short positions, straddle loss deferrals, and interest accrued on defaulted securities. 

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

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

<sup>(5)</sup> Capital losses realized during the period November 1, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Global Core Bond (Hedged) Portfolio | $1838 | $2296 |

---

---

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

---

As of December 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Global Core Bond (Hedged) Portfolio | $116021 | $4166 | $(8785) | $(4619) |

---

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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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, short positions, straddle loss deferrals, and interest accrued on defaulted securities. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of Capital<sup>(9)</sup> |
|  PIMCO Global Core Bond (Hedged) Portfolio | $2829 | $0 | $426 | $3277 | $0 | $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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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **49** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Global Core Bond (Hedged) Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Global Core Bond (Hedged) Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

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

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| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |
| AZD | Australia and New Zealand Banking Group | DEU | Deutsche Bank Securities, Inc. | MYC | Morgan Stanley Capital Services LLC |
| BOA | Bank of America N.A. | DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC |
| BPS | BNP Paribas S.A. | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BRC | Barclays Bank PLC | GLM | Goldman Sachs Bank USA | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BSN | The Bank of Nova Scotia - Toronto | JPS | J.P. Morgan Securities LLC | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | NZD | New Zealand Dollar |
| BRL | Brazilian Real | HKD | Hong Kong Dollar | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | HUF | Hungarian Forint | PLN | Polish Zloty |
| CHF | Swiss Franc | ILS | Israeli Shekel | RON | Romanian New Leu |
| CNH | Chinese Renminbi (Offshore) | INR | Indian Rupee | SEK | Swedish Krona |
| CNY | Chinese Renminbi (Mainland) | JPY | Japanese Yen | SGD | Singapore Dollar |
| COP | Colombian Peso | KRW | South Korean Won | THB | Thai Baht |
| CZK | Czech Koruna | KZT | Kazakhstani Tenge | TRY | Turkish New Lira |
| DKK | Danish Krone | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EGP | Egyptian Pound | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| EUR | Euro | NGN | Nigerian Naira | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |
| CBOE | Chicago Board Options Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |
| Bobl | Bundesobligation, the German word for federal government bond | CPI | Consumer Price Index | SOFR | Secured Overnight Financing Rate |
| BP0003M | 3 Month GBP-LIBOR | EUR003M | 3 Month EUR Swap Rate | SOFRINDX | Secured Overnight Financing Rate Index |
| CAONREPO | Canadian Overnight Repo Rate Average | MUTKCALM | Tokyo Overnight Average Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CDX.IG | Credit Derivatives Index - Investment Grade | SIBCSORA | Singapore Overnight Rate Average | SRFXON3 | Swiss Overnight Rate Average (6PM) |
| CNREPOFIX | China Fixing Repo Rates 7-Day |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: | Other Abbreviations: |  |  |  |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | PRIBOR | Prague Interbank Offered Rate |
| Alt | Alternate Loan Trust | EURIBOR | Euro Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| BBR | Bank Bill Rate | KORIBOR | Korea Interbank Offered Rate | STIBOR | Stockholm Interbank Offered Rate |
| BBSW | Bank Bill Swap Reference Rate | MIBOR | Mumbai Interbank Offered Rate | TBA | To-Be-Announced |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | OAT | Obligations Assimilables du Trésor | WIBOR | Warsaw Interbank Offered Rate |
| CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap |  |  |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 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 Global Core Bond (Hedged) Portfolio | PIMCO Global Core Bond (Hedged) Portfolio | PIMCO Global Core Bond (Hedged) Portfolio | PIMCO Global Core Bond (Hedged) Portfolio | PIMCO Global Core Bond (Hedged) Portfolio |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
|  August 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  September 2025 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  October 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  November 2025 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
|  December 2025 | $0.0321 | $0.0000 | $0.0000 | $0.0321 |

---

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

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

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| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO Global Core Bond (Hedged) Portfolio | 0.00% | 2.09% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, 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 2025.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **53** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **55** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant,

financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also requested and received supplemental information, including

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| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO have benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the "Broadridge Report"). The Board also noted that the Broadridge Report

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **57** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Portfolios (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries.

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds

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| **58** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

(open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative

functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expense ratios and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expense ratios. Upon comparing the Portfolios' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expense ratios of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that invest in other investment companies or operate as funds of funds

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **59** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

(the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Asset Allocation Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that

scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" expense structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their

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| **60** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees charged by Research Affiliates under the Asset Allocation Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **61** |

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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 & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g247849g06y60.jpg)

PVITGLBLCORFSTMAR_123125

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![LOGO](g928727g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO Global Diversified Allocation Portfolio

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#### **Table of Contents**

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|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Global Diversified Allocation Portfolio](#tx928727_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx928727_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx928727_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx928727_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx928727_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx928727_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx928727_7) | 13 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx928727_8) | 26 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx928727_9) | 29 |
| &nbsp;&nbsp; [Glossary](#tx928727_10) | 30 |
| &nbsp;&nbsp; [Distribution Information](#tx928727_11) | 31 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx928727_12) | 32 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx928727_13) | 33 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx928727_14) | 34 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx928727_15) | 35 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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#### Important Information About the PIMCO Global Diversified Allocation Portfolio
PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Global Diversified Allocation Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

The Portfolio may invest in Institutional Class or Class M shares of any of the funds of PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, the "Acquired Funds"). The Portfolio may invest in a combination of affiliated funds and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (the "Act"), fixed income instruments, equity securities, forwards and derivatives, to the extent permitted under the Act or exemptive relief therefrom. The cost of investing in the Portfolio will generally be higher than the cost of investing in a mutual fund that only invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic and industry conditions. The value of equity securities, such as common stocks and preferred securities, has 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 fluctuate, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio (and/or Underlying PIMCO Funds or Acquired Funds, as applicable) are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

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| | |
|:---|:---|
| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has

contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO Global Diversified Allocation Portfolio (Cont.)

The following table discloses the inception dates of the Portfolio and its respective share classes along with the Portfolio's diversification status as of period end:

Portfolio Name   <u>PortfolioInception</u>     <u>AdministrativeClass</u>     <u>AdvisorClass</u>     <u>DiversificationStatus</u>   <br> <u> PIMCO Global Diversified Allocation Portfolio</u>     <u>04/30/12</u>       <u>04/30/12</u>       <u>04/30/13</u>       <u>Diversified</u>  

An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge,

upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | |
|:---|:---|
| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO Global Diversified Allocation Portfolio

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **Net Asset<br>Value<br>Beginning<br>of Year<br>or Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net**<br> **Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized**<br> **Capital Gain** | **Total** |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $7.09 | $0.34 | $0.70 | $1.04 | $(0.42) | $0.00 | $(0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 6.79 | 0.36 | 0.24 | 0.60 | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 6.15 | 0.23 | 0.59 | 0.82 | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 11.03 | 0.32 | (2.00) | (1.68) | (0.35) | (2.85) | (3.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.62 | 0.76 | 0.14 | 0.90 | (0.49) | 0.00 | (0.49) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 6.40 | 0.29 | 0.64 | 0.93 | (0.41) | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 6.15 | 0.32 | 0.23 | 0.55 | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 5.59 | 0.21 | 0.54 | 0.75 | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.37 | 0.25 | (1.82) | (1.57) | (0.36) | (2.85) | (3.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.55 | 0.91 | (0.02) | 0.89 | (1.07) | 0.00 | (1.07) |

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

<sup>(e)</sup> Ratios shown do not include expenses of the investment companies in which the Portfolio may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

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| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $7.71 | 15.07% | $2 | 0.46% | 1.00% | 0.46% | 1.00% | 4.63% | 9% |
| 7.09 | 8.99 | 2 | 0.47 | 1.00 | 0.47 | 1.00 | 5.02 | 10 |
| 6.79 | 13.66 | 1 | 0.47 | 1.00 | 0.47 | 1.00 | 3.77 | 12 |
| 6.15 | (16.56) | 1 | 0.47 | 1.00 | 0.47 | 1.00 | 3.51 | 18 |
| 11.03 | 8.60 | 11 | 0.47 | 1.00 | 0.47 | 1.00 | 7.04 | 15 |
| 6.92 | 15.07 | 161303 | 0.56 | 1.10 | 0.56 | 1.10 | 4.47 | 9 |
| 6.40 | 9.02 | 173105 | 0.57 | 1.10 | 0.57 | 1.10 | 4.96 | 10 |
| 6.15 | 13.64 | 187466 | 0.57 | 1.10 | 0.57 | 1.10 | 3.66 | 12 |
| 5.59 | (16.61) | 182762 | 0.57 | 1.10 | 0.57 | 1.10 | 3.57 | 18 |
| 10.37 | 8.51 | 226050 | 0.57 | 1.10 | 0.57 | 1.10 | 8.46 | 15 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

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Statement of Assets and Liabilities PIMCO Global Diversified Allocation Portfolio December 31, 2025

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | $153599 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 945 |
|  Cash | 290 |
|  Deposits with counterparty | 4794 |
|  Receivable for investments in Affiliates sold | 2696 |
|  Receivable for Portfolio shares sold | 1 |
|  Interest and/or dividends receivable | 13 |
|  Dividends receivable from Affiliates | 363 |
|  Reimbursement receivable from PIMCO | 77 |
|  **Total Assets** | 162778 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $530 |
|  Payable for investments in Affiliates purchased | 401 |
|  Payable for Portfolio shares redeemed | 385 |
|  Accrued investment advisory fees | 64 |
|  Accrued supervisory and administrative fees | 57 |
|  Accrued distribution fees | 36 |
|  **Total Liabilities** | 1473 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $161305 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $157957 |
|  Distributable earnings (accumulated loss) | 3348 |
|  **Net Assets** | $161305 |
|  **Net Assets:** |  |
|  Administrative Class | $2 |
|  Advisor Class | 161303 |
|  **Shares Issued and Outstanding:** |  |
|  Administrative Class | 0 |
|  Advisor Class | 23320 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Administrative Class | $7.71 |
|  Advisor Class | 6.92 |
|  Cost of investments in Affiliates | $141127 |
|  Cost or premiums of financial derivative instruments, net | $1051 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

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| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Statement of Operations PIMCO Global Diversified Allocation Portfolio

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| | |
|:---|:---|
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest | $174 |
|  Dividends from Investments in Affiliates | 8210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 8384 |
|  **Expenses:** |  |
|  Investment advisory fees | 749 |
|  Supervisory and administrative fees | 666 |
|  Distribution and/or servicing fees - Advisor Class | 416 |
|  Trustee fees | 8 |
|  Miscellaneous expense | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 947 |
|  **Net Investment Income (Loss)** | 7437 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in Affiliates | (147) |
|  Net capital gain distributions received from Affiliate investments | 1530 |
|  Exchange-traded or centrally cleared financial derivative instruments | (307) |
|  **Net Realized Gain (Loss)** | 1076 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in Affiliates | 11871 |
|  Exchange-traded or centrally cleared financial derivative instruments | 2719 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 14590 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $23103 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

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Statements of Changes in Net Assets PIMCO Global Diversified Allocation Portfolio

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| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $7437 | $9151 |
|  Net realized gain (loss) | 1076 | 8337 |
|  Net change in unrealized appreciation (depreciation) | 14590 | (1106) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 23103 | 16382 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (0) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (10301) | (8501) |
|  **Total Distributions<sup>(a)</sup>** | (10301) | (8501) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (24604) | (22241) |
|  **Total Increase (Decrease) in Net Assets** | (11802) | (14360) |
|  **Net Assets:** |  |  |
|  Beginning of year | 173107 | 187467 |
|  End of year | $161305 | $173107 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

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| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Schedule of Investments PIMCO Global Diversified Allocation Portfolio December 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

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| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 95.2% | INVESTMENTS IN AFFILIATES 95.2% | INVESTMENTS IN AFFILIATES 95.2% | INVESTMENTS IN AFFILIATES 95.2% |
| MUTUAL FUNDS (a) 90.8% | MUTUAL FUNDS (a) 90.8% | MUTUAL FUNDS (a) 90.8% | MUTUAL FUNDS (a) 90.8% |
|  PIMCO Emerging Markets Bond Fund | 538749 | $— | 4903 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 623495 |  | 6534 |
|  PIMCO Income Fund | 742582 |  | 8161 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 492674 |  | 4892 |
|  PIMCO Investment Grade Credit Bond Fund | 886013 |  | 8151 |
|  PIMCO RAE International Fund | 903821 |  | 8125 |
|  PIMCO RAE PLUS EMG Fund | 972974 |  | 8115 |
|  PIMCO RAE PLUS Small Fund | 444281 |  | 8073 |
|  PIMCO Real Return Fund | 785585 |  | 8147 |
|  PIMCO Short-Term Fund | 2530586 |  | 24496 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 635504 |  | 8077 |

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| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 864402 | $— | 8108 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 1190991 |  | 16221 |
|  PIMCO Total Return Fund IV | 2527581 |  | 24442 |
| Total Mutual Funds (Cost $133,984) | Total Mutual Funds (Cost $133,984) |  | 146445 |

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| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 4.4% | SHORT-TERM INSTRUMENTS 4.4% | SHORT-TERM INSTRUMENTS 4.4% | SHORT-TERM INSTRUMENTS 4.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.4% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 734421 | $— | 7154 |
| Total Short-Term Instruments<br>(Cost $7,143) | Total Short-Term Instruments<br>(Cost $7,143) |  | 7154 |
| Total Investments in Affiliates (Cost $141,127) | Total Investments in Affiliates (Cost $141,127) |  | 153599 |
| Total Investments 95.2%<br>(Cost $141,127) | Total Investments 95.2%<br>(Cost $141,127) | $— | 153599 |
|  Financial Derivative<br>Instruments (b) 0.3%<br>(Cost or Premiums, net $1,051) |  |  | 415 |
| Other Assets and Liabilities, net 4.5% | Other Assets and Liabilities, net 4.5% |  | 7291 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 161305 |

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#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) Institutional Class Shares of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### OPTIONS ON INDEXES

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Value | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | Cost | Market<br>Value |
|  Put - CBOE S&P 500 | 4750.000 | 12/18/2026 | 25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $178 | $157 |
|  Put - CBOE S&P 500 | 5425.000 | 12/18/2026 | 25 | 3 | 313 | 281 |
|  Put - CBOE S&P 500 | 6100.000 | 12/18/2026 | 25 | 3 | 560 | 507 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 |

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#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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  | 03/2026 | 205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70648 | $270 | $0 | $(530) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(530) |

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#### 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, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $945 | $0 | $0 | $945 | $0 | $(530) | $0 | $(530) |

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Cash of $4,794 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>11</sub> |

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Schedule of Investments PIMCO Global Diversified Allocation Portfolio (Cont.) December 31, 2025

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $&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;945 | $&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;945 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $530 | $0 | $0 | $530 |
| <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: | <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: | <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: | <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: | <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: | <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: | <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $170 | $0 | $0 | $170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (477) | 0 | 0 | (477) |
|  | $0 | $0 | $(307) | $0 | $0 | $(307) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $(16) | $0 | $0 | $(16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735 |
|  | $0 | $0 | $2719 | $0 | $0 | $2719 |

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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, 2025 in valuing the Portfolio's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>12/31/2025** |
|  Investments in Affiliates, at Value |  |  |  |  |
|  Mutual Funds | $146445 | $0 | $0 | $146445 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 7154 | 0 | 0 | 7154 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153599 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153599 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $945 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>12/31/2025** |
|  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 | $(530) | $0 | $0 | $(530) |
|  Total Financial Derivative Instruments | $(530) | $945 | $0 | $415 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154014 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

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| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Notes to Financial Statements December 31, 2025

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Administrative Class and Advisor Class shares of the PIMCO Global Diversified Allocation Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

The Portfolio may invest in Institutional Class or Class M shares of any funds of the PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund (collectively, "Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds, which may or may not be registered under the Act (collectively, "Acquired Funds").

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets

(i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

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, including but not limited to ASC 946. 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

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>13</sub> |

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Notes to Financial Statements (Cont.)

Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(c) Distributions to Shareholders Distributions from net investment income, if any, are declared and distributed to shareholders quarterly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. 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 funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and

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| | |
|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market

value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **15** |

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Notes to Financial Statements (Cont.)

exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

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| **16** | **PIMCO VARIABLE INSURANCE TRUST** |

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In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE

Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing 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, indexes, 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, indexes, 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, indexes, 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, 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, time deposits and certificates of deposit) 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.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

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Notes to Financial Statements (Cont.)

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the

Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

Investments in Affiliates

The Portfolio invests under normal circumstances in Acquired Funds which are considered to be affiliated with the Portfolio. The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each Acquired Fund's shareholder report is also available at the SEC's website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

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| Underlying PIMCO Funds | Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Emerging Markets Bond Fund | $5231 | $401 | $(1107) | $(88) | $466 | $4903 | $355 | $0 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 6957 | 419 | (1126) | 22 | 262 | 6534 | 290 | 0 |
|  PIMCO Income Fund | 8711 | 669 | (1595) | (114) | 490 | 8161 | 518 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 5231 | 392 | (730) | (26) | 25 | 4892 | 213 | 0 |
|  PIMCO Investment Grade Credit Bond Fund | 8699 | 637 | (1487) | (151) | 453 | 8151 | 399 | 0 |
|  PIMCO RAE International Fund | 8673 | 944 | (3235) | 104 | 1639 | 8125 | 406 | 524 |
|  PIMCO RAE PLUS EMG Fund | 8698 | 638 | (2907) | 188 | 1498 | 8115 | 572 | 0 |
|  PIMCO RAE PLUS Small Fund | 8693 | 1135 | (2139) | (87) | 471 | 8073 | 440 | 0 |
|  PIMCO Real Return Fund | 8679 | 554 | (1444) | (41) | 399 | 8147 | 323 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 7727 | 81127 | (81700) | 6 | (6) | 7154 | 428 | 0 |
|  PIMCO Short-Term Fund | 26131 | 1841 | (3614) | 36 | 102 | 24496 | 1060 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 8632 | 1603 | (2160) | 414 | (412) | 8077 | 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 8714 | 996 | (2588) | 558 | 428 | 8108 | 946 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 17345 | 977 | (6215) | (735) | 4849 | 16221 | 821 | 0 |
|  PIMCO Total Return Fund IV | 26086 | 1890 | (4508) | (233) | 1207 | 24442 | 1049 | 0 |
|  **Totals** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116555) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8210 | $1530 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by

the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

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

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| **18** | **PIMCO VARIABLE INSURANCE TRUST** |

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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, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued

based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(b) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

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Notes to Financial Statements (Cont.)

options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Options on Indexes ("Index Option") use a specified index as the underlying instrument for the option contract. The exercise for an Index Option will not include physical delivery of the underlying index but will result in a cash transfer of the amount of the difference between the settlement price of the underlying index and the strike price.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in the Portfolio include risks from direct investments and/or indirect exposure through investment in Acquired Funds or Underlying PIMCO Funds. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Allocation Risk is the risk that the Portfolio could experience losses as a result of less than optimal or poor asset allocation decisions. The Portfolio could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk is the risk that the Portfolio's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of the Portfolio to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Portfolio's performance will be reduced by the Portfolio's proportionate amount of the expenses of any Acquired Funds in which it invests.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities

may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell investments at an advantageous time or price or achieve its desired

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| **20** | **PIMCO VARIABLE INSURANCE TRUST** |

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level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Model Risk is the risk that the Portfolio's investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Portfolio. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Portfolio.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that the Portfolio's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject the Portfolio to risks similar to those associated with direct ownership of real estate, including risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Portfolio's investments in REITs or real estate-linked derivative instruments subject it to

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

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management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Portfolio to liquidity and valuation risk.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

Smaller Company Risk is the risk that the value of securities issued by a smaller company may fluctuate, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. Investments in smaller companies generally are subject to greater levels of credit, market and issuer risk.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio 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.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may

be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Portfolio's taxable income or gains and distributions.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

Value Investing Risk is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, 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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of

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| | |
|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information,

regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. 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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

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Notes to Financial Statements (Cont.)

intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction

initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values 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

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|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | |
|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Administrative<br>Class | Advisor<br>Class |
| 0.45% | 0.40% | 0.40% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing, or procuring through financial firms, administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class shares.

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| | | |
|:---|:---|:---|
|  | Distribution Fee | Servicing Fee |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

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Notes to Financial Statements (Cont.)

generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $2,241.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

(g) Acquired Fund Fees and Expenses Acquired Fund expenses incurred by the Portfolio, if any, will vary with changes in the expenses of the Acquired Funds, as well as the allocation of the Portfolio's assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to the Portfolio's direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders. The Portfolio also indirectly pays its proportionate share of the Investment Advisory Fees, Supervisory and Administrative Fees and management fees charged by PIMCO to the Underlying PIMCO Funds and, to the extent not included among the Underlying PIMCO Funds, funds of PIMCO ETF Trust in which the Portfolio invests (collectively, "Underlying PIMCO Fund Fees").

PIMCO has contractually agreed, through May 1, 2026, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the Portfolio in an amount equal to the Underlying PIMCO Fund Fees indirectly incurred by the Portfolio in connection with its investments in Underlying PIMCO Funds (for purposes of this expense reduction, this term includes funds of PIMCO ETF Trust), up to a maximum waived amount that is equal to the Portfolio's aggregate Investment Advisory Fee and Supervisory and Administrative Fee. This waiver automatically renews for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of December 31, 2025, the amount waived and/or reimbursed was $891,995.

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.

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|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to

an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $0 | $0 | $13242 | $34855 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 610 | 3962 | 473 | 3039 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1573 | 10300 | 1334 | 8500 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (0) | (0) | (0) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5899) | (38866) | (5248) | (33780) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (3716) | $(24604) | (3441) | $(22241) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2025, one person owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 96% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

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, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **27** |

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Notes to Financial Statements (Cont.) December 31, 2025

Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components of<br>Distributable<br>Earnings |
|  PIMCO Global Diversified Allocation Portfolio | $192 | $0 | $5664 | $(2) | $(2506) | $0 | $0 | $3348 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on return of capital distributions from underlying funds. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Global Diversified Allocation Portfolio | $2506 | $0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Global Diversified Allocation Portfolio | $149150 | $7267 | $(1602) | $5665 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on return of capital distributions from underlying funds. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Global Diversified Allocation Portfolio | $10301 | $0 | $0 | $8501 | $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>(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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| | |
|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Global Diversified Allocation Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Global Diversified Allocation Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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| | |
|:---|:---|
|  Currency Abbreviations: | Currency Abbreviations: |
| USD (or $) | United States Dollar |
|  Exchange Abbreviations: | Exchange Abbreviations: |
| CBOE | Chicago Board Options Exchange |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |
| S&P 500 | Standard & Poor's 500 Index |
|  Other Abbreviations: | Other Abbreviations: |
| TBA | To-Be-Announced |

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| | |
|:---|:---|
| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Global Diversified Allocation Portfolio

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| | | | | |
|:---|:---|:---|:---|:---|
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  September 2025 | $0.0918 | $0.0000 | $0.0495 | $0.1413 |
|  December 2025 | $0.0392 | $0.0000 | $0.0000 | $0.0392 |
| 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) |
|  September 2025 | $0.0899 | $0.0000 | $0.0484 | $0.1383 |
|  December 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio net income, yield, earnings or investment performance. 

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

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Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO Global Diversified Allocation Portfolio | 0.00% | 0.00% | $191 | $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 2026, 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 2025.

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| | |
|:---|:---|
| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **33** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant,

financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **35** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO have benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the "Broadridge Report"). The Board also noted that the Broadridge

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|:---|:---|
| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Portfolios (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries.

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder

servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expense ratios and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expense ratios. Upon comparing the Portfolios' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expense ratios of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in

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|:---|:---|
| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Asset Allocation Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets

declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" expense structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **39** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.) (Unaudited)

otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees charged by Research Affiliates under the Asset Allocation Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g928727g06y60.jpg)

PVITGLBLDIVFSTMAR_123125

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![LOGO](g934736g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO Global Managed Asset Allocation Portfolio

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#### **Table of Contents**

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|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Global Managed Asset Allocation Portfolio](#tx934736_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (Consolidated) (N-CSR Item 7)](#tx934736_2) | 6 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx934736_3) | 8 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx934736_4) | 9 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx934736_5) | 10 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments (N-CSR Item 6)](#tx934736_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx934736_7) | 24 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx934736_8) | 43 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx934736_8a) | 48 |
| &nbsp;&nbsp; [Glossary](#tx934736_9) | 49 |
| &nbsp;&nbsp; [Distribution Information](#tx934736_10) | 50 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx934736_11) | 51 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx934736_12) | 52 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx934736_13) | 53 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx934736_14) | 54 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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Important Information About the PIMCO Global Managed Asset Allocation Portfolio

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Global Managed Asset Allocation Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

The Portfolio may invest in Institutional Class or Class M shares of any of the funds of PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, the "Acquired Funds"). The Portfolio may invest in a combination of affiliated funds and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (the "Act"), fixed income instruments, equity securities, forwards and derivatives, to the extent permitted under the Act or exemptive relief therefrom. The cost of investing in the Portfolio will generally be higher than the cost of investing in a mutual fund that only invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic and industry conditions. The value of equity securities, such as common stocks and preferred securities, has 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 fluctuate, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio (and/or Underlying PIMCO Funds or Acquired Funds, as applicable) are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has

contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

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|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO Global Managed Asset Allocation Portfolio (Cont.)

The following table discloses the inception dates of the Portfolio and its respective share classes along with the Portfolio's diversification status as of period end:

Portfolio Name   <u>PortfolioInception</u>     <u>InstitutionalClass</u>     <u>AdministrativeClass</u>     <u>AdvisorClass</u>     <u>DiversificationStatus</u>   <br> <u> PIMCO Global Managed Asset Allocation Portfolio</u>     <u>04/15/09</u>       <u>04/30/12</u>       <u>04/15/09</u>       <u>04/15/09</u>       <u>Diversified</u>  

An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge,

upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO Global Managed Asset Allocation Portfolio (Consolidated)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **Net Asset<br>Value<br>Beginning**<br> **of Year**<br> **or Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net**<br> **Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital**<br> **Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $9.98 | $0.44 | $1.70 | $2.14 | $(0.49) | $0.00 | $0.00 | $(0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.32 | 0.38 | 0.65 | 1.03 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.44 | 0.29 | 0.81 | 1.10 | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 12.91 | 0.21 | (2.48) | (2.27) | (0.08) | (1.98) | (0.14) | (2.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.15 | 0.21 | 1.39 | 1.60 | (0.35) | (1.49) | 0.00 | (1.84) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 10.01 | 0.45 | 1.69 | 2.14 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.36 | 0.37 | 0.63 | 1.00 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.47 | 0.28 | 0.82 | 1.10 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 12.95 | 0.23 | (2.52) | (2.29) | (0.07) | (1.98) | (0.14) | (2.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.15 | 0.16 | 1.41 | 1.57 | (0.28) | (1.49) | 0.00 | (1.77) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 10.06 | 0.44 | 1.70 | 2.14 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.40 | 0.36 | 0.64 | 1.00 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.51 | 0.27 | 0.82 | 1.09 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 12.99 | 0.18 | (2.49) | (2.31) | (0.05) | (1.98) | (0.14) | (2.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.22 | 0.17 | 1.41 | 1.58 | (0.32) | (1.49) | 0.00 | (1.81) |

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|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<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, contingent deferred sales charges and Variable Contract fees or expenses.

<sup>(e)</sup> Ratios shown do not include expenses of the investment companies in which the Portfolio may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

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| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $11.63 | 22.04% | $97 | 0.84% | 1.04% | 0.75% | 0.95% | 4.31% | 380% |
| 9.98 | 11.13 | 1398 | 0.91 | 1.02 | 0.88 | 0.99 | 3.86 | 689 |
| 9.32 | 13.12 | 1369 | 1.00 | 1.12 | 0.90 | 1.02 | 3.27 | 660 |
| 8.44 | (18.24) | 1194 | 0.91 | 1.06 | 0.86 | 1.01 | 2.15 | 345 |
| 12.91 | 12.86 | 1420 | 0.80 | 1.00 | 0.79 | 0.99 | 1.61 | 108 |
| 11.67 | 21.90 | 4416 | 0.99 | 1.19 | 0.90 | 1.10 | 4.19 | 380 |
| 10.01 | 10.81 | 4276 | 1.06 | 1.17 | 1.03 | 1.14 | 3.72 | 689 |
| 9.36 | 13.02 | 4164 | 1.15 | 1.27 | 1.05 | 1.17 | 3.11 | 660 |
| 8.47 | (18.36) | 4381 | 1.06 | 1.21 | 1.01 | 1.16 | 2.34 | 345 |
| 12.95 | 12.63 | 2971 | 0.95 | 1.15 | 0.94 | 1.14 | 1.19 | 108 |
| 11.73 | 21.77 | 284554 | 1.09 | 1.29 | 1.00 | 1.20 | 4.09 | 380 |
| 10.06 | 10.75 | 287431 | 1.16 | 1.27 | 1.13 | 1.24 | 3.61 | 689 |
| 9.40 | 12.85 | 308412 | 1.25 | 1.37 | 1.15 | 1.27 | 3.01 | 660 |
| 8.51 | (18.40) | 319648 | 1.16 | 1.31 | 1.11 | 1.26 | 1.86 | 345 |
| 12.99 | 12.60 | 435199 | 1.05 | 1.25 | 1.04 | 1.24 | 1.33 | 108 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

---

------

Consolidated Statement of Assets and Liabilities PIMCO Global Managed Asset Allocation Portfolio December 31, 2025

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $155228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 183386 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 6832 |
|  Cash | 725 |
|  Deposits with counterparty | 3631 |
|  Foreign currency, at value | 1499 |
|  Receivable for investments sold | 6669 |
|  Receivable for investments sold on a delayed-delivery basis | 296 |
|  Receivable for TBA investments sold | 69135 |
|  Interest and/or dividends receivable | 1034 |
|  Dividends receivable from Affiliates | 707 |
|  Reimbursement receivable from PIMCO | 52 |
|  **Total Assets** | 429642 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $14400 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2450 |
|  Payable for investments purchased | 349 |
|  Payable for investments in Affiliates purchased | 757 |
|  Payable for investments purchased on a delayed-delivery basis | 6232 |
|  Payable for TBA investments purchased | 109220 |
|  Deposits from counterparty | 6408 |
|  Payable for Portfolio shares redeemed | 43 |
|  Accrued investment advisory fees | 232 |
|  Accrued supervisory and administrative fees | 13 |
|  Accrued distribution fees | 63 |
|  Accrued servicing fees | 1 |
|  Foreign capital gains tax payable | 20 |
|  **Total Liabilities** | 140575 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $289067 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $269147 |
|  Distributable earnings (accumulated loss) | 19920 |
|  **Net Assets** | $289067 |
|  **Net Assets:** |  |
|  Institutional Class | $97 |
|  Administrative Class | 4416 |
|  Advisor Class | 284554 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 8 |
|  Administrative Class | 378 |
|  Advisor Class | 24264 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $11.63 |
|  Administrative Class | 11.67 |
|  Advisor Class | 11.73 |
|  Cost of investments in securities | $159137 |
|  Cost of investments in Affiliates | $179042 |
|  Cost of foreign currency held | $1501 |
|  Proceeds received on short sales | $14430 |
|  Cost or premiums of financial derivative instruments, net | $4783 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Consolidated Statement of Operations PIMCO Global Managed Asset Allocation Portfolio

---

| | |
|:---|:---|
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $5921 |
|  Dividends | 49 |
|  Dividends from Investments in Affiliates | 9171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 15141 |
|  **Expenses:** |  |
|  Investment advisory fees | 2634 |
|  Supervisory and administrative fees | 148 |
|  Distribution and/or servicing fees - Administrative Class | 6 |
|  Distribution and/or servicing fees - Advisor Class | 718 |
|  Trustee fees | 14 |
|  Interest expense | 260 |
|  Miscellaneous expense | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 3783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 3201 |
|  **Net Investment Income (Loss)** | 11940 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities, net of foreign capital gains tax\*\* | (123) |
|  Investments in Affiliates | (218) |
|  Exchange-traded or centrally cleared financial derivative instruments | 2691 |
|  Over the counter financial derivative instruments | 38811 |
|  Short sales | 282 |
|  Foreign currency | 325 |
|  **Net Realized Gain (Loss)** | 41768 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 3122 |
|  Investments in Affiliates | 5757 |
|  Exchange-traded or centrally cleared financial derivative instruments | (1768) |
|  Over the counter financial derivative instruments | (3329) |
|  Foreign currency assets and liabilities | 164 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 3946 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $57654 |
|  \* Foreign tax withholdings | $36 |
|  \*\* Foreign capital gains tax | $8 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

---

------

Consolidated Statements of Changes in Net Assets PIMCO Global Managed Asset Allocation Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $11940 | $11174 |
|  Net realized gain (loss) | 41768 | 24181 |
|  Net change in unrealized appreciation (depreciation) | 3946 | (3326) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 57654 | 32029 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (43) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (188) | (148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (12469) | (10301) |
|  **Total Distributions<sup>(a)</sup>** | (12700) | (10500) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (48992) | (42369) |
|  **Total Increase (Decrease) in Net Assets** | (4038) | (20840) |
|  **Net Assets:** |  |  |
|  Beginning of year | 293105 | 313945 |
|  End of year | $289067 | $293105 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio December 31, 2025

#### (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 53.7% | INVESTMENTS IN SECURITIES 53.7% | INVESTMENTS IN SECURITIES 53.7% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 | 9 | 1 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (a) | 67 | 1 |
|  Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 12/28/2029 (a) | 113 | 2 |
|  Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 12/28/2030 (a) | 136 | 2 |
|  Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 12/28/2031 (a) | 205 | 4 |
|  Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 12/28/2032 (a) | 193 | 3 |
|  Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) |
|  6.721% due 12/28/2028 (a) | 46 | 1 |
|  |  | 14 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  Claritev Corp. (6.500% Cash and 0.750% PIK) | Claritev Corp. (6.500% Cash and 0.750% PIK) | Claritev Corp. (6.500% Cash and 0.750% PIK) |
|  7.250% due 03/31/2031 (a) | 909 | 727 |
|  Total Corporate Bonds & Notes (Cost $924) | Total Corporate Bonds & Notes (Cost $924) | 741 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2026 (d) | 40 | 1 |
|  0.000% due 12/31/2027 (d) | 50 | 0 |
|  0.000% due 12/31/2028 (d) | 80 | 1 |
|  0.000% due 12/31/2029 (d) | 80 | 1 |
|  0.000% due 12/31/2030 (d) | 100 | 0 |
|  0.000% due 12/31/2031 (d) | 100 | 0 |
|  0.000% due 12/31/2032 (d) | 189 | 2 |
|  Sunac China Holdings Ltd. | Sunac China Holdings Ltd. | Sunac China Holdings Ltd. |
|  0.000% due 06/23/2026 «(d) | 267 | 42 |
|  0.000% due 06/23/2028 «(d) | 32 | 7 |
|  Total Convertible Bonds & Notes (Cost $85) | Total Convertible Bonds & Notes (Cost $85) | 54 |
| U.S. GOVERNMENT AGENCIES 20.7% | U.S. GOVERNMENT AGENCIES 20.7% | U.S. GOVERNMENT AGENCIES 20.7% |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.824% due 04/25/2055 •  | 1139 | 1144 |
|  5.109% due 04/15/2049 - 12/15/2050 •  | 407 | 408 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.844% due 08/25/2054 •  | 52 | 52 |
|  5.009% due 01/25/2051 •  | 247 | 248 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.568% due 05/20/2074 •  | 103 | 102 |
|  4.764% due 02/20/2070 •  | 14 | 14 |
|  4.768% due 05/20/2074 •  | 174 | 175 |
|  4.818% due 09/20/2071 •  | 2401 | 2413 |
|  4.927% due 08/20/2068 •  | 481 | 485 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 02/01/2056 | 7500 | 6630 |
|  3.500% due 02/01/2056 | 4000 | 3686 |
|  5.000% due 02/01/2056 | 10590 | 10552 |
|  5.500% due 02/01/2056 | 300 | 304 |
|  6.000% due 02/01/2056 | 9700 | 9955 |
|  6.500% due 02/01/2056 | 22700 | 23597 |
|  Total U.S. Government Agencies (Cost $59,753) | Total U.S. Government Agencies (Cost $59,753) | 59765 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 5.5% | U.S. TREASURY OBLIGATIONS 5.5% | U.S. TREASURY OBLIGATIONS 5.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (i)(k) | 9500 | 6170 |
|  4.000% due 11/15/2042 | 990 | 908 |
|  4.000% due 11/15/2052 (i)(k) | 740 | 642 |
|  4.625% due 02/15/2055 | 750 | 723 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  1.500% due 02/15/2053 | 876 | 684 |
|  1.750% due 01/15/2034 (i) | 1483 | 1475 |
|  2.125% due 04/15/2029 (i) | 3579 | 3656 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.625% due 02/15/2035 | 1470 | 1526 |
|  Total U.S. Treasury Obligations (Cost $19,175) | Total U.S. Treasury Obligations (Cost $19,175) | 15784 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.5% |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.326% due 07/25/2037 •  | 233 | 209 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.214% due 07/25/2036 ~ | 52 | 44 |
|  4.422% due 02/25/2036 ~ | 12 | 11 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  6.000% due 04/25/2036 | 211 | 103 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.146% due 07/25/2035 •  | 309 | 231 |
|  4.166% due 09/25/2047 •  | 78 | 74 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.466% due 04/25/2035 •  | 55 | 55 |
|  4.491% due 04/25/2035 •  | 72 | 70 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.206% due 06/25/2046 •  | 223 | 46 |
|  6.000% due 12/25/2036 | 58 | 48 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.246% due 05/25/2035 •  | 312 | 185 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.081% due 04/25/2055 ~ | 5000 | 4911 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.506% due 01/25/2045 •  | 1270 | 1300 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $7,464) | Total Non-Agency Mortgage-Backed Securities (Cost $7,464) | 7287 |
| ASSET-BACKED SECURITIES 6.7% | ASSET-BACKED SECURITIES 6.7% | ASSET-BACKED SECURITIES 6.7% |
| AUTOMOBILE SEQUENTIAL 0.7% | AUTOMOBILE SEQUENTIAL 0.7% | AUTOMOBILE SEQUENTIAL 0.7% |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.750% due 10/15/2027 | 47 | 47 |
|  5.340% due 08/16/2027 | 160 | 161 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.850% due 06/12/2028 | 710 | 715 |
|  5.330% due 07/10/2029 | 162 | 163 |
|  5.980% due 12/10/2027 | 92 | 92 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 | 100 | 100 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.650% due 02/15/2028 | 137 | 137 |
|  OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust |
|  5.410% due 11/14/2029 | 325 | 328 |
|  Oscar U.S. Funding XV LLC | Oscar U.S. Funding XV LLC | Oscar U.S. Funding XV LLC |
|  5.810% due 12/10/2027 | 228 | 229 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.700% due 10/16/2028 | 119 | 119 |
|  |  | 2091 |
| HOME EQUITY OTHER 2.5% | HOME EQUITY OTHER 2.5% | HOME EQUITY OTHER 2.5% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  4.326% due 04/25/2036 •  | 68 | 66 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.326% due 06/25/2036 •  | 136 | 101 |
|  4.746% due 08/25/2035 •  | 91 | 91 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.326% due 05/25/2035 •  | 364 | 334 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.146% due 07/25/2036 •  | 280 | 256 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  2.885% due 03/25/2036 •  | 1375 | 1359 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.346% due 03/25/2037 •  | 230 | 228 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.126% due 05/25/2035 •  | 158 | 154 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  4.626% due 02/25/2036 •  | 164 | 162 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.116% due 10/25/2036 •  | 530 | 491 |
|  4.146% due 10/25/2036 •  | 1839 | 738 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.546% due 05/25/2046 •  | 2386 | 2278 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.406% due 09/25/2034 •  | 26 | 26 |
|  4.446% due 01/25/2036 •  | 941 | 860 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.341% due 07/25/2036 •  | 87 | 84 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.416% due 10/25/2036 •  | 48 | 48 |
|  4.641% due 02/25/2036 •  | 100 | 99 |
|  |  | 7375 |
| HOME EQUITY SEQUENTIAL 1.7% | HOME EQUITY SEQUENTIAL 1.7% | HOME EQUITY SEQUENTIAL 1.7% |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.421% due 11/25/2036 þ | 4985 | 4936 |
| MANUFACTURING HOUSE ABS OTHER 0.2% | MANUFACTURING HOUSE ABS OTHER 0.2% | MANUFACTURING HOUSE ABS OTHER 0.2% |
|  Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust |
|  7.170% due 04/15/2040 ~ | 484 | 462 |
| WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.281% due 11/25/2036 •  | 36 | 36 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.551% due 11/25/2036 •  | 964 | 949 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  3.986% due 07/25/2036 •  | 779 | 245 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.166% due 05/25/2036 •  | 373 | 332 |
|  4.377% due 06/25/2036 þ | 340 | 335 |
|  |  | 1897 |
| OTHER ABS 0.9% | OTHER ABS 0.9% | OTHER ABS 0.9% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.186% due 10/20/2031 •  | 79 | 79 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.256% due 07/15/2031 •  | 225 | 225 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  2.600% due 08/15/2068 | 499 | 483 |
|  5.465% due 11/15/2068 •  | 138 | 139 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  5.306% due 07/20/2032 •  | 163 | 164 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.125% due 08/13/2031 •  | 52 | 52 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 211 | 202 |
|  5.784% due 10/16/2056 •  | 503 | 514 |
|  Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. |
|  5.356% due 07/20/2032 •  | 360 | 360 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.193% due 10/13/2032 •  | 209 | 209 |
|  Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. |
|  5.266% due 07/20/2032 •  | 79 | 79 |
|  Voya Ltd. | Voya Ltd. | Voya Ltd. |
|  5.166% due 10/15/2030 •  | 19 | 19 |
|  |  | 2525 |
|  Total Asset-Backed Securities (Cost $19,448) | Total Asset-Backed Securities (Cost $19,448) | 19286 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 11

------

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 14.8% | SOVEREIGN ISSUES 14.8% | SOVEREIGN ISSUES 14.8% | SOVEREIGN ISSUES 14.8% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | BRL | 62600 | 11051 |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  3.250% due 09/01/2028 | CAD | 7100 | 5245 |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  2.250% due 04/18/2029 (e) | COP | 635411 | 149 |
|  3.000% due 03/25/2033 (e) |  | 39713 | 8 |
|  5.750% due 11/03/2027 |  | 8095000 | 1943 |
|  6.500% due 01/22/2031 (e) |  | 119140 | 31 |
|  11.000% due 08/22/2029 |  | 13011600 | 3257 |
|  11.500% due 07/25/2046 |  | 250000 | 59 |
|  11.750% due 01/24/2035 |  | 3481600 | 859 |
|  12.750% due 11/28/2040 |  | 13792400 | 3581 |
|  13.250% due 02/09/2033 |  | 2766000 | 742 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | JPY | 520000 | 2727 |
|  2.800% due 06/20/2055 |  | 270000 | 1543 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | MXN | 45000 | 2523 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | PEN | 5800 | 1969 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 4000 | 1188 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.875% due 02/28/2035 | ZAR | 93000 | 5861 |
|  Total Sovereign Issues (Cost $42,747) | Total Sovereign Issues (Cost $42,747) | Total Sovereign Issues (Cost $42,747) | 42736 |
|  |  | **SHARES** |  |
| COMMON STOCKS 3.0% | COMMON STOCKS 3.0% | COMMON STOCKS 3.0% | COMMON STOCKS 3.0% |
| COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% |
|  Frontier Communications Parent, Inc. (b) |  | 18772 | 715 |
|  TEGNA, Inc. |  | 18884 | 366 |
|  |  |  | 1081 |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Udemy, Inc. (b) |  | 32000 | 187 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% |
|  JDE Peet's NV | 20958 | $— | 784 |
|  Kenvue, Inc. | 47600 |  | 821 |
|  |  |  | 1605 |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  Brighthouse Financial, Inc. (b) | 5700 |  | 370 |
|  Heritage Commerce Corp. | 7900 |  | 95 |
|  Laurentian Bank of Canada | 4131 |  | 121 |
|  |  |  | 586 |
| HEALTH CARE 0.6% | HEALTH CARE 0.6% | HEALTH CARE 0.6% | HEALTH CARE 0.6% |
|  Amicus Therapeutics, Inc. (b) | 28100 |  | 400 |
|  Avidity Biosciences, Inc. (b) | 8400 |  | 606 |
|  Exact Sciences Corp. (b) | 7400 |  | 752 |
|  |  |  | 1758 |
| INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% |
|  CSG Systems International, Inc. | 4500 |  | 345 |
|  Norfolk Southern Corp. | 2145 |  | 619 |
|  REV Group, Inc. | 7300 |  | 444 |
|  |  |  | 1408 |
| INFORMATION TECHNOLOGY 0.7% | INFORMATION TECHNOLOGY 0.7% | INFORMATION TECHNOLOGY 0.7% | INFORMATION TECHNOLOGY 0.7% |
|  Confluent, Inc. Class A (b) | 18900 |  | 571 |
|  CyberArk Software Ltd. (b) | 1609 |  | 718 |
|  Qorvo, Inc. (b) | 6600 |  | 558 |
|  SEMrush Holdings, Inc. Class A (b)(g) | 16800 |  | 200 |
|  |  |  | 2047 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Kaisa Group Holdings Ltd. (b) | 595480 |  | 7 |
|  Total Common Stocks (Cost $8,645) | Total Common Stocks (Cost $8,645) |  | 8679 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% |
|  3.752% due 01/08/2026 - 04/28/2026 (c)(d) | 900 | $— | 896 |
| Total Short-Term Instruments (Cost $896) | Total Short-Term Instruments (Cost $896) |  | 896 |
| Total Investments in Securities (Cost $159,137) | Total Investments in Securities (Cost $159,137) |  | 155228 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 63.4% | INVESTMENTS IN AFFILIATES 63.4% | INVESTMENTS IN AFFILIATES 63.4% | INVESTMENTS IN AFFILIATES 63.4% |
| MUTUAL FUNDS (f) 42.7% | MUTUAL FUNDS (f) 42.7% | MUTUAL FUNDS (f) 42.7% | MUTUAL FUNDS (f) 42.7% |
|  PIMCO Income Fund | 2818467 |  | 30975 |
|  PIMCO Total Return Fund | 10444563 |  | 92539 |
| Total Mutual Funds (Cost $119,768) | Total Mutual Funds (Cost $119,768) |  | 123514 |
| SHORT-TERM INSTRUMENTS 20.7% | SHORT-TERM INSTRUMENTS 20.7% | SHORT-TERM INSTRUMENTS 20.7% | SHORT-TERM INSTRUMENTS 20.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 20.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 20.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 20.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 20.7% |
|  PIMCO Short Asset Portfolio | 4658165 |  | 45729 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1451948 |  | 14143 |
| Total Short-Term Instruments (Cost $59,274) | Total Short-Term Instruments (Cost $59,274) |  | 59872 |
| Total Investments in Affiliates (Cost $179,042) | Total Investments in Affiliates (Cost $179,042) |  | 183386 |
| Total Investments 117.1% (Cost $338,179) | Total Investments 117.1% (Cost $338,179) | $— | 338614 |
|  Financial Derivative<br>Instruments (h)(j) 1.5%<br> (Cost or Premiums, net $4,783) | Financial Derivative<br>Instruments (h)(j) 1.5%<br> (Cost or Premiums, net $4,783) |  | 4443 |
| Other Assets and Liabilities, net (18.6)% | Other Assets and Liabilities, net (18.6)% |  | (53990) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 289067 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Payment in-kind security.

(b) Security did not produce income within the last twelve months.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

(f) Institutional Class Shares of each Fund.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 01/01/2041 | $3500 | $(3228) | $(3241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800 | (11202) | (11159) |
|  Total Short Sales (5.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14430) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14400) |

---

12 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

**The average amount of borrowings outstanding during the period ended December 31, 2025 was $(29) at a weighted average interest rate of 4.380%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

(g) Securities with an aggregate market value of $7 have been pledged as collateral as of December 31, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Brent Crude September Futures  | 07/2026 | 5 | $301 | $(5) | $0 | $(3) |
|  Canada Government 5-Year Bond March Futures  | 03/2026 | 15 | 1238 | (8) | 0 | (2) |
|  Cocoa July Futures  | 07/2026 | 2 | 123 | 3 | 0 | 0 |
|  Cocoa March Futures | 03/2026 | 2 | 121 | (12) | 0 | 0 |
|  Copper March Futures  | 03/2026 | 1 | 142 | (1) | 0 | (3) |
|  Euro-BTP Future March Futures  | 03/2026 | 38 | 5367 | (12) | 0 | (16) |
|  Gas Oil June Futures  | 06/2026 | 5 | 301 | (19) | 0 | (1) |
|  Iron Ore March Futures  | 03/2026 | 34 | 356 | 17 | 0 | 0 |
|  Live Cattle April Futures  | 04/2026 | 7 | 650 | 11 | 4 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 6 | 447 | 34 | 0 | 0 |
|  LME Aluminum March Futures  | 03/2026 | 5 | 374 | 9 | 0 | (6) |
|  LME Lead January Futures  | 01/2026 | 9 | 446 | (7) | 0 | 0 |
|  LME Lead March Futures  | 03/2026 | 2 | 100 | 1 | 6 | (6) |
|  LME Nickel January Futures  | 01/2026 | 3 | 298 | 24 | 0 | 0 |
|  LME Nickel March Futures  | 03/2026 | 4 | 399 | 37 | 0 | 0 |
|  LME Zinc January Futures  | 01/2026 | 10 | 773 | 42 | 0 | 0 |
|  LME Zinc March Futures  | 03/2026 | 11 | 858 | 25 | 18 | 0 |
|  Long Guilt March Futures  | 03/2026 | 34 | 4188 | 28 | 7 | (3) |
|  New York Harbor June Futures  | 05/2026 | 4 | 342 | (22) | 0 | (4) |
|  Platinum April Futures  | 04/2026 | 1 | 102 | 4 | 0 | (11) |
|  RBOB Gasoline June Futures  | 05/2026 | 5 | 411 | (7) | 0 | (4) |
|  Soybean March Futures  | 03/2026 | 5 | 262 | (21) | 0 | (4) |
|  Soybean Meal March Futures  | 03/2026 | 33 | 988 | (82) | 0 | (10) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6859 | (12) | 0 | (12) |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2026 | 47 | 5433 | (42) | 0 | (10) |
|  WTI Crude June Futures  | 05/2026 | 4 | 228 | (6) | 0 | (2) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Arabica Coffee July Futures  | 07/2026 | 1 | $(122) | $1 | $1 | $0 |
|  Australia Government 3-Year Bond March Futures  | 03/2026 | 72 | (5045) | 0 | 1 | (2) |
|  Australia Government 10-Year Bond March Futures  | 03/2026 | 119 | (8695) | (17) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  Canada Government 10-Year Bond March Futures  | 03/2026 | 6 | (529) | 8 | 1 | 0 |
|  Corn July Futures  | 07/2026 | 30 | (682) | 5 | 0 | 0 |
|  Corn March Futures  | 03/2026 | 45 | (991) | (13) | 1 | 0 |
|  Cotton No. 2 July Futures  | 07/2026 | 20 | (668) | (6) | 0 | 0 |
|  Cotton No. 2 March Futures  | 03/2026 | 7 | (225) | 9 | 0 | 0 |
|  E-Mini S&P 500 Index March Futures  | 03/2026 | 3 | (1034) | 0 | 0 | 0 |
|  Euro-Bobl March Futures  | 03/2026 | 86 | (11740) | 91 | 8 | 0 |
|  Euro-Bund March Futures  | 03/2026 | 9 | (1349) | 19 | 2 | 0 |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2026 | 15 | (1941) | 31 | 6 | 0 |
|  Euro-Oat March Futures  | 03/2026 | 72 | (10204) | 61 | 25 | 0 |
|  Euro-Schatz March Futures  | 03/2026 | 22 | (2761) | 4 | 0 | 0 |
|  Hard Red Winter Wheat July Futures  | 07/2026 | 4 | (108) | (1) | 1 | 0 |
|  Hard Red Winter Wheat March Futures  | 03/2026 | 9 | (232) | 15 | 3 | 0 |
|  Japan Government 10-Year Bond March Futures  | 03/2026 | 26 | (21978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | 0 |
|  Lean Hogs April Futures  | 04/2026 | 11 | (396) | (8) | 1 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 6 | (447) | (36) | 0 | 0 |
|  LME Aluminum March Futures  | 03/2026 | 7 | (524) | (30) | 0 | 0 |
|  LME Lead January Futures  | 01/2026 | 9 | (446) | 6 | 0 | 0 |
|  LME Lead March Futures  | 03/2026 | 14 | (703) | 3 | 0 | 0 |
|  LME Nickel January Futures  | 01/2026 | 3 | (298) | (30) | 0 | 0 |
|  LME Nickel March Futures  | 03/2026 | 4 | (399) | (30) | 0 | 0 |
|  LME Zinc January Futures  | 01/2026 | 10 | (773) | (13) | 0 | 0 |
|  LME Zinc March Futures  | 03/2026 | 3 | (234) | (2) | 0 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>13</sub> |

---

------

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  Natural Gas July Futures  | 06/2026 | 16 | $(587) | $26 | $23 | $0 |
|  Natural Gas March Futures  | 02/2026 | 6 | (188) | 27 | 13 | 0 |
|  Robusta Coffee March Futures  | 03/2026 | 1 | (39) | (1) | 0 | 0 |
|  Soybean July Futures  | 07/2026 | 2 | (107) | 1 | 1 | 0 |
|  Soybean Meal July Futures  | 07/2026 | 8 | (248) | 4 | 2 | 0 |
|  Soybean Oil July Futures  | 07/2026 | 7 | (208) | 5 | 4 | 0 |
|  Soybean Oil March Futures  | 03/2026 | 5 | (146) | 7 | 3 | 0 |
|  Sugar No. 11 July Futures  | 06/2026 | 33 | (544) | (9) | 0 | (3) |
|  Sugar No. 11 March Futures  | 02/2026 | 2 | (34) | 1 | 0 | 0 |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 57 | (11901) | (11) | 4 | 0 |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40880) | 148 | 44 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 7 | (826) | 10 | 3 | 0 |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 58 | (6671) | 9 | 11 | 0 |
|  Wheat July Futures  | 07/2026 | 4 | (106) | 2 | 1 | 0 |
|  Wheat March Futures  | 03/2026 | 17 | (431) | 29 | 3 | 0 |
|  White Sugar May Futures  | 04/2026 | 3 | (64) | 0 | 0 | 0 |
|  |  |  |  | $460 | $210 | $(15) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) 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>(Pay) 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.IG-45 10-Year Index | (1.000)% | Quarterly | 12/20/2035 | $5200 | $(40) | $(5) | $(45) | $0 | $0 |
|  iTraxx Crossover 44 5-Year Index | (5.000) | Quarterly | 12/20/2030 | 80 | (10) | (1) | (11) | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</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 |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  iTraxx Main 44 5-Year Index | 1.000% | Quarterly | 12/20/2030 | EUR | 270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/18/2028 | 10300 | $3 | $6 | $9 | $3 | $0 |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 9300 | 45 | 4 | 49 | 12 | 0 |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 4100 | 7 | 0 | 7 | 0 | (6) |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 1200 | (13) | 4 | (9) | 0 | (3) |
|  Pay<sup>(5)</sup> | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/18/2031 | 443900 | (21) | (18) | (39) | 2 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 09/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360000 | 11 | 18 | 29 | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2027 | 1182800 | 42 | (23) | 19 | 0 | (2) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 09/17/2027 | 220000 | 1 | 6 | 7 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 12/17/2027 | 110000 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 09/18/2029 | 140000 | (8) | (17) | (25) | 0 | (1) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 | 279700 | (10) | 41 | 31 | 2 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/17/2030 | 840000 | 9 | (119) | (110) | 0 | (8) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 12/17/2030 | 214500 | (6) | (10) | (16) | 0 | (2) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 | 890000 | 117 | (221) | (104) | 0 | (11) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 12/17/2032 | 282600 | (28) | (19) | (47) | 0 | (4) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 799700 | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(247) | (240) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 450000 | (18) | (131) | (149) | 0 | (6) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 12/17/2035 | 130000 | (1) | (27) | (28) | 0 | (2) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2045 | 60000 | 24 | (52) | (28) | 0 | (1) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 09/17/2045 | 50000 | 5 | (30) | (25) | 0 | (1) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | 2 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 95500 | 24 | 75 | 99 | 2 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.500 | Annual | 12/17/2055 | 461500 | 64 | 139 | 203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 0 |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 09/17/2030 | 8100 | 11 | 92 | 103 | 0 | (17) |
|  Pay<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 03/18/2031 | 4690 | (83) | 3 | (80) | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2027 | $33200 | (81) | (31) | (112) | 19 | 0 |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.500% | Annual | 12/17/2027 | $37200 | $119 | $6 | $125 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 19100 | 229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417) | (188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 18200 | 260 | (18) | 242 | 0 | (29) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 1700 | (27) | 5 | (22) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 24800 | 330 | (105) | 225 | 0 | (49) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 1200 | (1) | 8 | 7 | 3 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 1957 | 5 | 3 | 8 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 17800 | (51) | 123 | 72 | 44 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 11/15/2053 | 1100 | 23 | 16 | 39 | 4 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 11/15/2053 | 3048 | 5 | 47 | 52 | 11 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.427 | Annual | 03/20/2055 | 6500 | 46 | 138 | 184 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 4400 | 197 | 121 | 318 | 14 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 200 | (12) | (2) | (14) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 12.000 | Maturity | 01/02/2029 | 25830 | (116) | (37) | (153) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.200 | Maturity | 01/02/2029 | 10300 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 9000 | 0 | (9) | (9) | 0 | (3) |
|  Pay | 1-Year BRL-CDI | 14.880 | Maturity | 01/02/2029 | 8400 | 0 | 52 | 52 | 0 | 0 |
|  Receive<sup>(5)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 03/18/2031 | 950 | 1 | 0 | 1 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.610 | Quarterly | 08/22/2029 | 8776600 | (8) | 160 | 152 | 0 | (3) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.620 | Quarterly | 01/23/2030 | 12958000 | (12) | 256 | 244 | 0 | (5) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.630 | Quarterly | 12/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17481200 | 65 | 135 | 200 | 0 | (7) |
|  Pay<sup>(5)</sup> | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 03/18/2031 | 8367910 | (165) | (16) | (181) | 0 | 0 |
|  Receive<sup>(5)</sup> | 3-Month MYR-KLIBOR | 3.000 | Quarterly | 03/18/2031 | 12570 | 37 | 17 | 54 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.750 | Quarterly | 03/20/2029 | 50500 | 95 | 115 | 210 | 2 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.649 | Quarterly | 04/03/2029 | 162000 | (551) | (134) | (685) | 0 | (6) |
|  Pay | 6-Month AUD-BBR-BBSW | 2.000 | Semi-Annual | 10/07/2027 | 9300 | (300) | 39 | (261) | 0 | (2) |
|  Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/18/2031 | 4000 | (20) | (72) | (92) | 0 | (2) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 | 13000 | 101 | (186) | (85) | 0 | (11) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 2100 | 26 | (54) | (28) | 0 | (3) |
|  Pay | 6-Month CLP-CHILIBOR | 4.000 | Semi-Annual | 09/17/2030 | 3800 | 26 | (72) | (46) | 0 | (2) |
|  Receive | 6-Month CLP-CHILIBOR | 5.365 | Semi-Annual | 01/23/2030 | 126100 | (3) | (1) | (4) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 3.920 | Annual | 04/21/2030 | 25200 | 4 | (247) | (243) | 0 | (4) |
|  Pay | 6-Month CZK-PRIBOR | 3.534 | Annual | 03/21/2029 | 134800 | (15) | 106 | 91 | 5 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 | 800 | (4) | (2) | (6) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.081 | Annual | 02/15/2031 | 10400 | (1067) | (494) | (1561) | 0 | (9) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 1720 | 14 | (25) | (11) | 0 | (1) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 11100 | (42) | (193) | (235) | 0 | (15) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 3140 | 49 | 138 | 187 | 10 | 0 |
|  Receive | 6-Month HUF-BBR | 6.200 | Annual | 03/20/2029 | 538900 | 2 | (65) | (63) | 0 | (3) |
|  Receive | 6-Month PLN-WIBOR | 5.020 | Annual | 03/21/2029 | 30300 | (37) | (536) | (573) | 0 | (9) |
|  Receive<sup>(5)</sup> | 6-Month THB-THBFIX | 1.000 | Quarterly | 03/18/2031 | 82220 | 12 | 17 | 29 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.835 | Lunar | 03/13/2029 | 24000 | (8) | 52 | 44 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.050 | Lunar | 12/12/2029 | 57500 | (175) | 12 | (163) | 0 | (3) |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 12/18/2026 | 4300 | (50) | 13 | (37) | 0 | 0 |
|  Receive | CAONREPO | 2.750 | Semi-Annual | 09/17/2027 | 1100 | (3) | (2) | (5) | 0 | 0 |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/18/2030 | 11900 | (185) | 91 | (94) | 5 | 0 |
|  Receive | CAONREPO | 2.750 | Semi-Annual | 09/17/2030 | 1300 | 1 | (1) | 0 | 1 | 0 |
|  Pay | CAONREPO | 2.500 | Semi-Annual | 12/17/2030 | 6200 | (4) | (57) | (61) | 0 | (4) |
|  Receive | CAONREPO | 2.750 | Semi-Annual | 03/19/2035 | 3600 | 101 | (27) | 74 | 3 | 0 |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 09/17/2035 | 5100 | (44) | 5 | (39) | 0 | (4) |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 06/18/2055 | 200 | (6) | 13 | 7 | 0 | 0 |
|  |  |  |  |  |  | $(646) | $(1596) | $(2242) | $199 | $(269) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1601) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2290) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269) |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(6)</sup> | Variation Margin<br>Asset<sup>(6)</sup> | **Total** | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387) |

---

(i) Securities with an aggregate market value of $1,819 and cash of $3,631 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **15** |

---

------

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

<sup>(1)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin asset of $4 and liability of $(6) 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 |
|  AZD | 01/2026 | $53 | 8191 | $0 | $0 |
|  BOA | 01/2026 | 532 | $97 | 0 | 0 |
|  | 01/2026 | 46544 | 50 | 0 | (2) |
|  | 01/2026 | 507144 | 133 | 0 | 0 |
|  | 01/2026 | 142200 | 920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 0 |
|  | 01/2026 | 968201 | 661 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  | 01/2026 | 722 | 197 | 0 | (4) |
|  | 01/2026 | 11023 | 340 | 0 | (10) |
|  | 01/2026 | 6035 | 198 | 6 | 0 |
|  | 01/2026 | $100 | 532 | 0 | (3) |
|  | 01/2026 | 51 | 46544 | 1 | 0 |
|  | 01/2026 | 561 | 1825 | 12 | 0 |
|  | 01/2026 | 20 | 1180 | 0 | 0 |
|  | 01/2026 | 373 | 1358 | 6 | 0 |
|  | 01/2026 | 30 | 941 | 0 | 0 |
|  | 01/2026 | 105 | 1756 | 1 | 0 |
|  | 02/2026 | 151699 | $40 | 0 | 0 |
|  | 02/2026 | 487 | 153 | 0 | 0 |
|  | 02/2026 | $50 | 2273 | 1 | 0 |
|  | 03/2026 | 46544 | $51 | 0 | (1) |
|  | 03/2026 | 685047 | 178 | 2 | 0 |
|  | 03/2026 | 8402 | 2492 | 0 | (1) |
|  | 03/2026 | $425 | 7735 | 1 | 0 |
|  | 04/2026 | 40 | 729 | 1 | 0 |
|  BPS | 01/2026 | 1427 | $928 | 0 | (25) |
|  | 01/2026 | 55 | 70 | 0 | 0 |
|  | 01/2026 | 14659 | 2093 | 0 | (9) |
|  | 01/2026 | 638 | 845 | 1 | (15) |
|  | 01/2026 | 1630 | 502 | 0 | (10) |
|  | 01/2026 | 12621 | 140 | 0 | 0 |
|  | 01/2026 | 57600 | 373 | 5 | 0 |
|  | 01/2026 | 619061 | 420 | 0 | (9) |
|  | 01/2026 | 803 | 220 | 0 | (4) |
|  | 01/2026 | 20763 | 683 | 22 | 0 |
|  | 01/2026 | $614 | 4299 | 3 | 0 |
|  | 01/2026 | 17 | 66111 | 0 | 0 |
|  | 01/2026 | 70 | 6324 | 0 | 0 |
|  | 01/2026 | 825 | 48770 | 1 | 0 |
|  | 01/2026 | 314 | 1133 | 2 | 0 |
|  | 01/2026 | 1092 | 34284 | 2 | (2) |
|  | 01/2026 | 325 | 5431 | 2 | 0 |
|  | 01/2026 | 3043 | $182 | 0 | (2) |
|  | 02/2026 | 99710 | 26 | 0 | 0 |
|  | 02/2026 | $148 | 13342 | 0 | 0 |
|  | 02/2026 | 360 | 11308 | 0 | (1) |
|  | 03/2026 | 16074 | $772 | 0 | (10) |
|  | 03/2026 | 6424 | 207 | 3 | 0 |
|  | 04/2026 | 9100 | 1593 | 0 | (33) |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BRC | 01/2026 | 57 | $41 | $0 | $(1) |
|  | 01/2026 | 140 | 163 | 0 | (2) |
|  | 01/2026 | 441 | 137 | 0 | (1) |
|  | 01/2026 | 2277 | 555 | 0 | (7) |
|  | 01/2026 | 17000 | 379 | 0 | (16) |
|  | 01/2026 | $20 | 333580 | 0 | 0 |
|  | 01/2026 | 372 | 1513 | 2 | 0 |
|  | 01/2026 | 56 | 203 | 1 | 0 |
|  | 01/2026 | 1032 | 1333 | 6 | 0 |
|  | 01/2026 | 8 | 135 | 0 | 0 |
|  | 01/2026 | 78561 | $4604 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) |
|  | 02/2026 | 210 | 65 | 0 | (1) |
|  | 02/2026 | 212 | 5 | 0 | 0 |
|  | 02/2026 | $616 | 27909 | 19 | 0 |
|  | 03/2026 | 347 | 6431 | 7 | 0 |
|  BSH | 01/2026 | 2967 | $539 | 0 | (2) |
|  | 01/2026 | 7423 | 48 | 0 | 0 |
|  | 01/2026 | 171 | 47 | 0 | (1) |
|  | 01/2026 | $534 | 2967 | 7 | 0 |
|  | 01/2026 | 257 | 919 | 16 | 0 |
|  | 02/2026 | 2990 | $534 | 0 | (7) |
|  | 02/2026 | 886182 | 228 | 0 | (2) |
|  | 02/2026 | $425 | 1487 | 17 | 0 |
|  | 04/2026 | 17600 | $3099 | 3 | (50) |
|  CBK | 01/2026 | 4611 | 840 | 3 | (5) |
|  | 01/2026 | 1101 | 788 | 0 | (14) |
|  | 01/2026 | 18291 | 20 | 0 | 0 |
|  | 01/2026 | 3717771 | 969 | 3 | (8) |
|  | 01/2026 | 805 | 126 | 0 | (1) |
|  | 01/2026 | 194 | 226 | 0 | (2) |
|  | 01/2026 | 325 | 99 | 0 | (3) |
|  | 01/2026 | 12754 | 141 | 0 | (1) |
|  | 01/2026 | 427443 | 291 | 0 | (5) |
|  | 01/2026 | 277 | 160 | 0 | 0 |
|  | 01/2026 | 576 | 160 | 0 | (1) |
|  | 01/2026 | 3227 | 103 | 0 | 0 |
|  | 01/2026 | 30885 | 1016 | 33 | 0 |
|  | 01/2026 | $377 | 576 | 7 | 0 |
|  | 01/2026 | 838 | 4611 | 4 | 0 |
|  | 01/2026 | 402 | 2805 | 1 | 0 |
|  | 01/2026 | 297 | 1141829 | 4 | 0 |
|  | 01/2026 | 2547 | 227652 | 2 | (22) |
|  | 01/2026 | 291 | 2960 | 2 | 0 |
|  | 01/2026 | 80 | 270 | 0 | 0 |
|  | 01/2026 | 0 | 15 | 0 | 0 |
|  | 01/2026 | 296 | 9242 | 0 | (2) |
|  | 01/2026 | 172 | 2909 | 4 | 0 |
|  | 02/2026 | 11231284 | $2889 | 1 | (33) |
|  | 02/2026 | 384 | 121 | 0 | 0 |
|  | 02/2026 | 1130 | 332 | 0 | (3) |
|  | 02/2026 | $156 | 525 | 0 | 0 |
|  | 02/2026 | 9 | 283 | 0 | 0 |
|  | 03/2026 | 230274 | $247 | 0 | (9) |
|  | 03/2026 | 713232 | 188 | 3 | 0 |
|  | 03/2026 | 15292 | 488 | 2 | 0 |
|  | 03/2026 | $748 | 721622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | 0 |
|  | 03/2026 | 150 | 508 | 1 | 0 |
|  | 04/2026 | 244468 | $64 | 1 | 0 |
|  | 05/2026 | 2121 | 598 | 0 | (30) |
|  DUB | 01/2026 | 1096 | 199 | 0 | (1) |
|  | 01/2026 | 351 | 109 | 0 | (1) |
|  | 01/2026 | 6460 | 72 | 0 | 0 |
|  | 01/2026 | 108749 | 74 | 0 | (1) |
|  | 01/2026 | 30834 | 983 | 1 | 0 |
|  | 01/2026 | $204 | 1096 | 0 | (4) |
|  | 01/2026 | 620 | 1977 | 1 | 0 |
|  | 01/2026 | 718 | 63983 | 0 | (8) |
|  | 01/2026 | 371 | 544793 | 7 | 0 |
|  | 01/2026 | 674 | 21245 | 2 | (2) |
|  | 01/2026 | 219 | 3704 | 5 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

---

------

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 02/2026 | 1977 | $620 | $0 | $(1) |
|  | 02/2026 | $836 | 275293 | 3 | 0 |
|  | 02/2026 | 12 | 382 | 0 | 0 |
|  FAR | 01/2026 | 2909 | $1890 | 0 | (52) |
|  | 01/2026 | 58 | 72 | 0 | (1) |
|  | 01/2026 | 2537 | 360 | 0 | (4) |
|  | 01/2026 | 19586 | 1056 | 0 | (29) |
|  | 01/2026 | 920 | 273 | 0 | 0 |
|  | 01/2026 | 224 | 61 | 0 | (2) |
|  | 01/2026 | $328 | 1052 | 2 | 0 |
|  | 01/2026 | 302 | 1099 | 5 | 0 |
|  | 01/2026 | 10 | 167 | 0 | 0 |
|  | 02/2026 | 1052 | $328 | 0 | (2) |
|  | 06/2026 | $273 | 925 | 1 | 0 |
|  GLM | 01/2026 | 1558 | $1943 | 0 | (25) |
|  | 01/2026 | 71 | 10 | 0 | 0 |
|  | 01/2026 | 53312 | 14 | 0 | 0 |
|  | 01/2026 | 2962 | 917 | 0 | (13) |
|  | 01/2026 | 220 | 54 | 0 | (1) |
|  | 01/2026 | 28129 | 883 | 0 | (10) |
|  | 01/2026 | $291 | 2049 | 3 | 0 |
|  | 01/2026 | 328 | 1197 | 6 | 0 |
|  | 01/2026 | 403 | 521 | 3 | 0 |
|  | 01/2026 | 102 | 3231 | 1 | 0 |
|  | 01/2026 | 211 | 3620 | 7 | 0 |
|  | 02/2026 | 3208 | $582 | 1 | 0 |
|  | 02/2026 | 129920 | 34 | 0 | 0 |
|  | 02/2026 | $211 | 3918 | 5 | 0 |
|  | 03/2026 | 50180 | $13 | 0 | 0 |
|  | 03/2026 | $4236 | 23467 | 0 | (9) |
|  | 03/2026 | 164 | 3044 | 4 | 0 |
|  | 04/2026 | 35900 | $6330 | 17 | (105) |
|  | 04/2026 | $621 | 11396 | 6 | 0 |
|  IND | 01/2026 | 10492 | $1032 | 0 | (9) |
|  JPM | 01/2026 | 10561 | 1500 | 0 | (16) |
|  | 01/2026 | 3904 | 502 | 0 | 0 |
|  | 01/2026 | 6787 | 2083 | 0 | (48) |
|  | 01/2026 | 8841 | 99 | 1 | 0 |
|  | 01/2026 | 363726 | 248 | 0 | (5) |
|  | 01/2026 | 397 | 230 | 2 | 0 |
|  | 01/2026 | 2201 | 602 | 0 | (11) |
|  | 01/2026 | $360 | 2532 | 3 | 0 |
|  | 01/2026 | 1706 | 12012 | 7 | 0 |
|  | 01/2026 | 1075 | 96413 | 0 | (5) |
|  | 01/2026 | 544 | 780557 | 0 | (3) |
|  | 01/2026 | 864 | 3204 | 29 | 0 |
|  | 01/2026 | 176 | 5623 | 2 | 0 |
|  | 02/2026 | 49920 | $13 | 0 | 0 |
|  | 02/2026 | 779533 | 544 | 3 | 0 |
|  | 02/2026 | $374 | 6940 | 9 | 0 |
|  | 03/2026 | 50245 | $13 | 0 | 0 |
|  | 03/2026 | 5292 | 287 | 0 | (5) |
|  | 03/2026 | $471 | 1800000 | 0 | (6) |
|  | 03/2026 | 398 | 7305 | 5 | 0 |
|  | 04/2026 | 134 | 2470 | 2 | 0 |
|  MBC | 01/2026 | 4300 | $3055 | 0 | (79) |
|  | 01/2026 | 80 | 101 | 0 | 0 |
|  | 01/2026 | 4640 | 723 | 0 | (7) |
|  | 01/2026 | 113 | 152 | 0 | (1) |
|  | 01/2026 | 7047 | 78 | 0 | 0 |
|  | 01/2026 | 172500 | 1111 | 9 | 0 |
|  | 01/2026 | 187218 | 128 | 0 | (2) |
|  | 01/2026 | 259 | 150 | 1 | 0 |
|  | 01/2026 | 6118 | 642 | 0 | (23) |
|  | 01/2026 | 6379 | 4916 | 0 | (49) |
|  | 01/2026 | 3826 | 118 | 0 | (3) |
|  | 01/2026 | $407 | 622 | 8 | 0 |
|  | 01/2026 | 125 | 11333 | 1 | 0 |
|  | 01/2026 | 284 | 44162 | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $219 | 6933 | $1 | $0 |
|  | 01/2026 | 46 | 1452 | 0 | 0 |
|  | 01/2026 | 30 | 504 | 0 | 0 |
|  | 02/2026 | 97 | 1798 | 2 | 0 |
|  | 03/2026 | 166 | 3055 | 3 | 0 |
|  | 04/2026 | 113 | 2088 | 2 | 0 |
|  MYI | 01/2026 | 0 | 45 | 0 | 0 |
|  | 01/2026 | 542 | 2228 | 7 | 0 |
|  | 02/2026 | 11451 | $34 | 0 | (1) |
|  | 02/2026 | 818 | 254 | 0 | (3) |
|  | 04/2026 | $198 | 3608 | 0 | 0 |
|  NGF | 01/2026 | 178272 | $122 | 0 | (2) |
|  | 01/2026 | $249 | 365430 | 5 | 0 |
|  RYL | 01/2026 | 108 | $78 | 0 | 0 |
|  SCX | 01/2026 | 1170 | 1460 | 0 | (18) |
|  | 01/2026 | 5058 | 718 | 0 | (8) |
|  | 01/2026 | 2729 | 30 | 0 | 0 |
|  | 01/2026 | 5425 | 35 | 0 | 0 |
|  | 01/2026 | 6543 | 215 | 7 | 0 |
|  | 01/2026 | $1791 | 1540 | 20 | 0 |
|  | 01/2026 | 39 | 3559 | 0 | 0 |
|  SOG | 01/2026 | 275053 | $73 | 0 | 0 |
|  | 01/2026 | 2064 | 2390 | 0 | (37) |
|  | 01/2026 | 8995 | 99 | 0 | (1) |
|  | 01/2026 | 21541 | 138 | 0 | 0 |
|  | 02/2026 | $97 | 1799 | 2 | 0 |
|  | 03/2026 | 349830 | $361 | 0 | (28) |
|  | 03/2026 | 945 | 50 | 0 | (2) |
|  | 03/2026 | 8 | 2 | 0 | 0 |
|  | 03/2026 | $363 | 6803 | 12 | 0 |
|  SSB | 01/2026 | 7281 | $232 | 0 | 0 |
|  UAG | 01/2026 | 313 | 391 | 0 | (5) |
|  | 01/2026 | 475 | 130 | 0 | (2) |
|  | 01/2026 | $395 | 1433 | 4 | 0 |
|  | 01/2026 | 122 | 2085 | 4 | 0 |
|  | 02/2026 | 16060358 | $4289 | 117 | 0 |
|  | 02/2026 | $92 | 1714 | 2 | 0 |
|  | 03/2026 | 248735 | $267 | 0 | (9) |
|  | 03/2026 | 5047063 | 1285 | 0 | (23) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1198) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC USD versus KRW | KRW | 1415.000 | 02/19/2026 | 2200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.427% | 03/20/2045 | 30000 | $3117 | $2623 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.427 | 03/20/2045 | 30000 | 3116 | 3480 |
|  |  |  |  |  |  | $6233 | $6103 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6115 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus KRW | KRW | 1375.000 | 02/19/2026 | 2200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 19

------

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 5600 | $(255) | $(119) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $2200 | $(65) | $72 | $7 | $0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 322 | (20) | 20 | 0 | 0 |
| MYC | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 9600 | (317) | 346 | 29 | 0 |
| SAL | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 1600 | (4) | 14 | 10 | 0 |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | (110) | 121 | 11 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BRC | Receive<br> BCPMXWO Index<sup>(7)</sup> | 1223220 | 4.290% (FEDL01 plus a specified spread) | Monthly | 10/07/2026 | $179566 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1125) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1125) |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Pay | Coursera, Inc. | N/A | 3.900% (SOFR less a specified spread) | Monthly | 12/18/2026 | $202 | $0 | $14 | $14 | $0 |
|  | Pay | CVB Financial Corp. | N/A | 3.900% (SOFR less a specified spread) | Monthly | 12/18/2026 | 102 | 0 | 5 | 5 | 0 |
|  JPM | Pay | Sky Works Solutions,Inc. | N/A | 4.000% (SOFR less a specified spread) | Monthly | 10/29/2026 | 402 | 0 | 1 | 1 | 0 |
|  | Pay | Terex Corp. | N/A | 3.550% (SOFR less a specified spread) | Monthly | 11/02/2026 | 382 | 0 | 1 | 1 | 0 |
|  RBC | Pay | Palo Alto Networks,Inc. | N/A | 4.025% (SOFR less a specified spread) | Monthly | 03/25/2026 | 652 | 0 | 2 | 2 | 0 |
|  | Pay | Union Pacific Corp. | N/A | 4.050% (SOFR less a specified spread) | Monthly | 03/25/2026 | 496 | 0 | (1) | 0 | (1) |
|  | Pay | Kimberly - Clark Corp. | N/A | 3.850% (SOFR less a specified spread) | Monthly | 11/06/2026 | 707 | 0 | (4) | 0 | (4) |
|  |  |  |  |  |  |  |  | $0 | $18 | $23 | $(5) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(534) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1130) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  BOA | $43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $0 | $55 | $(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $0 | $(35) | $20 | $0 | $20 |
|  BPS | 41 | 0 | 0 | 41 | (120) | 0 | 0 | (120) | (79) | 44 | (35) |
|  BRC | 35 | 0 | 0 | 35 | (161) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7631) |
|  BSH | 43 | 0 | 0 | 43 | (62) | 0 | 0 | (62) | (19) | (20) | (39) |
|  CBK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) | 0 | 0 | (139) | 5 | 0 | 5 |
|  DUB | 19 | 0 | 0 | 19 | (18) | 0 | 0 | (18) | 1 | 0 | 1 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **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** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(6)</sup>** |
|  FAR | $8 | $0 | $0 | $8 | $(90) | $0 | $0 | $(90) | $(82) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(82) |
|  GLM | 53 | 0 | 0 | 53 | (163) | (119) | 0 | (282) | (229) | 0 | (229) |
|  GST | 0 | 0 | 7 | 7 | 0 | 0 | 0 | 0 | 7 | 0 | 7 |
|  IND | 0 | 0 | 0 | 0 | (9) | 0 | 0 | (9) | (9) | 0 | (9) |
|  JPM | 63 | 0 | 2 | 65 | (99) | 0 | 0 | (99) | (34) | 0 | (34) |
|  MBC | 27 | 0 | 0 | 27 | (166) | 0 | 0 | (166) | (139) | 0 | (139) |
|  MYC | 0 | 6103 | 29 | 6132 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6132 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6135 |
|  MYI | 7 | 0 | 0 | 7 | (4) | 0 | 0 | (4) | 3 | 0 | 3 |
|  NGF | 5 | 0 | 0 | 5 | (2) | 0 | 0 | (2) | 3 | 0 | 3 |
|  RBC | 0 | 0 | 2 | 2 | 0 | 0 | (5) | (5) | (3) | 0 | (3) |
|  SAL | 0 | 0 | 10 | 10 | 0 | 0 | 0 | 0 | 10 | 0 | 10 |
|  SCX | 27 | 0 | 0 | 27 | (26) | 0 | 0 | (26) | 1 | 0 | 1 |
|  SOG | 14 | 0 | 0 | 14 | (68) | 0 | 0 | (68) | (54) | 0 | (54) |
|  UAG | 127 | 0 | 11 | 138 | (39) | 0 | 0 | (39) | 99 | 0 | 99 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1198) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1130) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2450) |  |  |  |

---

(k) Securities with an aggregate market value of $47 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(7)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of December 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
| Communication Services |  |  |
|  Alphabet, Inc. | 1.8% | $3232 |
|  Alphabet, Inc. | 1.6 | 2873 |
|  Meta Platforms, Inc. | 2.4 | 4310 |
|  Verizon Communiccations, Inc. | 0.7 | 1257 |
|  Walt Disney Company | 0.6 | 1077 |
|  Other Communication Services ![LOGO](g934736g04k04.jpg)  | 1.3 | 2334 |
|  Total Communication Services |  | $15083 |
| Consumer Discretionary |  |  |
|  Airbnb, Inc | 0.7% | $1257 |
|  Amazon.com, Inc. | 3.7 | 6644 |
|  Booking Holdings, Inc. | 1.2 | 2155 |
|  General Motors Company | 0.6 | 1077 |
|  TJX Companies, Inc. | 0.7 | 1257 |
|  Other Consumer Discretionary ![LOGO](g934736g04k04.jpg)  | 3.9 | 7003 |
|  Total Consumer Discretionary |  | $19393 |
| Consumer Staples |  |  |
|  Altria Group, Inc. | 1.2% | $2155 |
|  Other Consumer Staples ![LOGO](g934736g04k04.jpg)  | 1.4 | 2514 |
|  Total Consumer Staples |  | $4669 |
| Energy |  |  |
|  EOG Resources, Inc. | 0.7% | $1257 |
|  Other Energy ![LOGO](g934736g04k04.jpg)  | 1.7 | 3053 |
|  Total Energy |  | $4310 |

---

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
| Health Care |  |  |
| Amgen, Inc. | 1.2% | $2155 |
| Bristol-Myers Squibb Company | 1.3 | 2334 |
| Gilead Sciences, Inc. | 1.4 | 2514 |
| Merck & Co., Inc. | 1 | 1796 |
| Novartis AG | 1.8 | 3232 |
| Regeneron Pharmaceuticals | 0.7 | 1257 |
| Other Health Care ![LOGO](g934736g04k04.jpg) | 4.6 | 8259 |
| Total Health Care |  | $21547 |
| Industrials |  |  |
| ABB Ltd. | 0.8% | $1437 |
| Caterpillar, Inc. | 1 | 1796 |
| Cummins, Inc. | 0.8 | 1437 |
| General Dynamics Corp. | 0.9 | 1616 |
| Other Industrials ![LOGO](g934736g04k04.jpg) | 5.2 | 9337 |
| Total Industrials |  | $15623 |
| Materials |  |  |
| Barrick Mining Corp. | 0.6% | $1077 |
| BHP Group Ltd. | 1.3 | 2334 |
| Newmont Corporation | 1.3 | 2334 |
| Other Materials ![LOGO](g934736g04k04.jpg) | 2 | 3591 |
| Total Materials |  | $9336 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 21

------

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
| **Referenced Entity** | **%**<br> **of Index** | **Value** |
| Financials |  |  |
|  Aflac, Inc. | 0.7% | $1257 |
|  Allstate Corp. | 0.7 | 1257 |
|  Ameriprise Financial, Inc. | 0.6 | 1077 |
|  Banco Bilbao Vizcaya Argentaria S.A. | 1 | 1796 |
|  Goldman Sachs Group, Inc. | 0.8 | 1437 |
|  Intesa Sanpaolo SpA | 0.8 | 1437 |
|  Morgan Stanley | 1.2 | 2155 |
|  Natwest Group PLC | 0.8 | 1437 |
|  Other Financials ![LOGO](g934736g04k04.jpg)  | 9.5 | 17058 |
|  Total Financials |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28911 |

---

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
| Real Estate |  |  |
| Simon Property Group, Inc. | 0.7% | $1257 |
| Other Real Estate ![LOGO](g934736g04k04.jpg) | 0.3 | 539 |
| Total Real Estate |  | $1796 |
| Technology |  |  |
| Adobe, Inc. | 1.0% | $1796 |
| Apple Inc. | 3.8 | 6824 |
| Applied Materials, Inc. | 1.4 | 2514 |
| ASML Holding NV | 1.1 | 1975 |
| Cisco Systems, Inc. | 1.9 | 3412 |
| Fortinet, Inc. | 0.6 | 1077 |
| Hitachi Ltd. | 0.7 | 1257 |
| Lam Research Corporation | 1.7 | 3053 |
| Micron Technology, Inc. | 1.7 | 3053 |
| Microsoft Corp. | 3.6 | 6464 |
| NVIDIA Corp. | 5.2 | 9337 |
| Paypal Holdings, Inc. | 0.6 | 1077 |
| QUALCOMM, Inc. | 1.7 | 3053 |
| TE Connectivity PLC | 0.8 | 1437 |
| Other Technology ![LOGO](g934736g04k04.jpg) | 4.5 | 8080 |
| Total Technology |  | $54409 |
| Utilities |  |  |
| ENEL SPA | 1.0% | $1796 |
| National Grid PLC | 0.6 | 1077 |
| Other Utilities ![LOGO](g934736g04k04.jpg) | 0.9 | 1616 |
| Total Utilities |  | $4489 |
| Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179566 |

---

---

| | |
|:---|:---|
| ![LOGO](g934736g04k04.jpg) | Represents positions not identified as a top 50 component or as having an individual notional value less than 1% of the notional of the total return swap, as of December 31, 2025.  |

---

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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  | $87 | $0 | $2 | $0 | $160 | $249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 199 | 199 |
|  | $87 | $0 | $2 | $0 | $359 | $448 |
|  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 | $637 | $0 | $637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 12 | 6103 | 6115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 57 | 23 | 0 | 0 | 80 |
|  | $0 | $57 | $23 | $649 | $6103 | $6832 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7280 |
|  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  | $57 | $0 | $6 | $0 | $55 | $118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 269 | 269 |
|  | $57 | $0 | $6 | $0 | $324 | $387 |
|  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 | $1198 | $0 | $1198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 3 | 119 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 1130 | 0 | 0 | 1130 |
|  | $0 | $0 | $1130 | $1201 | $119 | $2450 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837 |

---

22 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $(335) | $0 | $0 | $(335) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 112 | 0 | 0 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 613 | 0 | 31 | 0 | 1839 | 2483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (40) | 0 | 0 | 471 | 431 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) | $0 | $2310 | $2691 |
|  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 | $(3621) | $0 | $(3621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 781 | 41690 | 0 | (39) | 42432 |
|  | $0 | $781 | $41690 | $(3621) | $(39) | $38811 |
|  | $613 | $741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3621) | $2271 | $41502 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $23 | $0 | $0 | $23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | (18) | 0 | 0 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (15) | 0 | (75) | 0 | (385) | (475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | (1300) | (1298) |
|  | $(15) | $2 | $(70) | $0 | $(1685) | $(1768) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1668) | $0 | $(1668) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (2) | (128) | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 2 | 17 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (626) | (933) | 0 | 9 | (1550) |
|  | $0 | $(626) | $(933) | $(1668) | $(102) | $(3329) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(624) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1003) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1668) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1787) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5097) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $14 | $0 | $14 |
| &nbsp;&nbsp; Industrials | 0 | 727 | 0 | 727 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | 54 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59765 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59765 |
|  U.S. Treasury Obligations | 0 | 15784 | 0 | 15784 |
|  Non-Agency Mortgage-Backed Securities | 0 | 7287 | 0 | 7287 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile Sequential | 0 | 2091 | 0 | 2091 |
| &nbsp;&nbsp; Home Equity Other | 0 | 7375 | 0 | 7375 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 4936 | 0 | 4936 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 462 | 0 | 462 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 1897 | 0 | 1897 |
| &nbsp;&nbsp; Other ABS | 0 | 2525 | 0 | 2525 |
|  Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42736 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | 0 | 0 | 1081 |
| &nbsp;&nbsp; Consumer Discretionary | 187 | 0 | 0 | 187 |
| &nbsp;&nbsp; Consumer Staples | 821 | 784 | 0 | 1605 |
| &nbsp;&nbsp; Financials | 586 | 0 | 0 | 586 |
| &nbsp;&nbsp; Health Care | 1758 | 0 | 0 | 1758 |
| &nbsp;&nbsp; Industrials | 1408 | 0 | 0 | 1408 |
| &nbsp;&nbsp; Information Technology | 2047 | 0 | 0 | 2047 |
| &nbsp;&nbsp; Real Estate | 0 | 7 | 0 | 7 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 896 | 0 | 896 |
|  | $7888 | $147291 | $49 | $155228 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | $123514 | $0 | $0 | $123514 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 59872 | 0 | 0 | 59872 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183386 | $0 | $0 | $183386 |
|  Total Investments | $191274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338614 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(14400) | $0 | $(14400) |
|  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 | 183 | 261 | 0 | 444 |
|  Over the counter | 0 | 6832 | 0 | 6832 |
|  | $183 | $7093 | $0 | $7276 |
|  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 | (90) | (291) | 0 | (381) |
|  Over the counter | 0 | (2450) | 0 | (2450) |
|  | $(90) | $(2741) | $0 | $(2831) |
|  Total Financial Derivative Instruments | $93 | $4352 | $0 | $4445 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328659 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

---

------

Notes to Financial Statements

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these consolidated financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Global Managed Asset Allocation Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

The Portfolio may invest in Institutional Class or Class M shares of any funds of the PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds, which may or may not be registered under the Act (collectively, "Acquired Funds").

The Portfolio has established PIMCO Cayman Commodity Portfolio II, Ltd., a Cayman Islands exempted company, (the "Commodity Subsidiary"), which is wholly-owned and controlled by the Portfolio. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted consolidated financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and

the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's consolidated financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated 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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of consolidated 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 consolidated 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

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| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

appreciation (depreciation) on investments on the Consolidated Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Portfolio may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Portfolio invests. These foreign taxes, if any, are paid by the Portfolio and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Consolidated Statement of

Operations. The Portfolio may invest directly or indirectly through investments in Underlying PIMCO Funds or Acquired Funds, as applicable, in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Consolidated Statement of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) 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 consolidated financial statements presented under U.S. GAAP.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

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Notes to Financial Statements (Cont.)

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 consolidated 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 funds, 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 consolidated financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Consolidated Statements of Changes in Net Assets and have been recorded to paid in capital on the Consolidated Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Consolidated Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the

current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to 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.

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **27** |

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Notes to Financial Statements (Cont.)

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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Consolidated Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) 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'

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| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, 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, time deposits and certificates of deposit) 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 invests under normal circumstances in Acquired Funds which are considered to be affiliated with the Portfolio. The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Notes to Financial Statements (Cont.)

holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each Acquired Fund's shareholder report is also available at the SEC's website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

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| Underlying PIMCO Funds | Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Income Fund | $30366 | $3919 | $(4552) | $(70) | $1312 | $30975 | $1804 | $0 |
|  PIMCO Short Asset Portfolio | 52052 | 10730 | (17370) | (92) | 409 | 45729 | 1895 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 13960 | 183271 | (183100) | 4 | 8 | 14143 | 1273 | 0 |
|  PIMCO Total Return Fund | 90768 | 4205 | (6402) | (60) | 4028 | 92539 | 4199 | 0 |
|  **Totals** | $187146 | $202125 | $(211424) | $(218) | $5757 | $183386 | $9171 | $0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds

that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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 interests in 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 payments. 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,

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recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the

time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Consolidated Statement of Assets and Liabilities.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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 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, credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely

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payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Consolidated Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's consolidated financial statements is described below.

(a) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the

agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(b) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(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

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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, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Consolidated Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Consolidated Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy

and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Consolidated Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written.

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These amounts are included on the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Inflation-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect the Portfolio from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Indexes ("Index Option") use a specified index as the underlying instrument for the option contract. The exercise for an Index Option will not include physical delivery of the underlying index but will result in a cash transfer of the amount of the difference between the settlement price of the underlying index and the strike price.

(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Consolidated Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Consolidated Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments,

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may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (*i.e.*, the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation 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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes 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

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instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Consolidated Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Consolidated Schedule of Investments. These potential amounts would be partially offset by

any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as 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.

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7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in the Portfolio include risks from direct investments and/or indirect exposure through investment in Acquired Funds or Underlying PIMCO Funds. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Allocation Risk is the risk that the Portfolio could experience losses as a result of less than optimal or poor asset allocation decisions. The Portfolio could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk is the risk that the Portfolio's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of the Portfolio to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Portfolio's performance will be reduced by the Portfolio's proportionate amount of the expenses of any Acquired Funds in which it invests.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a

derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Distressed Company Risk is the risk that securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that the Portfolio's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject the Portfolio to risks similar to those associated with direct ownership of real estate, including risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Portfolio's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Portfolio to liquidity and valuation risk.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

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| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

Smaller Company Risk is the risk that the value of securities issued by a smaller company may fluctuate, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. Investments in smaller companies generally are subject to greater levels of credit, market and issuer risk.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio 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.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Portfolio's taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in the Commodity Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Commodity Subsidiary's investments. The Commodity Subsidiary is not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of the Commodity Subsidiary will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

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, investments in CLOs 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) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Value Investing Risk is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, 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.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **39** |

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Notes to Financial Statements (Cont.)

of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and

limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may

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| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Consolidated Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Consolidated Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Consolidated Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Portfolio and select counterparties. Master

Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Consolidated Schedule of Investments.

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. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between the Portfolio and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **41** |

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Notes to Financial Statements (Cont.)

typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the consolidated financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Administrative<br>Class | Advisor<br>Class |
| 0.90% | 0.05% | 0.05% | 0.05% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing, or procuring through financial firms, administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class shares.

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|  | Distribution Fee | Servicing Fee |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs

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associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Consolidated Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of December 31, 2025, the amount waived and/or reimbursed was $3,176.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

(g) Acquired Fund Fees and Expenses Acquired Fund expenses incurred by the Portfolio, if any, will vary with changes in the expenses of the Underlying PIMCO Funds, as well as the allocation of the Portfolio's assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to the Portfolio's direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders. The Portfolio also indirectly pays its proportionate share of the Investment Advisory Fees, Supervisory and Administrative Fees and management fees charged by PIMCO to the Underlying PIMCO Funds and, to the extent not included among the Underlying PIMCO Funds, funds of PIMCO ETF Trust in which the Portfolio invests (collectively, "Underlying PIMCO Fund Fees").

PIMCO has contractually agreed, through May 1, 2026, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the Portfolio in an amount equal to the Underlying PIMCO Funds Fees indirectly incurred by the Portfolio in connection with its investments in Underlying PIMCO Funds (for purposes of this expense reduction, this term includes funds of PIMCO ETF Trust), up to a maximum waived amount that is equal to the Portfolio's aggregate Investment Advisory Fee and Supervisory and Administrative Fee. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of December 31, 2025, the amount waived and/or reimbursed was $570,636.

The Commodity Subsidiary has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary's portfolio pursuant to which the Commodity Subsidiary pays PIMCO a

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **43** |

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Notes to Financial Statements (Cont.)

management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the Portfolio's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Commodity Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Commodity Subsidiary is in place. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of December 31, 2025, the amount waived and/or reimbursed was $8,449. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Consolidated Statement of Assets and Liabilities.

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. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 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;931685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44437 |

---

---

| | |
|:---|:---|
| <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>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
| | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 6 | $61 | 11 | $107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 68 | 720 | 83 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 292 | 3070 | 374 | 3706 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 4 | 43 | 5 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 18 | 188 | 15 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1173 | 12469 | 1035 | 10301 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (142) | (1472) | (23) | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (135) | (1412) | (116) | (1138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5777) | (62659) | (5656) | (56147) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (4493) | $(48992) | (4272) | $(42369) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | |
|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

As of December 31, 2025, one person owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 81% of the Portfolio.

14. BASIS FOR CONSOLIDATION

The Commodity Subsidiary, a Cayman Islands exempted company, was incorporated on November 21, 2008, as a wholly-owned subsidiary acting as an investment vehicle for the Portfolio in order to effect certain investments for the Portfolio consistent with the Portfolio's investment objectives and policies as specified in its prospectus and statement of additional information. The Portfolio's investment portfolio has been consolidated and includes the portfolio holdings of the Portfolio and the Commodity Subsidiary. The consolidated financial statements include the accounts of the Portfolio and the Commodity Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Portfolio and the Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary, with the intent that the Portfolio will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Commodity Subsidiary. The net assets of the Commodity Subsidiary as of period end represented 0.6% of the Portfolio's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

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, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted consolidated financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Portfolio must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by the Portfolio, is not qualifying income under Subchapter M of the Code. As such, the Portfolio's ability to utilize direct investments in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. However, in a subsequent revenue ruling, the IRS provides that income from alternative investment instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will be qualifying income.

Based on the reasoning in such rulings, the Portfolio will continue to seek to gain exposure to the commodity markets primarily through investments in its Commodity Subsidiary and perhaps through commodity-linked notes. The Commodity Subsidiary will be treated as a controlled foreign corporation. As a result, the Portfolio with the Commodity Subsidiary will be required to include in gross income for U.S. federal income tax purposes all of its Commodity Subsidiary's "subpart F income," whether or not such income is distributed by the Commodity Subsidiary. It is expected that all of the Commodity Subsidiary's income and realized gains and mark-to-market gains will

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **45** |

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Notes to Financial Statements (Cont.)

be "subpart F income." The Portfolio's recognition of its Commodity Subsidiary's "subpart F income" will increase the Portfolio's tax basis in its Commodity Subsidiary. Distributions by the Commodity Subsidiary to the Portfolio will be tax-free, to the extent of its previously undistributed "subpart F income," and will correspondingly reduce the Portfolio's tax basis in its Commodity Subsidiary. "Subpart F income" is generally treated by the Portfolio as ordinary income, regardless of the character of the Commodity Subsidiary's underlying income or gains.

If a net loss is realized by Commodity Subsidiary, such loss is not generally available to offset the income earned by such Commodity Subsidiary's parent Portfolio, and such loss cannot be carried forward to offset taxable income of the parent Portfolio or the Commodity Subsidiary in future periods.

Under IRS regulations, income derived from a controlled foreign corporation will be considered qualifying income if distributed to the Portfolio or if the Portfolio's income from in the subsidiary is derived with respect to the Portfolio's business of investing in securities. A subsidiary may pay such a distribution at any time. An IRS revenue procedure states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

There can be no assurance that the IRS will not change its position with respect to some or all of these conclusions or that future legislation will

not adversely impact the tax treatment of the Portfolio's commodity-linked investments. If the IRS were to change or reverse its position, or if future legislation adversely affected the tax treatment of the Portfolio's commodity-linked investments, there would likely be a significant adverse impact on the Portfolio, including the possibility of failing to qualify as a regulated investment company. If the Portfolio did not qualify as a regulated investment company for any taxable year, its taxable income would be subject to tax at the Portfolio level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. Furthermore, the tax treatment of the Portfolio's investments in its Commodity Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of the Portfolio's taxable income or any distributions made by the Portfolio or result in the inability of the Portfolio to operate as described in the Portfolio's prospectus.

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, 2025, 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-<br>Year Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of<br>Distributable<br>Earnings |
|  PIMCO Global Managed Asset Allocation Portfolio | $42407 | $0 | $(1947) | $0 | $(20540) | $0 | $0 | $19920 |

---

---

| | |
|:---|:---|
| <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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, return of capital distributions, controlled foreign corporation (CFC) transactions, 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, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Global Managed Asset Allocation Portfolio | $4327 | $16213 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

As of December 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Global Managed Asset Allocation Portfolio | $328746 | $11229 | $(13217) | $(1988) |

---

---

| | |
|:---|:---|
| <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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, return of capital distributions, controlled foreign corporation (CFC) transactions, swap contracts, and straddle loss deferrals. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Global Managed Asset Allocation Portfolio | $12700 | $0 | $0 | $10500 | $0 | $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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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Global Managed Asset Allocation Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of PIMCO Global Managed Asset Allocation Portfolio and its subsidiary (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | GLM | Goldman Sachs Bank USA | RBC | Royal Bank of Canada |
| BOA | Bank of America N.A. | GST | Goldman Sachs International | RYL | NatWest Markets Plc |
| BPS | BNP Paribas S.A. | IND | Crédit Agricole Corporate and Investment Bank S.A. | SAL | Citigroup Global Markets, Inc. |
| BRC | Barclays Bank PLC | JPM | JP Morgan Chase Bank N.A. | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | MBC | HSBC Bank Plc | SOG | Societe Generale Paris |
| CBK | Citibank N.A. | MYC | Morgan Stanley Capital Services LLC | SSB | State Street Bank and Trust Co. |
| DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC | UAG | UBS AG Stamford |
| FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | NZD | New Zealand Dollar |
| BRL | Brazilian Real | HKD | Hong Kong Dollar | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | HUF | Hungarian Forint | PHP | Philippine Peso |
| CHF | Swiss Franc | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CLP | Chilean Peso | ILS | Israeli Shekel | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | INR | Indian Rupee | SGD | Singapore Dollar |
| CNY | Chinese Renminbi (Mainland) | JPY | Japanese Yen | THB | Thai Baht |
| COP | Colombian Peso | KRW | South Korean Won | TRY | Turkish New Lira |
| CZK | Czech Koruna | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| DKK | Danish Krone | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| EUR | Euro | NOK | Norwegian Krone | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| LME | London Metal Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BCPMXWO | Barclays Custom Equity Index | CMBX | Commercial Mortgage-Backed Index | MUTKCALM | Tokyo Overnight Average Rate |
| Bobl | Bundesobligation, the German word for federal government bond | CNREPOFIX | China Fixing Repo Rates 7-Day | S&P 500 | Standard & Poor's 500 Index |
| Brent | Brent Crude | CPALEMU | Euro Area All Items Non-Seasonally Adjusted Index | SIBCSORA | Singapore Overnight Rate Average |
| CAONREPO | Canadian Overnight Repo Rate Average | FEDL01 | Federal funds effective rate | SOFR | Secured Overnight Financing Rate |
| CDX.IG | Credit Derivatives Index - Investment Grade | IBR | Indicador Bancario de Referencia | SONIO | Sterling Overnight Interbank Average Rate |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | JIBAR | Johannesburg Interbank Agreed Rate | PRIBOR | Prague Interbank Offered Rate |
| BBR | Bank Bill Rate | KLIBOR | Kuala Lumpur Interbank Offered Rate | RBOB | Reformulated Blendstock for Oxygenate Blending |
| BBSW | Bank Bill Swap Reference Rate | KORIBOR | Korea Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| BRL-CDI | Brazil Interbank Deposit Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBA | To-Be-Announced |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | MIBOR | Mumbai Interbank Offered Rate | THBFIX | Thai Baht Floating-Rate Fix |
| CHILIBOR | Chile Interbank Offered Rate | Oat | Obligations Assimilables du Trésor | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap | WIBOR | Warsaw Interbank Offered Rate |
| EURIBOR | Euro Interbank Offered Rate | PIK | Payment-in-Kind | WTI | West Texas Intermediate |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **49** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

#### PIMCO Global Managed Asset Allocation Portfolio

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| | | | | |
|:---|:---|:---|:---|:---|
| 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) |
|  September 2025 | $0.1876 | $0.0000 | $0.0000 | $0.1876 |
|  December 2025 | $0.0144 | $0.0000 | $0.0000 | $0.0144 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  September 2025 | $0.1835 | $0.0000 | $0.0000 | $0.1835 |
|  December 2025 | $0.0096 | $0.0000 | $0.0000 | $0.0096 |
| 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) |
|  September 2025 | $0.1807 | $0.0000 | $0.0000 | $0.1807 |
|  December 2025 | $0.0060 | $0.0000 | $0.0000 | $0.0060 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio net income, yield, earnings or investment performance. 

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| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO Global Managed Asset Allocation Portfolio | 0.00% | 0.00% | $4666 | $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 2026, 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 2025.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2024 | **51** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **53** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. Information Received

(a) Materials Reviewed During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant,

financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also

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| | |
|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

(Unaudited)

requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. Nature, Extent and Quality of Services

(a) PIMCO, Research Affiliates, their Personnel and Resources The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time and other investment options that have the potential to benefit shareholders. In addition, the Board

considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO have benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. Investment Performance

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short-

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **55** |

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------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the "Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. Advisory Fees, Supervisory and Administrative Fees and Total Expenses

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Portfolios (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their

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| | |
|:---|:---|
| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries.

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's

investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **57** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

The Board considered the Portfolios' total expense ratios and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expense ratios. Upon comparing the Portfolios' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expense ratios of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Asset Allocation Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. Adviser Costs, Level of Profits and Economies of Scale

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations

management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" expense structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. Ancillary Benefits

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may

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| | |
|:---|:---|
| **58** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

(Unaudited)

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. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. Conclusions

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees charged by Research Affiliates under the Asset Allocation Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **59** |

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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 & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g934736g06y60.jpg)

PVITGLBLALLOCFSTMAR_123125

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![LOGO](g939427g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO High Yield Portfolio

------

#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO High Yield Portfolio](#tx904732_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx904732_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx904732_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx904732_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx904732_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx904732_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx904732_7) | 19 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx904732_8) | 36 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx904732_9) | 40 |
| &nbsp;&nbsp; [Glossary](#tx904732_10) | 41 |
| &nbsp;&nbsp; [Distribution Information](#tx904732_13) | 42 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx904732_11) | 43 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx904732_14) | 44 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx904732_15) | 45 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx904732_12) | 46 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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Important Information About the PIMCO High Yield Portfolio

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO High Yield Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

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

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a

fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

The following table discloses the inception dates of the Portfolio and its respective share classes along with the Portfolio's diversification status as of period end:

Portfolio Name   <u>PortfolioInception</u>     <u>InstitutionalClass</u>     <u>AdministrativeClass</u>     <u>AdvisorClass</u>     <u>DiversificationStatus</u>   <br> <u> PIMCO High Yield Portfolio</u>     <u>04/30/98</u>       <u>07/01/02</u>       <u>04/30/98</u>       <u>03/31/06</u>       <u>Diversified</u>  

An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service

providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO High Yield Portfolio (Cont.)

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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO High Yield Portfolio

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> |
| Selected Per Share Data for the Year or Period<br>Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net**<br> **Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $7.24 | $0.42 | $0.22 | $0.64 | $(0.47) | $0.00 | $0.00 | $(0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 7.18 | 0.43 | 0.06 | 0.49 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 6.77 | 0.38 | 0.43 | 0.81 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 7.94 | 0.34 | (1.14) | (0.80) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 8.01 | 0.35 | (0.05) | 0.30 | (0.37) | 0.00 | 0.00 | (0.37) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 7.24 | 0.41 | 0.22 | 0.63 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 7.18 | 0.42 | 0.06 | 0.48 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 6.77 | 0.37 | 0.43 | 0.80 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 7.94 | 0.33 | (1.14) | (0.81) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 8.01 | 0.33 | (0.05) | 0.28 | (0.35) | 0.00 | 0.00 | (0.35) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 7.24 | 0.40 | 0.22 | 0.62 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 7.18 | 0.41 | 0.06 | 0.47 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 6.77 | 0.36 | 0.43 | 0.79 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 7.94 | 0.33 | (1.15) | (0.82) | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 8.01 | 0.33 | (0.05) | 0.28 | (0.35) | 0.00 | 0.00 | (0.35) |

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| <sup>^</sup> | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

<sup>(e)</sup> Ratio of expenses to average net assets includes line of credit expenses.

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| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period**<br> (000s) | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Expenses<br>Excluding<br>Interest<br>Expense**<br> **and**<br> **Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $7.41 | 9.12% | $22083 | 0.66 %<sup>(e)</sup> | 0.66 %<sup>(e)</sup> | 0.60% | 0.60% | 5.74% | 65% |
| 7.24 | 7.05 | 18224 | 0.65 <sup>(e)</sup> | 0.65 <sup>(e)</sup> | 0.60 | 0.60 | 5.95 | 76 |
| 7.18 | 12.38 | 13071 | 0.62 <sup>(e)</sup> | 0.62 <sup>(e)</sup> | 0.60 | 0.60 | 5.54 | 48 |
| 6.77 | (10.15) | 13791 | 0.61 <sup>(e)</sup> | 0.61 <sup>(e)</sup> | 0.60 | 0.60 | 4.87 | 16 |
| 7.94 | 3.79 | 13115 | 0.62 <sup>(e)</sup> | 0.62 <sup>(e)</sup> | 0.60 | 0.60 | 4.38 | 29 |
| 7.41 | 8.95 | 427355 | 0.81 <sup>(e)</sup> | 0.81 <sup>(e)</sup> | 0.75 | 0.75 | 5.59 | 65 |
| 7.24 | 6.89 | 463597 | 0.80 <sup>(e)</sup> | 0.80 <sup>(e)</sup> | 0.75 | 0.75 | 5.81 | 76 |
| 7.18 | 12.22 | 499307 | 0.77 <sup>(e)</sup> | 0.77 <sup>(e)</sup> | 0.75 | 0.75 | 5.39 | 48 |
| 6.77 | (10.28) | 533896 | 0.76 <sup>(e)</sup> | 0.76 <sup>(e)</sup> | 0.75 | 0.75 | 4.69 | 16 |
| 7.94 | 3.63 | 691740 | 0.77 <sup>(e)</sup> | 0.77 <sup>(e)</sup> | 0.75 | 0.75 | 4.21 | 29 |
| 7.41 | 8.85 | 22498 | 0.91 <sup>(e)</sup> | 0.91 <sup>(e)</sup> | 0.85 | 0.85 | 5.49 | 65 |
| 7.24 | 6.78 | 20757 | 0.90 <sup>(e)</sup> | 0.90 <sup>(e)</sup> | 0.85 | 0.85 | 5.71 | 76 |
| 7.18 | 12.11 | 17621 | 0.87 <sup>(e)</sup> | 0.87 <sup>(e)</sup> | 0.85 | 0.85 | 5.28 | 48 |
| 6.77 | (10.38) | 14493 | 0.86 <sup>(e)</sup> | 0.86 <sup>(e)</sup> | 0.85 | 0.85 | 4.62 | 16 |
| 7.94 | 3.53 | 15295 | 0.87 <sup>(e)</sup> | 0.87 <sup>(e)</sup> | 0.85 | 0.85 | 4.09 | 29 |

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| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

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Statement of Assets and Liabilities PIMCO High Yield Portfolio December 31, 2025

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| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $425996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 36751 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 33 |
|  Cash | 818 |
|  Deposits with counterparty | 2065 |
|  Foreign currency, at value | 275 |
|  Receivable for investments sold | 38 |
|  Receivable for investments sold on a delayed-delivery basis | 46 |
|  Receivable for investments in Affiliates sold | 100 |
|  Receivable for Portfolio shares sold | 107 |
|  Interest and/or dividends receivable | 6513 |
|  Dividends receivable from Affiliates | 114 |
|  Reimbursement receivable from PIMCO | 1 |
|  **Total Assets** | 472857 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 35 |
|  Payable for investments purchased | 99 |
|  Payable for investments in Affiliates purchased | 122 |
|  Payable for unfunded loan commitments | 69 |
|  Payable for Portfolio shares redeemed | 177 |
|  Accrued investment advisory fees | 103 |
|  Accrued supervisory and administrative fees | 145 |
|  Accrued distribution fees | 5 |
|  Accrued servicing fees | 56 |
|  Other liabilities | 12 |
|  **Total Liabilities** | 921 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $471936 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $515566 |
|  Distributable earnings (accumulated loss) | (43630) |
|  **Net Assets** | $471936 |
|  **Net Assets:** |  |
|  Institutional Class | $22083 |
|  Administrative Class | 427355 |
|  Advisor Class | 22498 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 2979 |
|  Administrative Class | 57644 |
|  Advisor Class | 3034 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $7.41 |
|  Administrative Class | 7.41 |
|  Advisor Class | 7.41 |
|  Cost of investments in securities | $418711 |
|  Cost of investments in Affiliates | $36725 |
|  Cost of foreign currency held | $253 |
|  Cost or premiums of financial derivative instruments, net | $5581 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

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| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Statement of Operations PIMCO High Yield Portfolio

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| Year Ended December 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $29836 |
|  Dividends from Investments in Affiliates | 1432 |
|  Miscellaneous income | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 31312 |
|  **Expenses:** |  |
|  Investment advisory fees | 1222 |
|  Supervisory and administrative fees | 1710 |
|  Distribution and/or servicing fees - Administrative Class | 671 |
|  Distribution and/or servicing fees - Advisor Class | 53 |
|  Trustee fees | 24 |
|  Interest expense | 292 |
|  Miscellaneous expense | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 3983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 3977 |
|  **Net Investment Income (Loss)** | 27335 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 635 |
|  Investments in Affiliates | 17 |
|  Exchange-traded or centrally cleared financial derivative instruments | 4511 |
|  Over the counter financial derivative instruments | 444 |
|  Short sales | 4 |
|  Foreign currency | 14 |
|  **Net Realized Gain (Loss)** | 5625 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 9148 |
|  Investments in Affiliates | (5) |
|  Exchange-traded or centrally cleared financial derivative instruments | 317 |
|  Over the counter financial derivative instruments | (868) |
|  Foreign currency assets and liabilities | 20 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 8612 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $41572 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

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Statements of Changes in Net Assets PIMCO High Yield Portfolio

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|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $27335 | $29606 |
|  Net realized gain (loss) | 5625 | (2017) |
|  Net change in unrealized appreciation (depreciation) | 8612 | 6441 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 41572 | 34030 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1261) | (956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (28129) | (27721) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1321) | (1107) |
|  **Total Distributions<sup>(a)</sup>** | (30711) | (29784) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (41503) | (31667) |
|  **Total Increase (Decrease) in Net Assets** | (30642) | (27421) |
|  **Net Assets:** |  |  |
|  Beginning of year | 502578 | 529999 |
|  End of year | $471936 | $502578 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO High Yield Portfolio December 31, 2025

#### (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 90.3% | INVESTMENTS IN SECURITIES 90.3% | INVESTMENTS IN SECURITIES 90.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 6.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 6.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 6.8% |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  6.216% - 8.247% (TSFR1M + 2.500%) due 09/19/2031 ~ | 1124 | 1128 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  7.966% - 6.391% (TSFR1M + 4.250%) due 01/15/2031 ~ | 100 | 101 |
|  Boxer Parent Co., Inc. | Boxer Parent Co., Inc. | Boxer Parent Co., Inc. |
|  6.822% - 7.566% (TSFR3M + 3.000%) due 07/30/2031 ~ | 661 | 660 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  TBD% - 9.859% (TSFR1M + 3.250%) due 04/01/2032 ~µ | 24 | 24 |
|  TBD% - 9.859% (TSFR1M + 3.250%) due 04/01/2032 ~ | 1692 | 1693 |
|  CommScope, Inc. | CommScope, Inc. | CommScope, Inc. |
|  8.466% - 6.122% (TSFR1M + 4.750%) due 12/17/2029 ~ | 1500 | 1505 |
|  Delta TopCo, Inc. | Delta TopCo, Inc. | Delta TopCo, Inc. |
|  6.439% - 7.852% (TSFR3M + 2.750%) due 11/30/2029 ~ | 493 | 491 |
|  Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
|  6.966% - 7.384% (TSFR1M + 3.250%) due 01/27/2029 ~ | 369 | 370 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  7.723% - 6.599% (TSFR3M + 4.000%) due 09/15/2032 ~ | 700 | 686 |
|  10.723% (TSFR3M + 7.000%) due 09/15/2033 ~ | 125 | 123 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.273% - 8.172% (TSFR3M + 2.500%) due 03/03/2032 ~ | 200 | 201 |
|  IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
|  6.216% - 8.272% (TSFR1M + 2.500%) due 12/16/2030 ~ | 1369 | 1373 |
|  Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. |
|  9.488% - 5.340% (TSFR3M + 5.750%) due 04/30/2029 ~ | 32 | 30 |
|  Peraton Corp. | Peraton Corp. | Peraton Corp. |
|  7.690% - 6.672% (TSFR3M + 3.750%) due 02/01/2028 ~ | 1100 | 1023 |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  7.716% - 6.662% (TSFR1M + 4.000%) due 08/20/2032 ~ | 2344 | 2346 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  5.966% - 8.891% (TSFR1M + 2.250%) due 03/22/2030 ~ | 3054 | 3066 |
|  6.216% - 8.272% (TSFR1M + 2.500%) due 02/28/2031 ~ | 1277 | 1283 |
|  Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
|  7.422% - 6.922% (TSFR3M + 3.750%) due 09/15/2028 ~ | 2510 | 2417 |
|  Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC |
|  6.422% - 7.905% (TSFR3M + 2.750%) due 05/06/2031 ~ | 299 | 300 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  8.831% - 6.034% (TSFR1M + 5.000%) due 06/28/2028 ~ | 3153 | 2977 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.338% - 8.000% (TSFR3M + 2.500%) due 02/10/2031 ~ | 1185 | 1188 |
|  Van Pool Transportation LLC | Van Pool Transportation LLC | Van Pool Transportation LLC |
|  3.500% - 9.738% (TSFR3M + 3.250%) due 08/06/2030 ~µ | 178 | 179 |
|  3.500% - 9.738% (TSFR3M + 3.250%) due 08/06/2030 ~ | 1297 | 1306 |
|  Veritiv Corp. | Veritiv Corp. | Veritiv Corp. |
|  7.672% - 6.716% (TSFR3M + 4.000%) due 12/02/2030 ~ | 970 | 971 |
|  Versant Media Group, Inc. | Versant Media Group, Inc. | Versant Media Group, Inc. |
|  TBD% due 01/30/2031 | 100 | 100 |
|  Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC |
|  7.115% - 7.221% (TSFR1M + 3.250%) due 01/31/2029 ~ | 1547 | 1552 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WCG Intermediate Corp. | WCG Intermediate Corp. | WCG Intermediate Corp. |
|  6.716% - 7.655% (TSFR1M + 3.000%) due 02/25/2032 ~ | 950 | 953 |
|  Whatabrands LLC | Whatabrands LLC | Whatabrands LLC |
|  6.216% - 8.247% (TSFR1M + 2.500%) due 08/03/2028 ~ | 1890 | 1897 |
|  X Corp. | X Corp. | X Corp. |
|  10.448% - 0.250% (TSFR3M + 6.500%) due 10/26/2029 ~ | 2103 | 2071 |
|  Total Loan Participations and Assignments (Cost $31,888) | Total Loan Participations and Assignments (Cost $31,888) | 32014 |
| CORPORATE BONDS & NOTES 76.8% | CORPORATE BONDS & NOTES 76.8% | CORPORATE BONDS & NOTES 76.8% |
| BANKING & FINANCE 11.5% | BANKING & FINANCE 11.5% | BANKING & FINANCE 11.5% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.580% (FHMMUSTF + 11.000%) due 09/14/2031 ~ | 250 | 258 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
|  6.875% due 06/15/2030 | 925 | 964 |
|  Apollo Commercial Real Estate Finance, Inc. | Apollo Commercial Real Estate Finance, Inc. | Apollo Commercial Real Estate Finance, Inc. |
|  4.625% due 06/15/2029 | 1000 | 968 |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  12.110% (BRMMUSDF + 8.500%) due 01/07/2032 ~ | 250 | 264 |
|  Asurion LLC & Asurion Co-Issuer, Inc. | Asurion LLC & Asurion Co-Issuer, Inc. | Asurion LLC & Asurion Co-Issuer, Inc. |
|  8.000% due 12/31/2032 | 920 | 955 |
|  Blue Ridge Re Ltd. | Blue Ridge Re Ltd. | Blue Ridge Re Ltd. |
|  7.080% (FHMMUSTF + 3.500%) due 01/08/2029 ~ | 250 | 250 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 | 1075 | 1143 |
|  Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. |
|  6.750% due 05/15/2031 | 325 | 337 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  6.875% due 04/15/2030 | 360 | 352 |
|  7.500% due 07/15/2033 | 350 | 334 |
|  9.250% due 07/01/2031 | 2000 | 2062 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  10.480% (FHMMUSTF + 6.900%) due 03/13/2032 ~ | 250 | 265 |
|  CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC |
|  6.500% due 10/01/2030 | 200 | 204 |
|  CTR Partnership LP/CareTrust Capital Corp. | CTR Partnership LP/CareTrust Capital Corp. | CTR Partnership LP/CareTrust Capital Corp. |
|  3.875% due 06/30/2028 | 600 | 591 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  7.250% due 10/15/2030 | 280 | 287 |
|  EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM |
|  7.375% due 09/30/2030 | 475 | 479 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 2250 | 2421 |
|  Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. |
|  15.121% (GSMMUSTI + 11.500%) due 05/13/2031 ~ | 250 | 264 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 450 | 453 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  6.875% due 05/01/2031 | 600 | 601 |
|  7.875% due 04/01/2033 | 400 | 415 |
|  8.375% due 04/01/2032 | 200 | 211 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  6.125% due 01/15/2031 | 650 | 635 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  5.500% due 05/01/2028 | 1600 | 1605 |
|  5.875% due 04/15/2033 | 200 | 203 |
|  7.000% due 05/01/2031 | 700 | 738 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|  6.250% due 05/15/2026 | 5 | 5 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.875% due 09/30/2032 | 1050 | 998 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL |
|  5.000% due 05/01/2028 | 500 | 466 |
|  8.750% due 05/01/2029 | 565 | 573 |
|  9.000% due 08/01/2029 | 410 | 405 |
|  Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |
|  5.000% due 07/15/2032 | 1125 | 1075 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.500% due 02/15/2031 | 500 | 477 |
|  5.250% due 07/15/2030 | 525 | 519 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.750% due 05/01/2033 | 450 | 470 |
|  7.125% due 04/30/2031 | 2975 | 3128 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  9.500% due 02/15/2029 | 900 | 949 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  7.000% due 07/15/2031 | 250 | 265 |
|  Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. |
|  6.375% due 08/01/2030 | 425 | 435 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.208% (CAONINDX + 2.900%) due 01/10/2033 ~ | 250 | 183 |
|  MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
|  8.500% due 02/15/2032 | 350 | 374 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  6.750% due 06/15/2026 | 1500 | 1521 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 2825 | 3033 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.000% due 03/09/2026 | 125 | 125 |
|  5.625% due 09/29/2028 | 1000 | 1003 |
|  7.050% due 09/15/2028 | 150 | 156 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 900 | 892 |
|  3.875% due 09/15/2028 | 225 | 219 |
|  5.375% due 11/15/2029 | 225 | 225 |
|  6.625% due 01/15/2028 | 1850 | 1905 |
|  6.625% due 05/15/2029 | 1100 | 1141 |
|  6.750% due 09/15/2033 | 225 | 228 |
|  7.125% due 11/15/2031 | 445 | 465 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  8.026% (EUR003M + 6.000%) due 01/17/2029 ~ | 250 | 306 |
|  Osaic Holdings, Inc. | Osaic Holdings, Inc. | Osaic Holdings, Inc. |
|  6.750% due 08/01/2032 | 175 | 183 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |
|  6.375% due 02/01/2027 | 900 | 903 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 1075 | 1115 |
|  Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. |
|  6.375% due 10/15/2029 | 275 | 282 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  4.250% due 02/15/2029 | 1500 | 1473 |
|  6.875% due 05/15/2032 | 725 | 759 |
|  7.125% due 11/15/2030 | 850 | 897 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.050% (EUR003M + 8.000%) due 01/06/2031 ~ | 250 | 301 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 75 | 77 |
|  RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. |
|  4.500% due 02/15/2029 | 1000 | 991 |
|  4.750% due 10/15/2027 | 350 | 349 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  4.000% due 09/15/2029 | 525 | 498 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |
|  4.000% due 10/15/2033 | 375 | 349 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  0.000% due 09/30/2028 (b) | 550 | 498 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 1900 | 1869 |
|  6.500% due 01/31/2030 | 275 | 285 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  5.250% due 10/15/2028 | 425 | 430 |
|  5.750% due 01/15/2031 | 1650 | 1670 |
|  6.500% due 07/01/2030 | 375 | 392 |
|  Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC |
|  6.875% due 07/15/2032 | 300 | 311 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  9.696% (JMMMUSTF + 6.036%) due 06/07/2032 ~ | 250 | 262 |
|  10.766% (JMMMUSTF + 7.106%) due 06/07/2032 ~ | 250 | 261 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  3.400% due 06/01/2031 | 800 | 726 |
|  Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC |
|  7.236% (EUR003M + 5.210%) due 07/05/2028 ~ | 250 | 302 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.130% (BNMMDTSC + 6.500%) due 02/21/2028 ~ | 250 | 258 |
|  WULF Compute LLC | WULF Compute LLC | WULF Compute LLC |
|  7.750% due 10/15/2030 | 200 | 206 |
|  |  | 54447 |
| INDUSTRIALS 61.9% | INDUSTRIALS 61.9% | INDUSTRIALS 61.9% |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
|  3.500% due 02/15/2029 | 325 | 315 |
|  4.000% due 10/15/2030 | 5150 | 4911 |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
|  10.000% due 04/15/2032 | 1300 | 1353 |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.875% due 07/15/2032 | 300 | 291 |
|  5.875% due 10/15/2033 | 225 | 228 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. |
|  7.000% due 05/21/2030 | 1320 | 1383 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  3.750% due 01/30/2031 | 1475 | 1390 |
|  Altice France SA | Altice France SA | Altice France SA |
|  6.875% due 10/15/2030 | 1300 | 1262 |
|  9.500% due 11/01/2029 | 501 | 517 |
|  Amber Finco PLC | Amber Finco PLC | Amber Finco PLC |
|  6.625% due 07/15/2029 | 100 | 124 |
|  Amer Sports Co. | Amer Sports Co. | Amer Sports Co. |
|  6.750% due 02/16/2031 | 1300 | 1364 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 | 17 | 17 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  6.375% due 10/15/2032 | 350 | 357 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 550 | 531 |
|  4.000% due 01/15/2028 | 2000 | 1988 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 | 1925 | 2054 |
|  APi Group DE, Inc. | APi Group DE, Inc. | APi Group DE, Inc. |
|  4.125% due 07/15/2029 | 800 | 782 |
|  4.750% due 10/15/2029 | 235 | 231 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
|  3.250% due 09/01/2028 | 775 | 747 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. |
|  5.875% due 06/30/2029 | 875 | 881 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 625 | 582 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
|  4.750% due 04/01/2028 | 550 | 538 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 | 700 | 676 |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV |
|  4.750% due 06/15/2027 | 700 | 701 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 1200 | 1242 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 2125 | 2093 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 | 1400 | 1295 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 1075 | 1123 |
|  BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
|  4.750% due 11/30/2028 | 225 | 251 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 4525 | 4785 |
|  BellRing Brands, Inc. | BellRing Brands, Inc. | BellRing Brands, Inc. |
|  7.000% due 03/15/2030 | 375 | 388 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  2.750% due 06/01/2026 | 800 | 796 |
|  3.500% due 06/01/2031 | 875 | 823 |
|  5.625% due 08/15/2030 | 2775 | 2833 |
|  6.000% due 08/15/2033 | 375 | 385 |
|  6.500% due 05/15/2032 | 800 | 832 |
|  Brightstar Lottery PLC/Brightstar Global Solutions Corp. | Brightstar Lottery PLC/Brightstar Global Solutions Corp. | Brightstar Lottery PLC/Brightstar Global Solutions Corp. |
|  5.750% due 01/15/2033 | 300 | 298 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | 850 | 810 |
|  5.000% due 03/01/2030 | 1225 | 1222 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 2625 | 2588 |
|  5.750% due 08/01/2032 | 1600 | 1644 |
|  Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. |
|  5.625% due 03/01/2034 | 325 | 331 |
|  Carvana Co. | Carvana Co. | Carvana Co. |
|  9.000% due 06/01/2031 | 800 | 903 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  4.750% due 03/01/2030 | 1800 | 1720 |
|  4.750% due 02/01/2032 | 1275 | 1166 |
|  5.375% due 06/01/2029 | 7400 | 7322 |
|  Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
|  8.000% due 06/15/2029 | 725 | 631 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 2600 | 2701 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  5.500% due 01/15/2028 | 441 | 437 |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  4.625% due 11/15/2028 | 125 | 126 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.000% due 10/01/2030 | 1475 | 1499 |
|  6.750% due 03/15/2033 | 1875 | 1940 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  4.750% due 02/15/2031 | 1550 | 1382 |
|  6.000% due 01/15/2029 | 475 | 477 |
|  9.750% due 01/15/2034 | 680 | 715 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  4.750% due 01/15/2028 | 1700 | 1700 |
|  CITGO Petroleum Corp. | CITGO Petroleum Corp. | CITGO Petroleum Corp. |
|  8.375% due 01/15/2029 | 925 | 965 |
|  Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
|  8.750% due 07/01/2031 | 1700 | 1766 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
|  4.625% due 03/01/2029 | 1075 | 1060 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 1000 | 1014 |
|  6.625% due 08/15/2033 | 925 | 917 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 | 1275 | 1312 |
|  6.875% due 01/15/2030 | 275 | 282 |
|  8.750% due 04/15/2030 | 300 | 305 |
|  Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  5.875% due 01/15/2030 | 1000 | 973 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.000% due 02/01/2031 | 600 | 551 |
|  9.250% due 06/01/2030 | 750 | 698 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.375% due 01/15/2033 | 450 | 427 |
|  8.375% due 01/15/2034 | 175 | 174 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  4.250% due 03/15/2029 | 275 | 267 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 2175 | 2089 |
|  Crown Americas LLC/Crown Americas Capital Corp. V | Crown Americas LLC/Crown Americas Capital Corp. V | Crown Americas LLC/Crown Americas Capital Corp. V |
|  4.250% due 09/30/2026 | 1000 | 997 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  4.625% due 06/01/2030 | 525 | 511 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 675 | 694 |
|  Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC |
|  8.500% due 10/01/2030 | 1310 | 1392 |
|  Directv Financing LLC | Directv Financing LLC | Directv Financing LLC |
|  8.875% due 02/01/2030 | 1020 | 1033 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  3.625% due 05/15/2030 | 200 | 184 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.125% due 06/01/2029 | 550 | 489 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
|  11.750% due 11/15/2027 | 1525 | 1588 |
|  Dream Finders Homes, Inc. | Dream Finders Homes, Inc. | Dream Finders Homes, Inc. |
|  6.875% due 09/15/2030 | 525 | 528 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 2300 | 2545 |
|  EchoStar Corp. (6.750% Cash or 6.750% PIK) | EchoStar Corp. (6.750% Cash or 6.750% PIK) | EchoStar Corp. (6.750% Cash or 6.750% PIK) |
|  6.750% due 11/30/2030 (a) | 1000 | 1026 |
|  Element Solutions, Inc. | Element Solutions, Inc. | Element Solutions, Inc. |
|  3.875% due 09/01/2028 | 350 | 342 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.500% due 12/01/2029 | 500 | 511 |
|  EW Scripps Co. | EW Scripps Co. | EW Scripps Co. |
|  9.875% due 08/15/2030 | 1300 | 1299 |
|  Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
|  4.000% due 06/15/2028 | 700 | 693 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 575 | 530 |
|  Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. |
|  4.375% due 04/01/2031 | 644 | 623 |
|  5.875% due 04/15/2030 | 250 | 257 |
|  Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL |
|  6.000% due 08/01/2032 | 325 | 330 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  5.000% due 05/01/2028 | 725 | 727 |
|  5.875% due 10/15/2027 | 525 | 528 |
|  8.625% due 03/15/2031 | 375 | 396 |
|  8.750% due 05/15/2030 | 550 | 575 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.875% due 10/01/2031 | 475 | 440 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
|  7.750% due 02/15/2028 | 600 | 616 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  3.500% due 09/01/2028 | 1825 | 1796 |
|  6.750% due 01/15/2031 | 700 | 735 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.375% due 10/01/2032 | 775 | 807 |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
|  3.500% due 03/01/2029 | 1250 | 1201 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  6.875% due 05/15/2030 | 500 | 478 |
|  7.625% due 07/01/2029 | 725 | 718 |
|  9.250% due 12/01/2028 | 1950 | 2007 |
|  Graham Holdings Co. | Graham Holdings Co. | Graham Holdings Co. |
|  5.625% due 12/01/2033 | 500 | 506 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  4.750% due 10/15/2030 | 1925 | 1495 |
|  9.625% due 07/15/2032 | 900 | 935 |
|  10.500% due 07/15/2029 | 473 | 509 |
|  Griffon Corp. | Griffon Corp. | Griffon Corp. |
|  5.750% due 03/01/2028 | 1125 | 1128 |
|  Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. |
|  6.750% due 09/01/2029 | 350 | 362 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 1775 | 1746 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
|  5.750% due 03/15/2031 | 200 | 203 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 1775 | 1649 |
|  3.750% due 05/01/2029 | 625 | 609 |
|  4.000% due 05/01/2031 | 1000 | 958 |
|  5.500% due 03/31/2034 | 500 | 504 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |
|  4.875% due 07/01/2031 | 25 | 23 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 2050 | 2022 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 | 1430 | 1470 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 425 | 416 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  6.250% due 06/01/2032 | 1250 | 1308 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 1150 | 1160 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 1275 | 1256 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 1200 | 1190 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  3.625% due 01/15/2031 | 275 | 259 |
|  3.750% due 02/15/2028 | 1000 | 985 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  9.500% due 06/15/2031 | 625 | 652 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  8.500% due 01/15/2036 | 700 | 718 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  11.000% due 10/15/2030 | 10 | 11 |
|  Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
|  7.500% due 09/01/2031 | 200 | 209 |
|  Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC |
|  7.000% due 09/15/2030 | 100 | 104 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  5.500% due 10/01/2030 | 650 | 655 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 1725 | 1700 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 450 | 452 |
|  6.500% due 04/15/2032 | 1025 | 1040 |
|  Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
|  3.625% due 10/01/2031 | 225 | 208 |
|  5.000% due 12/15/2027 | 350 | 351 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2030 | 975 | 968 |
|  9.250% due 04/15/2030 | 1000 | 965 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  3.875% due 04/01/2029 | 2900 | 2833 |
|  Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. |
|  6.250% due 04/01/2029 | 325 | 336 |
|  Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. |
|  7.375% due 02/15/2031 | 400 | 357 |
|  MGM China Holdings Ltd. | MGM China Holdings Ltd. | MGM China Holdings Ltd. |
|  4.750% due 02/01/2027 | 1050 | 1046 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |
|  4.875% due 05/01/2029 | 950 | 935 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  7.000% due 04/01/2031 | 200 | 209 |
|  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC |
|  6.750% due 04/01/2032 | 150 | 154 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  4.375% due 06/15/2028 | 925 | 910 |
|  Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. |
|  8.250% due 09/01/2031 | 1000 | 958 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 275 | 247 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 | 1000 | 940 |
|  Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. |
|  7.625% due 11/15/2032 | 1825 | 1795 |
|  National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
|  10.500% due 12/15/2030 | 700 | 704 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 725 | 787 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
|  5.125% due 04/15/2029 | 375 | 374 |
|  5.250% due 10/01/2030 | 600 | 578 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.290% due 04/15/2029 | 500 | 501 |
|  10.375% due 05/15/2031 | 1200 | 1231 |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
|  8.500% due 06/01/2028 | 225 | 236 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 04/30/2029 | 630 | 582 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  5.625% due 07/15/2027 | 1125 | 1132 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.810% due 09/17/2030 | 625 | 590 |
|  7.500% due 07/17/2030 | 800 | 840 |
|  7.750% due 07/17/2032 | 350 | 372 |
|  8.125% due 07/17/2035 | 250 | 266 |
|  Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
|  8.000% due 04/15/2030 | 2225 | 2313 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 | 875 | 892 |
|  NOVA Chemicals Corp. | NOVA Chemicals Corp. | NOVA Chemicals Corp. |
|  4.250% due 05/15/2029 | 325 | 318 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  3.875% due 08/15/2031 | 700 | 639 |
|  4.750% due 01/30/2030 | 1475 | 1426 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 | 125 | 132 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 | 1075 | 1044 |
|  7.250% due 02/15/2033 | 350 | 352 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 1575 | 1547 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  3.875% due 02/15/2028 | 1550 | 1522 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
|  4.375% due 10/31/2029 | 675 | 662 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
|  4.125% due 04/30/2028 | 3175 | 3107 |
|  Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
|  8.750% due 04/17/2032 | 300 | 272 |
|  Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
|  8.000% due 03/15/2031 | 125 | 129 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 1025 | 1006 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  6.250% due 02/01/2033 | 1840 | 1888 |
|  8.000% due 04/15/2027 | 100 | 102 |
|  PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. |
|  7.500% due 09/15/2032 | 50 | 51 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
|  3.500% due 03/01/2032 | 1300 | 1202 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.500% due 09/15/2031 | 950 | 901 |
|  6.375% due 03/01/2033 | 300 | 303 |
|  6.500% due 03/15/2036 | 2375 | 2380 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
|  5.125% due 01/15/2028 | 1000 | 1003 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 575 | 605 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. |
|  3.375% due 08/31/2027 | 800 | 785 |
|  5.750% due 04/15/2026 | 55 | 55 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
|  4.375% due 04/30/2029 | 1825 | 1778 |
|  PTC, Inc. | PTC, Inc. | PTC, Inc. |
|  4.000% due 02/15/2028 | 1175 | 1162 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 1775 | 1849 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 | 1000 | 1045 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  8.125% due 12/15/2029 •(d) | 225 | 232 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 300 | 313 |
|  Range Resources Corp. | Range Resources Corp. | Range Resources Corp. |
|  4.750% due 02/15/2030 | 450 | 444 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 525 | 542 |
|  RB Global Holdings, Inc. | RB Global Holdings, Inc. | RB Global Holdings, Inc. |
|  6.750% due 03/15/2028 | 1475 | 1510 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 | 1175 | 1125 |
|  Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. |
|  4.375% due 10/15/2029 | 750 | 739 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  4.250% due 07/01/2026 | 1125 | 1125 |
|  Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC |
|  5.875% due 08/01/2032 | 375 | 383 |
|  Sable International Finance Ltd. | Sable International Finance Ltd. | Sable International Finance Ltd. |
|  7.125% due 10/15/2032 | 1300 | 1319 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  4.875% due 05/01/2028 | 575 | 577 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 1475 | 1535 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.091% due 06/01/2029 | 325 | 319 |
|  8.250% due 12/15/2029 | 225 | 239 |
|  9.625% due 12/01/2032 | 989 | 1123 |
|  Service Corp. International | Service Corp. International | Service Corp. International |
|  3.375% due 08/15/2030 | 775 | 725 |
|  4.000% due 05/15/2031 | 225 | 215 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |
|  4.625% due 03/01/2029 | 1325 | 1278 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  3.875% due 09/01/2031 | 500 | 461 |
|  4.000% due 07/15/2028 | 800 | 783 |
|  5.000% due 08/01/2027 | 300 | 302 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.625% due 01/15/2027 | 200 | 201 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 824 | 855 |
|  6.875% due 03/15/2034 | 1675 | 1726 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. |
|  7.750% due 10/15/2029 | 1525 | 1489 |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
|  3.875% due 03/15/2031 | 6 | 5 |
|  Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. |
|  4.875% due 11/01/2027 | 1375 | 1374 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 2175 | 2123 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  3.375% due 01/15/2031 | 225 | 207 |
|  4.375% due 07/15/2030 | 625 | 603 |
|  4.750% due 01/15/2028 | 1000 | 999 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.625% due 12/01/2031 | 1175 | 1115 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 350 | 371 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  5.625% due 03/15/2031 | 675 | 680 |
|  6.250% due 07/01/2033 | 800 | 820 |
|  Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. |
|  4.500% due 05/15/2029 | 550 | 540 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
|  7.250% due 04/15/2032 | 530 | 537 |
|  Synergy Infrastructure Holdings LLC | Synergy Infrastructure Holdings LLC | Synergy Infrastructure Holdings LLC |
|  7.875% due 12/01/2030 | 225 | 234 |
|  Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. |
|  5.750% due 11/15/2032 | 300 | 309 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  4.625% due 03/15/2028 | 825 | 817 |
|  5.000% due 09/15/2029 | 2025 | 2009 |
|  Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
|  4.250% due 06/01/2028 | 300 | 297 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.250% due 06/01/2029 | 1225 | 1208 |
|  4.375% due 01/15/2030 | 1350 | 1326 |
|  5.125% due 11/01/2027 | 350 | 352 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 1050 | 1100 |
|  Thor Industries, Inc. | Thor Industries, Inc. | Thor Industries, Inc. |
|  4.000% due 10/15/2029 | 1500 | 1447 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 | 180 | 193 |
|  TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. |
|  5.250% due 07/15/2027 | 250 | 250 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 | 1375 | 1333 |
|  4.125% due 02/15/2032 | 775 | 737 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
|  9.500% due 05/15/2030 | 1150 | 1149 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  4.625% due 01/15/2029 | 1825 | 1815 |
|  6.875% due 12/15/2030 | 875 | 916 |
|  Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
|  8.000% due 09/30/2028 | 434 | 446 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
|  7.875% due 10/15/2032 | 250 | 262 |
|  8.250% due 05/15/2029 | 75 | 76 |
|  8.500% due 05/15/2031 | 500 | 496 |
|  8.750% due 02/15/2030 | 488 | 510 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.625% due 03/15/2029 | 1325 | 1282 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.625% due 06/01/2030 | 2250 | 2222 |
|  4.750% due 02/15/2029 | 700 | 697 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 650 | 650 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.750% due 01/15/2032 | 600 | 565 |
|  3.875% due 02/15/2031 | 1050 | 1002 |
|  4.000% due 07/15/2030 | 2325 | 2255 |
|  6.125% due 03/15/2034 | 1400 | 1460 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 900 | 865 |
|  8.000% due 08/15/2028 | 775 | 803 |
|  8.500% due 07/31/2031 | 775 | 810 |
|  9.375% due 08/01/2032 | 600 | 645 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 2275 | 2368 |
|  Vallourec SACA | Vallourec SACA | Vallourec SACA |
|  7.500% due 04/15/2032 | 455 | 484 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 1050 | 985 |
|  3.875% due 11/01/2033 | 1500 | 1287 |
|  4.125% due 08/15/2031 | 500 | 455 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 3425 | 3299 |
|  9.500% due 02/01/2029 | 750 | 778 |
|  9.875% due 02/01/2032 | 2325 | 2403 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.125% due 12/15/2030 | 350 | 357 |
|  6.500% due 01/15/2034 | 725 | 743 |
|  6.500% due 06/15/2034 | 375 | 383 |
|  6.750% due 01/15/2036 | 650 | 666 |
|  7.750% due 05/01/2035 | 200 | 219 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 600 | 593 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 10/15/2033 | 765 | 777 |
|  9.125% due 07/15/2031 | 175 | 188 |
|  Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC |
|  5.000% due 07/15/2030 | 50 | 44 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.500% due 08/15/2030 | 750 | 697 |
|  5.500% due 05/15/2029 | 2775 | 2736 |
|  VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. |
|  6.375% due 02/01/2030 | 1700 | 1619 |
|  7.875% due 05/01/2027 | 150 | 151 |
|  9.500% due 06/01/2028 | 590 | 612 |
|  Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. |
|  7.875% due 04/15/2032 | 5 | 5 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  4.250% due 01/31/2031 | 2100 | 1917 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 1300 | 1301 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
|  9.250% due 07/01/2032 | 425 | 451 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  5.000% due 01/15/2032 | 3200 | 2898 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  3.755% due 03/15/2027 | 425 | 423 |
|  4.279% due 03/15/2032 | 2300 | 2022 |
|  5.050% due 03/15/2042 | 675 | 477 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  6.750% due 11/15/2032 | 375 | 386 |
|  7.250% due 10/31/2029 | 175 | 183 |
|  7.750% due 09/15/2030 | 375 | 401 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
|  6.250% due 10/15/2030 | 500 | 503 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 | 2125 | 2177 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  4.750% due 02/15/2026 | 60 | 60 |
|  WEX, Inc. | WEX, Inc. | WEX, Inc. |
|  6.500% due 03/15/2033 | 100 | 103 |
|  White Cap Supply Holdings LLC | White Cap Supply Holdings LLC | White Cap Supply Holdings LLC |
|  7.375% due 11/15/2030 | 200 | 208 |
|  Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC |
|  7.500% due 10/15/2029 | 250 | 253 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  4.875% due 06/15/2027 | 380 | 379 |
|  5.625% due 08/15/2029 | 950 | 908 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
|  5.250% due 05/15/2027 | 1700 | 1708 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  5.125% due 10/01/2029 | 875 | 881 |
|  6.250% due 03/15/2033 | 525 | 537 |
|  7.125% due 02/15/2031 | 25 | 27 |
|  XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP |
|  4.500% due 09/15/2027 | 425 | 421 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  4.625% due 01/31/2032 | 1950 | 1913 |
|  Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) |
|  6.250% due 03/09/2030 (a) | 788 | 749 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 | 700 | 692 |
|  6.875% due 04/23/2032 | 450 | 440 |
|  7.125% due 04/14/2030 | 600 | 606 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 | 250 | 197 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
|  3.875% due 02/01/2029 | 250 | 236 |
|  |  | 291964 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTILITIES 3.4% | UTILITIES 3.4% | UTILITIES 3.4% |
|  Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. |
|  7.500% due 10/01/2029 | 700 | 734 |
|  Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |
|  6.250% due 04/01/2028 | 400 | 403 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  3.750% due 03/01/2031 | 1050 | 1016 |
|  4.500% due 02/15/2028 | 1100 | 1101 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 01/15/2032 | 900 | 822 |
|  4.750% due 03/15/2028 | 675 | 676 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(d) | 500 | 583 |
|  Embarq LLC | Embarq LLC | Embarq LLC |
|  7.995% due 06/01/2036 | 1000 | 415 |
|  EUSHI Finance, Inc. | EUSHI Finance, Inc. | EUSHI Finance, Inc. |
|  7.625% due 12/15/2054 •  | 375 | 394 |
|  Frontier Florida LLC | Frontier Florida LLC | Frontier Florida LLC |
|  6.860% due 02/01/2028 | 150 | 156 |
|  Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
|  7.875% due 05/15/2032 | 775 | 808 |
|  8.000% due 05/15/2033 | 325 | 338 |
|  8.875% due 04/15/2030 | 150 | 158 |
|  Hawaiian Electric Co., Inc. | Hawaiian Electric Co., Inc. | Hawaiian Electric Co., Inc. |
|  6.000% due 10/01/2033 | 225 | 228 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. |
|  6.250% due 04/15/2032 | 1400 | 1323 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |
|  8.375% due 02/15/2032 | 400 | 414 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  3.375% due 02/15/2029 | 750 | 718 |
|  3.625% due 02/15/2031 | 375 | 351 |
|  5.750% due 07/15/2029 | 725 | 725 |
|  6.250% due 11/01/2034 | 700 | 720 |
|  PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. |
|  6.000% due 02/15/2028 | 600 | 595 |
|  7.875% due 09/15/2030 | 200 | 193 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  5.000% due 01/31/2028 | 500 | 500 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.000% due 07/31/2027 | 1000 | 1006 |
|  5.625% due 02/15/2027 | 900 | 901 |
|  6.875% due 04/15/2032 | 800 | 843 |
|  |  | 16121 |
|  Total Corporate Bonds & Notes (Cost $355,718) | Total Corporate Bonds & Notes (Cost $355,718) | 362532 |
| CONVERTIBLE BONDS & NOTES 0.2% | CONVERTIBLE BONDS & NOTES 0.2% | CONVERTIBLE BONDS & NOTES 0.2% |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  2.125% due 11/03/2027 | 900 | 1009 |
|  Total Convertible Bonds & Notes (Cost $861) | Total Convertible Bonds & Notes (Cost $861) | 1009 |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
| ARIZONA 0.0% | ARIZONA 0.0% | ARIZONA 0.0% |
|  Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 |
|  7.375% due 10/01/2029 | 100 | 105 |
|  Total Municipal Bonds & Notes (Cost $100) | Total Municipal Bonds & Notes (Cost $100) | 105 |
| U.S. TREASURY OBLIGATIONS 6.2% | U.S. TREASURY OBLIGATIONS 6.2% | U.S. TREASURY OBLIGATIONS 6.2% |
|  U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes |
|  3.761% due 07/31/2027 •(f) | 2700 | 2702 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 04/30/2030 | 6600 | 6652 |
|  4.125% due 09/30/2027 (f) | 10900 | 11018 |
|  4.250% due 08/15/2035 | 8849 | 8914 |
|  Total U.S. Treasury Obligations (Cost $29,069) | Total U.S. Treasury Obligations (Cost $29,069) | 29286 |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.139% due 11/25/2036 ~ | $— | 207 | $— | 88 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.027% due 05/20/2036 ~ |  | 85 |  | 79 |
|  4.486% due 03/25/2035 •  |  | 13 |  | 12 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.308% due 05/20/2046 •  |  | 30 |  | 27 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  6.559% due 04/25/2035 ~ |  | 1 |  | 1 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  6.000% due 07/25/2037 |  | 182 |  | 124 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.271% due 12/25/2036 ~ |  | 100 |  | 91 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.999% due 05/25/2046 •  |  | 10 |  | 9 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $427) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $427) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $427) |  | 431 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% |
| HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  2.991% due 01/25/2037 •  | $— | 60 | $— | 18 |
|  Total Asset-Backed Securities (Cost $47) | Total Asset-Backed Securities (Cost $47) | Total Asset-Backed Securities (Cost $47) |  | 18 |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  3.910% due 01/08/2026 (b)(c) |  | 601 |  | 601 |
| Total Short-Term Instruments<br>(Cost $601) | Total Short-Term Instruments<br>(Cost $601) | Total Short-Term Instruments<br>(Cost $601) |  | 601 |
| Total Investments in Securities (Cost $418,711) | Total Investments in Securities (Cost $418,711) | Total Investments in Securities (Cost $418,711) |  | 425996 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 7.8% | INVESTMENTS IN AFFILIATES 7.8% | INVESTMENTS IN AFFILIATES 7.8% | INVESTMENTS IN AFFILIATES 7.8% |
| SHORT-TERM INSTRUMENTS 7.8% | SHORT-TERM INSTRUMENTS 7.8% | SHORT-TERM INSTRUMENTS 7.8% | SHORT-TERM INSTRUMENTS 7.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.8% |
|  PIMCO Short-Term Floating NAV Portfolio III | 3772819 | $— | 36751 |
| Total Short-Term Instruments<br>(Cost $36,725) | Total Short-Term Instruments<br>(Cost $36,725) |  | 36751 |
| Total Investments in Affiliates<br>(Cost $36,725) | Total Investments in Affiliates<br>(Cost $36,725) |  | 36751 |
| Total Investments 98.1%<br>(Cost $455,436) | Total Investments 98.1%<br>(Cost $455,436) | $— | 462747 |
|  Financial Derivative<br>Instruments (e)(g) (0.0)%<br> (Cost or Premiums, net $5,581) |  |  | (100) |
| Other Assets and Liabilities, net 1.9% | Other Assets and Liabilities, net 1.9% |  | 9289 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 471936 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) Payment in-kind security.

(b) Zero coupon security.

(c) Coupon represents a yield to maturity.

(d) Perpetual maturity; date shown, if applicable, represents next contractual call date.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
**The average amount of borrowings outstanding during the period ended December 31, 2025 was $(197) at a weighted average interest rate of (0.586%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 80 | $— | 16703 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 124 |  | 13554 | (1) | 0 | (15) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 112 |  | 12593 | (19) | 0 | (20) |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2026 | 1 |  | 116 | (1) | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 4 |  | 472 | (7) | 0 | (1) |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 127 |  | 14607 | (80) | 0 | (23) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 15

------

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2025<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, 2025<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  Bombardier, Inc. | 5.000% | Quarterly | 06/20/2029 | 0.761% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed**<br> **Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed**<br> **Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  CDX.HY-45 5-Year Index | 5.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | **Floating<br>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<br>Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/17/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | $(109) | $158 | $49 | $33 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&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;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) |

---

(f) Securities with an aggregate market value of $6,835 and cash of $2,065 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  MBC | 01/2026 | CAD | 247 | $176 | $0 | $(4) |
|  | 01/2026 | EUR | 1845 | 2141 | 0 | (28) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |

---

16 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| GST | Soft Bank Group,Inc. | 1.000% | Quarterly | 06/20/2026 | 1.706% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | $(8) | $5 | $0 | $(3) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  GST | $0 | $0 | $0 | $0 | $0 | $0 | $(3) | $(3) | $(3) | $0 | $(3) |
|  MBC | 0 | 0 | 0 | 0 | (32) | 0 | 0 | (32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |  |  |  |

---

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $65 | $65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 33 | 0 | 0 | 0 | 33 |
|  | $0 | $33 | $0 | $0 | $65 | $98 |
|  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 | $32 | $0 | $32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 0 | 3 |
|  | $0 | $3 | $0 | $32 | $0 | $35 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 17

------

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $727 | $727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3791 | 0 | 0 | (7) | 3784 |
|  | $0 | $3791 | $0 | $0 | $720 | $4511 |
|  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 | $(282) | $0 | $(282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 719 | 726 |
|  | $0 | $7 | $0 | $(282) | $719 | $444 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282) | $1439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $146 | $146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 13 | 0 | 0 | 158 | 171 |
|  | $0 | $13 | $0 | $0 | $304 | $317 |
|  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 | $(79) | $0 | $(79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | (794) | (789) |
|  | $0 | $5 | $0 | $(79) | $(794) | $(868) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $18 | $0 | $(79) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490) | $(551) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $32014 | $0 | $32014 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 54447 | 0 | 54447 |
| &nbsp;&nbsp; Industrials | 0 | 291964 | 0 | 291964 |
| &nbsp;&nbsp; Utilities | 0 | 16121 | 0 | 16121 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Industrials | 0 | 1009 | 0 | 1009 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | 0 | 105 | 0 | 105 |
|  U.S. Treasury Obligations | 0 | 29286 | 0 | 29286 |
|  Non-Agency Mortgage-Backed Securities | 0 | 431 | 0 | 431 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Home Equity Other | 0 | 18 | 0 | 18 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 601 | 0 | 601 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425996 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425996 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $36751 | $0 | $0 | $36751 |
|  Total Investments | $36751 | $425996 | $0 | $462747 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $33 | $0 | $33 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (98) | 0 | (98) |
|  Over the counter | 0 | (35) | 0 | (35) |
|  | $0 | $(133) | $0 | $(133) |
|  Total Financial Derivative Instruments | $0 | $(100) | $0 | $(100) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425896 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462647 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Notes to Financial Statements December 31, 2025

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO High Yield Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

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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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

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Notes to Financial Statements (Cont.)

obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(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 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.

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(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, 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

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December 31, 2025

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 September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes, as applicable, is determined by dividing the

total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

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Notes to Financial Statements (Cont.)

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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

Investments for which market quotes or market-based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Adviser the responsibility for applying the fair valuation methods. In the event that market quotes or market-based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations ("Broker Quotes"), Pricing Sources' prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Portfolio's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Adviser the responsibility for monitoring significant

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| **22** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

events that may materially affect the values of the Portfolio's securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued by the Valuation Designee in accordance with procedures approved by the Board.

When the Portfolio uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not

necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

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Notes to Financial Statements (Cont.)

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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using

these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, 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, time deposits and certificates of deposit) 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.

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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, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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| Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196468) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of

loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

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Notes to Financial Statements (Cont.)

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in 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 payments. 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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

do not distribute interest on a current basis and tend to be subject to 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, 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 is a government sponsored corporation that 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) Line of Credit The Portfolio entered into a senior unsecured revolving credit agreement with State Street Bank & Trust Company to be utilized for temporary purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Portfolio pays financing charges based on a combination of an overnight bank funding rate based on a variable rate plus a credit spread. The Portfolio also pays a fee of 0.25% per annum on the unused commitment amounts. As of

December 31, 2025, if applicable, any outstanding borrowings would be disclosed as a payable for line of credit on the Statement of Assets and Liabilities. Interest on outstanding borrowings, if any, paid by the Portfolio is disclosed as part of the interest expense on the Statement of Operations. Costs and fees, if any, related to the line of credit are disclosed on the Statement of Operations.

During the period, there were no borrowings on this line of credit. The maximum available commitment and related fees for the revolving credit agreement are:

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| Maximum Available<br>Commitment | Commitment and<br>Upfront Fees |
| $15000000 | $37500 |

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(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **27** |

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Notes to Financial Statements (Cont.)

counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than

5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal

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| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Notes to Financial Statements (Cont.)

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 fail to perform or meet an obligation 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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in

the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes 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

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| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication 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 as the value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements

exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

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Notes to Financial Statements (Cont.)

yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of

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|:---|:---|
| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of

investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **33** |

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Notes to Financial Statements (Cont.)

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 complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any

cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements")

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| | |
|:---|:---|
| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of

termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | |
|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Administrative<br>Class | Advisor<br>Class |
| 0.25% | 0.35% | 0.35% | 0.35% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **35** |

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Notes to Financial Statements (Cont.)

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing, or procuring through financial firms, administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class shares.

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| | | |
|:---|:---|:---|
|  | Distribution Fee | Servicing Fee |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with

generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $5,622.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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 recoverable amounts to PIMCO as of December 31, 2025 were (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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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|:---|:---|
| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $23233 | $17858 | $267143 | $316380 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 698 | $5105 | 955 | $6835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 14307 | 104008 | 9975 | 71929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1061 | 7684 | 1880 | 13577 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 172 | 1258 | 132 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 3838 | 28105 | 3848 | 27721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 180 | 1321 | 154 | 1107 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (408) | (2981) | (392) | (2813) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (24536) | (178290) | (19377) | (139308) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1074) | (7713) | (1623) | (11671) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (5762) | $(41503) | (4448) | $(31667) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2025, one person owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 46% 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.

The foregoing speaks only as of the date of this report.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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Notes to Financial Statements (Cont.)

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, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes

paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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, 2025, 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 High Yield Portfolio | $5379 | $0 | $7031 | $0 | $(56040) | $0 | $0 | $(43630) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, passive foreign investment companies (PFICs), interest accrued on defaulted securities, and return of capital distributions from underlying funds. 

<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, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO High Yield Portfolio | $0 | $56040 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| | |
|:---|:---|
| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

As of December 31, 2025, 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 High Yield Portfolio | $461609 | $9454 | $(2447) | $7007 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, passive foreign investment companies (PFICs), interest accrued on defaulted securities, and return of capital distributions from underlying funds. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | 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<br>of Capital<sup>(9)</sup> |
|  PIMCO High Yield Portfolio | $30711 | $0 | $0 | $29784 | $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>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **39** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO High Yield Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO High Yield Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | |
|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| GST | Goldman Sachs International | MBC | HSBC Bank Plc |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| CAD | Canadian Dollar | EUR | Euro | USD (or $) | United States Dollar |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| OTC | Over the Counter |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BNMMDTSC | Dreyfus Treasury Securites Cash Management Fund Yield | EUR003M | 3 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
| BRMMUSDF | BlackRock Money Market US Treasury Fund Index | FHMMUSTF | Federated Hermes US Treasury Cash Reserves Fund Yield | TSFR1M | Term SOFR 1-Month |
| CAONINDX | Bloomberg CORRA Compounded Index | GSMMUSTI | Goldman Sachs Money Market US Treasury Instrument Index | TSFR3M | Term SOFR 3-Month |
| CDX.HY | Credit Derivatives Index - High Yield | JMMMUSTF | JP Morgan Money Market US Treasury Fund Index |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ALT | Alternate Loan Trust | PIK | Payment-in-Kind | TBD | To-Be-Determined |
| DAC | Designated Activity Company | REIT | Real Estate Investment Trust | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| OIS | Overnight Index Swap | TBA | To-Be-Announced |  |  |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **41** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO High Yield Portfolio

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 2025 | $0.0397 | $0.0000 | $0.0000 | $0.0397 |
|  August 2025 | $0.0415 | $0.0000 | $0.0000 | $0.0415 |
|  September 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  October 2025 | $0.0423 | $0.0000 | $0.0000 | $0.0423 |
|  November 2025 | $0.0369 | $0.0000 | $0.0000 | $0.0369 |
|  December 2025 | $0.0396 | $0.0000 | $0.0000 | $0.0396 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0388 | $0.0000 | $0.0000 | $0.0388 |
|  August 2025 | $0.0406 | $0.0000 | $0.0000 | $0.0406 |
|  September 2025 | $0.0378 | $0.0000 | $0.0000 | $0.0378 |
|  October 2025 | $0.0413 | $0.0000 | $0.0000 | $0.0413 |
|  November 2025 | $0.0360 | $0.0000 | $0.0000 | $0.0360 |
|  December 2025 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
| 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 2025 | $0.0382 | $0.0000 | $0.0000 | $0.0382 |
|  August 2025 | $0.0399 | $0.0000 | $0.0000 | $0.0399 |
|  September 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  October 2025 | $0.0407 | $0.0000 | $0.0000 | $0.0407 |
|  November 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
|  December 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |

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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 portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio net income, yield, earnings or investment performance. 

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| | |
|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO High Yield Portfolio | 0.00% | 0.00% | $19918 | $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 2026, 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 2025.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **43** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **45** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the

profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also requested and received supplemental information, including

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| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO have benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

"Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in

managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Portfolios (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios, and also noted the fee waivers in place with respect to the advisory fee and supervisory and

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| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries.

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expense ratios and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **49** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

above median total expense ratios. Upon comparing the Portfolios' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expense ratios of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Asset Allocation Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations

management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" expense structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment

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| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

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. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees charged by Research Affiliates under the Asset Allocation Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

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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 & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g939427g06y60.jpg)

PVITHIGHYIELDFSTMAR_123125

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![LOGO](g93572g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO Income Portfolio

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#### **Table of Contents**

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|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Income Portfolio](#tx93572_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx93572_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx93572_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx93572_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx93572_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx93572_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx93572_7) | 30 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx93572_8) | 48 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx93572_9) | 52 |
| &nbsp;&nbsp; [Glossary](#tx93572_10) | 53 |
| &nbsp;&nbsp; [Distribution Information](#tx93572_11) | 54 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx93572_12) | 55 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx93572_13) | 56 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx93572_14) | 57 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx93572_15) | 58 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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Important Information About the PIMCO Income Portfolio

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Income Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

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 U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its

credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

The following table discloses the inception dates of the Portfolio and its respective share classes along with the Portfolio's diversification status as of period end:

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| Portfolio Name | Portfolio<br>Inception | Portfolio<br>Inception | Institutional<br>Class | Institutional<br>Class | Class M | Administrative<br>Class | Administrative<br>Class | Advisor<br>Class | Advisor<br>Class | Diversification<br>Status | Diversification<br>Status |
|  PIMCO Income Portfolio |  | 04/29/16 |  | 04/29/16 |  |  | 04/29/16 |  | 04/29/16 |  | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus,

summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO Income Portfolio (Cont.)

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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names

Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

---

| | |
|:---|:---|
| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

---

------

Financial Highlights PIMCO Income 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 or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $9.89 | $0.52 | $0.48 | $1.00 | $(0.54) | $0.00 | $(0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.95 | 0.54 | 0.00 | 0.54 | (0.60) | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.69 | 0.50 | 0.29 | 0.79 | (0.53) | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.90 | 0.37 | (1.19) | (0.82) | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.01 | 0.38 | (0.16) | 0.22 | (0.33) | 0.00 | (0.33) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 9.89 | 0.51 | 0.47 | 0.98 | (0.52) | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.95 | 0.53 | (0.01) | 0.52 | (0.58) | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.69 | 0.48 | 0.30 | 0.78 | (0.52) | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.90 | 0.35 | (1.19) | (0.84) | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.01 | 0.33 | (0.12) | 0.21 | (0.32) | 0.00 | (0.32) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 9.89 | 0.49 | 0.48 | 0.97 | (0.51) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.95 | 0.52 | 0.00 | 0.52 | (0.58) | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.69 | 0.46 | 0.31 | 0.77 | (0.51) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.90 | 0.34 | (1.19) | (0.85) | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.01 | 0.32 | (0.12) | 0.20 | (0.31) | 0.00 | (0.31) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $10.35 | 10.36% | $101737 | 0.77% | 0.77% | 0.66% | 0.66% | 5.14% | 604% |
| 9.89 | 5.57 | 92169 | 0.91 | 0.91 | 0.65 | 0.65 | 5.43 | 544 |
| 9.95 | 8.41 | 59922 | 0.88 | 0.88 | 0.65 | 0.65 | 5.11 | 536 |
| 9.69 | (7.55) | 41664 | 0.67 | 0.67 | 0.65 | 0.65 | 3.67 | 326 |
| 10.90 | 2.05 | 46699 | 0.67 | 0.67 | 0.66 | 0.66 | 3.45 | 329 |
| 10.35 | 10.19 | 455963 | 0.92 | 0.92 | 0.81 | 0.81 | 5.00 | 604 |
| 9.89 | 5.41 | 335524 | 1.06 | 1.06 | 0.80 | 0.80 | 5.28 | 544 |
| 9.95 | 8.25 | 239732 | 1.03 | 1.03 | 0.80 | 0.80 | 4.94 | 536 |
| 9.69 | (7.69) | 204943 | 0.82 | 0.82 | 0.80 | 0.80 | 3.53 | 326 |
| 10.90 | 1.90 | 194511 | 0.82 | 0.82 | 0.81 | 0.81 | 2.99 | 329 |
| 10.35 | 10.08 | 444099 | 1.02 | 1.02 | 0.91 | 0.91 | 4.89 | 604 |
| 9.89 | 5.30 | 399953 | 1.16 | 1.16 | 0.90 | 0.90 | 5.19 | 544 |
| 9.95 | 8.14 | 254563 | 1.13 | 1.13 | 0.90 | 0.90 | 4.77 | 536 |
| 9.69 | (7.79) | 274211 | 0.92 | 0.92 | 0.90 | 0.90 | 3.39 | 326 |
| 10.90 | 1.80 | 321456 | 0.92 | 0.92 | 0.91 | 0.91 | 2.90 | 329 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO Income Portfolio December 31, 2025

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $1616822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 477 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2524 |
|  Cash | 302 |
|  Deposits with counterparty | 10443 |
|  Foreign currency, at value | 4662 |
|  Receivable for investments sold | 104 |
|  Receivable for TBA investments sold | 650749 |
|  Receivable for Portfolio shares sold | 295 |
|  Interest and/or dividends receivable | 7560 |
|  Dividends receivable from Affiliates | 9 |
|  **Total Assets** | 2295212 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $59503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 2846 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 3429 |
|  Payable for investments purchased | 1365 |
|  Payable for investments in Affiliates purchased | 9 |
|  Payable for TBA investments purchased | 1219540 |
|  Deposits from counterparty | 2861 |
|  Payable for Portfolio shares redeemed | 162 |
|  Accrued investment advisory fees | 218 |
|  Accrued supervisory and administrative fees | 349 |
|  Accrued distribution fees | 97 |
|  Accrued servicing fees | 60 |
|  Accrued taxes payable | 3 |
|  Foreign capital gains tax payable | 26 |
|  **Total Liabilities** | 1293413 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |
|  **Net Assets** | $1001799 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $993026 |
|  Distributable earnings (accumulated loss) | 8773 |
|  **Net Assets** | $1001799 |
|  **Net Assets:** |  |
|  Institutional Class | $101737 |
|  Administrative Class | 455963 |
|  Advisor Class | 444099 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 9826 |
|  Administrative Class | 44035 |
|  Advisor Class | 42889 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $10.35 |
|  Administrative Class | 10.35 |
|  Advisor Class | 10.35 |
|  Cost of investments in securities | $1612983 |
|  Cost of investments in Affiliates | $476 |
|  Cost of foreign currency held | $4646 |
|  Proceeds received on short sales | $2858 |
|  Cost or premiums of financial derivative instruments, net | $3140 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Statement of Operations PIMCO Income Portfolio

---

| | |
|:---|:---|
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $53839 |
|  Dividends from Investments in Affiliates | 1654 |
|  Miscellaneous income | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 55574 |
|  **Expenses:** |  |
|  Investment advisory fees | 2353 |
|  Supervisory and administrative fees | 3764 |
|  Distribution and/or servicing fees - Administrative Class | 593 |
|  Distribution and/or servicing fees - Advisor Class | 1140 |
|  Trustee fees | 41 |
|  Interest expense | 1001 |
|  Miscellaneous expense | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 8901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 8896 |
|  **Net Investment Income (Loss)** | 46678 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 10459 |
|  Investments in Affiliates | 13 |
|  Exchange-traded or centrally cleared financial derivative instruments | 16172 |
|  Over the counter financial derivative instruments | (3984) |
|  Foreign currency | 86 |
|  **Net Realized Gain (Loss)** | 22746 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities\*\* | 35305 |
|  Investments in Affiliates | (1) |
|  Exchange-traded or centrally cleared financial derivative instruments | (7792) |
|  Over the counter financial derivative instruments | (4756) |
|  Foreign currency assets and liabilities | 102 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 22858 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $92282 |
|  \* Foreign tax withholdings | $26 |
|  \*\* Foreign capital gains tax | $(3) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Income Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $46678 | $35928 |
|  Net realized gain (loss) | 22746 | 2620 |
|  Net change in unrealized appreciation (depreciation) | 22858 | (4106) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 92282 | 34442 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4753) | (4212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (20489) | (16716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (23190) | (18980) |
|  **Total Distributions<sup>(a)</sup>** | (48432) | (39908) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 130303 | 278895 |
|  **Total Increase (Decrease) in Net Assets** | 174153 | 273429 |
|  **Net Assets:** |  |  |
|  Beginning of year | 827646 | 554217 |
|  End of year | $1001799 | $827646 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Income Portfolio December 31, 2025

#### (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 161.3% | INVESTMENTS IN SECURITIES 161.3% | INVESTMENTS IN SECURITIES 161.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.5% |
|  Altice France SA | Altice France SA | Altice France SA |
|  8.891% - 5.966% (EUR003M + 6.875%) due 05/31/2031 ~ | 76 | 90 |
|  8.891% - 5.966% (TSFR3M + 6.875%) due 05/31/2031 ~ | 534 | 534 |
|  Envalior Finance GmbH | Envalior Finance GmbH | Envalior Finance GmbH |
|  9.340% - 5.750% (TSFR3M + 5.500%) due 04/01/2030 ~ | 1265 | 1182 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  11.862% (TSFR3M + 7.875%) due 07/20/2026 «~ | 676 | 675 |
|  11.862% (TSFR3M + 7.875%) due 11/03/2028 «~ | 4578 | 4715 |
|  Jane Street Group LLC | Jane Street Group LLC | Jane Street Group LLC |
|  5.822% - 9.234% (TSFR3M + 2.000%) due 12/15/2031 ~ | 1300 | 1295 |
|  Lealand Finance Co. BV | Lealand Finance Co. BV | Lealand Finance Co. BV |
|  6.831% - 7.566% (TSFR1M + 3.000%) due 06/30/2027 «~ | 6 | 5 |
|  Lealand Finance Co. BV (7.830% Cash) | Lealand Finance Co. BV (7.830% Cash) | Lealand Finance Co. BV (7.830% Cash) |
|  7.830% (TSFR1M + 4.000%) due 12/31/2027 ~ | 16 | 13 |
|  Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) |
|  19.000% due 04/03/2026 «~(a) | 168 | 9 |
|  Poseidon Bidco SASU | Poseidon Bidco SASU | Poseidon Bidco SASU |
|  7.018% - 7.322% (EUR003M + 5.000%) due 03/13/2030 ~ | 1000 | 425 |
|  Softbank Vision Fund II | Softbank Vision Fund II | Softbank Vision Fund II |
|  7.322% - 7.052% (TSFR3M + 3.650%) due 04/25/2029 «~ | 2079 | 2088 |
|  Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
|  10.672% (TSFR3M + 7.000%) due 05/13/2027 ~ | 910 | 881 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.216% - 8.272% (TSFR1M + 2.500%) due 02/28/2031 ~ | 2980 | 2995 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  8.831% - 6.034% (TSFR1M + 5.000%) due 06/28/2028 ~ | 118 | 111 |
|  Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. |
|  8.000% - 6.358% due 03/15/2029 «~ | 7 | 3 |
|  Total Loan Participations and Assignments (Cost $15,586) | Total Loan Participations and Assignments (Cost $15,586) | 15021 |
| CORPORATE BONDS & NOTES 13.5% | CORPORATE BONDS & NOTES 13.5% | CORPORATE BONDS & NOTES 13.5% |
| BANKING & FINANCE 4.8% | BANKING & FINANCE 4.8% | BANKING & FINANCE 4.8% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 865 | 839 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  1.875% due 01/09/2026 | 1515 | 1780 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  6.607% due 11/07/2028 | 2500 | 2670 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.612% due 10/19/2027 •  | 1250 | 1274 |
|  6.714% due 10/19/2029 •  | 1250 | 1327 |
|  Country Garden Holdings Co. Ltd. (1.000% Cash or 2.500% PIK) | Country Garden Holdings Co. Ltd. (1.000% Cash or 2.500% PIK) | Country Garden Holdings Co. Ltd. (1.000% Cash or 2.500% PIK) |
|  1.000% due 12/31/2032 «(a) | 401 | 24 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 700 | 221 |
|  10.100% due 12/15/2043 | 500 | 162 |
|  Credit Suisse AG AT1 Claim | 2845 | 839 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  6.720% due 01/18/2029 •  | 400 | 419 |
|  EPR Properties | EPR Properties | EPR Properties |
|  4.750% due 12/15/2026 | 5 | 5 |
|  4.950% due 04/15/2028 | 10 | 10 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.815% due 11/02/2027 | 2963 | 2919 |
|  4.125% due 08/17/2027 | 260 | 258 |
|  4.271% due 01/09/2027 | 1970 | 1960 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  4.000% due 01/15/2031 | 1485 | 1427 |
|  5.300% due 01/15/2029 | 66 | 67 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 1300 | 1485 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.750% due 05/01/2033 | 1300 | 1358 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 | 2600 | 2644 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(h) | 300 | 220 |
|  5.123% due 02/01/2029 •  | 2029 | 2071 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  6.557% due 10/18/2027 •  | 2500 | 2548 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.445% due 05/08/2030 •  | 400 | 402 |
|  5.076% due 01/27/2030 •  | 200 | 205 |
|  5.516% due 09/30/2028 •  | 2200 | 2258 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.000% due 03/09/2026 | 1500 | 1494 |
|  5.625% due 09/29/2028 | 3400 | 3412 |
|  6.125% due 09/30/2030 | 1100 | 1101 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 2525 | 1950 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.691% due 01/10/2034 •  | 2200 | 2397 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  5.250% due 10/15/2028 | 5100 | 5156 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  5.959% due 01/12/2034 •  | 3224 | 3437 |
|  |  | 48339 |
| INDUSTRIALS 6.8% | INDUSTRIALS 6.8% | INDUSTRIALS 6.8% |
|  Altice France SA | Altice France SA | Altice France SA |
|  4.750% due 10/15/2030 | 77 | 85 |
|  6.500% due 10/15/2031 | 154 | 146 |
|  9.500% due 11/01/2029 | 3847 | 3975 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.350% due 04/15/2031 | 12 | 12 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 | 3100 | 3104 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.500% due 11/21/2033 | 1840 | 1993 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 21030 | 22237 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 290 | 290 |
|  2.750% due 02/01/2026 | 1000 | 999 |
|  3.250% due 02/01/2028 | 1700 | 1672 |
|  5.150% due 05/01/2030 | 1400 | 1439 |
|  6.259% due 05/01/2027 | 290 | 298 |
|  6.298% due 05/01/2029 | 50 | 53 |
|  Carvana Co. | Carvana Co. | Carvana Co. |
|  9.000% due 06/01/2030 | 1021 | 1071 |
|  9.000% due 06/01/2031 | 1281 | 1447 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  4.352% due 09/01/2030 | 250 | 249 |
|  4.975% due 09/01/2035 | 300 | 297 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  5.789% due 01/10/2026 | 4 | 4 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.250% due 12/01/2026 | 2300 | 2232 |
|  5.750% due 12/01/2028 | 2630 | 2584 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.950% due 05/15/2028 | 9 | 9 |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 | 500 | 522 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 500 | 585 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.300% due 09/24/2027 | 3900 | 3914 |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  6.013% due 12/15/2030 | 6 | 8 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.810% due 09/17/2030 | 100 | 94 |
|  8.125% due 07/17/2035 | 1200 | 1276 |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(b) | 385 | 90 |
|  5.500% due 04/12/2037 ^(b) | 382 | 89 |
|  6.000% due 11/15/2026 ^(b) | 63 | 15 |
|  9.750% due 05/17/2035 ^(b) | 100 | 26 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 | $| 3081 | 3075 |
|  Prosus NV | Prosus NV | Prosus NV | Prosus NV |
|  2.778% due 01/19/2034 | EUR | 2456 | 2649 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  4.750% due 06/02/2030 | $| 2200 | 2231 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | GBP | 162 | 251 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  4.875% due 09/30/2039 | $| 23 | 21 |
|  5.750% due 09/30/2039 |  | 168 | 169 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  8.831% due 06/28/2028 |  | 13 | 11 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.875% due 04/15/2029 |  | 1179 | 1210 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 |  | 1500 | 1407 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 |  | 2160 | 2080 |
|  9.875% due 02/01/2032 |  | 1400 | 1447 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 |  | 3050 | 3126 |
|  |  |  | 68492 |
| UTILITIES 1.9% | UTILITIES 1.9% | UTILITIES 1.9% | UTILITIES 1.9% |
|  Edison International | Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 |  | 200 | 209 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  4.375% due 09/30/2030 |  | 2500 | 2491 |
|  Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
|  2.950% due 01/27/2029 |  | 1500 | 1088 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.150% due 01/01/2026 |  | 2072 | 2072 |
|  3.250% due 06/01/2031 |  | 3395 | 3165 |
|  3.300% due 03/15/2027 |  | 90 | 89 |
|  3.300% due 12/01/2027 |  | 5600 | 5517 |
|  4.200% due 03/01/2029 |  | 1100 | 1094 |
|  4.550% due 07/01/2030 |  | 1259 | 1254 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.750% due 02/01/2032 |  | 100 | 89 |
|  5.950% due 11/01/2032 |  | 1500 | 1588 |
|  |  |  | 18656 |
|  Total Corporate Bonds & Notes<br>(Cost $132,073) | Total Corporate Bonds & Notes<br>(Cost $132,073) | Total Corporate Bonds & Notes<br>(Cost $132,073) | 135487 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
|  0.000% due 12/31/2031 «(e) |  | 814 | 106 |
|  Total Convertible Bonds & Notes<br>(Cost $106) | Total Convertible Bonds & Notes<br>(Cost $106) | Total Convertible Bonds & Notes<br>(Cost $106) | 106 |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  6.630% due 02/01/2035 |  | 31 | 32 |
|  6.725% due 04/01/2035 |  | 8 | 8 |
|  7.350% due 07/01/2035 |  | 7 | 8 |
|  Total Municipal Bonds & Notes<br>(Cost $47) | Total Municipal Bonds & Notes<br>(Cost $47) | Total Municipal Bonds & Notes<br>(Cost $47) | 48 |
| U.S. GOVERNMENT AGENCIES 62.2% | U.S. GOVERNMENT AGENCIES 62.2% | U.S. GOVERNMENT AGENCIES 62.2% | U.S. GOVERNMENT AGENCIES 62.2% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 06/01/2046 - 01/01/2049 |  | 1805 | 1634 |
|  4.000% due 08/01/2042 - 07/01/2050 |  | 424 | 418 |
|  5.000% due 07/01/2054 |  | 929 | 928 |
|  5.500% due 01/01/2053 |  | 279 | 284 |
|  6.000% due 10/01/2053 |  | 69 | 71 |
|  6.500% due 10/01/2053 - 02/01/2055 |  | 18938 | 19692 |
|  7.000% due 02/01/2054 - 06/01/2055 |  | 1011 | 1064 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO Income Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 08/01/2027 - 02/01/2034 | 125 | 122 |
|  4.000% due 08/01/2042 - 06/01/2049 | 1703 | 1648 |
|  4.500% due 10/01/2050 - 07/01/2053 | 1631 | 1611 |
|  5.000% due 09/01/2053 - 07/01/2054 | 421 | 421 |
|  5.500% due 11/01/2052 - 01/01/2053 | 640 | 652 |
|  6.000% due 11/01/2052 - 09/01/2054 | 7862 | 8099 |
|  6.500% due 10/01/2053 - 12/01/2053 | 4327 | 4506 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  2.500% due 04/20/2052 | 366 | 316 |
|  3.500% due 10/20/2052 - 10/20/2054 | 3124 | 2849 |
|  4.500% due 12/20/2053 | 277 | 271 |
|  5.500% due 07/20/2053 - 08/20/2053 | 2440 | 2481 |
|  6.500% due 12/20/2054 - 05/20/2055 | 1049 | 1086 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  7.132% due 09/20/2066 ~ | 72 | 74 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  3.000% due 01/01/2056 | 2000 | 1797 |
|  3.500% due 02/01/2056 | 800 | 728 |
|  4.000% due 02/01/2056 | 2600 | 2456 |
|  4.500% due 01/01/2056 - 02/01/2056 | 7900 | 7691 |
|  5.000% due 01/01/2056 | 5200 | 5189 |
|  5.500% due 01/01/2056 | 3900 | 3938 |
|  6.000% due 01/01/2056 - 02/01/2056 | 22500 | 22917 |
|  6.500% due 01/01/2056 - 02/01/2056 | 17100 | 17661 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 01/01/2041 - 02/01/2056 | 10800 | 9570 |
|  3.500% due 02/01/2056 | 4000 | 3686 |
|  4.000% due 02/01/2056 | 43300 | 41050 |
|  4.500% due 02/01/2056 | 11100 | 10827 |
|  5.000% due 02/01/2056 | 129660 | 129189 |
|  5.500% due 02/01/2056 | 13000 | 13171 |
|  6.000% due 02/01/2056 - 03/01/2056 | 166230 | 170601 |
|  6.500% due 02/01/2056 - 03/01/2056 | 128650 | 133810 |
|  Total U.S. Government Agencies<br>(Cost $620,506) | Total U.S. Government Agencies<br>(Cost $620,506) | 622508 |
| U.S. TREASURY OBLIGATIONS 13.3% | U.S. TREASURY OBLIGATIONS 13.3% | U.S. TREASURY OBLIGATIONS 13.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.875% due 11/15/2046 | 1400 | 1034 |
|  3.000% due 08/15/2048 | 10 | 7 |
|  3.000% due 02/15/2049 | 500 | 368 |
|  4.250% due 08/15/2054 | 1600 | 1447 |
|  4.375% due 08/15/2043 | 1600 | 1529 |
|  4.500% due 11/15/2054 | 9000 | 8492 |
|  4.625% due 05/15/2054 (i)(m) | 5800 | 5588 |
|  4.875% due 08/15/2045 (i) | 583 | 589 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  0.125% due 02/15/2051 | 2001 | 1082 |
|  0.250% due 02/15/2050 | 760 | 438 |
|  0.750% due 02/15/2042 | 144 | 112 |
|  0.750% due 02/15/2045 | 830 | 606 |
|  0.875% due 02/15/2047 | 944 | 682 |
|  1.000% due 02/15/2046 | 275 | 208 |
|  1.000% due 02/15/2048 | 924 | 676 |
|  1.000% due 02/15/2049 | 2200 | 1584 |
|  1.375% due 02/15/2044 | 140 | 117 |
|  1.500% due 02/15/2053 | 1314 | 1026 |
|  0.125% due 04/15/2026 | 9560 | 9477 |
|  0.125% due 01/15/2031 | 125 | 117 |
|  0.125% due 07/15/2031 | 3341 | 3096 |
|  0.125% due 01/15/2032 | 352 | 322 |
|  0.250% due 07/15/2029 | 3974 | 3830 |
|  0.375% due 01/15/2027 | 228 | 225 |
|  0.375% due 07/15/2027 | 67 | 66 |
|  0.625% due 07/15/2032 | 4707 | 4417 |
|  0.750% due 07/15/2028 (k) | 922 | 911 |
|  0.875% due 01/15/2029 (k) | 2433 | 2396 |
|  1.125% due 01/15/2033 | 328 | 315 |
|  1.375% due 07/15/2033 | 11793 | 11499 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.625% due 04/15/2030 | $— | 1943 | 1954 |
|  1.750% due 01/15/2034 |  | 4661 | 4636 |
|  1.875% due 07/15/2034 (i) |  | 19404 | 19489 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.375% due 09/30/2027 (m) |  | 340 | 322 |
|  0.500% due 10/31/2027 (m) |  | 300 | 284 |
|  0.625% due 11/30/2027 (i)(k)(m) |  | 4140 | 3924 |
|  0.625% due 12/31/2027 (k)(m) |  | 1750 | 1655 |
|  0.750% due 01/31/2028 (k)(m) |  | 1600 | 1513 |
|  2.625% due 01/31/2026 (k) |  | 3405 | 3402 |
|  4.000% due 07/31/2032 (i) |  | 19300 | 19404 |
|  4.250% due 08/15/2035 (i) |  | 955 | 962 |
|  4.500% due 04/15/2027 (i) |  | 13300 | 13466 |
|  Total U.S. Treasury Obligations<br>(Cost $139,282) | Total U.S. Treasury Obligations<br>(Cost $139,282) | Total U.S. Treasury Obligations<br>(Cost $139,282) | 133267 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 23.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 23.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 23.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 23.4% |
|  AG Trust | AG Trust | AG Trust | AG Trust |
|  5.766% due 08/15/2041 •  |  | 1711 | 1722 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  7.100% due 06/25/2036 þ |  | 6155 | 839 |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  4.642% due 12/28/2049 •  |  | 3136 | 4233 |
|  BBCCRE Trust | BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
|  3.966% due 08/10/2033 | $— | 4100 | 3826 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.166% due 06/25/2046 •  |  | 2763 | 2558 |
|  Bridgegate Funding PLC | Bridgegate Funding PLC | Bridgegate Funding PLC | Bridgegate Funding PLC |
|  6.191% due 10/16/2062 •  |  | 8737 | 11815 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2064 ~ | $— | 6690 | 5988 |
|  3.500% due 06/25/2062 ~ |  | 4036 | 3739 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.380% due 12/25/2035 ~ |  | 66 | 63 |
|  CIM Trust | CIM Trust | CIM Trust | CIM Trust |
|  4.750% due 06/25/2064 ~ |  | 2873 | 2860 |
|  5.000% due 05/25/2062 ~ |  | 3280 | 3280 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 03/25/2037 •  |  | 1096 | 986 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  3.140% due 10/10/2036 |  | 4100 | 3920 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.166% due 11/25/2036 •  |  | 3268 | 3103 |
|  6.500% due 09/25/2037 |  | 8478 | 2969 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.549% due 12/25/2069 ~ |  | 4519 | 4556 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  5.750% due 03/25/2037 |  | 8681 | 4517 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  3.297% due 11/30/2037 ~ |  | 5404 | 4994 |
|  3.375% due 01/25/2060 |  | 3183 | 2639 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.900% due 09/25/2067 þ |  | 3457 | 3463 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.250% due 09/15/2044 •  |  | 2657 | 3563 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.851% due 06/13/2045 •  |  | 269 | 362 |
|  Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC |
|  2.344% due 08/28/2039 •  |  | 358 | 414 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.900% due 09/25/2061 þ | $— | 6499 | 6413 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.326% due 03/19/2036 •  |  | 34 | 31 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  4.597% due 04/15/2037 •  |  | 3757 | 3713 |
|  7.235% due 10/05/2040 |  | 2600 | 2741 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.567% due 09/25/2065 ~ |  | 1829 | 1846 |
|  5.990% due 07/25/2064 ~ |  | 4557 | 4601 |
|  Kinbane 2 DAC | Kinbane 2 DAC | Kinbane 2 DAC | Kinbane 2 DAC |
|  3.022% due 08/24/2075 ~ |  | 4167 | 4905 |
|  Lugo Funding DAC | Lugo Funding DAC | Lugo Funding DAC | Lugo Funding DAC |
|  3.059% due 05/26/2066 •  |  | 2969 | 3495 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.946% due 09/25/2037 •  | $— | 10574 | 4086 |
|  Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC |
|  3.003% due 03/24/2081 •  |  | 2381 | 2802 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  4.250% due 02/25/2066 ~ | $— | 3133 | 3016 |
|  4.400% due 03/25/2068 þ |  | 3186 | 3166 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  4.865% due 05/15/2036 •  | 1400 | 200 |
|  6.242% due 12/15/2038 •  | 2645 | 2364 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.963% due 09/25/2070 ~ | 5133 | 5140 |
|  5.530% due 05/25/2070 ~ | 4824 | 4861 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.249% due 10/25/2055 | 5048 | 5050 |
|  PRET Trust | PRET Trust | PRET Trust |
|  4.000% due 03/25/2065 þ | 4991 | 4904 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  5.101% due 10/25/2060 þ | 5120 | 5133 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ | 2402 | 2368 |
|  4.500% due 02/25/2055 þ | 845 | 842 |
|  4.839% due 10/25/2055 þ | 4978 | 4985 |
|  5.385% due 10/25/2030 þ | 4756 | 4767 |
|  5.897% due 12/25/2029 þ | 3367 | 3373 |
|  6.179% due 06/25/2030 þ | 4163 | 4174 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  5.674% due 12/26/2069 þ | 2713 | 2734 |
|  6.327% due 06/25/2069 þ | 2295 | 2326 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.146% due 12/26/2036 ~ | 336 | 319 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.158% due 10/25/2044 þ | 5310 | 5331 |
|  5.846% due 08/25/2044 þ | 2318 | 2343 |
|  RCO X Mortgage LLC | RCO X Mortgage LLC | RCO X Mortgage LLC |
|  5.418% due 10/25/2030 þ | 5277 | 5228 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  5.061% due 10/25/2055 ~ | 4567 | 4583 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  6.764% due 05/15/2038 •  | 2400 | 2384 |
|  Towd Point Mortgage Funding—Granite 6 PLC | Towd Point Mortgage Funding—Granite 6 PLC | Towd Point Mortgage Funding—Granite 6 PLC |
|  4.856% due 07/20/2053 •  | 1680 | 2267 |
|  Towd Point Mortgage Funding 3 PLC | Towd Point Mortgage Funding 3 PLC | Towd Point Mortgage Funding 3 PLC |
|  5.248% due 02/20/2054 •  | 3915 | 5296 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 1823 | 1761 |
|  4.606% due 10/25/2064 ~ | 4086 | 4103 |
|  5.033% due 07/25/2065 ~ | 5275 | 5330 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.799% due 07/25/2069 þ | 4843 | 4887 |
|  6.259% due 12/25/2068 þ | 1343 | 1356 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.099% due 01/25/2046 •  | 10491 | 9525 |
|  5.778% due 03/25/2033 ~ | 29 | 29 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.879% due 10/25/2046 •  | 1694 | 1549 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  5.343% due 10/15/2042 •  | 5100 | 5115 |
|  WSTN Trust | WSTN Trust | WSTN Trust |
|  6.297% due 07/05/2037 ~ | 2500 | 2547 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $235,790) | Total Non-Agency Mortgage-Backed Securities (Cost $235,790) | 234398 |
| ASSET-BACKED SECURITIES 36.7% | ASSET-BACKED SECURITIES 36.7% | ASSET-BACKED SECURITIES 36.7% |
| AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% |
|  Golden Bar Securitisation SRL | Golden Bar Securitisation SRL | Golden Bar Securitisation SRL |
|  3.085% due 09/22/2043 •  | 2377 | 2811 |
|  Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes |
|  4.965% due 01/18/2033 | 1777 | 1790 |
|  |  | 4601 |
| AUTOMOBILE SEQUENTIAL 1.6% | AUTOMOBILE SEQUENTIAL 1.6% | AUTOMOBILE SEQUENTIAL 1.6% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.050% due 04/10/2029 | 4228 | 4249 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.250% due 09/27/2027 | 265 | 265 |
|  First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
|  6.440% due 10/16/2028 | 471 | 475 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 | 547 | 548 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.760% due 10/15/2027 | 565 | 565 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  6.370% due 06/15/2028 | 354 | 356 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oscar U.S. Funding XIII LLC | Oscar U.S. Funding XIII LLC | Oscar U.S. Funding XIII LLC |
|  1.270% due 09/11/2028 | 1069 | 1038 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 | 1572 | 1575 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.110% due 06/15/2029 | 3500 | 3524 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.980% due 02/15/2030 | 3500 | 3518 |
|  |  | 16113 |
| CMBS OTHER 0.7% | CMBS OTHER 0.7% | CMBS OTHER 0.7% |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  5.610% due 09/17/2039 •  | 1860 | 1865 |
|  Starwood LLC | Starwood LLC | Starwood LLC |
|  5.181% due 11/19/2042 •  | 5400 | 5410 |
|  |  | 7275 |
| HOME EQUITY OTHER 14.9% | HOME EQUITY OTHER 14.9% | HOME EQUITY OTHER 14.9% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.126% due 11/25/2036 •  | 3345 | 2001 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.186% due 01/25/2037 •  | 2892 | 2212 |
|  Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates |
|  5.676% due 12/25/2034 •  | 766 | 705 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.941% due 09/25/2034 •  | 1815 | 1723 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.326% due 07/25/2036 •  | 13354 | 3612 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.821% due 06/25/2035 •  | 11000 | 9842 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  5.721% due 12/25/2034 •  | 5397 | 5470 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.106% due 03/25/2037 •  | 14 | 13 |
|  4.166% due 12/25/2036 •  | 1195 | 677 |
|  4.366% due 03/25/2036 •  | 1509 | 1399 |
|  4.476% due 02/25/2035 •  | 1538 | 1456 |
|  4.536% due 10/25/2035 •  | 900 | 851 |
|  4.581% due 09/25/2035 •  | 191 | 191 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.032% due 08/25/2035 •  | 1594 | 1569 |
|  4.126% due 06/25/2035 •  | 1004 | 930 |
|  4.126% due 05/25/2037 •  | 778 | 751 |
|  4.126% due 04/25/2047 •  | 707 | 695 |
|  4.126% due 06/25/2047 •  | 727 | 696 |
|  4.221% due 06/25/2037 •  | 14334 | 13946 |
|  4.281% due 01/25/2045 •  | 946 | 910 |
|  4.286% due 05/25/2037 •  | 829 | 807 |
|  4.286% due 06/25/2037 •  | 590 | 581 |
|  4.286% due 06/25/2047 •  | 365 | 356 |
|  4.491% due 05/25/2036 •  | 9800 | 9779 |
|  4.746% due 02/25/2036 •  | 6150 | 6083 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.461% due 11/25/2035 •  | 2053 | 1917 |
|  4.776% due 06/25/2035 •  | 3104 | 2928 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.626% due 06/25/2035 •  | 4831 | 4130 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.491% due 11/25/2035 •  | 1848 | 1842 |
|  4.746% due 11/25/2035 •  | 1291 | 1275 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.066% due 04/25/2037 •  | 1357 | 1071 |
|  4.446% due 03/25/2036 •  | 3555 | 3287 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  3.986% due 12/25/2036 •  | 827 | 725 |
|  3.986% due 01/25/2037 •  | 2215 | 1717 |
|  3.996% due 12/25/2036 •  | 2675 | 2410 |
|  4.066% due 12/25/2036 •  | 925 | 226 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  4.146% due 01/25/2037 •  | 3504 | 1153 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.146% due 11/25/2036 •  | 370 | 264 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.996% due 08/25/2037 •  | 1317 | 1170 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  1.631% due 04/25/2047 •  | 4279 | 1650 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.916% due 10/25/2036 •  | $| 1857 | 976 |
|  3.926% due 11/25/2036 •  |  | 3684 | 2184 |
|  4.386% due 12/25/2034 •  |  | 1002 | 967 |
|  4.386% due 03/25/2036 •  |  | 596 | 584 |
|  4.446% due 12/25/2034 •  |  | 754 | 723 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.776% due 11/25/2034 •  |  | 6715 | 6719 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.146% due 07/25/2036 •  |  | 342 | 324 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.386% due 05/25/2036 •  |  | 4394 | 4317 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.066% due 04/25/2037 •  |  | 1013 | 730 |
|  4.386% due 01/25/2036 •  |  | 4278 | 4079 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  4.795% due 09/25/2055 þ |  | 4922 | 4916 |
|  4.966% due 11/25/2055 þ |  | 5353 | 5366 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.285% due 01/25/2037 þ |  | 4629 | 1395 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.446% due 02/25/2036 •  |  | 249 | 247 |
|  4.526% due 05/25/2037 •  |  | 68 | 68 |
|  4.551% due 10/25/2035 •  |  | 2000 | 1838 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.821% due 12/26/2034 •  |  | 629 | 586 |
|  5.596% due 12/25/2037 •  |  | 605 | 584 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.066% due 02/25/2037 •  |  | 999 | 265 |
|  4.251% due 12/25/2036 •  |  | 1152 | 1133 |
|  4.596% due 01/25/2035 •  |  | 4177 | 3908 |
|  4.821% due 11/25/2035 •  |  | 1905 | 1895 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.551% due 02/25/2035 •  |  | 564 | 581 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.371% due 07/25/2036 •  |  | 729 | 709 |
|  4.446% due 01/25/2037 •  |  | 2953 | 2440 |
|  4.846% due 04/25/2031 •  |  | 4114 | 4210 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.091% due 10/25/2065 þ |  | 5009 | 5031 |
|  |  |  | 149795 |
| WHOLE LOAN COLLATERAL 2.2% | WHOLE LOAN COLLATERAL 2.2% | WHOLE LOAN COLLATERAL 2.2% | WHOLE LOAN COLLATERAL 2.2% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  3.966% due 12/25/2036 •  |  | 319 | 306 |
|  4.791% due 06/25/2034 •  |  | 2323 | 2303 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  6.260% due 11/25/2035 þ |  | 6656 | 3040 |
|  PRET LLC | PRET LLC | PRET LLC | PRET LLC |
|  5.184% due 11/25/2055 þ |  | 5192 | 5209 |
|  5.193% due 10/25/2055 þ |  | 5028 | 5040 |
|  5.925% due 10/25/2054 þ |  | 3384 | 3388 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.971% due 06/25/2035 •  |  | 2600 | 2568 |
|  |  |  | 21854 |
| OTHER ABS 16.8% | OTHER ABS 16.8% | OTHER ABS 16.8% | OTHER ABS 16.8% |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  5.195% due 07/15/2034 •  |  | 3600 | 3607 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.450% due 10/16/2034 |  | 5100 | 5121 |
|  Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. |
|  3.900% due 07/28/2037 |  | 4134 | 4104 |
|  Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. |
|  3.619% due 04/25/2038 |  | 4170 | 4105 |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 |  | 1000 | 981 |
|  Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. |
|  5.036% due 10/25/2040 |  | 5200 | 5201 |
|  Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. |
|  4.620% due 04/25/2037 |  | 3295 | 3293 |
|  Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. |
|  4.430% due 07/25/2037 |  | 4084 | 4075 |
|  Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. |
|  3.793% due 10/25/2037 |  | 3419 | 3387 |
|  Arbour CLO VII DAC | Arbour CLO VII DAC | Arbour CLO VII DAC | Arbour CLO VII DAC |
|  3.280% due 12/15/2038 •  | EUR | 3600 | 4240 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  5.080% due 10/23/2032 •  | 2390 | 2392 |
|  Cairn CLO XI DAC | Cairn CLO XI DAC | Cairn CLO XI DAC |
|  3.187% due 01/15/2040 •  | 4700 | 5529 |
|  Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. |
|  3.164% due 07/25/2039 | 6450 | 6275 |
|  Crossroads Asset Trust | Crossroads Asset Trust | Crossroads Asset Trust |
|  4.910% due 02/20/2032 | 4513 | 4548 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  5.014% due 04/20/2033 •  | 5100 | 5106 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.256% due 07/15/2031 •  | 140 | 141 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  5.250% due 10/27/2059 | 553 | 554 |
|  5.320% due 03/25/2060 | 4400 | 4509 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.880% due 06/25/2059 | 206 | 207 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.055% due 01/15/2035 •  | 2600 | 2597 |
|  Invesco Euro CLO III DAC | Invesco Euro CLO III DAC | Invesco Euro CLO III DAC |
|  3.184% due 10/30/2038 •  | 3600 | 4232 |
|  Invesco Euro CLO XI DAC | Invesco Euro CLO XI DAC | Invesco Euro CLO XI DAC |
|  3.283% due 10/22/2036 •  | 4500 | 5293 |
|  KKR CLO 33 Ltd. | KKR CLO 33 Ltd. | KKR CLO 33 Ltd. |
|  4.993% due 07/20/2034 •  | 5400 | 5401 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  5.164% due 07/20/2034 •  | 3300 | 3305 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  5.530% due 06/21/2032 | 1400 | 1420 |
|  Magnetite XXV Ltd. | Magnetite XXV Ltd. | Magnetite XXV Ltd. |
|  5.320% due 01/25/2032 •  | 1061 | 1062 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.118% due 02/20/2041 •  | 1160 | 1185 |
|  Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. | Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. | Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. |
|  5.140% due 10/25/2036 •  | 5200 | 5206 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.092% due 07/15/2032 | 1507 | 1515 |
|  5.183% due 06/15/2032 | 1265 | 1271 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 | 924 | 931 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 | 4600 | 4641 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.034% due 05/15/2033 •  | 1452 | 1706 |
|  3.054% due 05/15/2034 •  | 2292 | 2691 |
|  3.559% due 10/15/2034 •  | 4200 | 4940 |
|  Providus CLO V DAC | Providus CLO V DAC | Providus CLO V DAC |
|  3.314% due 11/15/2039 •  | 4500 | 5293 |
|  RCKT Trust | RCKT Trust | RCKT Trust |
|  4.480% due 11/27/2034 | 4473 | 4479 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  5.880% due 07/15/2031 | 727 | 730 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.315% due 06/15/2039 •  | 1220 | 1191 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.060% due 03/16/2054 | 3278 | 3322 |
|  5.074% due 07/15/2053 •  | 5442 | 5406 |
|  5.240% due 03/15/2056 | 3924 | 3997 |
|  5.434% due 02/16/2055 •  | 2419 | 2444 |
|  5.434% due 03/15/2056 •  | 4866 | 4918 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  4.240% due 08/25/2035 | 3231 | 3236 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 3091 | 3106 |
|  TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
|  5.024% due 01/20/2032 •  | 1083 | 1084 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.123% due 10/20/2033 •  | 4000 | 4004 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.034% due 04/20/2034 •  | 5100 | 5101 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.223% due 10/17/2032 •  | 2092 | 2094 |
|  5.425% due 04/15/2037 •  | 3100 | 3115 |
|  |  | 168291 |
|  Total Asset-Backed Securities (Cost $366,704) | Total Asset-Backed Securities (Cost $366,704) | 367929 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 13

------

Schedule of Investments PIMCO Income Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 9.8% | SOVEREIGN ISSUES 9.8% | SOVEREIGN ISSUES 9.8% |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ | 855 | 553 |
|  4.125% due 07/09/2035 þ | 726 | 516 |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ | 454 | 388 |
|  1.000% due 07/09/2029 | 100 | 89 |
|  3.500% due 07/09/2041 þ | 5071 | 3519 |
|  4.125% due 07/09/2035 þ | 1080 | 805 |
|  5.000% due 01/09/2038 þ | 82 | 64 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (e) | 80300 | 14175 |
|  0.000% due 07/01/2026 (e) | 86600 | 14803 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  5.000% due 09/19/2032 | 2600 | 2934 |
|  Colombia TES | Colombia TES | Colombia TES |
|  11.000% due 08/22/2029 | 6898300 | 1726 |
|  11.750% due 01/24/2035 | 6563900 | 1618 |
|  12.750% due 11/28/2040 | 6956500 | 1806 |
|  13.250% due 02/09/2033 | 6021800 | 1616 |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  5.500% due 11/21/2030 | 1000 | 1205 |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  18.400% due 10/16/2028 | 562000 | 1151 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 5000 | 5099 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 02/19/2030 | 1200 | 1243 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.100% due 09/20/2054 | 93400 | 457 |
|  2.300% due 12/20/2054 | 106400 | 546 |
|  2.400% due 03/20/2055 | 25000 | 131 |
|  3.200% due 09/20/2055 | 575800 | 3565 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.400% due 03/20/2045 | 95000 | 561 |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 | 1300 | 1303 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  7.500% due 05/26/2033 | 2200 | 114 |
|  7.750% due 05/29/2031 | 15600 | 836 |
|  7.750% due 11/23/2034 | 38620 | 1992 |
|  8.500% due 03/01/2029 | 42600 | 2389 |
|  8.500% due 05/31/2029 | 10100 | 566 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  3.000% due 12/03/2026 (f) | 173 | 10 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  5.350% due 08/12/2040 | 100 | 26 |
|  5.400% due 08/12/2034 | 300 | 89 |
|  6.150% due 08/12/2032 | 627 | 201 |
|  7.300% due 08/12/2033 | 8800 | 2988 |
|  7.600% due 08/12/2039 | 3600 | 1171 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 571 | 169 |
|  6.150% due 08/12/2032 | 9710 | 3118 |
|  6.900% due 08/12/2037 | 1966 | 612 |
|  6.950% due 08/12/2031 | 7618 | 2520 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 | 39400 | 2328 |
|  8.000% due 01/31/2030 | 6700 | 414 |
|  8.500% due 01/31/2037 | 21100 | 1267 |
|  8.875% due 02/28/2035 | 62000 | 3907 |
|  9.000% due 01/31/2040 | 4600 | 279 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  3.750% due 02/07/2034 | 760 | 805 |
|  5.125% due 09/24/2031 | 1000 | 1203 |
|  5.250% due 03/10/2030 | 1600 | 1968 |
|  5.250% due 05/30/2032 | 350 | 421 |
|  5.375% due 06/07/2033 | 1200 | 1426 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.250% due 09/10/2034 | EUR | 1900 | 2346 |
|  6.750% due 07/11/2039 |  | 1000 | 1226 |
|  Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond |
|  5.100% due 03/28/2035 « | $| 400 | 0 |
|  5.250% due 06/23/2047 « |  | 1600 | 0 |
|  5.625% due 04/04/2042 |  | 2000 | 1400 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  38.324% (BISTREFI + 0.000%) due 09/06/2028 ~ | TRY | 2500 | 58 |
|  39.431% (BISTREFI + 0.000%) due 05/20/2026 ~ |  | 200 | 5 |
|  39.431% (BISTREFI + 0.000%) due 08/19/2026 ~ |  | 200 | 5 |
|  39.431% (BISTREFI + 0.000%) due 05/17/2028 ~ |  | 52000 | 1211 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  5.250% due 03/13/2030 | $| 600 | 598 |
|  7.625% due 04/26/2029 |  | 700 | 754 |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  6.000% due 06/25/2035 ^(b) |  | 122 | 33 |
|  7.000% due 03/31/2038 ^(b) |  | 43 | 13 |
|  7.650% due 04/21/2035 ^(b) |  | 105 | 30 |
|  9.250% due 09/15/2027 ^(b) |  | 143 | 48 |
|  9.250% due 05/07/2028 ^(b) |  | 83 | 26 |
|  11.750% due 10/21/2026 ^(b) |  | 10 | 3 |
|  11.950% due 08/05/2031 ^(b) |  | 300 | 99 |
|  Total Sovereign Issues (Cost $92,920) | Total Sovereign Issues (Cost $92,920) | Total Sovereign Issues (Cost $92,920) | 98547 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Clear Channel Outdoor Holdings, Inc. (c) |  | 133771 | 295 |
|  iHeartMedia, Inc. Class A (c) |  | 31404 | 131 |
|  iHeartMedia, Inc. Class B «(c) |  | 24427 | 89 |
|  SES SA «(c) |  | 28556 | 444 |
|  Uniti Group, Inc. (c) |  | 696 | 5 |
|  |  |  | 964 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Unity Bancorp, Inc. «(c) |  | 2018 | 13 |
|  XBP Global Holdings, Inc. (c) |  | 247 | 2 |
|  |  |  | 15 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  AmSurg Corp. «(c)(h) |  | 22386 | 1006 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Luxco Co. Ltd. «(c)(h) |  | 10053 | 178 |
|  Westmoreland Mining Holdings «(c)(h) |  | 237 | 0 |
|  Westmoreland Mining LLC «(c)(h) | Westmoreland Mining LLC «(c)(h) | 749 | 2 |
|  |  |  | 180 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Country Garden Holdings Co. Ltd. (c) |  | 3480 | 0 |
|  Total Common Stocks (Cost $2,780) | Total Common Stocks (Cost $2,780) | Total Common Stocks (Cost $2,780) | 2165 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Windstream Holdings II LLC - Exp. 08/01/2035 « | 393 | 3 |
|  Total Warrants (Cost $2) | Total Warrants (Cost $2) | 3 |
| PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  6.500% due 12/29/2049 þ(g) | 1369650 | 1812 |
|  Windstream Holdings II LLC « | 13 | 13 |
|  Total Preferred Securities (Cost $1,998) | Total Preferred Securities (Cost $1,998) | 1825 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% |
| NIGERIA TREASURY BILLS 0.4% | NIGERIA TREASURY BILLS 0.4% | NIGERIA TREASURY BILLS 0.4% |
|  31.446% due 06/11/2026 - 06/29/2026 (d)(e) | 6633245 | 4173 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  3.655% due 03/10/2026 - 04/21/2026 (d)(e)(m) | 1357 | 1345 |
| Total Short-Term Instruments<br> (Cost $5,189) | Total Short-Term Instruments<br> (Cost $5,189) | 5518 |
| Total Investments in Securities<br> (Cost $1,612,983) | Total Investments in Securities<br> (Cost $1,612,983) | 1616822 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 48918 | 477 |
| Total Short-Term Instruments<br>(Cost $476) | Total Short-Term Instruments<br>(Cost $476) | 477 |
| Total Investments in Affiliates<br>(Cost $476) | Total Investments in Affiliates<br>(Cost $476) | 477 |
| Total Investments 161.4%<br>(Cost $1,613,459) | Total Investments 161.4%<br>(Cost $1,613,459) | 1617299 |
|  Financial Derivative<br>Instruments (j)(l) (0.1)%<br> (Cost or Premiums, net $3,140) | Financial Derivative<br>Instruments (j)(l) (0.1)%<br> (Cost or Premiums, net $3,140) | (514) |
| Other Assets and Liabilities, net (61.3)% | Other Assets and Liabilities, net (61.3)% | (614986) |
| Net Assets 100.0% | Net Assets 100.0% | 1001799 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Payment in-kind security.

(b) Security is not accruing income as of the date of this report.

(c) Security did not produce income within the last twelve months.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Principal amount of security is adjusted for inflation.

(g) Perpetual maturity; date shown, if applicable, represents next contractual call date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  AmSurg Corp. | 11/02/2023 - 11/06/2023 | $935 | $1006 | 0.10% |
|  Luxco Co. Ltd. | 10/01/2025 | 177 | 178 | 0.02 |
|  Morgan Stanley 0.000% due 04/02/2032 | 02/11/2020 | 270 | 220 | 0.02 |
|  Westmoreland Mining Holdings | 03/26/2019 | 1 | 0 | 0.00 |
|  Westmoreland Mining LLC | 06/30/2023 - 02/03/2025 | 3 | 2 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406 | 0.14% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  NOM | 3.920% | 12/11/2025 | 01/08/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59360) | $(59503) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59503) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> |
|  BPS | 3.900% | 12/23/2025 | 01/13/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1469) | $(1471) |
|  GSC | 3.950 | 12/18/2025 | 01/02/2026 | (600) | (600) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2071) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 2.500% | 01/01/2056 | $300 | $(261) | $(259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | (2597) | (2587) |
|  Total Short Sales (0.3)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2858) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2846) |

---

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  NOM | $0 | $(59503) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59503) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(758) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BPS | 0 | 0 | (1471) | (1471) | 1471 | (0) |
|  GSC | 0 | 0 | (600) | (600) | 588 | (12) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59503) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2071) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 15

------

Schedule of Investments PIMCO Income Portfolio (Cont.)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $0 | $(59503) | $0 | $0 | $(59503) |
|  Total | $0 | $(59503) | $0 | $0 | $(59503) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (2071) | 0 | 0 | (2071) |
|  Total | $0 | $(2071) | $0 | $0 | $(2071) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61574) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(61574) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61574) |

---

(i) Securities with an aggregate market value of $60,804 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(20301) at a weighted average interest rate of 4.177%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Payable for sale-buyback transactions includes $(2) of deferred price drop. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond March Futures  | 03/2026 | 48 | $3507 | $6 | $4 | $0 |
|  Long Guilt March Futures  | 03/2026 | 303 | 37318 | 260 | 66 | (28) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 75 | 15659 | 14 | 0 | (5) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 1134 | 123952 | (268) | 0 | (133) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 1821 | 204749 | (361) | 0 | (370) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 47 | 5546 | (69) | 0 | (18) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(418) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(554) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 11 | $(2649) | $42 | $0 | $0 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 10 | (2412) | 33 | 0 | 0 |
|  Euro-Bobl March Futures  | 03/2026 | 23 | (3140) | 24 | 2 | 0 |
|  Euro-Bund March Futures  | 03/2026 | 75 | (11244) | 155 | 20 | 0 |
|  Japan Government 10-Year Bond March Futures  | 03/2026 | 1 | (845) | 6 | 2 | 0 |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2026 | 262 | (30286) | 229 | 58 | 0 |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 167 | (19208) | 47 | 31 | 0 |
|  |  |  |  | $536 | $113 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(554) |

---

16 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### 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, 2025<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, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Airbus Finance BV | 1.000% | Quarterly | 06/20/2026 | 0.079% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | $51 | $(41) | $10 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.414 | $200 | (1) | 4 | 3 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 0.778 | 400 | 21 | 4 | 25 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.051 | 2000 | 8 | 1 | 9 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.EM-36 5-Year Index | 1.000% | Quarterly | 12/20/2026 | $4324 | $(162) | $188 | $26 | $0 | $0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 400 | (33) | 36 | 3 | 0 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 100 | (7) | 8 | 1 | 0 | 0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 1600 | (74) | 84 | 10 | 0 | (1) |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 400 | (15) | 16 | 1 | 0 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 400 | (12) | 12 | 0 | 0 | 0 |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 300 | (7) | 4 | (3) | 0 | 0 |
|  CDX.HY-36 5-Year Index | 5.000 | Quarterly | 06/20/2026 | 2496 | 212 | (171) | 41 | 0 | 0 |
|  CDX.HY-37 5-Year Index | 5.000 | Quarterly | 12/20/2026 | 1056 | 58 | (22) | 36 | 0 | (1) |
|  CDX.HY-40 5-Year Index | 5.000 | Quarterly | 06/20/2028 | 98 | 0 | 7 | 7 | 0 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 2600 | 188 | 13 | 201 | 0 | (2) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 800 | 21 | 44 | 65 | 0 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 19600 | 1494 | 29 | 1523 | 0 | (8) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19470 | 437 | 10 | 447 | 0 | 0 |
|  iTraxx Main 44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 5120 | 133 | 8 | 141 | 2 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

#### INTEREST RATE SWAPS

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 37100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) | $345 | $206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 200 | (1) | 5 | 4 | 0 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 3100 | 64 | (72) | (8) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 180 | 9 | (11) | (2) | 0 | (1) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.176 | Annual | 04/27/2027 | 180000 | 0 | (15) | (15) | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.020 | Semi-Annual | 09/20/2028 | 430000 | 10 | 94 | 104 | 3 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 5.890 | Semi-Annual | 03/15/2029 | 4351000 | 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 | 29 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700 | Annual | 09/18/2029 | 2200000 | 29 | 314 | 343 | 16 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 | 541400 | 2 | 257 | 259 | 7 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 1130000 | 63 | 383 | 446 | 16 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 192000 | (40) | 98 | 58 | 3 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 | 258000 | 69 | 344 | 413 | 3 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.711 | Annual | 04/27/2042 | 46000 | 0 | 65 | 65 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.600 | Annual | 01/16/2026 | $8000 | 102 | 118 | 220 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 | 5700 | 1 | 116 | 117 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.940 | Semi-Annual | 06/08/2026 | 1100 | 0 | 16 | 16 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2026 | 8200 | 76 | 64 | 140 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Semi-Annual | 06/19/2026 | 11200 | (915) | 968 | 53 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2026 | 1100 | 0 | 5 | 5 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/15/2026 | 12400 | 114 | (419) | (305) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.740 | Semi-Annual | 12/16/2026 | 400 | (18) | 26 | 8 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.570 | Semi-Annual | 01/11/2027 | 900 | (1) | (20) | (21) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 01/18/2027 | 1000 | (2) | (24) | (26) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 01/20/2027 | 3500 | (1) | 95 | 94 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.418 | Semi-Annual | 01/20/2027 | 500 | 0 | (13) | (13) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.550 | Semi-Annual | 01/20/2027 | 15500 | (36) | (335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371) | 0 | (6) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 02/16/2027 | 1100 | (2) | (23) | (25) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 02/17/2027 | 2600 | (1) | 65 | 64 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.700 | Semi-Annual | 02/17/2027 | 10200 | (27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | (213) | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.573 | Annual | 02/28/2027 | 700 | (1) | (30) | (31) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

---

------

Schedule of Investments PIMCO Income Portfolio (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.928% | Annual | 03/25/2027 | $1200 | $(2) | $(41) | $(43) | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 2630 | 88 | 47 | 135 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.450 | Annual | 10/04/2027 | 1790 | 0 | 34 | 34 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.900 | Annual | 10/04/2027 | 5100 | (37) | (14) | (51) | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.955 | Annual | 10/04/2027 | 1100 | (8) | (2) | (10) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2027 | 660 | 47 | (30) | 17 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 03/10/2028 | 500 | (1) | 4 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.235 | Semi-Annual | 05/12/2028 | 400 | (1) | 24 | 23 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 | 3213 | (130) | (109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 06/20/2028 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) | 153 | 42 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 29180 | 204 | (2) | 202 | 23 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 09/05/2028 | 1100 | (8) | 20 | 12 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.265 | Semi-Annual | 09/28/2028 | 800 | (1) | (46) | (47) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.510 | Annual | 11/30/2028 | 430 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 | 750 | 0 | (3) | (3) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 3066 | 60 | (246) | (186) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 14450 | 74 | (241) | (167) | 13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 01/12/2029 | 578 | 0 | 37 | 37 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.700 | Semi-Annual | 01/12/2029 | 2100 | (6) | (113) | (119) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.518 | Semi-Annual | 01/20/2029 | 300 | 0 | (19) | (19) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.630 | Semi-Annual | 01/26/2029 | 500 | (1) | (28) | (29) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 02/22/2029 | 1200 | (3) | 20 | 17 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 02/27/2029 | 400 | (1) | 7 | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 760 | 0 | 8 | 8 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2029 | 1100 | (35) | 5 | (30) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 4690 | 225 | 220 | 445 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 1866 | 115 | 9 | 124 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 14400 | (257) | 115 | (142) | 17 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 12/10/2029 | 800 | (71) | 121 | 50 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/18/2029 | 800 | (45) | 110 | 65 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 68730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(601) | (306) | (907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 4920 | 467 | (210) | 257 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/15/2030 | 2800 | (205) | 412 | 207 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/12/2030 | 1600 | (145) | 245 | 100 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 02/22/2030 | 900 | (3) | (1) | (4) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.340 | Annual | 02/23/2030 | 800 | (3) | (6) | (9) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 1400 | (3) | (15) | (18) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 03/10/2030 | 800 | (74) | 124 | 50 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.430 | Semi-Annual | 03/17/2030 | 800 | (42) | 111 | 69 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 12000 | 505 | (188) | 317 | 17 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 | 4500 | 1 | 18 | 19 | 7 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 | 11215 | 11 | 0 | 11 | 16 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/17/2030 | 24800 | (996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536 | 2540 | 40 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 910 | 5 | 7 | 12 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 16590 | 153 | 249 | 402 | 25 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/22/2030 | 1300 | (5) | 4 | (1) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/22/2030 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 20420 | (258) | 4 | (254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 719 | 4 | 86 | 90 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 9680 | (188) | 59 | (129) | 16 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 4570 | 246 | (254) | (8) | 7 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 1520 | (5) | 2 | (3) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2031 | 320 | (15) | 3 | (12) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 550 | 0 | 8 | 8 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 880 | 0 | 7 | 7 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 4400 | 274 | 390 | 664 | 8 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 6495 | (498) | (484) | (982) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 49300 | 456 | (956) | (500) | 84 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 1790 | 0 | 26 | 26 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 07/16/2031 | 800 | (3) | 99 | 96 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.405 | Semi-Annual | 09/07/2031 | 900 | (4) | 113 | 109 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 10/05/2031 | 600 | (1) | (75) | (76) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/15/2031 | 600 | (1) | (74) | (75) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.545 | Semi-Annual | 10/26/2031 | 400 | (1) | (47) | (48) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/15/2031 | 7000 | (143) | 922 | 779 | 13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 24620 | (294) | (2) | (296) | 43 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 01/12/2032 | 400 | (1) | (45) | (46) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 01/24/2032 | 500 | (1) | (58) | (59) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.768 | Semi-Annual | 02/02/2032 | 400 | (1) | (44) | (45) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/18/2032 | 900 | (6) | (82) | (88) | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1.730% | Annual | 02/24/2032 | $700 | $(3) | $(83) | $(86) | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 10100 | 393 | (142) | 251 | 18 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.817 | Annual | 04/05/2032 | 2400 | (12) | (266) | (278) | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 04/06/2032 | 1200 | (6) | (129) | (135) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 15070 | (15) | (135) | (150) | 27 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.385 | Annual | 06/08/2032 | 300 | 3 | 20 | 23 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 1980 | 75 | 222 | 297 | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 2170 | (188) | (138) | (326) | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 4010 | (173) | (301) | (474) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 2108 | 176 | 74 | 250 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 1410 | 18 | 15 | 33 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 15050 | (230) | 90 | (140) | 28 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 13520 | (231) | 102 | (129) | 25 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 11180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113 | 22 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 02/23/2033 | 400 | (2) | (6) | (8) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.430 | Annual | 02/27/2033 | 500 | (2) | (7) | (9) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 03/01/2033 | 400 | (2) | (7) | (9) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.405 | Annual | 03/01/2033 | 500 | (2) | (8) | (10) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.425 | Annual | 03/01/2033 | 500 | (2) | (8) | (10) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 03/06/2033 | 500 | (2) | (12) | (14) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 03/07/2033 | 1000 | (4) | (13) | (17) | 0 | (2) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 03/18/2033 | 3340 | (31) | 2 | (29) | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 05/22/2033 | 45500 | 440 | 146 | 586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.420 | Annual | 05/24/2033 | 600 | (2) | (9) | (11) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/06/2033 | 19440 | (70) | 41 | (29) | 37 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/14/2033 | 1300 | (6) | (29) | (35) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 3995 | 60 | 133 | 193 | 8 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2033 | 900 | (4) | (7) | (11) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 07/10/2033 | 400 | (1) | 0 | (1) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 07/12/2033 | 400 | (1) | 3 | 2 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 08/07/2033 | 200 | (1) | 2 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 08/30/2033 | 1000 | (3) | 19 | 16 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 09/13/2033 | 800 | (3) | 19 | 16 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.165 | Annual | 09/27/2033 | 800 | (3) | 31 | 28 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/02/2033 | 600 | (2) | 23 | 21 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/04/2033 | 800 | (3) | 24 | 21 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 | 400 | (1) | 15 | 14 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 400 | (2) | 16 | 14 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 10/18/2033 | 300 | (1) | 12 | 11 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 | 400 | (1) | 17 | 16 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 | 200 | (1) | 9 | 8 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 | 200 | (1) | 9 | 8 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.393 | Annual | 10/25/2033 | 200 | (1) | 11 | 10 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.435 | Annual | 11/01/2033 | 200 | (1) | 12 | 11 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 11/01/2033 | 400 | (2) | 24 | 22 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 | 400 | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | (16) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 400 | (2) | (8) | (10) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 | 400 | (2) | (6) | (8) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) | 58 | (18) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 400 | (2) | (3) | (5) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 200 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 200 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 200 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 400 | (2) | 5 | 3 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 400 | (2) | 5 | 3 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 400 | 0 | 5 | 5 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 200 | (1) | 3 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 01/23/2034 | 200 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.738 | Annual | 01/23/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 01/24/2034 | 400 | (2) | (1) | (3) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.685 | Annual | 01/24/2034 | 400 | (2) | 0 | (2) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.725 | Annual | 02/07/2034 | 200 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 02/21/2034 | 800 | (4) | 11 | 7 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 03/05/2034 | 400 | (2) | (1) | (3) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/05/2034 | 400 | (1) | 0 | (1) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/10/2034 | 400 | (1) | 6 | 5 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/15/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 04/17/2034 | 400 | (1) | 12 | 11 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 04/22/2034 | 400 | (2) | 13 | 11 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 04/22/2034 | 400 | (1) | 14 | 13 | 0 | (1) |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

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------

Schedule of Investments PIMCO Income Portfolio (Cont.)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.105% | Annual | 04/24/2034 | $700 | $(2) | $22 | $20 | $0 | $(2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.078 | Annual | 04/29/2034 | 400 | (1) | 12 | 11 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 04/30/2034 | 1300 | (4) | 40 | 36 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 05/03/2034 | 400 | (1) | 13 | 12 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 05/06/2034 | 700 | (2) | 27 | 25 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290 | (92) | 95 | 3 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 700 | (2) | (12) | (14) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 400 | (1) | (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 900 | (3) | (7) | (10) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 700 | (2) | (6) | (8) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 500 | (2) | (3) | (5) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 500 | (2) | (1) | (3) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 500 | (2) | 5 | 3 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 500 | (2) | 3 | 1 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 500 | (2) | 4 | 2 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 | 500 | (2) | 8 | 6 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 700 | (2) | 10 | 8 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 300 | (1) | 4 | 3 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 500 | (2) | 10 | 8 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 08/21/2034 | 700 | (2) | 12 | 10 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 500 | (2) | 9 | 7 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 500 | (2) | 6 | 4 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 500 | (2) | 9 | 7 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 500 | (2) | 8 | 6 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 500 | (2) | 7 | 5 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 1000 | (4) | 14 | 10 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 300 | (1) | 4 | 3 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 | 1100 | (4) | 14 | 10 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 500 | (2) | 5 | 3 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 1000 | (4) | 21 | 17 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 200 | (1) | 6 | 5 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 500 | (2) | 14 | 12 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 250 | (1) | 11 | 10 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 800 | (3) | 31 | 28 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 500 | (2) | 21 | 19 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 500 | (2) | 21 | 19 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 | 500 | (2) | (9) | (11) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 | 500 | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | (14) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.395 | Annual | 10/17/2034 | 500 | (2) | (11) | (13) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 500 | (1) | (10) | (11) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 500 | (1) | (9) | (10) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 500 | (2) | (7) | (9) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | (4) | (18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.485 | Annual | 10/30/2034 | 900 | (3) | (14) | (17) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.455 | Annual | 11/01/2034 | 900 | (3) | (16) | (19) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 11/01/2034 | 900 | (3) | (15) | (18) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.435 | Annual | 11/05/2034 | 900 | (3) | (17) | (20) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 | 3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | (39) | (50) | 0 | (7) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 1800 | (6) | (20) | (26) | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 600 | (2) | 8 | 6 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 900 | (4) | 9 | 5 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 300 | (1) | 4 | 3 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 210 | 5 | (5) | 0 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 600 | (2) | 4 | 2 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 300 | (1) | 3 | 2 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 600 | (2) | 7 | 5 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 900 | (2) | 8 | 6 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 900 | (2) | 19 | 17 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 600 | (2) | 16 | 14 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 300 | (1) | 9 | 8 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 600 | (2) | 17 | 15 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 300 | (1) | (1) | (2) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 600 | (2) | (4) | (6) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 300 | (1) | (1) | (2) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 600 | (2) | (2) | (4) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 600 | (2) | (4) | (6) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 1000 | (3) | (12) | (15) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 1200 | (3) | (11) | (14) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 1200 | (6) | 2 | (4) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 900 | 23 | 19 | 42 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 600 | (2) | 14 | 12 | 1 | 0 |

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| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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December 31, 2025

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 09/17/2035 | $3400 | $(29) | $40 | $11 | $8 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | (16) | 19 | 3 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.910 | Semi-Annual | 10/17/2049 | 300 | (65) | 183 | 118 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.895 | Semi-Annual | 10/18/2049 | 300 | (64) | 183 | 119 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/15/2049 | 270 | 0 | 34 | 34 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 | 270 | 0 | 30 | 30 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | 11/15/2049 | 140 | 0 | 14 | 14 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 12/11/2049 | 2200 | (658) | 1407 | 749 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.625 | Semi-Annual | 02/03/2050 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) | 1751 | 1308 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.875 | Semi-Annual | 02/07/2050 | 1200 | (251) | 727 | 476 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 03/12/2050 | 900 | (274) | 577 | 303 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.491 | Semi-Annual | 01/21/2051 | 400 | (4) | (183) | (187) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 | 2000 | 373 | 643 | 1016 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.785 | Semi-Annual | 08/12/2051 | 500 | (7) | 219 | 212 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 12/15/2051 | 4000 | 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1575) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.815 | Semi-Annual | 01/24/2052 | 100 | (1) | (41) | (42) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.867 | Semi-Annual | 01/26/2052 | 100 | (1) | (41) | (42) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 200 | (2) | (36) | (38) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 07/12/2053 | 300 | (2) | (39) | (41) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 | 390 | (4) | 61 | 57 | 1 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 11/15/2053 | 1000 | 21 | 14 | 35 | 3 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 11/15/2053 | 3068 | 5 | 48 | 53 | 11 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 03/05/2054 | 200 | (2) | (20) | (22) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 3900 | 387 | 63 | 450 | 12 | 0 |
|  Pay | 1-Year BRL-CDI | 9.874 | Maturity | 01/02/2026 | 3000 | 0 | (33) | (33) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 9.899 | Maturity | 01/02/2026 | 1500 | 0 | (16) | (16) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 9.939 | Maturity | 01/02/2026 | 2400 | 0 | (25) | (25) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.052 | Maturity | 01/02/2026 | 5600 | 0 | (57) | (57) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.085 | Maturity | 01/02/2026 | 5600 | 0 | (56) | (56) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.105 | Maturity | 01/02/2026 | 5500 | 0 | (55) | (55) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 9.998 | Maturity | 01/04/2027 | 4400 | 0 | (66) | (66) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.037 | Maturity | 01/04/2027 | 1100 | 0 | (16) | (16) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.041 | Maturity | 01/04/2027 | 4600 | 0 | (69) | (69) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.072 | Maturity | 01/04/2027 | 3270 | 0 | (41) | (41) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.090 | Maturity | 01/04/2027 | 8600 | 0 | (126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.098 | Maturity | 01/04/2027 | 9900 | 0 | (124) | (124) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.138 | Maturity | 01/04/2027 | 2100 | 0 | (30) | (30) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.165 | Maturity | 01/04/2027 | 5020 | 0 | (61) | (61) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.170 | Maturity | 01/04/2027 | 8380 | 0 | (102) | (102) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.183 | Maturity | 01/04/2027 | 15050 | 0 | (183) | (183) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.203 | Maturity | 01/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11730 | 0 | (141) | (141) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.210 | Maturity | 01/04/2027 | 1690 | 0 | (20) | (20) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.256 | Maturity | 01/04/2027 | 11720 | 0 | (139) | (139) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.328 | Maturity | 01/04/2027 | 9670 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) | (111) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.250 | Maturity | 01/04/2027 | 800 | 0 | (10) | (10) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.275 | Maturity | 01/04/2027 | 400 | 0 | (5) | (5) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.290 | Maturity | 01/04/2027 | 400 | 0 | (5) | (5) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.731 | Maturity | 01/04/2027 | 200 | 0 | (2) | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.746 | Maturity | 01/04/2027 | 900 | 0 | (8) | (8) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.901 | Maturity | 01/04/2027 | 2200 | 0 | (18) | (18) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 16300 | 1 | (15) | (14) | 0 | (3) |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 11800 | 0 | (6) | (6) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 10700 | (1) | (9) | (10) | 0 | (4) |
|  Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 | 21400 | 2 | (9) | (7) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.800 | Maturity | 01/02/2031 | 36600 | (3) | (87) | (90) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.841 | Maturity | 01/02/2031 | 13300 | 0 | (30) | (30) | 0 | 0 |
|  Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | 3800 | 23 | 83 | 106 | 5 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 07/31/2028 | 7100 | 0 | 22 | 22 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 07/31/2028 | 1900 | 0 | 6 | 6 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.420 | Quarterly | 07/31/2028 | 7100 | 0 | 22 | 22 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.426 | Quarterly | 08/01/2028 | 2800 | 0 | 9 | 9 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/01/2028 | 4800 | 0 | 15 | 15 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/02/2028 | 4900 | 0 | 15 | 15 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.550 | Quarterly | 08/03/2028 | 5600 | 0 | 18 | 18 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.380 | Quarterly | 08/04/2028 | 10000 | 0 | 30 | 30 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 08/04/2028 | 2500 | 0 | 8 | 8 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.421 | Quarterly | 08/04/2028 | 3500 | 0 | 11 | 11 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.543 | Quarterly | 08/04/2028 | 2600 | 0 | 9 | 9 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.360 | Quarterly | 08/07/2028 | 10600 | 0 | 32 | 32 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/07/2028 | 1500 | 0 | 5 | 5 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.000 | Quarterly | 01/03/2031 | 2700 | 0 | 10 | 10 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

---

------

Schedule of Investments PIMCO Income Portfolio (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 3-Month ZAR-JIBAR | 8.001% | Quarterly | 01/06/2031 | ZAR | 2700 | $0 | $10 | $10 | $0 | $0 |
|  Pay | 3-Month ZAR-JIBAR | 8.010 | Quarterly | 01/07/2031 |  | 2700 | 0 | 10 | 10 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.030 | Quarterly | 01/07/2031 |  | 2700 | 0 | 10 | 10 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.053 | Quarterly | 01/07/2031 |  | 2700 | 0 | 10 | 10 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.058 | Quarterly | 01/07/2031 |  | 2700 | 0 | 10 | 10 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.063 | Quarterly | 01/08/2031 |  | 2600 | 0 | 10 | 10 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.080 | Quarterly | 01/08/2031 |  | 9100 | 0 | 35 | 35 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.203 | Quarterly | 01/10/2031 |  | 2600 | 0 | 11 | 11 | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 | AUD | 13870 | 1320 | (1381) | (61) | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 3.000 | Semi-Annual | 03/21/2027 |  | 1090 | 126 | (137) | (11) | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 09/18/2029 |  | 17700 | 183 | (327) | (144) | 0 | (7) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 4200 | (7) | (13) | (20) | 0 | (3) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 5300 | (20) | (15) | (35) | 0 | (4) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 2100 | 28 | (46) | (18) | 0 | (2) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 29550 | 395 | (792) | (397) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) |
|  Pay | 6-Month CLP-CHILIBOR | 4.000 | Semi-Annual | 09/17/2030 |  | 14200 | 146 | (319) | (173) | 0 | (8) |
|  Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 | EUR | 500 | (1) | 20 | 19 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 |  | 500 | (1) | 16 | 15 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 500 | (1) | 17 | 16 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 |  | 500 | (1) | 18 | 17 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 |  | 400 | (1) | 16 | 15 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 |  | 400 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 |  | 500 | (1) | 4 | 3 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.360 | Annual | 10/07/2029 |  | 500 | (1) | 3 | 2 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 600 | (1) | (5) | (6) | 0 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 41900 | 149 | (408) | (259) | 0 | (33) |
|  Pay | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/21/2032 |  | 1920 | (4) | (96) | (100) | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 3.270 | Annual | 08/21/2033 |  | 300 | (1) | 14 | 13 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 |  | 800 | (3) | 40 | 37 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 |  | 300 | (1) | 5 | 4 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/05/2034 |  | 300 | (1) | 5 | 4 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 |  | 300 | (1) | 7 | 6 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 |  | 300 | (1) | 8 | 7 | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 |  | 1000 | (3) | (38) | (41) | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 300 | (1) | (8) | (9) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 300 | (1) | (2) | (3) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 300 | (1) | (5) | (6) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 400 | (1) | (9) | (10) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 300 | (1) | 7 | 6 | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 |  | 300 | (1) | 7 | 6 | 1 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 1300 | (5) | (22) | (27) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 03/18/2050 |  | 200 | (13) | 135 | 122 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 06/17/2050 |  | 400 | (63) | 286 | 223 | 1 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 |  | 12500 | 132 | 1765 | 1897 | 8 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 10230 | (101) | 711 | 610 | 34 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.990 | Lunar | 12/18/2029 | MXN | 4600 | 0 | 12 | 12 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.135 | Lunar | 12/27/2029 |  | 5600 | 0 | 17 | 17 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.150 | Lunar | 12/31/2029 |  | 8000 | 0 | 25 | 25 | 1 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.108 | Lunar | 03/13/2030 |  | 21100 | 0 | 64 | 64 | 1 | 0 |
|  Pay | UKRPI | 4.000 | Maturity | 09/15/2031 | GBP | 300 | 0 | (33) | (33) | 0 | 0 |
|  Pay | UKRPI | 4.055 | Maturity | 09/15/2031 |  | 400 | 2 | (43) | (41) | 0 | 0 |
|  Pay | UKRPI | 4.066 | Maturity | 09/15/2031 |  | 700 | (9) | (62) | (71) | 0 | 0 |
|  Pay | UKRPI | 4.020 | Maturity | 10/15/2031 |  | 400 | (2) | (40) | (42) | 0 | 0 |
|  Pay | UKRPI | 4.140 | Maturity | 10/15/2031 |  | 1000 | (3) | (84) | (87) | 0 | 0 |
|  Pay | UKRPI | 4.400 | Maturity | 10/15/2031 |  | 500 | 4 | (27) | (23) | 0 | 0 |
|  Pay | UKRPI | 4.250 | Maturity | 11/15/2031 |  | 900 | (8) | (48) | (56) | 2 | 0 |
|  |  |  |  |  |  |  | $697 | $8896 | $9593 | $1080 | $(308) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320) |

---

22 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | $1265 | $0 | $(554) | $(320) | $(874) |

---

(k) Securities with an aggregate market value of $10,841 and cash of $10,450 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 01/2026 | $19 | 2946 | $0 | $0 |
|  BOA | 01/2026 | 111202 | $29 | 0 | 0 |
|  | 01/2026 | 913 | 10 | 0 | 0 |
|  | 01/2026 | 444674 | 306 | 0 | (3) |
|  | 01/2026 | 1757 | 481 | 0 | (9) |
|  | 01/2026 | 6168 | 190 | 0 | (6) |
|  | 01/2026 | 19421 | 637 | 18 | 0 |
|  | 01/2026 | $925 | 3380 | 17 | 0 |
|  | 01/2026 | 102 | 3227 | 0 | 0 |
|  | 01/2026 | 397 | 6623 | 2 | 0 |
|  | 02/2026 | 222011 | $58 | 1 | 0 |
|  | 02/2026 | 1629 | 511 | 0 | 0 |
|  | 03/2026 | 1497478 | 390 | 4 | 0 |
|  | 03/2026 | 13563 | 4023 | 0 | (2) |
|  | 04/2026 | $138 | 2551 | 2 | 0 |
|  | 07/2026 | 1600 | $276 | 0 | (3) |
|  BPS | 01/2026 | 4602 | 2991 | 0 | (80) |
|  | 01/2026 | 182 | 231 | 1 | 0 |
|  | 01/2026 | 13924 | 1976 | 0 | (22) |
|  | 01/2026 | 1522799 | 91 | 0 | 0 |
|  | 01/2026 | 2684 | 825 | 0 | (17) |
|  | 01/2026 | 43274 | 480 | 0 | (1) |
|  | 01/2026 | 4045 | 1108 | 0 | (18) |
|  | 01/2026 | 107920 | 3532 | 96 | 0 |
|  | 01/2026 | $2117 | 14827 | 9 | 0 |
|  | 01/2026 | 581 | 52407 | 1 | 0 |
|  | 01/2026 | 1287 | 4662 | 11 | 0 |
|  | 01/2026 | 3995 | 125386 | 6 | (9) |
|  | 01/2026 | 3209 | 53713 | 30 | 0 |
|  | 01/2026 | 33978 | $2031 | 0 | (19) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

---

------

Schedule of Investments PIMCO Income Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 02/2026 | $505 | 45460 | $0 | $0 |
|  | 02/2026 | 332 | 1186 | 0 | (2) |
|  | 02/2026 | 1252 | 39297 | 0 | (3) |
|  | 03/2026 | 39507 | $865 | 0 | (11) |
|  | 03/2026 | 12299 | 396 | 5 | 0 |
|  | 04/2026 | 5300 | 928 | 0 | (20) |
|  | 05/2026 | $116 | 35 | 0 | (1) |
|  | 06/2026 | 84 | 26 | 0 | 0 |
|  | 07/2026 | 26000 | $4513 | 10 | (44) |
|  | 07/2026 | $52 | 16 | 0 | 0 |
|  | 06/2027 | 41 | 12 | 0 | 0 |
|  | 05/2029 | 175 | $600 | 24 | 0 |
|  | 07/2029 | 23 | 80 | 3 | 0 |
|  | 05/2030 | 130 | 447 | 16 | 0 |
|  | 08/2030 | 39 | 133 | 2 | 0 |
|  BRC | 01/2026 | 323 | 375 | 0 | (5) |
|  | 01/2026 | 709 | 221 | 0 | (2) |
|  | 01/2026 | 364100 | 2351 | 25 | 0 |
|  | 01/2026 | $273 | 994 | 4 | 0 |
|  | 01/2026 | 1057 | 1355 | 0 | (3) |
|  | 01/2026 | 3100 | 140000 | 125 | 0 |
|  | 01/2026 | 964 | 16260 | 17 | 0 |
|  | 02/2026 | 699 | $217 | 0 | (3) |
|  | 02/2026 | $2206 | 100382 | 54 | 0 |
|  | 03/2026 | 1181 | 21867 | 25 | 0 |
|  | 03/2026 | 1845 | 84438 | 21 | 0 |
|  BSH | 01/2026 | 2584 | $722 | 0 | (46) |
|  | 01/2026 | $8577 | 1335027 | 0 | (48) |
|  | 02/2026 | 704 | $201 | 0 | (8) |
|  | 03/2026 | 492 | 145 | 0 | (1) |
|  | 04/2026 | 10000 | 1761 | 2 | (28) |
|  | 05/2026 | 1914 | 539 | 0 | (28) |
|  | 07/2026 | 13000 | 2230 | 0 | (44) |
|  CBK | 01/2026 | 4428198 | 1167 | 7 | (1) |
|  | 01/2026 | 933 | 539 | 1 | 0 |
|  | 01/2026 | 12 | 3 | 0 | 0 |
|  | 01/2026 | 203754 | 6712 | 225 | 0 |
|  | 01/2026 | $1736 | 2611 | 7 | 0 |
|  | 01/2026 | 1371 | 9570 | 2 | 0 |
|  | 01/2026 | 233 | 877013 | 0 | (1) |
|  | 01/2026 | 130 | 416 | 1 | 0 |
|  | 01/2026 | 8139 | 727336 | 6 | (72) |
|  | 01/2026 | 150 | 539 | 0 | 0 |
|  | 01/2026 | 0 | 9 | 0 | 0 |
|  | 01/2026 | 1002 | 31328 | 1 | (5) |
|  | 01/2026 | 194 | 3299 | 5 | 0 |
|  | 02/2026 | 886431 | $233 | 3 | 0 |
|  | 02/2026 | 1282 | 403 | 1 | 0 |
|  | 02/2026 | 2109 | 574 | 0 | (53) |
|  | 02/2026 | $31 | 971 | 0 | 0 |
|  | 03/2026 | 1454821 | $384 | 7 | 0 |
|  | 03/2026 | 14707 | 4245 | 0 | (119) |
|  | 03/2026 | 13368 | 429 | 5 | 0 |
|  | 04/2026 | 693913 | 182 | 3 | 0 |
|  | 11/2026 | 3481 | 1018 | 0 | (4) |
|  DUB | 01/2026 | 1170 | 364 | 0 | (4) |
|  | 01/2026 | 798895 | 546 | 0 | (8) |
|  | 01/2026 | 728 | 421 | 2 | 0 |
|  | 01/2026 | $782 | 2495 | 1 | 0 |
|  | 01/2026 | 2469 | 219872 | 0 | (29) |
|  | 01/2026 | 1263 | 1855109 | 24 | 0 |
|  | 01/2026 | 2105 | 35438 | 33 | 0 |
|  | 02/2026 | 2494 | $782 | 0 | (1) |
|  | 02/2026 | $42 | 1311 | 0 | 0 |
|  FAR | 01/2026 | 9380 | $6092 | 0 | (168) |
|  | 01/2026 | 200 | 250 | 0 | (3) |
|  | 01/2026 | 6940 | 986 | 0 | (10) |
|  | 01/2026 | 16877 | 22163 | 0 | (586) |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $414 | 1327 | $3 | $0 |
|  | 01/2026 | 5964 | 110631 | 165 | 0 |
|  | 01/2026 | 768 | 2588 | 1 | 0 |
|  | 01/2026 | 1777 | 6486 | 29 | 0 |
|  | 01/2026 | 1896 | 31835 | 24 | 0 |
|  | 01/2026 | 11190 | $667 | 0 | (8) |
|  | 02/2026 | 1327 | 414 | 0 | (3) |
|  | 06/2026 | 2602 | 768 | 0 | (1) |
|  GLM | 01/2026 | 110766 | 29 | 0 | 0 |
|  | 01/2026 | 1279 | 396 | 0 | (6) |
|  | 01/2026 | 39609 | 27 | 0 | 0 |
|  | 01/2026 | $16 | 13 | 0 | 0 |
|  | 01/2026 | 992 | 6996 | 11 | 0 |
|  | 01/2026 | 28 | 39609 | 0 | 0 |
|  | 01/2026 | 1612 | 5891 | 28 | 0 |
|  | 01/2026 | 210 | 6674 | 2 | 0 |
|  | 01/2026 | 46 | 787 | 2 | 0 |
|  | 02/2026 | 2224806 | $580 | 1 | 0 |
|  | 02/2026 | $15532 | 85574 | 0 | (33) |
|  | 02/2026 | 150 | 6824 | 4 | 0 |
|  | 03/2026 | 134 | $24 | 0 | 0 |
|  | 03/2026 | 917 | 271 | 0 | (1) |
|  | 03/2026 | $4422 | 24499 | 0 | (9) |
|  | 03/2026 | 554 | 10281 | 14 | 0 |
|  | 04/2026 | 49800 | $8730 | 10 | (182) |
|  | 04/2026 | $1172 | 21603 | 16 | 0 |
|  | 07/2026 | 37000 | $6414 | 18 | (74) |
|  | 08/2026 | 47250 | 30 | 0 | 0 |
|  JPM | 01/2026 | 28891 | 4102 | 0 | (43) |
|  | 01/2026 | 8765 | 2693 | 0 | (59) |
|  | 01/2026 | 43320 | 487 | 6 | 0 |
|  | 01/2026 | 546583 | 381 | 2 | 0 |
|  | 01/2026 | 382 | 21 | 0 | (1) |
|  | 01/2026 | 1330 | 772 | 6 | 0 |
|  | 01/2026 | 4202 | 1147 | 0 | (24) |
|  | 01/2026 | $1242 | 8722 | 10 | 0 |
|  | 01/2026 | 985 | 87693 | 0 | (11) |
|  | 01/2026 | 1241 | 4577 | 34 | 0 |
|  | 01/2026 | 17 | 288 | 1 | 0 |
|  | 02/2026 | 381 | 545866 | 0 | (2) |
|  | 02/2026 | 314 | 5832 | 8 | 0 |
|  | 03/2026 | 3 | $0 | 0 | 0 |
|  | 03/2026 | $904 | 16587 | 11 | 0 |
|  | 04/2026 | 15200 | $2565 | 0 | (152) |
|  | 04/2026 | $436 | 8036 | 6 | 0 |
|  | 07/2026 | 9000 | $1561 | 0 | (13) |
|  MBC | 01/2026 | 668 | 437 | 0 | (9) |
|  | 01/2026 | 10823 | 7690 | 0 | (200) |
|  | 01/2026 | 1151 | 1441 | 0 | (13) |
|  | 01/2026 | 52217 | 60605 | 0 | (786) |
|  | 01/2026 | 897 | 1192 | 0 | (17) |
|  | 01/2026 | 337200 | 2170 | 16 | 0 |
|  | 01/2026 | 1570 | 905 | 2 | (1) |
|  | 01/2026 | 16779 | 12931 | 0 | (130) |
|  | 01/2026 | $875 | 741 | 0 | (3) |
|  | 01/2026 | 155 | 13994 | 1 | 0 |
|  | 01/2026 | 469 | 73109 | 0 | (2) |
|  | 01/2026 | 391 | 1433 | 8 | 0 |
|  | 01/2026 | 116 | 3751 | 3 | 0 |
|  | 01/2026 | 158 | 4977 | 1 | 0 |
|  | 01/2026 | 1243 | 20910 | 18 | 0 |
|  | 02/2026 | 944 | 17498 | 23 | 0 |
|  | 03/2026 | 316 | 5824 | 5 | 0 |
|  | 04/2026 | 351 | 6475 | 5 | 0 |
|  MYI | 01/2026 | 0 | 16 | 0 | 0 |
|  | 01/2026 | 1113 | 18730 | 16 | 0 |
|  | 02/2026 | 2576 | $800 | 0 | (9) |
|  NGF | 01/2026 | 1309610 | 895 | 0 | (13) |
|  | 01/2026 | $848 | 1244350 | 15 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

---

------

Schedule of Investments PIMCO Income Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $968 | 43673 | $36 | $0 |
|  | 02/2026 | 459 | 20772 | 14 | 0 |
|  | 03/2026 | 670 | 30677 | 7 | 0 |
|  SCX | 01/2026 | 13838 | $1964 | 0 | (22) |
|  | 01/2026 | 2532898 | 151 | 0 | 0 |
|  | 01/2026 | 6371 | 70 | 0 | (1) |
|  | 01/2026 | 271400 | 1744 | 10 | 0 |
|  | 01/2026 | 21056 | 691 | 21 | 0 |
|  | 01/2026 | $158 | 14237 | 0 | 0 |
|  | 01/2026 | 6659 | 1035611 | 0 | (43) |
|  | 02/2026 | 1383 | 25660 | 35 | 0 |
|  | 11/2026 | 32350 | $20 | 0 | 0 |
|  UAG | 01/2026 | 202 | 251 | 0 | (4) |
|  | 01/2026 | $1605 | 5828 | 19 | 0 |
|  | 01/2026 | 86 | 1495 | 4 | 0 |
|  | 02/2026 | 311 | 5778 | 8 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3425) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup>** |  | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup>** |  | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BPS | Colombia Government International Bonds | 1.000% | Quarterly | 12/20/2027 | 1.164 | % | $300 | $(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| BRC | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.897 |  | 200 | (9) | 9 | 0 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.525 |  | 100 | (2) | 4 | 2 | 0 |
| CBK | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.075 |  | 400 | (14) | 14 | 0 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.312 |  | 700 | (4) | 11 | 7 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.640 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | (19) | 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 577 | 0 | 5 | 5 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 247 | 0 | 2 | 2 | 0 |
| GST | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.075 |  | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | 15 | 0 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.164 |  | 200 | (18) | 17 | 0 | (1) |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.575 |  | 300 | (8) | 13 | 5 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.706 |  | 400 | (3) | 2 | 0 | (1) |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.266 |  | 100 | (4) | 5 | 1 | 0 |
| JPM | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.640 |  | 1400 | (15) | 36 | 21 | 0 |
| MYC | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.075 |  | 300 | (11) | 11 | 0 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.164 |  | 400 | (36) | 35 | 0 | (1) |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.525 |  | 300 | (5) | 10 | 5 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.575 |  | 200 | (5) | 8 | 3 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.534 |  | 200 | (2) | 5 | 3 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.266 |  | 700 | (31) | 36 | 5 | 0 |
|  |  |  |  |  |  |  |  | $(228) | $304 | $80 | $(4) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | 1200 | $274 | $9 | $283 | $0 |
| BPS | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 500 | 115 | 3 | 118 | 0 |
| CBK | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 200 | 45 | 2 | 47 | 0 |
| GST | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | $11600 | (253) | 288 | 35 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 15100 | 23 | 56 | 79 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 334 | (13) | 13 | 0 | 0 |
| JPM | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 900 | 206 | 6 | 212 | 0 |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | $1625 | 1 | 4 | 5 | 0 |
|  | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 200 | 1 | 0 | 1 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 9775 | (40) | 101 | 61 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 11200 | 0 | 59 | 59 | 0 |
|  |  |  |  |  |  | $359 | $541 | $900 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

26 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  BOA | $44 | $0 | $283 | $327 | $(23) | $0 | $0 | $(23) | $304 | $(360) | $(56) |
|  BPS | 214 | 0 | 118 | 332 | (247) | 0 | (1) | (248) | 84 | 0 | 84 |
|  BRC | 271 | 0 | 2 | 273 | (13) | 0 | 0 | (13) | 260 | (100) | 160 |
|  BSH | 2 | 0 | 0 | 2 | (203) | 0 | 0 | (203) | (201) | 83 | (118) |
|  CBK | 274 | 0 | 75 | 349 | (255) | 0 | 0 | (255) | 94 | 0 | 94 |
|  DUB | 60 | 0 | 7 | 67 | (42) | 0 | 0 | (42) | 25 | 0 | 25 |
|  FAR | 222 | 0 | 0 | 222 | (779) | 0 | 0 | (779) | (557) | 409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) |
|  GLM | 106 | 0 | 0 | 106 | (305) | 0 | 0 | (305) | (199) | 268 | 69 |
|  GST | 0 | 0 | 120 | 120 | 0 | 0 | (2) | (2) | 118 | 0 | 118 |
|  JPM | 84 | 0 | 233 | 317 | (305) | 0 | 0 | (305) | 12 | 0 | 12 |
|  MBC | 82 | 0 | 0 | 82 | (1161) | 0 | 0 | (1161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344 | 265 |
|  MYC | 0 | 0 | 16 | 16 | 0 | 0 | (1) | (1) | 15 | 30 | 45 |
|  MYI | 16 | 0 | 0 | 16 | (9) | 0 | 0 | (9) | 7 | 2 | 9 |
|  NGF | 72 | 0 | 0 | 72 | (13) | 0 | 0 | (13) | 59 | 0 | 59 |
|  SAL | 0 | 0 | 126 | 126 | 0 | 0 | 0 | 0 | 126 | 0 | 126 |
|  SCX | 66 | 0 | 0 | 66 | (66) | 0 | 0 | (66) | 0 | 0 | 0 |
|  UAG | 31 | 0 | 0 | 31 | (4) | 0 | 0 | (4) | 27 | 0 | 27 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3425) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3429) |  |  |  |

---

(m) Securities with an aggregate market value of $2,136 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

¨ Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $183 | $183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 1080 | 1082 |
|  | $0 | $2 | $0 | $0 | $1263 | $1265 |
|  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 | $1544 | $0 | $1544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 980 | 0 | 0 | 0 | 980 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524 |
|  | $0 | $982 | $0 | $1544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263 | $3789 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 27

------

Schedule of Investments PIMCO Income Portfolio (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $554 | $554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 12 | 0 | 0 | 308 | 320 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $0 | $0 | $862 | $874 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3425 | $0 | $3425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 0 | 4 |
|  | $0 | $4 | $0 | $3425 | $0 | $3429 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $16 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $189 | $189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 7294 | 7294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2009 | 0 | 0 | 6680 | 8689 |
|  | $0 | $2009 | $0 | $0 | $14163 | $16172 |
|  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 | $(5375) | $0 | $(5375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (151) | 0 | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 90 | 427 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1025 | 0 | 0 | 0 | 1025 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5436) | $427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3984) |
|  | $0 | $3034 | $0 | $(5436) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14590 | $12188 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1330 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (109) | 0 | 0 | (9015) | (9124) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(109) | $0 | $0 | $(7683) | $(7792) |
|  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 | $(4714) | $0 | $(4714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 113 | 26 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (181) | 0 | 0 | 0 | (181) |
|  | $0 | $(181) | $0 | $(4601) | $26 | $(4756) |
|  | $0 | $(290) | $0 | $(4601) | $(7657) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12548) |

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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, 2025 in valuing the Portfolio's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>12/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $7526 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7495 | $15021 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 48315 | 24 | 48339 |
| &nbsp;&nbsp; Industrials | 0 | 68492 | 0 | 68492 |
| &nbsp;&nbsp; Utilities | 0 | 18656 | 0 | 18656 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 0 | 106 | 106 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Illinois | 0 | 48 | 0 | 48 |
|  U.S. Government Agencies | 0 | 622508 | 0 | 622508 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>12/31/2025** |
|  U.S. Treasury Obligations | $0 | $133267 | $0 | $133267 |
|  Non-Agency Mortgage-Backed Securities | 0 | 234398 | 0 | 234398 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 4601 | 0 | 4601 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 16113 | 0 | 16113 |
| &nbsp;&nbsp; CMBS Other | 0 | 7275 | 0 | 7275 |
| &nbsp;&nbsp; Home Equity Other | 0 | 149795 | 0 | 149795 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 21854 | 0 | 21854 |
| &nbsp;&nbsp; Other ABS | 0 | 168291 | 0 | 168291 |
|  Sovereign Issues | 0 | 98547 | 0 | 98547 |

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| | | |
|:---|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>12/31/2025** |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | $431 | $0 | $533 | $964 |
| &nbsp;&nbsp; Financials | 2 | 0 | 13 | 15 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 1006 | 1006 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 180 | 180 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Communication Services | 0 | 0 | 3 | 3 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 1812 | 13 | 1825 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 4173 | 0 | 4173 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1345 | 0 | 1345 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616822 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $477 | $0 | $0 | $477 |
|  Total Investments | $910 | $1607016 | $9373 | $1617299 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(2846) | $0 | $(2846) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>12/31/2025** |
|  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 | $94 | $1171 | $0 | $1265 |
|  Over the counter | 0 | 2517 | 7 | 2524 |
|  | $94 | $3688 | $7 | $3789 |
|  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 | (28) | (846) | 0 | (874) |
|  Over the counter | 0 | (3429) | 0 | (3429) |
|  | $(28) | $(4275) | $0 | $(4303) |
|  Total Financial Derivative Instruments | $66 | $(587) | $7 | $(514) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613939 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Notes to Financial Statements

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Income Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt

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| | |
|:---|:---|
| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Portfolio may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Portfolio invests. These foreign taxes, if any, are paid by the Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

(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

that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

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------

Notes to Financial Statements (Cont.)

certain funds, 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 September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by

jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5

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| | |
|:---|:---|
| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued by the Valuation Designee in accordance with procedures approved by the Board.

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **33** |

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Notes to Financial Statements (Cont.)

cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to

market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash

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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, 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, time deposits and certificates of deposit) 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, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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| Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(514400) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **35** |

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Notes to Financial Statements (Cont.)

(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 according to 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 ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in 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 payments. 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, syndicated bank loans, peer-to-peer loans and litigation finance loans.

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| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is generally not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by the Portfolio as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so to the extent the Portfolio invests in REITs, the Portfolio will bear its proportionate share of the costs of the REITs' operations.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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Notes to Financial Statements (Cont.)

may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2025, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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 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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an

underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit the Portfolio to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Portfolio to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Portfolio may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

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5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(b) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement

of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(c) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its

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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, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of

Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold

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("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance

and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio

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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 fail to perform or meet an obligation 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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

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Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication 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 as the value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements

exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

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Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage,

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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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

Distribution Rate Risk is the risk that the Portfolio's distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Portfolio performance and other factors.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Portfolio's investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Portfolio's investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Portfolio.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **45** |

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Notes to Financial Statements (Cont.)

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 complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result

of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things,

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| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to

terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | | |
|:---|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Class M | Administrative<br>Class | Advisor<br>Class |
| 0.25% | 0.40% | 0.40% \* | 0.40% | 0.40% |

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\* This particular share class has been registered with the SEC, but was not operational during the fiscal year ended December 31, 2025.

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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Notes to Financial Statements (Cont.)

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing, or procuring through financial firms, administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for each of the Advisor Class and Class M shares of the Portfolio (the "Distribution and Servicing Plans"). The Distribution and Servicing Plans have been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plans permit the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class and Class M shares. The Distribution and Servicing Plans permit the Portfolio to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class or Class M shares, respectively. The Distribution and Servicing Plan for Class M shares also permits the Portfolio to compensate the Distributor for providing or procuring administrative, recordkeeping, and other investor services at an annual rate of up to 0.20% of the average daily net assets attributable to its Class M shares.

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| | | |
|:---|:---|:---|
|  | Distribution Fee | Servicing Fee |
|  **Class M\*** | 0.25% | 0.20% |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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\* This particular share class has been registered with the SEC, but was not operational during the fiscal year ended December 31, 2025.

(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 (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-

related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $4,660.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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

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|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. As of December 31, 2025, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $8452787 | $8330346 | $464258 | $203177 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2320 | $23508 | 3496 | $35131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 12098 | 122001 | 10869 | 108138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 15285 | 154809 | 16153 | 160632 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 468 | 4753 | 424 | 4212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 2018 | 20489 | 1682 | 16716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 2282 | 23151 | 1909 | 18980 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2283) | (22849) | (621) | (6189) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (4013) | (40644) | (2711) | (26945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (15126) | (154915) | (3196) | (31780) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 13049 | $130303 | 28005 | $278895 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **49** |

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Notes to Financial Statements (Cont.)

As of December 31, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 54% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

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, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO Income Portfolio | $18969 | $0 | $9802 | $(1) | $(19997) | $0 | $0 | $8773 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, and interest accrued on defaulted securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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.

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|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

As of December 31, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Income Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15309 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Income Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46263) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9674 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, and interest accrued on defaulted securities. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Income Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48432 | $&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;39908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Income Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Income Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GSC | Goldman Sachs & Co. LLC | NOM | Nomura Securities International, Inc. |
| BRC | Barclays Bank PLC | GST | Goldman Sachs International | SAL | Citigroup Global Markets, Inc. |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SCX | Standard Chartered Bank, London |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | IDR | Indonesian Rupiah | NZD | New Zealand Dollar |
| BRL | Brazilian Real | ILS | Israeli Shekel | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | INR | Indian Rupee | PLN | Polish Zloty |
| CHF | Swiss Franc | JPY | Japanese Yen | SGD | Singapore Dollar |
| CLP | Chilean Peso | KRW | South Korean Won | THB | Thai Baht |
| CNH | Chinese Renminbi (Offshore) | KWD | Kuwaiti Dinar | TRY | Turkish New Lira |
| COP | Colombian Peso | KZT | Kazakhstani Tenge | TWD | Taiwanese Dollar |
| EUR | Euro | MXN | Mexican Peso | USD (or $) | United States Dollar |
| GBP | British Pound | NGN | Nigerian Naira | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| OTC | Over the Counter |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BISTREFI | Turkish Lira Overnight Reference Rate | CMBX | Commercial Mortgage-Backed Index | SONIO | Sterling Overnight Interbank Average Rate |
| Bobl | Bundesobligation, the German word for federal government bond | EUR003M | 3 Month EUR Swap Rate | TSFR1M | Term SOFR 1-Month |
| CDX.EM | Credit Derivatives Index - Emerging Markets | MUTKCALM | Tokyo Overnight Average Rate | TSFR3M | Term SOFR 3-Month |
| CDX.HY | Credit Derivatives Index - High Yield | SOFR | Secured Overnight Financing Rate | UKRPI | United Kingdom Retail Prices Index |
| CDX.IG | Credit Derivatives Index - Investment Grade |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | OIS | Overnight Index Swap |
| BABs | Build America Bonds | DAC | Designated Activity Company | PIK | Payment-in-Kind |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| BBSW | Bank Bill Swap Reference Rate | JIBAR | Johannesburg Interbank Agreed Rate | TBA | To-Be-Announced |
| BRL-CDI | Brazil Interbank Deposit Rate | JSC | Joint Stock Company | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CHILIBOR | Chile Interbank Offered Rate |  |  |  |  |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **53** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Income Portfolio

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|:---|:---|:---|:---|:---|
| 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 2025 | $0.0456 | $0.0000 | $0.0000 | $0.0456 |
|  August 2025 | $0.0466 | $0.0000 | $0.0000 | $0.0466 |
|  September 2025 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  October 2025 | $0.0495 | $0.0000 | $0.0000 | $0.0495 |
|  November 2025 | $0.0405 | $0.0000 | $0.0000 | $0.0405 |
|  December 2025 | $0.0465 | $0.0000 | $0.0000 | $0.0465 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0443 | $0.0000 | $0.0000 | $0.0443 |
|  August 2025 | $0.0453 | $0.0000 | $0.0000 | $0.0453 |
|  September 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
|  October 2025 | $0.0481 | $0.0000 | $0.0000 | $0.0481 |
|  November 2025 | $0.0393 | $0.0000 | $0.0000 | $0.0393 |
|  December 2025 | $0.0451 | $0.0000 | $0.0000 | $0.0451 |
| 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 2025 | $0.0435 | $0.0000 | $0.0000 | $0.0435 |
|  August 2025 | $0.0444 | $0.0000 | $0.0000 | $0.0444 |
|  September 2025 | $0.0392 | $0.0000 | $0.0000 | $0.0392 |
|  October 2025 | $0.0472 | $0.0000 | $0.0000 | $0.0472 |
|  November 2025 | $0.0385 | $0.0000 | $0.0000 | $0.0385 |
|  December 2025 | $0.0442 | $0.0000 | $0.0000 | $0.0442 |

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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 portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio net income, yield, earnings or investment performance. 

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| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO Income Portfolio | 0.00% | 0.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, 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 2025.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **55** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **57** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant,

financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and

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| **58** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

share classes, where appropriate. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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 discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time and other investment options that have the potential to benefit shareholders. In addition, the Board

considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO have benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **59** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the "Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary

Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Portfolios (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries.

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| **60** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as

the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expense ratios and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expense ratios. Upon comparing the Portfolios' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expense ratios of each Portfolio to be reasonable.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **61** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

The Trustees also considered the advisory fees charged to the Portfolios that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Asset Allocation Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in

return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" expense structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in

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| **62** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees charged by Research Affiliates under the Asset Allocation Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **63** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g93572g06y60.jpg)

PVITINCOMEFSTMAR_123125

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![LOGO](g39447g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

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#### **Table of Contents**

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|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO International Bond Portfolio (U.S. Dollar-Hedged)](#tx39447_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx39447_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx39447_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx39447_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx39447_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx39447_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx39447_7) | 32 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx39447_8) | 51 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx39447_9) | 54 |
| &nbsp;&nbsp; [Glossary](#tx39447_10) | 55 |
| &nbsp;&nbsp; [Distribution Information](#tx39447_11) | 56 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx39447_12) | 57 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx39447_13) | 58 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx39447_14) | 59 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx39447_15) | 60 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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Important Information About the PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit

facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

The following table discloses the inception dates of the Portfolio and its respective share classes along with the Portfolio's diversification status as of period end:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Name | Portfolio<br>Inception | Portfolio<br>Inception | Institutional<br>Class | Institutional<br>Class | Administrative<br>Class | Administrative<br>Class | Advisor<br>Class | Advisor<br>Class | Diversification<br>Status | Diversification<br>Status |
|  PIMCO International Bond Portfolio (U.S. Dollar-Hedged) |  | 02/16/99 |  | 04/10/00 |  | 02/16/99 |  | 04/30/14 |  | Non-diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on

the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $10.00 | $0.34 | $0.06 | $0.40 | $(0.36) | $0.00 | $0.00 | $(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.83 | 0.32 | 0.22 | 0.54 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.51 | 0.20 | 0.64 | 0.84 | (0.07) | (0.26) | (0.19) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.75 | 0.16 | (1.24) | (1.08) | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.24 | 0.17 | (0.37) | (0.20) | (0.19) | (0.10) | 0.00 | (0.29) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 10.00 | 0.33 | 0.06 | 0.39 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.83 | 0.31 | 0.22 | 0.53 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.51 | 0.19 | 0.64 | 0.83 | (0.06) | (0.26) | (0.19) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.75 | 0.15 | (1.24) | (1.09) | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.24 | 0.15 | (0.37) | (0.22) | (0.17) | (0.10) | 0.00 | (0.27) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 10.00 | 0.32 | 0.06 | 0.38 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.83 | 0.30 | 0.22 | 0.52 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.51 | 0.18 | 0.64 | 0.82 | (0.05) | (0.26) | (0.19) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.75 | 0.14 | (1.24) | (1.10) | (0.14) | 0.00 | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.24 | 0.14 | (0.37) | (0.23) | (0.16) | (0.10) | 0.00 | (0.26) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $10.04 | 4.10% | $132164 | 0.94% | 0.94% | 0.75% | 0.75% | 3.43% | 654% |
| 10.00 | 5.62 | 107749 | 0.86 | 0.86 | 0.75 | 0.75 | 3.30 | 626 |
| 9.83 | 9.18 | 127068 | 1.13 | 1.13 | 0.75 | 0.75 | 2.15 | 647 |
| 9.51 | (10.02) | 120068 | 0.86 | 0.86 | 0.75 | 0.75 | 1.65 | 413 |
| 10.75 | (1.81) | 120577 | 0.76 | 0.76 | 0.75 | 0.75 | 1.52 | 345 |
| 10.04 | 3.95 | 111816 | 1.09 | 1.09 | 0.90 | 0.90 | 3.28 | 654 |
| 10.00 | 5.46 | 91819 | 1.01 | 1.01 | 0.90 | 0.90 | 3.19 | 626 |
| 9.83 | 9.02 | 83504 | 1.28 | 1.28 | 0.90 | 0.90 | 2.01 | 647 |
| 9.51 | (10.15) | 68241 | 1.01 | 1.01 | 0.90 | 0.90 | 1.50 | 413 |
| 10.75 | (1.96) | 82338 | 0.91 | 0.91 | 0.90 | 0.90 | 1.36 | 345 |
| 10.04 | 3.85 | 302092 | 1.19 | 1.19 | 1.00 | 1.00 | 3.18 | 654 |
| 10.00 | 5.36 | 337268 | 1.11 | 1.11 | 1.00 | 1.00 | 3.08 | 626 |
| 9.83 | 8.91 | 357706 | 1.38 | 1.38 | 1.00 | 1.00 | 1.90 | 647 |
| 9.51 | (10.24) | 374446 | 1.11 | 1.11 | 1.00 | 1.00 | 1.40 | 413 |
| 10.75 | (2.05) | 499139 | 1.01 | 1.01 | 1.00 | 1.00 | 1.26 | 345 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO International Bond Portfolio (U.S. Dollar-Hedged) December 31, 2025

---

| | |
|:---|:---|
| (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\* | $774804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 1661 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2627 |
|  Cash | 592 |
|  Deposits with counterparty | 5556 |
|  Foreign currency, at value | 4955 |
|  Receivable for investments sold | 85205 |
|  Receivable for TBA investments sold | 413599 |
|  Receivable for Portfolio shares sold | 41 |
|  Interest and/or dividends receivable | 5512 |
|  Dividends receivable from Affiliates | 4 |
|  **Total Assets** | 1295305 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $55740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 67481 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 6451 |
|  Payable for investments purchased | 64587 |
|  Payable for investments in Affiliates purchased | 4 |
|  Payable for TBA investments purchased | 552638 |
|  Deposits from counterparty | 620 |
|  Payable for Portfolio shares redeemed | 404 |
|  Accrued investment advisory fees | 119 |
|  Accrued supervisory and administrative fees | 239 |
|  Accrued distribution fees | 66 |
|  Accrued servicing fees | 14 |
|  Foreign capital gains tax payable | 3 |
|  **Total Liabilities** | 749233 |
|  **Commitments and Contingent Liabilities ^** |  |
|  **Net Assets** | $546072 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $588274 |
|  Distributable earnings (accumulated loss) | (42202) |
|  **Net Assets** | $546072 |
|  **Net Assets:** |  |
|  Institutional Class | $132164 |
|  Administrative Class | 111816 |
|  Advisor Class | 302092 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 13164 |
|  Administrative Class | 11138 |
|  Advisor Class | 30090 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $10.04 |
|  Administrative Class | 10.04 |
|  Advisor Class | 10.04 |
|  Cost of investments in securities | $786997 |
|  Cost of investments in Affiliates | $1661 |
|  Cost of foreign currency held | $4957 |
|  Proceeds received on short sales | $67607 |
|  Cost or premiums of financial derivative instruments, net | $3123 |
|  \* Includes repurchase agreements of: | $1002 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Statement of Operations PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

---

| | |
|:---|:---|
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest | $23152 |
|  Dividends from Investments in Affiliates | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 23319 |
|  **Expenses:** |  |
|  Investment advisory fees | 1333 |
|  Supervisory and administrative fees | 2666 |
|  Distribution and/or servicing fees - Administrative Class | 149 |
|  Distribution and/or servicing fees - Advisor Class | 785 |
|  Trustee fees | 25 |
|  Interest expense | 1001 |
|  Miscellaneous expense | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 5965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 5960 |
|  **Net Investment Income (Loss)** | 17359 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (12237) |
|  Investments in Affiliates | (17) |
|  Exchange-traded or centrally cleared financial derivative instruments | (1522) |
|  Over the counter financial derivative instruments | (1737) |
|  Short sales | 6 |
|  Foreign currency | (625) |
|  **Net Realized Gain (Loss)** | (16132) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 36378 |
|  Exchange-traded or centrally cleared financial derivative instruments | (5093) |
|  Over the counter financial derivative instruments | (11673) |
|  Short Sales | 46 |
|  Foreign currency assets and liabilities | 13 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 19671 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $20898 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $17359 | $17112 |
|  Net realized gain (loss) | (16132) | 16198 |
|  Net change in unrealized appreciation (depreciation) | 19671 | (4697) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 20898 | 28613 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4359) | (4109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (3452) | (3186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (10645) | (12146) |
|  **Total Distributions<sup>(a)</sup>** | (18456) | (19441) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 6794 | (40614) |
|  **Total Increase (Decrease) in Net Assets** | 9236 | (31442) |
|  **Net Assets:** |  |  |
|  Beginning of year | 536836 | 568278 |
|  End of year | $546072 | $536836 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) December 31, 2025

#### 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 141.9% | INVESTMENTS IN SECURITIES 141.9% | INVESTMENTS IN SECURITIES 141.9% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ | 184 | 157 |
|  1.000% due 07/09/2029 | 4 | 4 |
|  Total Argentina (Cost $139) | Total Argentina (Cost $139) | 161 |
| AUSTRALIA 4.2% | AUSTRALIA 4.2% | AUSTRALIA 4.2% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.971% due 01/22/2030 | 4900 | 5093 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% |
|  Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(b) | 8400 | 5606 |
| SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  1.750% due 06/21/2051 | 50 | 17 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 4900 | 2535 |
|  2.000% due 03/08/2033 | 4100 | 2250 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.750% due 07/20/2034 | 1600 | 814 |
|  2.000% due 08/22/2033 | 2700 | 1452 |
|  5.250% due 07/21/2036 | 2200 | 1446 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 1200 | 596 |
|  2.250% due 09/15/2033 | 5000 | 2731 |
|  4.250% due 12/20/2032 | 1200 | 768 |
|  |  | 12609 |
|  Total Australia (Cost $22,620) | Total Australia (Cost $22,620) | 23308 |
| BELGIUM 0.2% | BELGIUM 0.2% | BELGIUM 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  5.796% due 01/19/2029 •  | 800 | 826 |
|  Total Belgium (Cost $800) | Total Belgium (Cost $800) | 826 |
| BULGARIA 0.3% | BULGARIA 0.3% | BULGARIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.375% due 07/18/2035 | 800 | 924 |
|  4.125% due 07/18/2045 | 800 | 904 |
|  Total Bulgaria (Cost $1,830) | Total Bulgaria (Cost $1,830) | 1828 |
| CANADA 6.4% | CANADA 6.4% | CANADA 6.4% |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 64 | 62 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  0.010% due 09/14/2029 | 1200 | 1280 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 | 3700 | 3831 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 500 | 584 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.814% due 07/16/2027 | 2100 | 2136 |
|  |  | 7893 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% |
|  Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust |
|  2.381% due 02/12/2055 ~ | 64 | 47 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.867% due 02/12/2055 ~ |  | 1000 | 702 |
|  |  |  | 749 |
| SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  1.750% due 12/01/2053 |  | 910 | 426 |
|  2.750% due 03/01/2030 |  | 100 | 72 |
|  3.000% due 06/01/2034 |  | 6300 | 4486 |
|  3.250% due 12/01/2033 |  | 5300 | 3856 |
|  4.000% due 03/01/2029 |  | 1600 | 1209 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  1.500% due 12/01/2044 (e) |  | 572 | 396 |
|  Export Development Canada | Export Development Canada | Export Development Canada | Export Development Canada |
|  7.130% due 03/11/2029 |  | 84800 | 953 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
|  3.500% due 01/27/2027 |  | 1000 | 661 |
|  3.650% due 06/02/2033 |  | 8800 | 6468 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 |  | 8500 | 6190 |
|  PSP Capital, Inc. | PSP Capital, Inc. | PSP Capital, Inc. | PSP Capital, Inc. |
|  4.500% due 09/05/2031 |  | 3300 | 2155 |
|  |  |  | 26872 |
|  Total Canada (Cost $35,177) | Total Canada (Cost $35,177) | Total Canada (Cost $35,177) | 35514 |
| CAYMAN ISLANDS 3.8% | CAYMAN ISLANDS 3.8% | CAYMAN ISLANDS 3.8% | CAYMAN ISLANDS 3.8% |
| ASSET-BACKED SECURITIES 3.3% | ASSET-BACKED SECURITIES 3.3% | ASSET-BACKED SECURITIES 3.3% | ASSET-BACKED SECURITIES 3.3% |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.084% due 01/20/2035 •  | $— | 1300 | 1300 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  4.984% due 01/20/2035 •  |  | 1800 | 1800 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.124% due 07/19/2034 •  |  | 1600 | 1601 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.199% due 12/16/2036 •  |  | 481 | 482 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  4.974% due 07/20/2034 •  |  | 1300 | 1301 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  5.124% due 07/16/2031 •  |  | 391 | 392 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.077% due 10/24/2030 •  |  | 280 | 280 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.256% due 07/15/2031 •  |  | 1180 | 1181 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.198% due 12/15/2036 •  |  | 1047 | 1048 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.181% due 02/17/2039 •  |  | 816 | 817 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.493% due 01/17/2037 •  |  | 491 | 492 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.081% due 02/19/2037 •  |  | 1169 | 1169 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  4.913% due 06/15/2031 •  |  | 588 | 589 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.154% due 04/20/2034 •  |  | 2100 | 2103 |
|  Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. |
|  5.105% due 01/15/2033 •  |  | 1384 | 1385 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.185% due 10/15/2034 •  |  | 800 | 801 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.049% due 04/18/2038 •  |  | 712 | 713 |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  5.024% due 10/20/2034 •  |  | 600 | 600 |
|  |  |  | 18054 |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Foxconn Far East Ltd. | Foxconn Far East Ltd. | Foxconn Far East Ltd. | Foxconn Far East Ltd. |
|  1.875% due 08/25/2028 |  | 1400 | 1299 |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  5.250% due 01/29/2034 |  | 600 | 617 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 500 | 510 |
|  |  | 2426 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.268% due 10/25/2028 | 400 | 412 |
|  Total Cayman Islands (Cost $20,834) | Total Cayman Islands (Cost $20,834) | 20892 |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.850% due 01/22/2029 | 600 | 614 |
|  Total Chile (Cost $600) | Total Chile (Cost $600) | 614 |
| CHINA 8.5% | CHINA 8.5% | CHINA 8.5% |
| SOVEREIGN ISSUES 8.5% | SOVEREIGN ISSUES 8.5% | SOVEREIGN ISSUES 8.5% |
|  China Development Bank | China Development Bank | China Development Bank |
|  2.630% due 01/08/2034 | 97210 | 14568 |
|  2.820% due 05/22/2033 | 95780 | 14522 |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  1.650% due 05/15/2035 | 55600 | 7818 |
|  1.920% due 01/15/2055 | 14900 | 1969 |
|  2.190% due 09/25/2054 | 20000 | 2760 |
|  3.530% due 10/18/2051 | 28000 | 4923 |
|  Total China (Cost $45,995) | Total China (Cost $45,995) | 46560 |
| COSTA RICA 0.2% | COSTA RICA 0.2% | COSTA RICA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  5.500% due 11/21/2030 | 750 | 904 |
|  Total Costa Rica (Cost $873) | Total Costa Rica (Cost $873) | 904 |
| DENMARK 0.2% | DENMARK 0.2% | DENMARK 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.500% due 10/01/2053 | 1698 | 216 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 4099 | 526 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 2315 | 293 |
|  Total Denmark (Cost $1,223) | Total Denmark (Cost $1,223) | 1035 |
| FRANCE 5.3% | FRANCE 5.3% | FRANCE 5.3% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.088% due 01/23/2027 | 600 | 606 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  | 1400 | 1450 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 1800 | 1900 |
|  |  | 3956 |
| SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.750% due 02/25/2028 | 5700 | 6482 |
|  2.750% due 10/25/2027 | 5200 | 6165 |
|  2.750% due 02/25/2030 | 10400 | 12255 |
|  |  | 24902 |
|  Total France (Cost $26,270) | Total France (Cost $26,270) | 28858 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 11

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| HUNGARY 0.1% | HUNGARY 0.1% | HUNGARY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  6.250% due 09/22/2032 | 300 | 321 |
|  Total Hungary (Cost $299) | Total Hungary (Cost $299) | 321 |
| IRELAND 3.4% | IRELAND 3.4% | IRELAND 3.4% |
| ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% |
|  Aurium CLO III DAC | Aurium CLO III DAC | Aurium CLO III DAC |
|  2.691% due 04/16/2030 •  | 101 | 119 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.265% due 01/22/2038 •  | 900 | 1059 |
|  BBAM European CLO I DAC | BBAM European CLO I DAC | BBAM European CLO I DAC |
|  2.885% due 07/22/2034 •  | 2000 | 2351 |
|  Cairn CLO XI DAC | Cairn CLO XI DAC | Cairn CLO XI DAC |
|  3.187% due 01/15/2040 •  | 1200 | 1412 |
|  CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC |
|  3.266% due 10/23/2034 •  | 320 | 377 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.904% due 08/15/2033 •  | 918 | 1077 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.686% due 04/15/2033 •  | 494 | 580 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.249% due 01/15/2039 •  | 1300 | 1529 |
|  Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC |
|  3.225% due 01/22/2039 •  | 2600 | 3058 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.659% due 04/15/2031 •  | 343 | 404 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.790% due 12/15/2031 •  | 124 | 145 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.989% due 01/15/2033 •  | 524 | 617 |
|  3.047% due 07/15/2035 •  | 1100 | 1293 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.326% due 08/29/2036 •  | 1800 | 2117 |
|  Sculptor European CLO VI DAC | Sculptor European CLO VI DAC | Sculptor European CLO VI DAC |
|  3.059% due 10/15/2034 •  | 1000 | 1176 |
|  |  | 17314 |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 600 | 592 |
|  3.000% due 10/29/2028 | 600 | 582 |
|  |  | 1174 |
|  Total Ireland (Cost $17,619) | Total Ireland (Cost $17,619) | 18488 |
| ISRAEL 0.3% | ISRAEL 0.3% | ISRAEL 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  4.500% due 01/17/2033 | 400 | 393 |
|  5.500% due 03/12/2034 | 1200 | 1245 |
|  Total Israel (Cost $1,592) | Total Israel (Cost $1,592) | 1638 |
| ITALY 1.1% | ITALY 1.1% | ITALY 1.1% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  8.248% due 11/21/2033 •  | 700 | 827 |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 900 | 905 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  2.100% due 08/26/2027 | 2700 | 3169 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Republic of Italy Government International Bonds | Republic of Italy Government International Bonds | Republic of Italy Government International Bonds |
|  6.000% due 08/04/2028 | 400 | 559 |
|  |  | 4633 |
|  Total Italy (Cost $5,427) | Total Italy (Cost $5,427) | 5460 |
| JAPAN 6.4% | JAPAN 6.4% | JAPAN 6.4% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.258% due 04/17/2030 •  | 2000 | 2062 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.329% due 01/22/2027 | 500 | 491 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.350% due 09/11/2030 | 1000 | 1005 |
|  |  | 3558 |
| SOVEREIGN ISSUES 5.7% | SOVEREIGN ISSUES 5.7% | SOVEREIGN ISSUES 5.7% |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (e) | 725751 | 4714 |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  0.400% due 06/20/2029 | 300000 | 1853 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 440000 | 2045 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  0.500% due 09/20/2046 | 202000 | 797 |
|  0.500% due 03/20/2049 | 428000 | 1543 |
|  0.700% due 12/20/2048 | 498000 | 1916 |
|  0.700% due 12/20/2050 | 160000 | 572 |
|  0.700% due 03/20/2051 | 160000 | 565 |
|  2.200% due 06/20/2054 | 283300 | 1423 |
|  2.300% due 12/20/2054 | 52300 | 268 |
|  2.400% due 03/20/2055 | 4000 | 21 |
|  3.200% due 09/20/2055 | 120000 | 743 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  0.400% due 09/20/2040 | 70000 | 328 |
|  1.200% due 09/20/2035 | 920000 | 5441 |
|  1.800% due 09/20/2044 | 180000 | 971 |
|  2.000% due 12/20/2044 | 545000 | 3028 |
|  2.400% due 03/20/2045 | 217000 | 1282 |
|  Japan Government Two Year Bonds | Japan Government Two Year Bonds | Japan Government Two Year Bonds |
|  0.100% due 01/01/2026 | 530000 | 3383 |
|  |  | 30893 |
|  Total Japan (Cost $48,571) | Total Japan (Cost $48,571) | 34451 |
| JERSEY, CHANNEL ISLANDS 0.0% | JERSEY, CHANNEL ISLANDS 0.0% | JERSEY, CHANNEL ISLANDS 0.0% |
| ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.125% due 08/13/2031 •  | 178 | 178 |
|  Total Jersey, Channel Islands (Cost $178) | Total Jersey, Channel Islands (Cost $178) | 178 |
| KAZAKHSTAN 0.1% | KAZAKHSTAN 0.1% | KAZAKHSTAN 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  18.400% due 10/16/2028 | 134000 | 275 |
|  Total Kazakhstan (Cost $247) | Total Kazakhstan (Cost $247) | 275 |
| KUWAIT 0.5% | KUWAIT 0.5% | KUWAIT 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 | 1300 | 1303 |
|  4.136% due 10/09/2030 | 700 | 702 |
|  4.652% due 10/09/2035 | 900 | 901 |
|  Total Kuwait (Cost $2,900) | Total Kuwait (Cost $2,900) | 2906 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| LUXEMBOURG 0.6% | LUXEMBOURG 0.6% | LUXEMBOURG 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 3000 | 3060 |
|  Total Luxembourg (Cost $2,993) | Total Luxembourg (Cost $2,993) | 3060 |
| MALAYSIA 1.8% | MALAYSIA 1.8% | MALAYSIA 1.8% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  3.404% due 04/28/2061 | 400 | 272 |
|  4.550% due 04/21/2050 | 200 | 176 |
|  4.800% due 04/21/2060 | 200 | 181 |
|  |  | 629 |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  2.632% due 04/15/2031 | 2700 | 645 |
|  3.519% due 04/20/2028 | 30997 | 7732 |
|  3.582% due 07/15/2032 | 530 | 132 |
|  Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue |
|  4.193% due 10/07/2032 | 2860 | 737 |
|  |  | 9246 |
|  Total Malaysia (Cost $8,791) | Total Malaysia (Cost $8,791) | 9875 |
| MEXICO 0.1% | MEXICO 0.1% | MEXICO 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | 200 | 206 |
|  6.625% due 01/29/2038 | 200 | 209 |
|  Total Mexico (Cost $400) | Total Mexico (Cost $400) | 415 |
| MULTINATIONAL 0.0% | MULTINATIONAL 0.0% | MULTINATIONAL 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Preferred Term Securities XVII Ltd./Preferred Term Securities XVII, Inc. | Preferred Term Securities XVII Ltd./Preferred Term Securities XVII, Inc. | Preferred Term Securities XVII Ltd./Preferred Term Securities XVII, Inc. |
|  4.366% (US0003M + 0.400%) due 06/23/2035 ~ | 221 | 213 |
|  Total Multinational (Cost $185) | Total Multinational (Cost $185) | 213 |
| NETHERLANDS 0.2% | NETHERLANDS 0.2% | NETHERLANDS 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.515% due 12/03/2035 •  | 900 | 930 |
|  Total Netherlands (Cost $900) | Total Netherlands (Cost $900) | 930 |
| NEW ZEALAND 0.4% | NEW ZEALAND 0.4% | NEW ZEALAND 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Bank of New Zealand | Bank of New Zealand | Bank of New Zealand |
|  3.708% due 12/20/2028 | 1572 | 1908 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds |
|  1.500% due 05/15/2031 | 400 | 204 |
|  Total New Zealand (Cost $2,032) | Total New Zealand (Cost $2,032) | 2112 |
| PERU 1.8% | PERU 1.8% | PERU 1.8% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 1900 | 615 |

---

12 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 3400 | 1091 |
|  7.300% due 08/12/2033 | 10500 | 3565 |
|  7.600% due 08/12/2039 | 3200 | 1041 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  2.780% due 12/01/2060 | 700 | 382 |
|  5.400% due 08/12/2034 | 100 | 30 |
|  6.150% due 08/12/2032 | 5000 | 1605 |
|  6.900% due 08/12/2037 | 3400 | 1059 |
|  6.950% due 08/12/2031 | 2241 | 741 |
|  |  | 9514 |
|  Total Peru (Cost $9,280) | Total Peru (Cost $9,280) | 10129 |
| POLAND 0.4% | POLAND 0.4% | POLAND 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.625% due 03/18/2029 | 500 | 511 |
|  4.875% due 02/12/2030 | 400 | 412 |
|  5.125% due 09/18/2034 | 900 | 924 |
|  5.375% due 02/12/2035 | 300 | 312 |
|  Total Poland (Cost $2,091) | Total Poland (Cost $2,091) | 2159 |
| QATAR 0.1% | QATAR 0.1% | QATAR 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 300 | 270 |
|  Total Qatar (Cost $298) | Total Qatar (Cost $298) | 270 |
| ROMANIA 1.2% | ROMANIA 1.2% | ROMANIA 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.375% due 12/02/2029 | 140 | 151 |
|  1.750% due 07/13/2030 | 300 | 319 |
|  2.000% due 01/28/2032 | 100 | 101 |
|  2.000% due 04/14/2033 | 500 | 478 |
|  2.124% due 07/16/2031 | 100 | 103 |
|  2.125% due 03/07/2028 | 400 | 462 |
|  2.625% due 12/02/2040 | 400 | 310 |
|  3.750% due 02/07/2034 | 600 | 636 |
|  5.000% due 09/27/2026 | 514 | 615 |
|  5.125% due 09/24/2031 | 1100 | 1324 |
|  5.250% due 03/10/2030 | 400 | 492 |
|  5.250% due 05/30/2032 | 500 | 601 |
|  5.625% due 05/30/2037 | 500 | 573 |
|  6.250% due 09/10/2034 | 200 | 247 |
|  6.625% due 09/27/2029 | 300 | 386 |
|  Total Romania (Cost $6,715) | Total Romania (Cost $6,715) | 6798 |
| SAUDI ARABIA 2.0% | SAUDI ARABIA 2.0% | SAUDI ARABIA 2.0% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  6.375% due 06/02/2055 | 300 | 314 |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.250% due 10/22/2030 | 200 | 191 |
|  3.375% due 03/05/2032 | 600 | 709 |
|  3.750% due 03/05/2037 | 200 | 231 |
|  4.750% due 01/18/2028 | 1600 | 1623 |
|  4.750% due 01/16/2030 | 4800 | 4904 |
|  4.875% due 07/18/2033 | 500 | 509 |
|  5.125% due 01/13/2028 | 1400 | 1431 |
|  5.375% due 01/13/2031 | 800 | 840 |
|  |  | 10438 |
|  Total Saudi Arabia (Cost $10,387) | Total Saudi Arabia (Cost $10,387) | 10752 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SERBIA 0.2% | SERBIA 0.2% | SERBIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  2.050% due 09/23/2036 | 500 | 458 |
|  6.000% due 06/12/2034 | 700 | 726 |
|  Total Serbia (Cost $1,261) | Total Serbia (Cost $1,261) | 1184 |
| SOUTH AFRICA 1.8% | SOUTH AFRICA 1.8% | SOUTH AFRICA 1.8% |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 5000 | 258 |
|  8.000% due 01/31/2030 | 26200 | 1618 |
|  8.750% due 02/28/2048 | 7100 | 414 |
|  8.875% due 02/28/2035 | 115500 | 7279 |
|  10.500% due 12/21/2026 | 6300 | 392 |
|  Total South Africa (Cost $8,763) | Total South Africa (Cost $8,763) | 9961 |
| SOUTH KOREA 2.0% | SOUTH KOREA 2.0% | SOUTH KOREA 2.0% |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
|  1.375% due 06/10/2030 | 1811520 | 1160 |
|  2.375% due 12/10/2028 | 5299000 | 3611 |
|  2.625% due 06/10/2028 | 9018720 | 6208 |
|  Total South Korea (Cost $12,474) | Total South Korea (Cost $12,474) | 10979 |
| SPAIN 4.3% | SPAIN 4.3% | SPAIN 4.3% |
| SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 | 200 | 242 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  0.000% due 01/31/2028 | 4150 | 4664 |
|  2.400% due 05/31/2028 | 2850 | 3360 |
|  3.150% due 04/30/2035 | 4210 | 4913 |
|  3.200% due 10/31/2035 | 1200 | 1401 |
|  3.450% due 10/31/2034 | 7360 | 8825 |
|  Total Spain (Cost $22,345) | Total Spain (Cost $22,345) | 23405 |
| SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  European Union | European Union | European Union |
|  3.750% due 10/12/2045 | 3300 | 3827 |
|  Total Supranational (Cost $3,842) | Total Supranational (Cost $3,842) | 3827 |
| SWITZERLAND 0.6% | SWITZERLAND 0.6% | SWITZERLAND 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 500 | 464 |
|  3.869% due 01/12/2029 •  | 800 | 796 |
|  4.194% due 04/01/2031 •  | 1200 | 1189 |
|  5.617% due 09/13/2030 •  | 700 | 732 |
|  Total Switzerland (Cost $3,212) | Total Switzerland (Cost $3,212) | 3181 |
| THAILAND 1.3% | THAILAND 1.3% | THAILAND 1.3% |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  2.410% due 03/17/2035 | 15560 | 528 |
|  2.500% due 11/17/2029 | 147710 | 4916 |
|  3.775% due 06/25/2032 | 38570 | 1406 |
|  Total Thailand (Cost $6,075) | Total Thailand (Cost $6,075) | 6850 |
| UNITED ARAB EMIRATES 0.5% | UNITED ARAB EMIRATES 0.5% | UNITED ARAB EMIRATES 0.5% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.500% due 05/06/2030 | 200 | 202 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 05/06/2035 | $— | 200 | 203 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
|  5.500% due 04/28/2033 |  | 400 | 423 |
|  |  |  | 828 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  5.500% due 04/30/2054 |  | 1700 | 1739 |
|  Total United Arab Emirates (Cost $2,465) | Total United Arab Emirates (Cost $2,465) | Total United Arab Emirates (Cost $2,465) | 2567 |
| UNITED KINGDOM 8.3% | UNITED KINGDOM 8.3% | UNITED KINGDOM 8.3% | UNITED KINGDOM 8.3% |
| ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% |
|  Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC |
|  4.604% due 08/15/2066 ~ |  | 964 | 1299 |
| CORPORATE BONDS & NOTES 2.8% | CORPORATE BONDS & NOTES 2.8% | CORPORATE BONDS & NOTES 2.8% | CORPORATE BONDS & NOTES 2.8% |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  4.918% due 08/08/2030 •  |  | 1400 | 1743 |
|  5.690% due 03/12/2030 •  | $— | 200 | 208 |
|  6.496% due 09/13/2027 •  |  | 2000 | 2031 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.041% due 03/13/2028 •  |  | 1000 | 999 |
|  4.583% due 06/19/2029 •  |  | 800 | 808 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.590% due 11/26/2035 •  |  | 1400 | 1466 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  2.972% due 02/16/2028 •  |  | 1200 | 1186 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.778% due 03/01/2035 •  |  | 2000 | 2116 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.608% due 01/12/2028 •  |  | 1400 | 1378 |
|  6.187% due 07/06/2027 •  |  | 1400 | 1414 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 |  | 1600 | 1897 |
|  6.750% due 01/15/2033 | $— | 300 | 298 |
|  |  |  | 15544 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% |
|  Cheshire PLC | Cheshire PLC | Cheshire PLC | Cheshire PLC |
|  0.000% due 06/28/2048 •  |  | 936 | 1262 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.050% due 06/15/2044 •  |  | 25 | 33 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.851% due 06/13/2045 •  |  | 67 | 90 |
|  Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC |
|  4.550% due 12/15/2049 •  |  | 27 | 36 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  4.098% due 12/01/2050 •  |  | 97 | 129 |
|  4.900% due 12/15/2050 •  |  | 126 | 169 |
|  RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC |
|  4.059% due 06/12/2044 •  |  | 194 | 256 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  4.891% due 06/20/2060 •  |  | 2513 | 3392 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.856% due 07/20/2053 •  |  | 807 | 1088 |
|  Towd Point Mortgage Funding 3 PLC | Towd Point Mortgage Funding 3 PLC | Towd Point Mortgage Funding 3 PLC | Towd Point Mortgage Funding 3 PLC |
|  5.248% due 02/20/2054 •  |  | 947 | 1281 |
|  |  |  | 7736 |
| SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  0.625% due 10/22/2050 |  | 1300 | 648 |
|  1.250% due 07/31/2051 |  | 2100 | 1258 |
|  1.500% due 07/31/2053 |  | 1100 | 683 |
|  1.750% due 01/22/2049 |  | 1300 | 953 |
|  3.250% due 01/22/2044 |  | 900 | 951 |
|  4.375% due 03/07/2030 |  | 11000 | 15084 |
|  5.250% due 01/31/2041 |  | 1200 | 1670 |
|  |  |  | 21247 |
|  Total United Kingdom (Cost $48,989) | Total United Kingdom (Cost $48,989) | Total United Kingdom (Cost $48,989) | 45826 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 13

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| UNITED STATES 70.3% | UNITED STATES 70.3% | UNITED STATES 70.3% |
| ASSET-BACKED SECURITIES 2.9% | ASSET-BACKED SECURITIES 2.9% | ASSET-BACKED SECURITIES 2.9% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.126% due 07/25/2036 •  | 839 | 647 |
|  AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust |
|  4.786% due 06/25/2029 •  | 0 | 1 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.326% due 05/25/2035 •  | 793 | 728 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.606% due 02/25/2036 •  | 1115 | 920 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.166% due 12/25/2036 •  | 341 | 193 |
|  4.236% due 06/25/2037 •  | 602 | 602 |
|  4.366% due 03/25/2036 •  | 254 | 235 |
|  4.836% due 07/25/2035 •  | 933 | 906 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.126% due 03/25/2037 •  | 880 | 827 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.332% due 04/25/2035 •  | 114 | 113 |
|  4.106% due 12/25/2036 •  | 213 | 201 |
|  4.126% due 06/25/2035 •  | 182 | 168 |
|  4.126% due 06/25/2037 •  | 230 | 216 |
|  4.126% due 07/25/2037 •  | 152 | 141 |
|  4.126% due 06/25/2047 •  | 745 | 705 |
|  4.357% due 08/25/2035 ~ | 58 | 56 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  3.961% due 07/25/2036 •  | 363 | 350 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.491% due 11/25/2035 •  | 788 | 786 |
|  4.566% due 11/25/2035 •  | 1000 | 876 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.086% due 04/25/2037 •  | 362 | 248 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.366% due 04/25/2037 •  | 559 | 283 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.406% due 10/25/2034 •  | 10 | 10 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.146% due 08/25/2037 •  | 933 | 460 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.976% due 10/25/2036 •  | 81 | 73 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  3.946% due 12/25/2036 •  | 694 | 333 |
|  4.076% due 04/25/2037 •  | 548 | 283 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.419% due 09/25/2046 þ | 126 | 26 |
|  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 |
|  4.281% due 03/25/2036 •  | 45 | 45 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.106% due 03/25/2037 •  | 437 | 288 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.126% due 01/25/2037 •  | 261 | 171 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.294% due 01/25/2037 þ | 635 | 192 |
|  5.675% due 06/25/2037 þ | 1053 | 251 |
|  5.731% due 11/25/2036 þ | 967 | 306 |
|  6.396% due 12/25/2032 •  | 88 | 77 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.077% due 12/25/2035 •  | 579 | 489 |
|  4.286% due 12/25/2035 •  | 169 | 156 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.096% due 11/25/2036 •  | 1356 | 1189 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  5.596% due 12/25/2037 •  | 253 | 227 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.434% due 02/16/2055 •  | 677 | 684 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.996% due 06/25/2037 •  | 51 | 34 |
|  4.346% due 11/25/2036 •  | 849 | 815 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.106% due 07/25/2036 •  | 274 | 202 |
|  4.466% due 01/25/2036 •  | 548 | 522 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  4.786% due 11/25/2033 •  | 14 | 13 |
|  |  | 16048 |
| CORPORATE BONDS & NOTES 7.3% | CORPORATE BONDS & NOTES 7.3% | CORPORATE BONDS & NOTES 7.3% |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.000% due 04/15/2030 | 172 | 167 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.898% due 07/23/2031 •  | 100 | 90 |
|  4.244% due 04/24/2038 •  | 600 | 560 |
|  4.897% (SOFRRATE + 1.010%) due 01/24/2031 ~ | 1600 | 1601 |
|  5.202% due 04/25/2029 •  | 1300 | 1334 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 5300 | 5604 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  3.500% due 06/01/2034 | 600 | 700 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.259% due 05/01/2027 | 600 | 616 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  5.200% due 02/22/2034 | 600 | 624 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.800% due 06/25/2038 | 300 | 456 |
|  Credit Suisse AG AT1 Claim | 300 | 89 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 200 | 180 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 400 | 393 |
|  5.400% due 01/13/2030 | 1100 | 1129 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.186% due 04/01/2030 | 800 | 823 |
|  5.371% due 04/04/2029 | 1300 | 1342 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  0.875% due 05/09/2029 | 800 | 883 |
|  3.500% due 01/23/2033 •  | 1200 | 1411 |
|  5.016% due 10/23/2035 •  | 1100 | 1106 |
|  5.536% due 01/28/2036 •  | 500 | 519 |
|  5.727% due 04/25/2030 •  | 800 | 836 |
|  6.484% due 10/24/2029 •  | 1400 | 1485 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.012% due 01/23/2030 •  | 1700 | 1743 |
|  5.502% due 01/24/2036 •  | 1300 | 1360 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.699% (EUR003M + 0.650%) due 03/19/2027 ~ | 1300 | 1530 |
|  3.149% due 11/07/2031 •  | 600 | 701 |
|  3.749% due 11/07/2036 •  | 600 | 694 |
|  4.654% due 10/18/2030 •  | 400 | 405 |
|  4.968% (SOFRRATE + 1.020%) due 04/13/2028 ~ | 2000 | 2009 |
|  5.656% due 04/18/2030 •  | 1200 | 1251 |
|  6.407% due 11/01/2029 •  | 500 | 530 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 100 | 97 |
|  4.000% due 12/01/2046 | 100 | 75 |
|  4.200% due 03/01/2029 | 600 | 597 |
|  4.550% due 07/01/2030 | 200 | 199 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  5.300% due 02/15/2031 | 600 | 618 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  6.124% due 05/31/2027 •  | 600 | 604 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.808% due 07/25/2028 •  | 1600 | 1618 |
|  5.198% due 01/23/2030 •  | 1200 | 1236 |
|  5.211% due 12/03/2035 •  | 1100 | 1124 |
|  6.303% due 10/23/2029 •  | 900 | 951 |
|  West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group |
|  3.129% due 06/01/2050 | 800 | 505 |
|  |  | 39795 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
|  5.484% - 9.485% (TSFR1M + 1.750%) due 06/24/2030 ~ | 1150 | 1158 |
|  |  | 1158 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
|  Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 |
|  2.158% due 06/01/2026 | 600 | 595 |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 | 251 | 258 |
|  |  | 853 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.5% |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  4.846% due 07/25/2062 þ | 1334 | 1333 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  4.832% due 02/25/2036 ~ | 13 | 12 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.039% due 03/25/2036 ~ | 46 | 37 |
|  4.159% due 08/25/2036 ~ | 23 | 10 |
|  4.166% due 02/25/2034 •  | 10 | 9 |
|  4.668% due 11/25/2035 ~ | 9 | 7 |
|  4.791% due 09/25/2035 ~ | 10 | 6 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.944% due 12/26/2046 ~ | 10 | 8 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2063 ~ | 1011 | 913 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.927% due 07/25/2037 ~ | 19 | 15 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.306% due 05/25/2035 •  | 9 | 8 |
|  4.486% due 03/25/2035 •  | 16 | 14 |
|  4.506% due 02/25/2035 •  | 2 | 2 |
|  4.796% due 11/25/2034 ~ | 2 | 1 |
|  5.500% due 01/25/2035 | 136 | 139 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  3.000% due 11/27/2051 ~ | 1485 | 1306 |
|  4.196% due 10/25/2035 •  | 906 | 388 |
|  5.750% due 09/25/2035 •  | 1 | 1 |
|  Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
|  4.561% due 09/25/2035 ~ | 69 | 64 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.268% due 03/20/2046 •  | 24 | 23 |
|  4.406% due 02/25/2037 •  | 18 | 15 |
|  5.029% due 12/25/2035 •  | 17 | 15 |
|  5.250% due 06/25/2035 | 3 | 2 |
|  5.529% due 11/25/2035 •  | 3 | 3 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  5.500% due 08/25/2036 | 557 | 383 |
|  5.863% due 02/25/2037 ~ | 142 | 31 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  5.346% due 10/25/2047 •  | 422 | 330 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  2.500% due 09/25/2052 ~ | 2517 | 2106 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 ~ | 292 | 245 |
|  2.500% due 04/25/2052 ~ | 360 | 301 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.176% due 12/25/2034 •  | 4 | 4 |
|  4.521% due 01/25/2036 ~ | 11 | 10 |
|  6.875% due 04/25/2035 ~ | 26 | 26 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.266% due 05/25/2046 •  | 180 | 167 |
|  4.326% due 07/25/2035 •  | 7 | 7 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 01/25/2052 ~ | 3641 | 3187 |
|  3.000% due 03/25/2052 ~ | 2418 | 2122 |
|  3.000% due 05/25/2052 ~ | 3117 | 2737 |
|  4.051% due 07/27/2037 ~ | 24 | 22 |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.368% due 02/25/2036 ~ | 8 | 5 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 | 1400 | 1347 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.305% due 12/15/2030 •  | 1 | 1 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 150 | 147 |
|  1.947% due 04/25/2065 ~ | 55 | 54 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  5.034% due 12/15/2038 •  | 1700 | 1639 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.782% due 06/25/2036 ~ | 8 | 7 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  5.016% due 09/25/2070 ~ | 981 | 983 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 461 | 447 |
|  2.750% due 11/25/2059 ~ | 410 | 397 |
|  6.864% due 10/25/2063 þ | 418 | 422 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 1503 | 1316 |
|  7.159% due 10/25/2063 þ | 713 | 723 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  4.815% due 01/15/2036 •  | 1600 | 1570 |
|  RALI Trust | RALI Trust | RALI Trust |
|  3.996% due 02/25/2047 •  | 20 | 6 |
|  4.206% due 06/25/2046 •  | 231 | 47 |
|  4.266% due 04/25/2046 •  | 369 | 92 |
|  5.007% due 10/25/2037 ~ | 127 | 101 |
|  6.000% due 06/25/2036 | 285 | 235 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.266% due 05/25/2036 •  | 4 | 3 |
|  4.286% due 05/25/2036 •  | 32 | 27 |
|  4.286% due 09/25/2047 •  | 41 | 37 |
|  4.306% due 05/25/2045 •  | 6 | 5 |
|  4.546% due 03/19/2034 •  | 1 | 1 |
|  5.529% due 08/25/2047 •  | 15 | 13 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.126% due 01/25/2036 •  | 149 | 125 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.136% due 10/25/2036 •  | 283 | 238 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.470% due 09/25/2036 þ | 189 | 5 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.413% due 06/25/2047 •  | 6 | 6 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ | 538 | 495 |
|  2.710% due 01/25/2060 ~ | 365 | 353 |
|  2.900% due 10/25/2059 ~ | 1453 | 1404 |
|  4.846% due 05/25/2058 •  | 151 | 154 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  3.000% due 01/25/2052 ~ | 465 | 406 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.218% due 09/25/2069 ~ | 1201 | 1204 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  6.710% due 10/20/2035 ~ | 11 | 11 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.127% due 12/25/2036 ~ | 57 | 50 |
|  4.171% due 02/27/2034 •  | 1 | 1 |
|  4.341% due 04/25/2035 ~ | 6 | 6 |
|  4.466% due 01/25/2045 •  | 15 | 15 |
|  4.916% due 03/25/2035 ~ | 9 | 9 |
|  5.009% due 06/25/2046 •  | 13 | 12 |
|  5.029% due 02/25/2046 •  | 30 | 28 |
|  5.778% due 03/25/2033 ~ | 2 | 2 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.969% due 07/25/2046 •  | 14 | 9 |
|  |  | 30167 |
| U.S. GOVERNMENT AGENCIES 46.1% | U.S. GOVERNMENT AGENCIES 46.1% | U.S. GOVERNMENT AGENCIES 46.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 02/01/2051 - 01/01/2052 | 1971 | 1674 |
|  3.500% due 10/01/2039 | 115 | 110 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 06/01/2053 | 1666 | 1694 |
|  6.000% due 03/01/2054 - 06/01/2054 | 229 | 235 |
|  6.500% due 12/01/2053 | 176 | 183 |
|  6.725% due 04/01/2035 •  | 7 | 7 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.733% due 01/15/2038 ~(a) | 71 | 4 |
|  4.598% due 12/15/2032 •  | 1 | 1 |
|  4.673% due 01/15/2038 •  | 71 | 70 |
|  4.698% due 12/15/2037 •  | 2 | 2 |
|  4.814% due 11/25/2054 •  | 1703 | 1711 |
|  4.854% due 08/25/2055 •  | 1487 | 1497 |
|  5.274% due 03/25/2055 •  | 2571 | 2594 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.229% due 10/25/2044 •  | 11 | 10 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 02/01/2051 | 128 | 110 |
|  3.000% due 10/01/2049 - 03/01/2060 | 1337 | 1181 |
|  3.500% due 11/01/2030 - 01/01/2059 | 1571 | 1459 |
|  4.000% due 06/01/2050 | 332 | 319 |
|  4.500% due 08/01/2033 - 04/01/2053 | 304 | 299 |
|  5.277% due 10/01/2044 •  | 3 | 3 |
|  5.500% due 06/01/2053 - 09/01/2053 | 9233 | 9392 |
|  5.756% due 12/01/2034 •  | 1 | 1 |
|  6.000% due 08/01/2054 | 218 | 224 |
|  6.346% due 11/01/2034 •  | 4 | 4 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.389% due 06/25/2036 •  | 5 | 5 |
|  5.034% due 03/25/2055 •  | 1041 | 1046 |
|  6.309% due 05/25/2035 ~ | 1 | 1 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.000% due 07/25/2044 | 3 | 3 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.536% due 09/25/2042 •  | 5 | 5 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 05/20/2051 - 04/20/2052 | 3335 | 3004 |
|  3.500% due 10/20/2054 - 07/20/2055 | 19647 | 17900 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.000% due 07/20/2046 - 05/20/2047 | 7 | 7 |
|  4.914% due 05/20/2066 - 06/20/2066 •  | 597 | 599 |
|  4.964% due 11/20/2066 •  | 126 | 127 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 02/01/2056 | 2500 | 2156 |
|  3.000% due 01/01/2056 | 14100 | 12672 |
|  3.500% due 02/01/2056 | 1500 | 1365 |
|  6.500% due 02/01/2056 | 16100 | 16626 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.000% due 02/01/2056 | 71000 | 70742 |
|  6.000% due 02/01/2056 | 28900 | 29660 |
|  6.500% due 02/01/2056 | 70300 | 73078 |
|  |  | 251780 |
| U.S. TREASURY OBLIGATIONS 8.1% | U.S. TREASURY OBLIGATIONS 8.1% | U.S. TREASURY OBLIGATIONS 8.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.250% due 08/15/2049 (g) | 1300 | 816 |
|  2.375% due 11/15/2049 (k) | 700 | 450 |
|  3.000% due 02/15/2048 (g) | 1000 | 744 |
|  3.000% due 08/15/2048 (k) | 500 | 370 |
|  3.375% due 11/15/2048 (g) | 2600 | 2058 |
|  4.125% due 08/15/2044 (g) | 3875 | 3558 |
|  4.500% due 11/15/2054 (g) | 12300 | 11605 |
|  4.625% due 02/15/2055 (g) | 5700 | 5492 |
|  4.750% due 05/15/2055 (k) | 300 | 295 |
|  4.875% due 08/15/2045 (k) | 200 | 202 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  3.875% due 04/15/2029 (i)(k) | 990 | 1067 |
|  0.125% due 07/15/2031 (g) | 2551 | 2365 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.125% due 01/15/2032 | $— | 1057 | $— | 966 |
|  0.500% due 01/15/2028 (i) |  | 7920 |  | 7782 |
|  0.625% due 07/15/2032 (k) |  | 336 |  | 316 |
|  1.125% due 01/15/2033 (g) |  | 4372 |  | 4197 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 02/15/2033 (k) |  | 700 |  | 680 |
|  4.000% due 02/29/2028 (g)(k) |  | 700 |  | 707 |
|  4.250% due 08/15/2035 (k) |  | 200 |  | 202 |
|  4.375% due 05/15/2034 (k) |  | 600 |  | 613 |
|  |  |  |  | 44485 |
|  Total United States (Cost $388,822) | Total United States (Cost $388,822) | Total United States (Cost $388,822) |  | 384286 |
| SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% |
| COMMERCIAL PAPER 0.6% | COMMERCIAL PAPER 0.6% | COMMERCIAL PAPER 0.6% | COMMERCIAL PAPER 0.6% | COMMERCIAL PAPER 0.6% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.150% due 01/02/2026 | $— | 250 |  | 250 |
|  4.180% due 01/07/2026 |  | 1500 |  | 1499 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.100% due 01/21/2026 |  | 250 |  | 249 |
|  4.120% due 02/04/2026 |  | 250 |  | 249 |
|  4.120% due 02/12/2026 |  | 1000 |  | 995 |
|  |  |  |  | 3242 |
| REPURCHASE AGREEMENTS (f) 0.2% | REPURCHASE AGREEMENTS (f) 0.2% | REPURCHASE AGREEMENTS (f) 0.2% | REPURCHASE AGREEMENTS (f) 0.2% | REPURCHASE AGREEMENTS (f) 0.2% |
|  |  |  |  | 1002 |
| NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% |
|  31.858% due 06/11/2026 - 06/29/2026 (c)(d) |  | 2449052 |  | 1543 |
| SOUTH AFRICA TREASURY BILLS 0.8% | SOUTH AFRICA TREASURY BILLS 0.8% | SOUTH AFRICA TREASURY BILLS 0.8% | SOUTH AFRICA TREASURY BILLS 0.8% | SOUTH AFRICA TREASURY BILLS 0.8% |
|  7.357% due 04/22/2026 - 07/22/2026 (c)(d) |  | 75740 |  | 4464 |
| U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% |
|  3.673% due 03/31/2026 - 04/21/2026 (c)(d)(k) | $— | 1571 |  | 1557 |
| Total Short-Term Instruments<br>(Cost $11,483) | Total Short-Term Instruments<br>(Cost $11,483) | Total Short-Term Instruments<br>(Cost $11,483) |  | 11808 |
| Total Investments in Securities<br>(Cost $786,997) | Total Investments in Securities<br>(Cost $786,997) | Total Investments in Securities<br>(Cost $786,997) |  | 774804 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III |  | 170560 |  | 1661 |
| Total Short-Term Instruments (Cost $1,661) |  |  |  | 1661 |
| Total Investments in Affiliates (Cost $1,661) |  |  |  | 1661 |
| Total Investments 142.2%<br>(Cost $788,658) |  |  | $— | 776465 |
|  Financial Derivative<br>Instruments (h)(j) (0.7)%<br> (Cost or Premiums, net $3,123) |  |  |  | (3942) |
| Other Assets and Liabilities, net (41.5)% | Other Assets and Liabilities, net (41.5)% | Other Assets and Liabilities, net (41.5)% |  | (226451) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 546072 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 15

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(f) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| MEI | 1.960% | 07/11/2025 | TBD<sup>(2)</sup> | EUR 852 | French Republic Government Bonds OAT 3.000% due 06/25/2049 | $(969) | $1002 | $1011 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(969) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(3)</sup> | Settlement<br>Date | Maturity<br>Date | **Amount<br>Borrowed<sup>(3)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BSN | 3.810% | 01/02/2026 | 01/16/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25855) | $(25855) |
|  | 3.930 | 12/18/2025 | 01/02/2026 | (18714) | (18745) |
|  CIB | 3.930 | 12/17/2025 | 01/07/2026 | (3044) | (3049) |
|  DEU | 3.920 | 12/19/2025 | 01/02/2026 | (7521) | (7533) |
|  JPS | 3.930 | 12/22/2025 | 01/05/2026 | (557) | (558) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55740) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(4)</sup> |
|  France (0.2)% | France (0.2)% | France (0.2)% | France (0.2)% | France (0.2)% | France (0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | 3.000% | 06/01/2049 | 1000 | $(999) | $(971) |
|  United States (12.2)% | United States (12.2)% | United States (12.2)% | United States (12.2)% | United States (12.2)% | United States (12.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 3.000% | 02/01/2056 | $3100 | (2789) | (2782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | (9963) | (10002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 02/01/2056 | 47950 | (38873) | (38762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 01/01/2056 | 5400 | (4585) | (4566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 02/01/2056 | 3700 | (3274) | (3271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 02/01/2056 | 5200 | (4795) | (4792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 02/01/2056 | 250 | (237) | (237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 01/01/2056 | 800 | (778) | (781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 02/01/2056 | 1300 | (1314) | (1317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States |  |  |  | (66608) | (66510) |
|  Total Short Sales (12.4)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67607) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67481) |

---

16 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### 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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sale<sup>(4)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(5)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BSN | $0 | $(44600) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44600) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26054) |
|  CIB | 0 | (3049) | 0 | 0 | (3049) | 3019 | (30) |
|  DEU | 0 | (7533) | 0 | 0 | (7533) | 7369 | (164) |
|  JPS | 0 | (558) | 0 | 0 | (558) | 554 | (4) |
|  MEI | 1011 | 0 | 0 | 0 | 1011 | (969) | 42 |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |  |
|  BPS | 0 | 0 | 0 | (971) | (971) | 0 | (971) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55740) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(971) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $0 | $(29885) | $0 | $0 | $(29885) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29885) | $&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;(29885) |
|  Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | $(29885) |

---

(g) Securities with an aggregate market value of $29,488 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(17704) at a weighted average interest rate of 4.300%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Payable for short sales includes $(18) of accrued interest. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(6)</sup> Unsettled reverse repurchase agreements liability of $(25855) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note February Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.500 | 01/23/2026 | 17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $(4) | $(3) |
|  Put - CBOE U.S. Treasury 10-Year Note February Futures | 112.000 | 01/23/2026 | 8 | 8 | (1) | (2) |
|  Call - CBOE U.S. Treasury 10-Year Note February Futures | 113.500 | 01/23/2026 | 25 | 25 | (5) | (2) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 3-Year Bond March Futures  | 03/2026 | 181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12682 | $1 | $3 | $(3) |
|  Canada Government 5-Year Bond March Futures  | 03/2026 | 34 | 2806 | (17) | 0 | (5) |
|  Canada Government 10-Year Bond March Futures  | 03/2026 | 70 | 6166 | (62) | 0 | (15) |
|  Euro-BTP Future March Futures  | 03/2026 | 312 | 44065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132) |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2026 | 15 | 1941 | (31) | 0 | (6) |
|  Long Guilt March Futures  | 03/2026 | 262 | 32269 | 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | (25) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

---

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19784 | $(2) | $0 | $(21) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 33 | 3710 | (6) | 0 | (7) |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 316 | 36345 | (211) | 0 | (59) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond March Futures  | 03/2026 | 472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34486) | $(67) | $0 | $(39) |
|  Euro-Bobl March Futures  | 03/2026 | 237 | (32353) | 249 | 22 | 0 |
|  Euro-Bund March Futures  | 03/2026 | 84 | (12593) | 173 | 23 | 0 |
|  Euro-Oat March Futures  | 03/2026 | 115 | (16297) | 151 | 39 | 0 |
|  Euro-Schatz March Futures  | 03/2026 | 104 | (13052) | 18 | 1 | 0 |
|  Japan Government 10-Year Bond March Futures  | 03/2026 | 37 | (31277) | 214 | 69 | 0 |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 135 | (28187) | (27) | 9 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 88 | (10384) | 190 | 33 | 0 |
|  |  |  |  | $901 | $196 | $(39) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312) |

---

#### 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, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Deutsche Bank | 1.000% | Quarterly | 12/20/2032 | 1.011% | EUR 800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-45 10-Year Index | (1.000)% | Quarterly | 12/20/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26360 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.000% | Annual | 06/17/2027 | GBP | 15600 | $(36) | $(235) | $(271) | $0 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/17/2027 |  | 9600 | 64 | (47) | 17 | 0 | (1) |
| Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 |  | 35700 | 110 | 376 | 486 | 11 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 09/17/2030 |  | 3100 | (15) | 32 | 17 | 3 | 0 |
| Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 |  | 24400 | 47 | 81 | 128 | 31 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 |  | 4500 | 95 | (106) | (11) | 0 | (6) |
| Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 |  | 12200 | (43) | 63 | 20 | 0 | (18) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 |  | 300 | 13 | (16) | (3) | 0 | (1) |
| Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 |  | 1300 | 21 | (31) | (10) | 0 | (3) |
| Receive<sup>(6)</sup> | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/18/2031 | INR | 83070 | 0 | 7 | 7 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2027 | JPY | 3360000 | 4 | (10) | (6) | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 12/18/2029 |  | 929700 | (21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 |  | 160000 | 4 | (22) | (18) | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 5.890 | Semi-Annual | 03/17/2031 |  | 1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) | (664) | (861) | 0 | (18) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 |  | 430000 | (109) | (130) | (239) | 0 | (5) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 |  | 1730000 | (38) | (307) | (345) | 0 | (20) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.250 | Annual | 09/14/2032 |  | 168760 | (32) | (63) | (95) | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.850% | Annual | 09/20/2033 | 140000 | $(5) | $(50) | $(55) | $0 | $(2) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 1290000 | (14) | (495) | (509) | 0 | (18) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590) | 0 | (19) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 80000 | 0 | (24) | (24) | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 2260650 | (114) | (635) | (749) | 0 | (31) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 390000 | (180) | (366) | (546) | 0 | (5) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 104900 | (134) | (162) | (296) | 0 | (1) |
| Receive<sup>(6)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.250 | Semi-Annual | 03/18/2027 | 36700 | 41 | 3 | 44 | 0 | (12) |
| Receive<sup>(6)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 03/18/2031 | 19420 | 269 | 60 | 329 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | $20900 | 166 | (173) | (7) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 5500 | 0 | (6) | (6) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 08/22/2026 | 7300 | 0 | (11) | (11) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 18600 | 0 | 100 | 100 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 21800 | 150 | (212) | (62) | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 28050 | 566 | (144) | 422 | 9 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.460 | Annual | 06/30/2027 | 27400 | 0 | (15) | (15) | 0 | (11) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 26000 | 139 | 17 | 156 | 0 | (12) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2028 | 4870 | (24) | 2 | (22) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 4100 | 0 | (45) | (45) | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 3700 | 0 | (43) | (43) | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 05/15/2030 | 600 | 0 | (9) | (9) | 1 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 | 15350 | 4 | 61 | 65 | 22 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 | 20387 | 20 | 0 | 20 | 29 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 3200 | 52 | (11) | 41 | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 15800 | (282) | 71 | (211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 1840 | (7) | 4 | (3) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 1200 | (6) | (6) | (12) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 06/30/2031 | 2800 | 0 | (43) | (43) | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 1803 | (2) | (16) | (18) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.828 | Annual | 05/15/2032 | 2900 | 0 | (37) | (37) | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 1300 | 0 | (10) | (10) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.847 | Annual | 05/15/2034 | 800 | 0 | (7) | (7) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 1300 | 0 | (12) | (12) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 3290 | 88 | (92) | (4) | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 2700 | (9) | (23) | (32) | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 900 | (3) | 13 | 10 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 500 | (2) | 7 | 5 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 400 | (1) | 7 | 6 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 1600 | (6) | 22 | 16 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 1600 | (6) | 17 | 11 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 1300 | (5) | 31 | 26 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 1200 | (4) | (7) | (11) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 12690 | 855 | (257) | 598 | 28 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 700 | (2) | (9) | (11) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 1400 | (4) | (12) | (16) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 3400 | 189 | (32) | 157 | 8 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 4100 | 8 | 34 | 42 | 9 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 4000 | (4) | 26 | 22 | 9 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 6971 | 18 | 12 | 30 | 16 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 1300 | (4) | 30 | 26 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 7600 | (149) | 173 | 24 | 18 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 22600 | (138) | 216 | 78 | 53 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 260 | (5) | 1 | (4) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 400 | 3 | 28 | 31 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 3180 | 803 | 490 | 1293 | 8 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 800 | 11 | 11 | 22 | 3 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.075 | Annual | 11/15/2053 | 812 | 6 | 8 | 14 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 2160 | 251 | 81 | 332 | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 | 300 | 0 | 12 | 12 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 500 | 0 | 18 | 18 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 | 1200 | 0 | 43 | 43 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.964 | Annual | 11/15/2054 | 600 | 0 | 21 | 21 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 | 1400 | 0 | 40 | 40 | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.115 | Annual | 11/15/2054 | 1510 | 0 | 13 | 13 | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 | 790 | 0 | 5 | 5 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 2100 | 0 | 153 | 153 | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.772 | Annual | 02/15/2055 | 300 | 0 | 21 | 21 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 | 1100 | 0 | 73 | 73 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 600 | 0 | 39 | 39 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 | 100 | 0 | 6 | 6 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 | 1100 | 0 | 79 | 79 | 4 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

---

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 03/19/2055 | $1340 | $166 | $54 | $220 | $4 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 | 986 | 4 | 37 | 41 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 | 674 | (12) | 24 | 12 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 | 1171 | (1) | 44 | 43 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 1400 | 142 | 20 | 162 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 | 457 | (5) | 17 | 12 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 2500 | 106 | 71 | 177 | 8 | 0 |
| Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 90 | (2) | 0 | (2) | 0 | 0 |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 6600 | (13) | 60 | 47 | 0 | 0 |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 2000 | 0 | 14 | 14 | 0 | 0 |
| Pay<sup>(6)</sup> | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | 10967080 | 78 | (423) | (345) | 2 | 0 |
| Receive<sup>(6)</sup> | 3-Month NZD-BBR | 2.500 | Semi-Annual | 03/12/2028 | 10200 | 4 | 56 | 60 | 0 | (8) |
| Receive<sup>(6)</sup> | 3-Month NZD-BBR | 3.500 | Semi-Annual | 03/18/2031 | 24600 | (178) | 266 | 88 | 0 | (60) |
| Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.723 | Annual | 12/01/2035 | 5600 | 2 | (4) | (2) | 0 | 0 |
| Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | 26600 | (1) | 58 | 57 | 4 | 0 |
| Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 | 58300 | (583) | (1183) | (1766) | 0 | (32) |
| Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/18/2031 | 1700 | (5) | (34) | (39) | 0 | (1) |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 3900 | (2) | (90) | (92) | 0 | (5) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 | 13700 | 65 | (209) | (144) | 0 | (18) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 2300 | 12 | (43) | (31) | 0 | (3) |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 | 6600 | 37 | (209) | (172) | 0 | (9) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 | 2500 | 41 | (72) | (31) | 0 | (3) |
| Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 13900 | 12 | (431) | (419) | 0 | (17) |
| Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | 13900 | 0 | (33) | (33) | 0 | 0 |
| Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.523 | Annual | 12/01/2035 | 30800 | (1) | 4 | 3 | 2 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | 19920 | 162 | 476 | 638 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | 1000 | (5) | (17) | (22) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 1800 | (10) | (31) | (41) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 1200 | (9) | (19) | (28) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 2100 | (8) | (23) | (31) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 1000 | (4) | (11) | (15) | 0 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 | 24200 | (84) | (86) | (170) | 0 | (3) |
| Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 | 1150 | 0 | (21) | (21) | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 | 5500 | 0 | (68) | (68) | 0 | (4) |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 79230 | 271 | (761) | (490) | 0 | (63) |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 36420 | (45) | (725) | (770) | 1 | (47) |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2042 | 2650 | 205 | (591) | (386) | 0 | (5) |
| Pay | 6-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 | 900 | (64) | (446) | (510) | 0 | (2) |
| Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 | 600 | 0 | 414 | 414 | 1 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 | 11700 | 235 | 1060 | 1295 | 16 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 3590 | 48 | (262) | (214) | 0 | (13) |
| Pay | CAONREPO | 2.850 | Semi-Annual | 09/01/2029 | 4300 | (8) | 31 | 23 | 0 | (1) |
| Pay | CAONREPO | 1.900 | Semi-Annual | 12/18/2029 | 7000 | (443) | 289 | (154) | 0 | (2) |
| Pay | CAONREPO | 3.000 | Semi-Annual | 06/18/2030 | 1500 | 20 | (8) | 12 | 0 | (1) |
| Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 | 3100 | 48 | (95) | (47) | 2 | 0 |
| Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 | 400 | 3 | 0 | 3 | 0 | 0 |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 | 700 | 3 | (4) | (1) | 0 | 0 |
| Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 | 4600 | (4) | (42) | (46) | 3 | 0 |
| Receive | CAONREPO | 3.300 | Semi-Annual | 06/01/2033 | 7000 | 28 | (139) | (111) | 5 | 0 |
| Receive | CAONREPO | 3.400 | Semi-Annual | 06/01/2033 | 3200 | (3) | (63) | (66) | 2 | 0 |
| Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 | 2200 | 0 | 12 | 12 | 1 | 0 |
| Receive | CAONREPO | 3.500 | Semi-Annual | 09/01/2033 | 1300 | 16 | (51) | (35) | 1 | 0 |
| Pay<sup>(6)</sup> | CAONREPO | 3.000 | Semi-Annual | 03/18/2036 | 3500 | (48) | 4 | (44) | 0 | (3) |
| Pay | CAONREPO | 1.750 | Semi-Annual | 12/16/2046 | 600 | (120) | 2 | (118) | 0 | (3) |
| Pay | CAONREPO | 2.750 | Semi-Annual | 12/18/2048 | 600 | (56) | 0 | (56) | 0 | (1) |
| Pay | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 | 1400 | (74) | 21 | (53) | 0 | (3) |
|  |  |  |  |  |  | $2195 | $(5782) | $(3587) | $492 | $(546) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5781) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3161) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(547) |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(867) |

---

20 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

(i) Securities with an aggregate market value of $7,786 and cash of $5,556 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin liability of $(1) for closed swap agreements 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 |
|  AZD | 01/2026 | $6074 | 944146 | $0 | $(42) |
|  | 01/2026 | 144 | 257 | 4 | 0 |
|  BOA | 01/2026 | 53250 | $7616 | 0 | (22) |
|  | 01/2026 | 913 | 10 | 0 | 0 |
|  | 01/2026 | 300211 | 206 | 0 | (2) |
|  | 01/2026 | 1246 | 341 | 0 | (6) |
|  | 01/2026 | 4220 | 130 | 0 | (4) |
|  | 01/2026 | 16879 | 554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 0 |
|  | 01/2026 | $228 | 318 | 4 | 0 |
|  | 01/2026 | 112 | 789 | 1 | 0 |
|  | 01/2026 | 4990 | 4304 | 70 | 0 |
|  | 01/2026 | 751 | 116000 | 0 | (9) |
|  | 01/2026 | 745 | 1092093 | 13 | 0 |
|  | 01/2026 | 1063 | 3891 | 21 | 0 |
|  | 01/2026 | 217 | 9621 | 6 | 0 |
|  | 01/2026 | 70 | 2205 | 0 | 0 |
|  | 01/2026 | 290 | 4831 | 1 | 0 |
|  | 02/2026 | 1098 | $345 | 0 | 0 |
|  | 02/2026 | 606570 | 417 | 0 | (4) |
|  | 03/2026 | 1687 | 69 | 0 | (1) |
|  | 03/2026 | 195 | 4782 | 3 | 0 |
|  | 03/2026 | 3664 | $7 | 0 | 0 |
|  | 03/2026 | 3346 | 992 | 0 | 0 |
|  | 03/2026 | $555 | 3913 | 6 | 0 |
|  | 04/2026 | 96 | 1770 | 1 | 0 |
|  | 04/2026 | 6257 | $357 | 0 | (18) |
|  BPS | 01/2026 | 10094 | 6561 | 0 | (175) |
|  | 01/2026 | 125 | 159 | 1 | 0 |
|  | 01/2026 | 101511 | 14416 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) |
|  | 01/2026 | 6111 | 7190 | 9 | (3) |
|  | 01/2026 | 1851 | 569 | 0 | (12) |
|  | 01/2026 | 29751 | 330 | 0 | (1) |
|  | 01/2026 | 155100 | 1004 | 13 | 0 |
|  | 01/2026 | 1602 | 439 | 0 | (7) |
|  | 01/2026 | 62593 | 2050 | 57 | 0 |
|  | 01/2026 | $390 | 534 | 0 | (1) |
|  | 01/2026 | 1441 | 10092 | 6 | 0 |
|  | 01/2026 | 352 | 2488 | 4 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

---

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $9198 | 7808 | $0 | $(18) |
|  | 01/2026 | 136 | 2270644 | 0 | 0 |
|  | 01/2026 | 150 | 13551 | 0 | 0 |
|  | 01/2026 | 1155 | 4199 | 15 | 0 |
|  | 01/2026 | 2162 | 67935 | 4 | (3) |
|  | 01/2026 | 608 | 10138 | 3 | 0 |
|  | 01/2026 | 4373 | $261 | 0 | (2) |
|  | 02/2026 | 95 | 489 | 0 | 0 |
|  | 02/2026 | $741 | 5235 | 7 | 0 |
|  | 02/2026 | 337 | 30368 | 0 | 0 |
|  | 02/2026 | 854 | 26793 | 0 | (2) |
|  | 03/2026 | 3092 | 126 | 0 | (2) |
|  | 03/2026 | 4935 | $237 | 0 | (3) |
|  | 03/2026 | 19264 | 620 | 8 | 0 |
|  | 03/2026 | $544 | 3818 | 4 | 0 |
|  | 04/2026 | 175 | 1230 | 1 | 0 |
|  | 05/2026 | 225 | 69 | 0 | (2) |
|  | 05/2026 | 31190 | $1763 | 0 | (104) |
|  | 06/2026 | $141 | 43 | 0 | (1) |
|  | 07/2026 | 99 | 30 | 0 | 0 |
|  | 06/2027 | 98 | 30 | 0 | (1) |
|  | 05/2029 | 397 | $1364 | 54 | 0 |
|  | 07/2029 | 25 | 86 | 3 | 0 |
|  | 05/2030 | 237 | 815 | 29 | 0 |
|  BRC | 01/2026 | 6303 | 978 | 0 | (14) |
|  | 01/2026 | 635 | 3265 | 6 | 0 |
|  | 01/2026 | 3871 | $4546 | 0 | (5) |
|  | 01/2026 | 484 | 151 | 0 | (1) |
|  | 01/2026 | 33499 | 8160 | 0 | (106) |
|  | 01/2026 | $1747 | 3020 | 0 | (8) |
|  | 01/2026 | 110 | 400 | 2 | 0 |
|  | 01/2026 | 1288 | 58149 | 44 | 0 |
|  | 01/2026 | 15756 | $910 | 0 | (40) |
|  | 02/2026 | 481 | 149 | 0 | (2) |
|  | 02/2026 | $2806 | 127930 | 71 | 0 |
|  | 03/2026 | 814 | 15068 | 17 | 0 |
|  | 03/2026 | 655 | 29923 | 8 | 0 |
|  | 04/2026 | 6386 | $364 | 0 | (19) |
|  | 07/2026 | 9494 | 537 | 0 | (28) |
|  | 12/2026 | 3003 | 171 | 0 | (6) |
|  BSH | 01/2026 | 3547 | 645 | 0 | (3) |
|  | 01/2026 | 8379 | 11079 | 0 | (215) |
|  | 01/2026 | 1048073 | 6734 | 38 | 0 |
|  | 01/2026 | 1288 | 372 | 0 | (11) |
|  | 01/2026 | $639 | 3547 | 9 | 0 |
|  | 01/2026 | 264 | 471 | 7 | 0 |
|  | 02/2026 | 3574 | $639 | 0 | (8) |
|  | 02/2026 | 4995 | 1428 | 0 | (55) |
|  CBK | 01/2026 | 3637 | 2419 | 0 | (8) |
|  | 01/2026 | 18 | 13 | 0 | 0 |
|  | 01/2026 | 29360 | 4200 | 0 | (12) |
|  | 01/2026 | 1223 | 1427 | 0 | (10) |
|  | 01/2026 | 70000 | 516 | 69 | 0 |
|  | 01/2026 | 1413 | 138 | 0 | (2) |
|  | 01/2026 | 1714 | 989 | 4 | (2) |
|  | 01/2026 | 3579 | 1058 | 0 | (6) |
|  | 01/2026 | 40 | 1 | 0 | 0 |
|  | 01/2026 | 80616 | 2652 | 86 | 0 |
|  | 01/2026 | $9398 | 65572 | 11 | 0 |
|  | 01/2026 | 535 | 3780 | 5 | 0 |
|  | 01/2026 | 4899 | 438020 | 4 | (41) |
|  | 01/2026 | 99 | 357 | 0 | 0 |
|  | 01/2026 | 1016 | 1310 | 4 | 0 |
|  | 01/2026 | 0 | 6 | 0 | 0 |
|  | 01/2026 | 704 | 21993 | 0 | (4) |
|  | 01/2026 | 100 | 1696 | 3 | 0 |
|  | 02/2026 | 40 | 207 | 0 | 0 |
|  | 02/2026 | 865 | $272 | 0 | 0 |
|  | 02/2026 | 11890 | 3491 | 0 | (39) |
|  | 02/2026 | $1144 | 8079 | 10 | 0 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 02/2026 | $21 | 648 | $0 | $0 |
|  | 03/2026 | 18567 | $2396 | 6 | 0 |
|  | 03/2026 | 5296 | 1509 | 0 | (62) |
|  | 03/2026 | 20938 | 673 | 7 | 0 |
|  | 03/2026 | $1551 | 10900 | 12 | 0 |
|  | 07/2026 | 2720 | $788 | 0 | (16) |
|  DUB | 01/2026 | 364 | 1867 | 2 | 0 |
|  | 01/2026 | 804 | $250 | 0 | (2) |
|  | 01/2026 | 6447621 | 4405 | 0 | (67) |
|  | 01/2026 | 504 | 291 | 1 | 0 |
|  | 01/2026 | $53 | 2633 | 1 | 0 |
|  | 01/2026 | 494 | 1576 | 1 | 0 |
|  | 01/2026 | 1439 | 128184 | 0 | (17) |
|  | 01/2026 | 883 | 1298052 | 17 | 0 |
|  | 01/2026 | 260 | 4364 | 4 | 0 |
|  | 01/2026 | 28078 | $1611 | 0 | (82) |
|  | 02/2026 | 361 | 1851 | 2 | 0 |
|  | 02/2026 | 1576 | $494 | 0 | (1) |
|  | 02/2026 | $81 | 26595 | 0 | 0 |
|  | 02/2026 | 28 | 874 | 0 | 0 |
|  | 03/2026 | 7699 | $15 | 0 | 0 |
|  | 03/2026 | 1209 | 358 | 0 | (1) |
|  | 03/2026 | $247 | 1733 | 2 | 0 |
|  | 03/2026 | 447 | 9199 | 1 | 0 |
|  | 03/2026 | 308 | 167936 | 16 | 0 |
|  | 04/2026 | 73 | 3740 | 3 | 0 |
|  | 06/2026 | 74806 | $139 | 0 | (2) |
|  | 07/2026 | 6969 | 394 | 0 | (21) |
|  | 12/2026 | 4006 | 227 | 0 | (8) |
|  FAR | 01/2026 | 20573 | 13362 | 0 | (368) |
|  | 01/2026 | 144 | 179 | 0 | (2) |
|  | 01/2026 | 45824 | 6511 | 0 | (64) |
|  | 01/2026 | 16603 | 21803 | 0 | (577) |
|  | 01/2026 | $262 | 839 | 2 | 0 |
|  | 01/2026 | 5602 | 103918 | 155 | 0 |
|  | 01/2026 | 309 | 548 | 7 | 0 |
|  | 01/2026 | 1291 | 4730 | 26 | 0 |
|  | 01/2026 | 250 | 4200 | 3 | 0 |
|  | 01/2026 | 19470 | $1132 | 0 | (42) |
|  | 02/2026 | 838 | 262 | 0 | (2) |
|  GLM | 01/2026 | 1440 | 206 | 0 | (1) |
|  | 01/2026 | 833 | 4280 | 7 | 0 |
|  | 01/2026 | 485 | $150 | 0 | (2) |
|  | 01/2026 | 200000 | 1486 | 209 | 0 |
|  | 01/2026 | 4353 | 1063 | 0 | (11) |
|  | 01/2026 | 2477 | 78 | 0 | (1) |
|  | 01/2026 | $224 | 180 | 3 | 0 |
|  | 01/2026 | 682 | 4806 | 8 | 0 |
|  | 01/2026 | 725 | 2647 | 13 | 0 |
|  | 01/2026 | 589 | 762 | 4 | 0 |
|  | 01/2026 | 21276 | $1236 | 0 | (47) |
|  | 02/2026 | $10955 | 60224 | 0 | (48) |
|  | 02/2026 | 1 | 5 | 0 | 0 |
|  | 02/2026 | 505 | 9365 | 13 | 0 |
|  | 02/2026 | 477 | 21757 | 13 | 0 |
|  | 03/2026 | 205 | $37 | 0 | 0 |
|  | 03/2026 | $41 | 291 | 0 | 0 |
|  | 03/2026 | 385 | 7144 | 9 | 0 |
|  | 04/2026 | 2961 | $163 | 0 | 0 |
|  | 04/2026 | $803 | 14817 | 11 | 0 |
|  JPM | 01/2026 | 190758 | $27086 | 0 | (286) |
|  | 01/2026 | 5407 | 1661 | 0 | (36) |
|  | 01/2026 | 28291 | 318 | 4 | 0 |
|  | 01/2026 | 359 | 19 | 0 | (1) |
|  | 01/2026 | 480 | 279 | 3 | 0 |
|  | 01/2026 | 225 | 66 | 0 | (1) |
|  | 01/2026 | 2930 | 800 | 0 | (17) |
|  | 01/2026 | $838 | 5888 | 7 | 0 |
|  | 01/2026 | 444 | 3124 | 2 | 0 |
|  | 01/2026 | 55 | 2679 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

---

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $573 | 51028 | $0 | $(7) |
|  | 01/2026 | 9802 | 14064248 | 0 | (47) |
|  | 01/2026 | 983 | 1689 | 0 | (10) |
|  | 01/2026 | 1048 | 3859 | 27 | 0 |
|  | 01/2026 | 5307 | $309 | 0 | (11) |
|  | 02/2026 | 14045791 | 9802 | 62 | 0 |
|  | 02/2026 | $877 | 16254 | 22 | 0 |
|  | 03/2026 | 521 | 9547 | 6 | 0 |
|  | 04/2026 | 300 | 5520 | 4 | 0 |
|  | 06/2026 | 4900 | $277 | 0 | (16) |
|  MBC | 01/2026 | 1124 | 743 | 0 | (7) |
|  | 01/2026 | 41791 | 29694 | 0 | (771) |
|  | 01/2026 | 191 | 240 | 0 | (1) |
|  | 01/2026 | 396 | 56 | 0 | (1) |
|  | 01/2026 | 1843 | 39 | 0 | 0 |
|  | 01/2026 | 3211 | 4288 | 0 | (40) |
|  | 01/2026 | 604000 | 3888 | 29 | 0 |
|  | 01/2026 | 731 | 423 | 1 | 0 |
|  | 01/2026 | 21877 | 16860 | 0 | (170) |
|  | 01/2026 | 210863 | 6510 | 0 | (189) |
|  | 01/2026 | $56 | 395 | 0 | 0 |
|  | 01/2026 | 208 | 10287 | 6 | 0 |
|  | 01/2026 | 730 | 630 | 10 | 0 |
|  | 01/2026 | 5492 | 4126 | 69 | 0 |
|  | 01/2026 | 108 | 9760 | 1 | 0 |
|  | 01/2026 | 312 | 48624 | 0 | (2) |
|  | 01/2026 | 258 | 946 | 5 | 0 |
|  | 01/2026 | 108 | 3401 | 1 | 0 |
|  | 02/2026 | 232 | 4297 | 5 | 0 |
|  | 03/2026 | 2340 | $302 | 1 | 0 |
|  | 03/2026 | $217 | 3997 | 3 | 0 |
|  | 04/2026 | 238 | 4396 | 4 | 0 |
|  | 05/2026 | 36 | 1851 | 1 | 0 |
|  | 05/2026 | 9298 | $535 | 0 | (22) |
|  MYI | 01/2026 | $33 | 5218 | 0 | 0 |
|  | 01/2026 | 123 | 2117 | 5 | 0 |
|  | 02/2026 | 3316 | 135 | 0 | (3) |
|  | 02/2026 | 1739 | $540 | 0 | (6) |
|  | 02/2026 | $117 | 825 | 1 | 0 |
|  | 03/2026 | 508 | 3567 | 4 | 0 |
|  | 04/2026 | 2273 | $125 | 0 | 0 |
|  NGF | 01/2026 | 10569412 | 7223 | 0 | (108) |
|  | 01/2026 | $593 | 870693 | 11 | 0 |
|  | 01/2026 | 69 | 3129 | 2 | 0 |
|  | 02/2026 | 704 | 32128 | 18 | 0 |
|  | 03/2026 | 655 | 29994 | 9 | 0 |
|  SCX | 01/2026 | 3565 | $664 | 13 | 0 |
|  | 01/2026 | 93707 | 13298 | 0 | (148) |
|  | 01/2026 | 4550 | 50 | 0 | (1) |
|  | 01/2026 | 765912 | 4926 | 33 | 0 |
|  | 01/2026 | 18300 | 601 | 18 | 0 |
|  | 01/2026 | $648 | 3565 | 3 | 0 |
|  | 01/2026 | 330 | 2335 | 3 | 0 |
|  | 01/2026 | 3006 | 2560 | 4 | 0 |
|  | 01/2026 | 226 | 3776848 | 0 | 0 |
|  | 01/2026 | 383 | 34709 | 2 | 0 |
|  | 01/2026 | 256 | 39904 | 0 | (1) |
|  | 01/2026 | 274 | 8563 | 0 | (1) |
|  | 03/2026 | 740 | 5195 | 5 | 0 |
|  | 11/2026 | 97050 | $60 | 0 | 0 |
|  SOG | 01/2026 | 2118 | 10857 | 15 | 0 |
|  | 01/2026 | 80200 | $92853 | 0 | (1439) |
|  | 01/2026 | 3041361 | 19446 | 16 | 0 |
|  | 01/2026 | 764 | 176 | 0 | 0 |
|  | 01/2026 | $909 | 680 | 7 | 0 |
|  | 01/2026 | 383 | 1287 | 0 | 0 |
|  | 01/2026 | 924 | 1197 | 8 | 0 |
|  | 02/2026 | 259 | 1328 | 1 | 0 |
|  | 02/2026 | $267 | 13093 | 4 | 0 |
|  | 02/2026 | 232 | 4299 | 5 | 0 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 03/2026 | 3 | $1 | $0 | $0 |
|  | 03/2026 | $0 | 2 | 0 | 0 |
|  | 07/2026 | 1296 | $383 | 0 | 0 |
|  SSB | 01/2026 | 260000 | 1736 | 77 | 0 |
|  UAG | 01/2026 | 737 | 920 | 0 | (11) |
|  | 01/2026 | 1244 | 341 | 0 | (6) |
|  | 01/2026 | $845 | 3061 | 7 | 0 |
|  | 01/2026 | 27505 | $1581 | 0 | (77) |
|  | 02/2026 | $216 | 4015 | 5 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6118) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | CZK | 24.200 | 03/11/2026 | 528 | $2 | $3 |
|  | Put - OTC EUR versus HUF | HUF | 375.000 | 03/05/2026 | 876 | 2 | 2 |
|  | Put - OTC USD versus BRL | BRL | 5.400 | 02/05/2026 | 910 | 13 | 5 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 1273 | 2 | 1 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 1995 | 3 | 1 |
|  | Put - OTC USD versus KRW | KRW | 1417.000 | 02/11/2026 | 2132 | 13 | 11 |
|  | Put - OTC USD versus KRW |  | 1419.000 | 02/11/2026 | 2133 | 13 | 12 |
|  | Put - OTC USD versus KRW |  | 1419.000 | 02/12/2026 | 1366 | 9 | 8 |
|  | Call - OTC USD versus SGD | SGD | 1.315 | 11/05/2026 | 1378 | 10 | 5 |
| GLM | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 312 | 0 | 0 |
| JPM | Put - OTC EUR versus CZK | CZK | 24.200 | 03/05/2026 | 1535 | 6 | 9 |
|  | Put - OTC EUR versus HUF | HUF | 378.000 | 03/03/2026 | 670 | 3 | 2 |
|  | Put - OTC EUR versus HUF |  | 376.000 | 03/06/2026 | 813 | 2 | 2 |
| MBC | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 1147 | 2 | 1 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 597 | 1 | 0 |
| MYI | Put - OTC EUR versus CZK | CZK | 24.200 | 02/10/2026 | 562 | 2 | 3 |
|  | Put - OTC EUR versus CZK |  | 24.100 | 03/13/2026 | 1389 | 6 | 5 |
|  | Put - OTC EUR versus CZK |  | 23.900 | 06/02/2026 | 940 | 4 | 3 |
|  | Put - OTC USD versus BRL | BRL | 5.410 | 02/04/2026 | 1800 | 27 | 12 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus BRL | BRL | 5.160 | 02/05/2026 | 910 | $(2) | $0 |
|  | Call - OTC USD versus BRL |  | 5.690 | 02/05/2026 | 910 | (11) | (7) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 1273 | (1) | (1) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 1995 | (1) | (1) |
|  | Put - OTC USD versus KRW | KRW | 1380.000 | 02/11/2026 | 2132 | (4) | (3) |
|  | Put - OTC USD versus KRW |  | 1382.000 | 02/11/2026 | 2133 | (4) | (3) |
|  | Put - OTC USD versus KRW |  | 1383.000 | 02/12/2026 | 1366 | (3) | (2) |
|  | Put - OTC USD versus SGD | SGD | 1.237 | 11/05/2026 | 1378 | (10) | (12) |
| GLM | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 312 | 0 | 0 |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 1147 | (1) | 0 |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 597 | 0 | 0 |
| MYI | Put - OTC USD versus BRL | BRL | 5.160 | 02/04/2026 | 1800 | (4) | (1) |
|  | Call - OTC USD versus BRL |  | 5.700 | 02/04/2026 | 1800 | (23) | (13) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 25

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.622% | 01/29/2026 | 3200 | $(7) | $(4) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.882 | 01/29/2026 | 3200 | (7) | (10) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.625 | 01/08/2026 | 2000 | (5) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.925 | 01/08/2026 | 2000 | (5) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.639 | 01/12/2026 | 1300 | (3) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.919 | 01/12/2026 | 1300 | (3) | (1) |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.498 | 01/05/2026 | 1900 | (5) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.798 | 01/05/2026 | 1900 | (4) | (3) |
|  |  |  |  |  |  | $(39) | $(18) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2029 | 0.187% | $700 | $(23) | $2 | $0 | $(21) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | 0.220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | (77) | 1 | 0 | (76) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 | —<sup>¨</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR 100 | $23 | $1 | $24 | $0 |
| BPS | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 600 | 138 | 3 | 141 | 0 |
| CBK | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 200 | 45 | 2 | 47 | 0 |
| JPM | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 400 | 92 | 2 | 94 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | $8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | $0 |

---

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment**<br> **Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of**<br> **Currency<br>Received** | **Notional<br>Amount of**<br> **Currency<br>Delivered** | **Notional<br>Amount of**<br> **Currency<br>Delivered** | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Receive** | **Pay** | **Payment**<br> **Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of**<br> **Currency<br>Received** | **Notional<br>Amount of**<br> **Currency<br>Delivered** | **Notional<br>Amount of**<br> **Currency<br>Delivered** | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.357% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/16/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26710 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.301% based on the notional amount of currency received | Floating rate equal to 1-Day GBP-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2045 | 5470 | GBP | 4113 | (22) | 8 | 0 | (14) |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment**<br> **Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of**<br> **Currency<br>Received** | **Notional<br>Amount of**<br> **Currency<br>Delivered** | **Notional<br>Amount of**<br> **Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Receive** | **Pay** | **Payment**<br> **Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of**<br> **Currency<br>Received** | **Notional<br>Amount of**<br> **Currency<br>Delivered** | **Notional<br>Amount of**<br> **Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.315% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/16/2027 | $15381 | JPY | 2384000 | $10 | $(10) | $0 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11428 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680000 | 13 | 8 | 21 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BPS | Pay<br> 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 168700 | $(54) | $(48) | $0 | $(102) |
| CBK | Pay<br> 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | Quarterly | 03/18/2031 |  | 6580 | 0 | (4) | 0 | (4) |
| SCX | Pay<br> 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | Quarterly | 03/18/2031 |  | 19600 | 9 | (21) | 0 | (12) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(9)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(9)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive | IBOXIG Index  | N/A | 1.225% (SOFR plus a specified spread) | Maturity | 03/20/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12120 | $0 | $(43) | $0 | $(43) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(10)</sup> |
|  AZD | $4 | $0 | $0 | $4 | $(42) | $0 | $0 | $(42) | $(38) | $0 | $(38) |
|  BOA | 142 | 48 | 24 | 214 | (66) | (29) | 0 | (95) | 119 | (320) | (201) |
|  BPS | 218 | 0 | 141 | 359 | (485) | (14) | (145) | (644) | (285) | 299 | 14 |
|  BRC | 148 | 0 | 0 | 148 | (229) | 0 | 0 | (229) | (81) | 0 | (81) |
|  BSH | 54 | 0 | 0 | 54 | (292) | 0 | 0 | (292) | (238) | 283 | 45 |
|  CBK | 221 | 0 | 384 | 605 | (202) | 0 | (4) | (206) | 399 | 0 | 399 |
|  DUB | 50 | 0 | 8 | 58 | (201) | 0 | 0 | (201) | (143) | 0 | (143) |
|  FAR | 193 | 0 | 0 | 193 | (1055) | 0 | 0 | (1055) | (862) | 886 | 24 |
|  GLM | 290 | 0 | 21 | 311 | (110) | 0 | (14) | (124) | 187 | 0 | 187 |
|  JPM | 138 | 13 | 94 | 245 | (432) | 0 | 0 | (432) | (187) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187) |
|  MBC | 136 | 1 | 0 | 137 | (1203) | 0 | 0 | (1203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | 130 |
|  MYC | 0 | 0 | 0 | 0 | 0 | (1) | (97) | (98) | (98) | 0 | (98) |
|  MYI | 10 | 23 | 0 | 33 | (9) | (14) | 0 | (23) | 10 | (20) | (10) |
|  NGF | 40 | 0 | 0 | 40 | (108) | (3) | 0 | (111) | (71) | 0 | (71) |
|  SCX | 81 | 0 | 0 | 81 | (151) | 0 | (12) | (163) | (82) | 0 | (82) |
|  SOG | 56 | 0 | 0 | 56 | (1439) | 0 | 0 | (1439) | (1383) | 1446 | 63 |
|  SSB | 77 | 0 | 0 | 77 | 0 | 0 | 0 | 0 | 77 | 0 | 77 |
|  UAG | 12 | 0 | 0 | 12 | (94) | 0 | 0 | (94) | (82) | 0 | (82) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6118) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6451) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 27

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Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

(k) Securities with an aggregate market value of $4,110 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(9)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(10)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $256 | $256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 492 | 493 |
|  | $0 | $1 | $0 | $0 | $748 | $749 |
|  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 | $1870 | $0 | $1870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 85 | 0 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 314 | 0 | 358 | 0 | 672 |
|  | $0 | $314 | $0 | $2313 | $0 | $2627 |
|  | $0 | $315 | $0 | $2313 | $748 | $3376 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 312 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 547 | 548 |
|  | $0 | $1 | $0 | $0 | $866 | $867 |
|  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 | $6118 | $0 | $6118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 43 | 18 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 97 | 0 | 14 | 161 | 272 |
|  | $0 | $97 | $0 | $6175 | $179 | $6451 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7318 |

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28 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

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December 31, 2025

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $184 | $184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 4331 | 4331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (16) | 0 | 0 | (6021) | (6037) |
|  | $0 | $(16) | $0 | $0 | $(1506) | $(1522) |
|  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 | $(3870) | $0 | $(3870) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 54 | (140) | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 3 | 0 | 219 | 657 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 207 | 0 | 1498 | (365) | 1340 |
|  | $0 | $210 | $0 | $(2099) | $152 | $(1737) |
|  | $0 | $194 | $0 | $(2099) | $(1354) | $(3259) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 310 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 12 | 0 | 0 | (5418) | (5406) |
|  | $0 | $12 | $0 | $0 | $(5105) | $(5093) |
|  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 | $(10645) | $0 | $(10645) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (191) | (453) | (644) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (39) | 305 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (85) | 0 | (100) | (465) | (650) |
|  | $0 | $(85) | $0 | $(10975) | $(613) | $(11673) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10975) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5718) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16766) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **12/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $161 | $0 | $161 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5093 | 0 | 5093 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5606 | 5606 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12609 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12609 |
|  Belgium | Belgium | Belgium | Belgium | Belgium |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 826 | 0 | 826 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1828 | 0 | 1828 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7893 | 0 | 7893 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 749 | 0 | 749 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 26872 | 0 | 26872 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 18054 | 0 | 18054 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2426 | 0 | 2426 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 412 | 0 | 412 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 614 | 0 | 614 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 46560 | 0 | 46560 |
|  Costa Rica | Costa Rica | Costa Rica | Costa Rica | Costa Rica |
| &nbsp;&nbsp; Sovereign Issues | 0 | 904 | 0 | 904 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1035 | 0 | 1035 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3956 | 0 | 3956 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 24902 | 0 | 24902 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **12/31/2025** |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | $0 | $321 | $0 | $321 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 17314 | 0 | 17314 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1174 | 0 | 1174 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1638 | 0 | 1638 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 827 | 0 | 827 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4633 | 0 | 4633 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3558 | 0 | 3558 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30893 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 178 | 0 | 178 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 275 | 0 | 275 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2906 | 0 | 2906 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3060 | 0 | 3060 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 629 | 0 | 629 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9246 | 0 | 9246 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 415 | 0 | 415 |
|  Multinational | Multinational | Multinational | Multinational | Multinational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 213 | 0 | 213 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 930 | 0 | 930 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **12/31/2025** |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $1908 | $0 | $1908 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 204 | 0 | 204 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 615 | 0 | 615 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9514 | 0 | 9514 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2159 | 0 | 2159 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 270 | 0 | 270 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6798 | 0 | 6798 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 314 | 0 | 314 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10438 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1184 | 0 | 1184 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9961 | 0 | 9961 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 10979 | 0 | 10979 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 23405 | 0 | 23405 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3827 | 0 | 3827 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3181 | 0 | 3181 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6850 | 0 | 6850 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 828 | 0 | 828 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1739 | 0 | 1739 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 1299 | 0 | 1299 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 15544 | 0 | 15544 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 7736 | 0 | 7736 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 21247 | 0 | 21247 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 16048 | 0 | 16048 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 39795 | 0 | 39795 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1158 | 0 | 1158 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 853 | 0 | 853 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 30167 | 0 | 30167 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **12/31/2025** |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $251780 | $0 | $251780 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 44485 | 0 | 44485 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 3242 | 0 | 3242 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 1002 | 0 | 1002 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 1543 | 0 | 1543 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 4464 | 0 | 4464 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1557 | 0 | 1557 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5606 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774804 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $1661 | $0 | $0 | $1661 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661 | $769198 | $5606 | $776465 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  France | France | France | France | France |
| &nbsp;&nbsp; Sovereign Issues | 0 | (971) | 0 | (971) |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | (66510) | 0 | (66510) |
|  | $0 | $(67481) | $0 | $(67481) |
|  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 | 214 | 535 | 0 | 749 |
|  Over the counter | 0 | 2619 | 8 | 2627 |
|  | $214 | $3154 | $8 | $3376 |
|  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 | (225) | (641) | 0 | (866) |
|  Over the counter | 0 | (6451) | 0 | (6451) |
|  | $(225) | $(7092) | $0 | $(7317) |
|  Total Financial Derivative Instruments | $(11) | $(3938) | $8 | $(3941) |
|  Totals | $1650 | $697779 | $5614 | $705043 |

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The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended December 31, 2025:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | $&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;5606 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
|  | $0 | $5493 | $0 | $0 | $0 | $113 | $0 | $0 | $5606 | $113 |
|  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 | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $3 | $0 | $0 | $0 | $5 | $0 | $0 | $8 | $5 |
|  Totals | $0 | $5496 | $0 | $0 | $0 | $118 | $0 | $0 | $5614 | $118 |

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30 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

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December 31, 2025

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input<br>Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia | Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $5606 | Recent Transaction | Purchase Price | 100.000 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 8 | Indicative Market Quotation | Broker Quote | 0.497 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5614 |  |  |  |  |

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<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

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Notes to Financial Statements

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt

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|:---|:---|
| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, 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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **33** |

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Notes to Financial Statements (Cont.)

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 September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation

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|:---|:---|
| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued by the Valuation Designee in accordance with procedures approved by the Board.

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

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Notes to Financial Statements (Cont.)

valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These

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securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) 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, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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Notes to Financial Statements (Cont.)

transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287600) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to 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 ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans

(including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in 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 payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and

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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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool

due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases,

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Notes to Financial Statements (Cont.)

guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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 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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolio to post collateral in connection

with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Portfolio to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Portfolio may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio 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 (in the case of tri-party repurchase agreements). Traditionally, the Portfolio has used bilateral repurchase agreements wherein the underlying securities will be held by the Portfolio's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a

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financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar

securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **41** |

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During the period ended December 31, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts

are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option 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

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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.

Barrier Options ("Barrier Options") are options, which may be written or purchased, with non-standard payout structures or other features. Barrier Options are generally traded OTC. The Portfolio may invest in various types of Barrier Options including down-and-in, down-and-out and up-and-in options. Down-and-in and up-and-in options are similar to standard options, except that the option expires worthless to the purchaser of the option if the price of the underlying instrument does, or does not, reach a specific barrier price level prior to the option's expiration date. Down-and-out options expire worthless to the purchaser of the option if the price of the underlying instrument reaches a specific barrier price level prior to the option's expiration date.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(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

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credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation 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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes 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 indexes 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 indexes 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 indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that

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name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes 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 indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The net of the notional amount received/delivered, when translated to USD at the trade date,

represents an upfront payable/receivable. The re-exchange at maturity may take place at the same exchange rate, a specified rate or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as 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

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payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating

agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater

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price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special

redemption rights.

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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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.

China Risk is the risk of investing in securities and instruments economically tied to the People's Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) ("PRC"). These investments subject the Portfolio to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce.

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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Portfolios that are

"non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than portfolios that are "diversified".

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will

be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

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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Notes to Financial Statements (Cont.)

investments in CLOs 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) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held

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| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States,

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **49** |

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Notes to Financial Statements (Cont.)

counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the

"Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | |
|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Administrative<br>Class | Advisor<br>Class |
| 0.25% | 0.50% | 0.50% | 0.50% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing, or procuring through financial firms, administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class shares.

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| | | |
|:---|:---|:---|
|  | Distribution Fee | Servicing Fee |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of

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|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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 (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $5,000.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the

securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Frequent and active trading of the Portfolio's portfolio

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

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Notes to Financial Statements (Cont.)

holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4579783 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4574717 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281331 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179581 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
| | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 5412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53854 | 2197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 4491 | 44864 | 2800 | 27585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1416 | 14147 | 1221 | 12024 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 434 | 4344 | 417 | 4109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 345 | 3452 | 323 | 3186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1063 | 10645 | 1231 | 12146 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (3461) | (34524) | (4767) | (46862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2884) | (28825) | (2435) | (24002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (6129) | (61163) | (5116) | (50447) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 687 | $6794 | (4129) | $(40614) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2025, one person owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 54% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

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, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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

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|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | **Qualified**<br> **Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of<br>Distributable<br>Earnings |
|  PIMCO International Bond Portfolio (U.S. Dollar-Hedged) | $0 | $0 | $(29826) | $0 | $(9363) | $0 | $(3013) | $(42202) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, and interest accrued on defaulted securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4</sup>) Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO International Bond Portfolio (U.S. Dollar-Hedged) | $9363 | $0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO International Bond Portfolio (U.S. Dollar-Hedged) | $732842 | $27433 | $(57613) | $(30180) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, and interest accrued on defaulted securities. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO International Bond Portfolio (U.S. Dollar-Hedged) | $18456 | $0 | $0 | $19441 | $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>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **53** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | DEU | Deutsche Bank Securities, Inc. | MYC | Morgan Stanley Capital Services LLC |
| BOA | Bank of America N.A. | DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC |
| BPS | BNP Paribas S.A. | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BRC | Barclays Bank PLC | GLM | Goldman Sachs Bank USA | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BSN | The Bank of Nova Scotia - Toronto | JPS | J.P. Morgan Securities LLC | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
| CIB | Canadian Imperial Bank of Commerce | MEI | Merrill Lynch International |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | HUF | Hungarian Forint | NZD | New Zealand Dollar |
| BRL | Brazilian Real | IDR | Indonesian Rupiah | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | ILS | Israeli Shekel | PLN | Polish Zloty |
| CHF | Swiss Franc | INR | Indian Rupee | RON | Romanian New Leu |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | SEK | Swedish Krona |
| CNY | Chinese Renminbi (Mainland) | KRW | South Korean Won | SGD | Singapore Dollar |
| CZK | Czech Koruna | KWD | Kuwaiti Dinar | THB | Thai Baht |
| DKK | Danish Krone | KZT | Kazakhstani Tenge | TRY | Turkish New Lira |
| EGP | Egyptian Pound | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EUR | Euro | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| GBP | British Pound | NGN | Nigerian Naira | ZAR | South African Rand |
| HKD | Hong Kong Dollar | NOK | Norwegian Krone |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| Bobl | Bundesobligation, the German word for federal government bond | EUR003M | 3 Month EUR Swap Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | MUTKCALM | Tokyo Overnight Average Rate | SRFXON3 | Swiss Overnight Rate Average (6PM) |
| CDX.IG | Credit Derivatives Index - Investment Grade | SIBCSORA | Singapore Overnight Rate Average | TSFR1M | Term SOFR 1-Month |
| CNREPOFIX | China Fixing Repo Rates 7-Day | SOFR | Secured Overnight Financing Rate | US0003M | ICE 3-Month USD LIBOR |
| CPI | Consumer Price Index |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | OIS | Overnight Index Swap |
| ALT | Alternate Loan Trust | EURIBOR | Euro Interbank Offered Rate | PRIBOR | Prague Interbank Offered Rate |
| BBR | Bank Bill Rate | JSC | Joint Stock Company | REMIC | Real Estate Mortgage Investment Conduit |
| BBSW | Bank Bill Swap Reference Rate | KORIBOR | Korea Interbank Offered Rate | STIBOR | Stockholm Interbank Offered Rate |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | MIBOR | Mumbai Interbank Offered Rate | TBA | To-Be-Announced |
| CLO | Collateralized Loan Obligation | OAT | Obligations Assimilables du Trésor | WIBOR | Warsaw Interbank Offered Rate |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **55** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

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| 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 2025 | $0.0323 | $0.0000 | $0.0000 | $0.0323 |
|  August 2025 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  September 2025 | $0.0291 | $0.0000 | $0.0000 | $0.0291 |
|  October 2025 | $0.0290 | $0.0000 | $0.0000 | $0.0290 |
|  November 2025 | $0.0230 | $0.0000 | $0.0000 | $0.0230 |
|  December 2025 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
|  August 2025 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  September 2025 | $0.0279 | $0.0000 | $0.0000 | $0.0279 |
|  October 2025 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  November 2025 | $0.0218 | $0.0000 | $0.0000 | $0.0218 |
|  December 2025 | $0.0291 | $0.0000 | $0.0000 | $0.0291 |
| 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 2025 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  August 2025 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  September 2025 | $0.0271 | $0.0000 | $0.0000 | $0.0271 |
|  October 2025 | $0.0270 | $0.0000 | $0.0000 | $0.0270 |
|  November 2025 | $0.0211 | $0.0000 | $0.0000 | $0.0211 |
|  December 2025 | $0.0282 | $0.0000 | $0.0000 | $0.0282 |

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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 portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio net income, yield, earnings or investment performance. 

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| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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>) |
|  PIMCO International Bond Portfolio (U.S. Dollar-Hedged) | 0.00% | 0.00% | $6745 | $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 2026, 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 2025.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **57** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| **58** | **PIMCO VARIABLE INSURANCE TRUST** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **59** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. Information Received

(a) Materials Reviewed During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant,

financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also

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| **60** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. Nature, Extent and Quality of Services

(a) PIMCO, Research Affiliates, their Personnel and Resources The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time and other investment options that have the potential to benefit shareholders. In addition, the Board

considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO have benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. Investment Performance

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short-

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **61** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the "Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. Advisory Fees, Supervisory and Administrative Fees and Total Expenses

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Portfolios (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their

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| **62** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries.

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's

investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **63** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

The Board considered the Portfolios' total expense ratios and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expense ratios. Upon comparing the Portfolios' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expense ratios of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Asset Allocation Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. Adviser Costs, Level of Profits and Economies of Scale

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations

management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" expense structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. Ancillary Benefits

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may

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|:---|:---|
| **64** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

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. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. Conclusions

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees charged by Research Affiliates under the Asset Allocation Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **65** |

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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 & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g39447g06y60.jpg)

PVITINTLUSDFSTMAR_123125

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![LOGO](g43596g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO International Bond Portfolio (Unhedged)

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#### **Table of Contents**

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|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO International Bond Portfolio (Unhedged)](#tx43596_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx43596_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx43596_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx43596_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx43596_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx43596_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx43596_7) | 24 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx43596_8) | 42 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx43596_9) | 46 |
| &nbsp;&nbsp; [Glossary](#tx43596_10) | 47 |
| &nbsp;&nbsp; [Distribution Information](#tx43596_11) | 48 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx43596_12) | 49 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx43596_13) | 50 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx43596_14) | 51 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx43596_15) | 52 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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Important Information About the PIMCO International Bond Portfolio (Unhedged)

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO International Bond Portfolio (Unhedged) (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based

facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

The following table discloses the inception dates of the Portfolio and its respective share classes along with the Portfolio's diversification status as of period end:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Name | Portfolio<br>Inception | Portfolio<br>Inception | Institutional<br>Class | Institutional<br>Class | Administrative<br>Class | Administrative<br>Class | Advisor<br>Class | Advisor<br>Class | Diversification<br>Status | Diversification<br>Status |
|  PIMCO International Bond Portfolio (Unhedged) |  | 04/30/08 |  | 04/30/12 |  | 04/30/08 |  | 03/31/09 |  | Non-diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service

providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO International Bond Portfolio (Unhedged) (Cont.)

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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO International Bond Portfolio (Unhedged)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year<br>or Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $7.07 | $0.25 | $0.47 | $0.72 | $0.00 | $0.00 | $(0.27) | $(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 7.57 | 0.23 | (0.47) | (0.24) | (0.02) | 0.00 | (0.24) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 7.31 | 0.18 | 0.27 | 0.45 | 0.00 | 0.00 | (0.19) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 9.17 | 0.15 | (1.87) | (1.72) | (0.07) | 0.00 | (0.07) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.53 | 0.15 | (0.89) | (0.74) | (0.57) | (0.02) | (0.03) | (0.62) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 7.07 | 0.24 | 0.47 | 0.71 | 0.00 | 0.00 | (0.26) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 7.57 | 0.22 | (0.47) | (0.25) | (0.01) | 0.00 | (0.24) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 7.31 | 0.17 | 0.27 | 0.44 | 0.00 | 0.00 | (0.18) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 9.17 | 0.13 | (1.87) | (1.74) | (0.05) | 0.00 | (0.07) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.53 | 0.13 | (0.89) | (0.76) | (0.55) | (0.02) | (0.03) | (0.60) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 7.07 | 0.23 | 0.47 | 0.70 | 0.00 | 0.00 | (0.25) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 7.57 | 0.20 | (0.46) | (0.26) | 0.00 | 0.00 | (0.24) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 7.31 | 0.16 | 0.28 | 0.44 | 0.00 | 0.00 | (0.18) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 9.17 | 0.13 | (1.87) | (1.74) | (0.05) | 0.00 | (0.07) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.53 | 0.13 | (0.90) | (0.77) | (0.54) | (0.02) | (0.03) | (0.59) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

<sup>(e)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense<br>and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $7.52 | 10.31% | $299 | 0.83 %<sup>(</sup><sup>e</sup><sup>)</sup> | 0.83 %<sup>(</sup><sup>e</sup><sup>)</sup> | 0.75 %<sup>(</sup><sup>e</sup><sup>)</sup> | 0.75 %<sup>(</sup><sup>e</sup><sup>)</sup> | 3.35% | 846% |
| 7.07 | (3.26) | 48 | 0.83 | 0.83 | 0.75 | 0.75 | 3.09 | 777 |
| 7.57 | 6.37 | 50 | 1.03 | 1.03 | 0.75 | 0.75 | 2.52 | 707 |
| 7.31 | (18.85) | 47 | 0.84 | 0.84 | 0.75 | 0.75 | 1.86 | 469 |
| 9.17 | (7.38) | 78 | 0.76 | 0.76 | 0.75 | 0.75 | 1.60 | 382 |
| 7.52 | 10.15 | 8744 | 1.03 | 1.03 | 0.90 | 0.90 | 3.22 | 846 |
| 7.07 | (3.40) | 7888 | 0.98 | 0.98 | 0.90 | 0.90 | 2.94 | 777 |
| 7.57 | 6.21 | 9563 | 1.18 | 1.18 | 0.90 | 0.90 | 2.36 | 707 |
| 7.31 | (18.98) | 8903 | 0.99 | 0.99 | 0.90 | 0.90 | 1.71 | 469 |
| 9.17 | (7.52) | 9533 | 0.91 | 0.91 | 0.90 | 0.90 | 1.38 | 382 |
| 7.52 | 10.04 | 13295 | 1.13 | 1.13 | 1.00 | 1.00 | 3.11 | 846 |
| 7.07 | (3.50) | 15866 | 1.08 | 1.08 | 1.00 | 1.00 | 2.74 | 777 |
| 7.57 | 6.11 | 15113 | 1.28 | 1.28 | 1.00 | 1.00 | 2.26 | 707 |
| 7.31 | (19.06) | 15562 | 1.09 | 1.09 | 1.00 | 1.00 | 1.61 | 469 |
| 9.17 | (7.61) | 21031 | 1.01 | 1.01 | 1.00 | 1.00 | 1.29 | 382 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

---

------

Statements of Assets and Liabilities PIMCO International Bond Portfolio (Unhedged) December 31, 2025

---

| | |
|:---|:---|
| (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 | $24581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 4312 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 303 |
|  Cash | 211 |
|  Deposits with counterparty | 844 |
|  Foreign currency, at value | 252 |
|  Receivable for investments sold | 2054 |
|  Receivable for TBA investments sold | 12144 |
|  Receivable for Portfolio shares sold | 5 |
|  Interest and/or dividends receivable | 186 |
|  Dividends receivable from Affiliates | 15 |
|  **Total Assets** | 44936 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $3021 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 143 |
|  Payable for investments purchased | 1976 |
|  Payable for investments in Affiliates purchased | 16 |
|  Payable for TBA investments purchased | 17375 |
|  Payable for Portfolio shares redeemed | 11 |
|  Accrued investment advisory fees | 5 |
|  Accrued supervisory and administrative fees | 9 |
|  Accrued distribution fees | 3 |
|  Accrued servicing fees | 1 |
|  Foreign capital gains tax payable | 1 |
|  **Total Liabilities** | 22598 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $22338 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $23797 |
|  Distributable earnings (accumulated loss) | (1459) |
|  **Net Assets** | $22338 |
|  **Net Assets:** |  |
|  Institutional Class | $299 |
|  Administrative Class | 8744 |
|  Advisor Class | 13295 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 40 |
|  Administrative Class | 1163 |
|  Advisor Class | 1769 |
|  **Net Asset Value Per Share Outstanding<sup>(a):</sup>** |  |
|  Institutional Class | $7.52 |
|  Administrative Class | 7.52 |
|  Advisor Class | 7.52 |
|  Cost of investments in securities | $24731 |
|  Cost of investments in Affiliates | $4311 |
|  Cost of foreign currency held | $253 |
|  Proceeds received on short sales | $3027 |
|  Cost or premiums of financial derivative instruments, net | $173 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Statement of Operations PIMCO International Bond Portfolio (Unhedged)

---

| | |
|:---|:---|
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $961 |
|  Dividends from Investments in Affiliates | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 1068 |
|  **Expenses:** |  |
|  Investment advisory fees | 63 |
|  Supervisory and administrative fees | 126 |
|  Distribution and/or servicing fees - Administrative Class | 13 |
|  Distribution and/or servicing fees - Advisor Class | 41 |
|  Trustee fees | 1 |
|  Interest expense | 32 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 276 |
|  **Net Investment Income (Loss)** | 792 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 311 |
|  Investments in Affiliates | 1 |
|  Exchange-traded or centrally cleared financial derivative instruments | (161) |
|  Over the counter financial derivative instruments | 449 |
|  Short sales | 5 |
|  Foreign currency | (462) |
|  **Net Realized Gain (Loss)** | 143 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 1318 |
|  Exchange-traded or centrally cleared financial derivative instruments | (152) |
|  Over the counter financial derivative instruments | (72) |
|  Foreign currency assets and liabilities | 2 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 1096 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2031 |
|  \* Foreign tax withholdings | $1 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO International Bond Portfolio (Unhedged)

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $792 | $784 |
|  Net realized gain (loss) | 143 | (2730) |
|  Net change in unrealized appreciation (depreciation) | 1096 | (99) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 2031 | (2045) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 0 | 0 |
|  Tax basis return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (6) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (302) | (291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (555) | (608) |
|  **Total Distributions<sup>(a)</sup>** | (863) | (901) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (2632) | 2022 |
|  **Total Increase (Decrease) in Net Assets** | (1464) | (924) |
|  **Net Assets:** |  |  |
|  Beginning of year | 23802 | 24726 |
|  End of year | $22338 | $23802 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) December 31, 2025

#### (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 110.0% | INVESTMENTS IN SECURITIES 110.0% | INVESTMENTS IN SECURITIES 110.0% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ | 6 | 4 |
|  4.125% due 07/09/2035 þ | 5 | 3 |
|  Total Argentina (Cost $6) | Total Argentina (Cost $6) | 7 |
| AUSTRALIA 2.5% | AUSTRALIA 2.5% | AUSTRALIA 2.5% |
| SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% |
|  Australian Capital Territory | Australian Capital Territory | Australian Capital Territory |
|  4.750% due 10/23/2030 | 200 | 134 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 300 | 155 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 100 | 54 |
|  2.000% due 08/22/2033 | 18 | 10 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.250% due 09/15/2033 | 400 | 218 |
|  Total Australia (Cost $554) | Total Australia (Cost $554) | 571 |
| BRAZIL 2.2% | BRAZIL 2.2% | BRAZIL 2.2% |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (a) | 2800 | 494 |
|  Total Brazil (Cost $502) | Total Brazil (Cost $502) | 494 |
| BULGARIA 0.8% | BULGARIA 0.8% | BULGARIA 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.375% due 07/18/2035 | 150 | 173 |
|  Total Bulgaria (Cost $171) | Total Bulgaria (Cost $171) | 173 |
| CANADA 5.1% | CANADA 5.1% | CANADA 5.1% |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 | 200 | 207 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.814% due 07/16/2027 | 100 | 102 |
|  |  | 309 |
| SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  3.000% due 06/01/2034 | 300 | 214 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 100 | 75 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 251 | 185 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 400 | 291 |
|  PSP Capital, Inc. | PSP Capital, Inc. | PSP Capital, Inc. |
|  4.500% due 09/05/2031 | 100 | 65 |
|  |  | 830 |
|  Total Canada (Cost $1,107) | Total Canada (Cost $1,107) | 1139 |
| CHINA 7.6% | CHINA 7.6% | CHINA 7.6% |
| SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% |
|  China Development Bank | China Development Bank | China Development Bank |
|  2.630% due 01/08/2034 | 3750 | 562 |
|  2.820% due 05/22/2033 | 4140 | 628 |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  1.650% due 05/15/2035 | 800 | 112 |
|  1.920% due 01/15/2055 | 400 | 53 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.190% due 09/25/2054 |  | 1300 | 179 |
|  3.190% due 04/15/2053 |  | 1000 | 167 |
|  Total China (Cost $1,693) | Total China (Cost $1,693) | Total China (Cost $1,693) | 1701 |
| COLOMBIA 1.1% | COLOMBIA 1.1% | COLOMBIA 1.1% | COLOMBIA 1.1% |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  11.000% due 08/22/2029 |  | 258700 | 65 |
|  11.750% due 01/24/2035 |  | 246200 | 61 |
|  12.750% due 11/28/2040 |  | 260800 | 68 |
|  13.250% due 02/09/2033 |  | 225900 | 60 |
|  Total Colombia (Cost $248) | Total Colombia (Cost $248) | Total Colombia (Cost $248) | 254 |
| DENMARK 3.7% | DENMARK 3.7% | DENMARK 3.7% | DENMARK 3.7% |
| CORPORATE BONDS & NOTES 3.7% | CORPORATE BONDS & NOTES 3.7% | CORPORATE BONDS & NOTES 3.7% | CORPORATE BONDS & NOTES 3.7% |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.000% due 01/01/2026 |  | 5200 | 818 |
|  Total Denmark (Cost $817) | Total Denmark (Cost $817) | Total Denmark (Cost $817) | 818 |
| ISRAEL 1.0% | ISRAEL 1.0% | ISRAEL 1.0% | ISRAEL 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  6.500% due 11/06/2031 | $— | 200 | 219 |
|  Total Israel (Cost $211) | Total Israel (Cost $211) | Total Israel (Cost $211) | 219 |
| ITALY 1.5% | ITALY 1.5% | ITALY 1.5% | ITALY 1.5% |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | $— | 200 | 201 |
|  Republic of Italy Government International Bonds | Republic of Italy Government International Bonds | Republic of Italy Government International Bonds | Republic of Italy Government International Bonds |
|  6.000% due 08/04/2028 |  | 100 | 140 |
|  Total Italy (Cost $349) | Total Italy (Cost $349) | Total Italy (Cost $349) | 341 |
| JAPAN 7.2% | JAPAN 7.2% | JAPAN 7.2% | JAPAN 7.2% |
| SOVEREIGN ISSUES 7.2% | SOVEREIGN ISSUES 7.2% | SOVEREIGN ISSUES 7.2% | SOVEREIGN ISSUES 7.2% |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (c) |  | 30666 | 199 |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  0.400% due 06/20/2029 |  | 20000 | 124 |
|  1.300% due 09/20/2030 |  | 70000 | 442 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 |  | 21550 | 100 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  0.300% due 06/20/2046 |  | 26100 | 99 |
|  0.400% due 09/20/2049 |  | 20000 | 69 |
|  0.700% due 12/20/2048 |  | 12750 | 49 |
|  1.400% due 09/20/2045 |  | 4250 | 21 |
|  1.800% due 09/20/2053 |  | 7800 | 36 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  0.400% due 06/20/2040 |  | 25000 | 118 |
|  1.800% due 09/20/2044 |  | 10000 | 54 |
|  1.900% due 06/20/2044 |  | 21800 | 120 |
|  2.000% due 12/20/2044 |  | 8000 | 44 |
|  2.400% due 03/20/2045 |  | 11200 | 66 |
|  Japan Government Two Year Bonds | Japan Government Two Year Bonds | Japan Government Two Year Bonds | Japan Government Two Year Bonds |
|  0.100% due 01/01/2026 |  | 10000 | 64 |
|  Total Japan (Cost $1,999) | Total Japan (Cost $1,999) | Total Japan (Cost $1,999) | 1605 |
| KUWAIT 0.9% | KUWAIT 0.9% | KUWAIT 0.9% | KUWAIT 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.136% due 10/09/2030 | $— | 200 | 200 |
|  Total Kuwait (Cost $200) | Total Kuwait (Cost $200) | Total Kuwait (Cost $200) | 200 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| LUXEMBOURG 1.4% | LUXEMBOURG 1.4% | LUXEMBOURG 1.4% |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 300 | 306 |
|  Total Luxembourg (Cost $299) | Total Luxembourg (Cost $299) | 306 |
| MALAYSIA 1.4% | MALAYSIA 1.4% | MALAYSIA 1.4% |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  2.632% due 04/15/2031 | 200 | 48 |
|  3.519% due 04/20/2028 | 740 | 185 |
|  3.582% due 07/15/2032 | 50 | 12 |
|  Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue |
|  4.193% due 10/07/2032 | 260 | 67 |
|  Total Malaysia (Cost $273) | Total Malaysia (Cost $273) | 312 |
| PERU 1.8% | PERU 1.8% | PERU 1.8% |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 200 | 64 |
|  7.300% due 08/12/2033 | 500 | 170 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  6.950% due 08/12/2031 | 480 | 159 |
|  Total Peru (Cost $341) | Total Peru (Cost $341) | 393 |
| POLAND 0.3% | POLAND 0.3% | POLAND 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.875% due 02/12/2030 | 50 | 52 |
|  5.375% due 02/12/2035 | 26 | 27 |
|  Total Poland (Cost $76) | Total Poland (Cost $76) | 79 |
| ROMANIA 1.0% | ROMANIA 1.0% | ROMANIA 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.375% due 09/18/2033 | 172 | 217 |
|  Total Romania (Cost $207) | Total Romania (Cost $207) | 217 |
| SAUDI ARABIA 1.4% | SAUDI ARABIA 1.4% | SAUDI ARABIA 1.4% |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.375% due 03/05/2032 | 100 | 118 |
|  4.750% due 01/16/2030 | 200 | 204 |
|  Total Saudi Arabia (Cost $304) | Total Saudi Arabia (Cost $304) | 322 |
| SERBIA 0.5% | SERBIA 0.5% | SERBIA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 | 100 | 110 |
|  Total Serbia (Cost $117) | Total Serbia (Cost $117) | 110 |
| SOUTH AFRICA 2.3% | SOUTH AFRICA 2.3% | SOUTH AFRICA 2.3% |
| SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 300 | 16 |
|  8.750% due 02/28/2048 | 400 | 23 |
|  8.875% due 02/28/2035 | 7600 | 479 |
|  Total South Africa (Cost $451) | Total South Africa (Cost $451) | 518 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 11

------

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SPAIN 4.9% | SPAIN 4.9% | SPAIN 4.9% |
| SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  0.000% due 01/31/2028 | 150 | 169 |
|  2.400% due 05/31/2028 | 150 | 177 |
|  3.200% due 10/31/2035 | 175 | 204 |
|  3.450% due 10/31/2034 | 454 | 544 |
|  Total Spain (Cost $1,055) | Total Spain (Cost $1,055) | 1094 |
| SUPRANATIONAL 1.0% | SUPRANATIONAL 1.0% | SUPRANATIONAL 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  European Union | European Union | European Union |
|  3.750% due 10/12/2045 | 185 | 215 |
|  Total Supranational (Cost $215) | Total Supranational (Cost $215) | 215 |
| THAILAND 1.8% | THAILAND 1.8% | THAILAND 1.8% |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  2.410% due 03/17/2035 | 650 | 22 |
|  2.500% due 11/17/2029 | 6580 | 219 |
|  3.775% due 06/25/2032 | 4400 | 160 |
|  Total Thailand (Cost $366) | Total Thailand (Cost $366) | 401 |
| UNITED KINGDOM 1.7% | UNITED KINGDOM 1.7% | UNITED KINGDOM 1.7% |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  3.250% due 01/22/2044 | 105 | 112 |
|  4.375% due 03/07/2030 | 200 | 274 |
|  Total United Kingdom (Cost $406) | Total United Kingdom (Cost $406) | 386 |
| UNITED STATES 56.6% | UNITED STATES 56.6% | UNITED STATES 56.6% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.149% due 11/07/2031 •  | 100 | 117 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 | 42 | 43 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.566% due 10/25/2034 •  | 3 | 3 |
| U.S. GOVERNMENT AGENCIES 46.6% | U.S. GOVERNMENT AGENCIES 46.6% | U.S. GOVERNMENT AGENCIES 46.6% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 01/01/2052 | 79 | 67 |
|  3.500% due 10/01/2039 | 6 | 5 |
|  6.500% due 01/01/2054 | 172 | 179 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 04/01/2027 - 10/01/2049 | 78 | 71 |
|  3.500% due 07/01/2050 - 01/01/2059 | 63 | 58 |
|  4.000% due 06/01/2050 | 23 | 22 |
|  4.500% due 08/01/2052 | 90 | 88 |
|  6.500% due 08/01/2054 | 350 | 363 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 04/20/2052 | 132 | 119 |
|  3.500% due 09/20/2052 - 10/20/2054 | 1253 | 1145 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 02/01/2056 | 100 | 86 |
|  3.000% due 01/01/2056 | 515 | 463 |
|  6.500% due 02/01/2056 | 600 | 620 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.000% due 02/01/2056 | 2900 | 2889 |
|  5.500% due 02/01/2056 | 500 | 507 |
|  6.000% due 02/01/2056 | 1280 | 1314 |
|  6.500% due 02/01/2056 | 2320 | 2412 |
|  |  | 10408 |
| U.S. TREASURY OBLIGATIONS 9.3% | U.S. TREASURY OBLIGATIONS 9.3% | U.S. TREASURY OBLIGATIONS 9.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.375% due 11/15/2049 | 175 | 112 |
|  4.125% due 08/15/2044 | 230 | 212 |
|  4.500% due 11/15/2054 | 438 | 413 |
|  4.625% due 02/15/2055 | 544 | 524 |
|  4.875% due 08/15/2045 | 111 | 112 |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  2.500% due 01/15/2029 (f) | 152 | 157 |
|  0.500% due 01/15/2028 | 251 | 246 |
|  2.125% due 01/15/2035 | 113 | 116 |
|  2.375% due 10/15/2028 | 106 | 109 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 08/15/2035 | $| 80 | $— | 81 |
|  |  |  |  | 2082 |
|  Total United States (Cost $12,714) | Total United States (Cost $12,714) | Total United States (Cost $12,714) |  | 12653 |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% |
|  30.864% due 06/29/2026 (a)(b) | NGN | 56426 |  | 35 |
| SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% |
|  7.505% due 06/17/2026 (a)(b) | ZAR | 300 |  | 18 |
| Total Short-Term Instruments (Cost $50) | Total Short-Term Instruments (Cost $50) | Total Short-Term Instruments (Cost $50) |  | 53 |
| Total Investments in Securities<br>(Cost $24,731) | Total Investments in Securities<br>(Cost $24,731) | Total Investments in Securities<br>(Cost $24,731) |  | 24581 |
|  |  | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 19.3% | INVESTMENTS IN AFFILIATES 19.3% | INVESTMENTS IN AFFILIATES 19.3% | INVESTMENTS IN AFFILIATES 19.3% | INVESTMENTS IN AFFILIATES 19.3% |
| SHORT-TERM INSTRUMENTS 19.3% | SHORT-TERM INSTRUMENTS 19.3% | SHORT-TERM INSTRUMENTS 19.3% | SHORT-TERM INSTRUMENTS 19.3% | SHORT-TERM INSTRUMENTS 19.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.3% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III |  | 442701 |  | 4312 |
| Total Short-Term Instruments<br>(Cost $4,311) |  |  |  | 4312 |
| Total Investments in Affiliates<br>(Cost $4,311) |  |  |  | 4312 |
| Total Investments 129.3%<br>(Cost $29,042) |  |  | $— | 28893 |
|  Financial Derivative Instruments (d)(e) 0.7%<br> (Cost or Premiums, net $173) |  |  |  | 152 |
| Other Assets and Liabilities, net (30.0)% | Other Assets and Liabilities, net (30.0)% | Other Assets and Liabilities, net (30.0)% |  | (6707) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 22338 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

• 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) Zero coupon security.

(b) Coupon represents a yield to maturity.

(c) Principal amount of security is adjusted for inflation.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | **Maturity**<br> **Date** | **Principal**<br> **Amount** | Proceeds | **Payable for**<br> **Short Sales** |
|  United States (13.5)% | United States (13.5)% | United States (13.5)% | United States (13.5)% | United States (13.5)% | United States (13.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 01/01/2041 | $600 | $(554) | $(556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 01/01/2056 | 250 | (212) | (211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 02/01/2056 | 200 | (177) | (177) |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Proceeds** | **Payable for**<br> **Short Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 02/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $(185) | $(184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 02/01/2056 | 60 | (57) | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 01/01/2056 | 100 | (97) | (98) |
|  Total Short Sales (13.5)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3027) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3021) |

---

**The average amount of borrowings outstanding during the period ended December 31, 2025 was $426 at a weighted average interest rate of 4.417%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 |
|  Canada Government 10-Year Bond March Futures  | 03/2026 | 7 | $617 | $(6) | $0 | $(2) |
|  Euro-BTP Future March Futures  | 03/2026 | 14 | 1977 | (4) | 0 | (6) |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2026 | 1 | 129 | (2) | 0 | 0 |
|  Long Guilt March Futures  | 03/2026 | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 3 | (1) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 10 | 1093 | (1) | 0 | (1) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 2 | 225 | (1) | 0 | (1) |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 15 | 1725 | (7) | 0 | (3) |
|  |  |  |  | $(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | **Expiration**<br> **Month** | **# of**<br> **Contracts** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) | Variation Margin | Variation Margin |
| Description | **Expiration**<br> **Month** | **# of**<br> **Contracts** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) | Asset | Liability |
|  Australia Government 3-Year Bond March Futures  | 03/2026 | 4 | $(280) | $0 | $0 | $0 |
|  Australia Government 10-Year Bond March Futures  | 03/2026 | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1023) | (2) | 0 | (1) |
|  Canada Government 5-Year Bond March Futures  | 03/2026 | 1 | (83) | 1 | 0 | 0 |
|  Euro-Bobl March Futures  | 03/2026 | 8 | (1092) | 9 | 1 | 0 |
|  Euro-Bund March Futures  | 03/2026 | 4 | (600) | 8 | 1 | 0 |
|  Euro-Oat March Futures  | 03/2026 | 3 | (425) | 2 | 1 | 0 |
|  Euro-Schatz March Futures  | 03/2026 | 8 | (1004) | 1 | 0 | 0 |
|  Japan Government 10-Year Bond March Futures  | 03/2026 | 2 | (1691) | 11 | 3 | 0 |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 8 | (1670) | (1) | 1 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 5 | (590) | 7 | 2 | 0 |
|  |  |  |  | $36 | $9 | $(1) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | **Fixed**<br> (Pay) 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> (Pay) 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.IG-45 10-Year Index | (1.000)% | Quarterly | 12/20/2035 | $830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</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.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $10420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 13

------

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | **Payment**<br> **Frequency** | **Maturity**<br> **Date** | **Notional**<br> **Amount** | **Premiums**<br> **Paid/(Received)** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) | **Market**<br> **Value** | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | **Payment**<br> **Frequency** | **Maturity**<br> **Date** | **Notional**<br> **Amount** | **Premiums**<br> **Paid/(Received)** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) | **Market**<br> **Value** | Asset | Liability |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 09/17/2027 | 200 | $1 | $(1) | $0 | $0 | $0 |
| Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 1700 | 8 | 15 | 23 | 1 | 0 |
| Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2028 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 1400 | 3 | 4 | 7 | 2 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 100 | 2 | (2) | 0 | 0 | 0 |
| Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 840 | 2 | (1) | 1 | 0 | (1) |
| Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 50 | 0 | 0 | 0 | 0 | 0 |
| Pay<sup>(5)</sup> | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/18/2031 | 220 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 09/17/2027 | 90000 | (1) | (2) | (3) | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/17/2030 | 168000 | (1) | (21) | (22) | 0 | (2) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 268400 | (14) | (75) | (89) | 0 | (4) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.250 | Annual | 09/17/2055 | 45000 | (4) | 0 | (4) | 1 | (1) |
| Receive<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.250 | Semi-Annual | 03/18/2027 | 1300 | 1 | 1 | 2 | 0 | (1) |
| Receive<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 03/18/2031 | 890 | 12 | 3 | 15 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2027 | $600 | 3 | (1) | 2 | 0 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2028 | 240 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 2690 | (54) | 18 | (36) | 5 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 160 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 1680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | 21 | 6 | 4 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 70 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 905 | 26 | 38 | 64 | 3 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 20 | 0 | 1 | 1 | 0 | 0 |
| Pay<sup>(5)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | 3570 | 1 | (2) | (1) | 0 | 0 |
| Pay<sup>(5)</sup> | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | 552980 | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
| Receive<sup>(5)</sup> | 3-Month NZD-BBR | 2.500 | Semi-Annual | 03/12/2028 | 500 | 0 | 3 | 3 | 0 | 0 |
| Receive<sup>(5)</sup> | 3-Month NZD-BBR | 3.500 | Semi-Annual | 03/18/2031 | 900 | (6) | 9 | 3 | 0 | (2) |
| Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | 1400 | 0 | 3 | 3 | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | 300 | (6) | (1) | (7) | 0 | 0 |
| Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 | 2740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 | 1400 | 0 | (36) | (36) | 0 | (2) |
| Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 100 | 0 | (3) | (3) | 0 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 | 3100 | (13) | (9) | (22) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 | 200 | 0 | (4) | (4) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 | 400 | 0 | (5) | (5) | 0 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 3100 | 12 | (31) | (19) | 0 | (2) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 1110 | (1) | (22) | (23) | 0 | (2) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 | 500 | 10 | 45 | 55 | 1 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 155 | (1) | (8) | (9) | 0 | (1) |
| Pay | CAONREPO | 2.250 | Semi-Annual | 12/17/2027 | 1200 | (1) | (3) | (4) | 0 | 0 |
| Receive | CAONREPO | 2.500 | Semi-Annual | 12/17/2030 | 200 | 0 | 2 | 2 | 0 | 0 |
| Receive | CAONREPO | 3.000 | Semi-Annual | 09/17/2035 | 270 | 1 | 1 | 2 | 0 | 0 |
| Receive | CAONREPO | 2.750 | Semi-Annual | 12/17/2035 | 400 | 4 | 6 | 10 | 0 | 0 |
| Pay | CAONREPO | 2.750 | Semi-Annual | 12/17/2055 | 170 | (11) | (7) | (18) | 0 | 0 |
|  |  |  |  |  |  | $(61) | $(147) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208) | $17 | $(22) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) | $24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) |

---

Cash of $844 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 01/2026 | 49760 | $320 | $2 | $0 |
|  | 01/2026 | $18 | 32 | 1 | 0 |
|  BOA | 01/2026 | 1292 | $185 | 0 | (1) |
|  | 01/2026 | 35259 | 9 | 0 | 0 |
|  | 01/2026 | 8515 | 6 | 0 | 0 |
|  | 01/2026 | 36 | 10 | 0 | 0 |
|  | 01/2026 | 382 | 13 | 0 | 0 |
|  | 01/2026 | $5 | 33 | 0 | 0 |
|  | 01/2026 | 17 | 24881 | 0 | 0 |
|  | 01/2026 | 87 | 318 | 2 | 0 |
|  | 01/2026 | 9 | 399 | 0 | 0 |
|  | 01/2026 | 3 | 81 | 0 | 0 |
|  | 02/2026 | 4 | $0 | 0 | 0 |
|  | 02/2026 | 31 | 10 | 0 | 0 |
|  | 02/2026 | 24898 | 17 | 0 | 0 |
|  | 03/2026 | 67186 | 18 | 0 | 0 |
|  | 03/2026 | 73 | 3 | 0 | 0 |
|  | 03/2026 | 8 | 196 | 0 | 0 |
|  | 03/2026 | $1 | 4 | 0 | 0 |
|  | 03/2026 | 177 | 596 | 0 | 0 |
|  | 04/2026 | 8 | 148 | 0 | 0 |
|  BPS | 01/2026 | 131 | $85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  | 01/2026 | 65 | 12 | 0 | 0 |
|  | 01/2026 | 8 | 10 | 0 | 0 |
|  | 01/2026 | 665 | 105 | 0 | 0 |
|  | 01/2026 | 239 | 281 | 0 | 0 |
|  | 01/2026 | 93 | 29 | 0 | (1) |
|  | 01/2026 | 902 | 10 | 0 | 0 |
|  | 01/2026 | 4700 | 30 | 0 | 0 |
|  | 01/2026 | 59 | 16 | 0 | 0 |
|  | 01/2026 | 409 | 13 | 0 | 0 |
|  | 01/2026 | 2856 | 93 | 2 | 0 |
|  | 01/2026 | $12 | 65 | 0 | 0 |
|  | 01/2026 | 500 | 3521 | 5 | 0 |
|  | 01/2026 | 40 | 282 | 1 | 0 |
|  | 01/2026 | 378 | 321 | 0 | (1) |
|  | 01/2026 | 70 | 1172874 | 0 | 0 |
|  | 01/2026 | 10 | 903 | 0 | 0 |
|  | 01/2026 | 19 | 33 | 0 | 0 |
|  | 01/2026 | 80 | 293 | 1 | 0 |
|  | 01/2026 | 81 | 2533 | 0 | 0 |
|  | 01/2026 | 50 | 839 | 0 | 0 |
|  | 01/2026 | 505 | $30 | 0 | 0 |
|  | 02/2026 | 766 | 108 | 0 | (1) |
|  | 02/2026 | 6 | 30 | 0 | 0 |
|  | 02/2026 | $1 | 5 | 0 | 0 |
|  | 02/2026 | 15 | 1384 | 0 | 0 |
|  | 02/2026 | 38 | 1195 | 0 | 0 |
|  | 03/2026 | 123 | 5 | 0 | 0 |
|  | 03/2026 | 1216 | $39 | 1 | 0 |
|  | 03/2026 | $46 | 323 | 0 | 0 |
|  | 03/2026 | 54 | 1114 | 1 | 0 |
|  | 04/2026 | 400 | $70 | 0 | (2) |
|  BRC | 01/2026 | 400 | 57 | 0 | (6) |
|  | 01/2026 | 33 | 171 | 0 | 0 |
|  | 01/2026 | 152 | $179 | 0 | 0 |
|  | 01/2026 | 72 | 22 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **15** |

---

------

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | 6200 | $40 | $1 | $0 |
|  | 01/2026 | 569 | 139 | 0 | (2) |
|  | 01/2026 | $264 | 1699 | 4 | 0 |
|  | 01/2026 | 13 | 10 | 1 | 0 |
|  | 01/2026 | 67 | 115 | 0 | 0 |
|  | 01/2026 | 4 | 14 | 0 | 0 |
|  | 01/2026 | 27 | 35 | 0 | 0 |
|  | 01/2026 | 5 | 238 | 0 | 0 |
|  | 01/2026 | 928 | $54 | 0 | (2) |
|  | 02/2026 | 17 | 5 | 0 | 0 |
|  | 02/2026 | $215 | 9797 | 6 | 0 |
|  | 03/2026 | 44 | 813 | 1 | 0 |
|  BSH | 01/2026 | 161 | $29 | 0 | 0 |
|  | 01/2026 | 135 | 178 | 0 | (4) |
|  | 01/2026 | 833 | 236 | 0 | (12) |
|  | 01/2026 | $29 | 161 | 0 | 0 |
|  | 01/2026 | 478 | 74424 | 0 | (3) |
|  | 01/2026 | 32 | 58 | 1 | 0 |
|  | 01/2026 | 19 | 68 | 1 | 0 |
|  | 02/2026 | 163 | $29 | 0 | 0 |
|  | 03/2026 | 108 | 32 | 0 | 0 |
|  | 04/2026 | 700 | 123 | 0 | (2) |
|  | 06/2026 | 113 | 33 | 0 | 0 |
|  | 06/2026 | $20 | 69 | 0 | 0 |
|  CBK | 01/2026 | 165 | $110 | 0 | (1) |
|  | 01/2026 | 1675 | 239 | 0 | (1) |
|  | 01/2026 | 164489 | 43 | 0 | 0 |
|  | 01/2026 | 142 | 166 | 0 | (1) |
|  | 01/2026 | 35 | 20 | 0 | 0 |
|  | 01/2026 | 238 | 67 | 0 | (4) |
|  | 01/2026 | 165 | 18 | 0 | (1) |
|  | 01/2026 | 2765 | 91 | 3 | 0 |
|  | 01/2026 | $388 | 2710 | 1 | 0 |
|  | 01/2026 | 34 | 238 | 0 | 0 |
|  | 01/2026 | 8 | 30536 | 0 | 0 |
|  | 01/2026 | 29 | 25 | 0 | 0 |
|  | 01/2026 | 248 | 22191 | 0 | (2) |
|  | 01/2026 | 33 | 42 | 0 | 0 |
|  | 01/2026 | 23 | 720 | 0 | 0 |
|  | 01/2026 | 240 | $14 | 0 | (1) |
|  | 02/2026 | 391 | 55 | 0 | (1) |
|  | 02/2026 | 34868 | 9 | 0 | 0 |
|  | 02/2026 | 2 | 11 | 0 | 0 |
|  | 02/2026 | 32 | $10 | 0 | 0 |
|  | 02/2026 | 437 | 129 | 0 | (1) |
|  | 02/2026 | $56 | 392 | 1 | 0 |
|  | 02/2026 | 1 | 40 | 0 | 0 |
|  | 03/2026 | 56839 | $15 | 0 | 0 |
|  | 03/2026 | 1093 | 141 | 0 | 0 |
|  | 03/2026 | 195 | 55 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  | 03/2026 | 1321 | 42 | 1 | 0 |
|  | 03/2026 | $231 | 1627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | 0 |
|  | 04/2026 | 15248 | $4 | 0 | 0 |
|  DUB | 01/2026 | 11 | 58 | 0 | 0 |
|  | 01/2026 | 29 | $9 | 0 | 0 |
|  | 01/2026 | 17 | 10 | 0 | 0 |
|  | 01/2026 | $6 | 20 | 0 | 0 |
|  | 01/2026 | 74 | 6589 | 0 | (1) |
|  | 01/2026 | 197 | 288289 | 3 | 0 |
|  | 01/2026 | 30 | 504 | 1 | 0 |
|  | 01/2026 | 1653 | $95 | 0 | (5) |
|  | 02/2026 | 19 | 97 | 0 | 0 |
|  | 02/2026 | 20 | $6 | 0 | 0 |
|  | 02/2026 | $38 | 12463 | 0 | 0 |
|  | 02/2026 | 2 | 55 | 0 | 0 |
|  | 03/2026 | 131 | 921 | 1 | 0 |
|  | 03/2026 | 21 | 430 | 0 | 0 |
|  | 03/2026 | 9 | 4953 | 0 | 0 |
|  | 04/2026 | 2 | 102 | 0 | 0 |
|  FAR | 01/2026 | 266 | $173 | 0 | (5) |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | 8 | $10 | $0 | $0 |
|  | 01/2026 | 62 | 18 | 0 | 0 |
|  | 01/2026 | 18 | 14 | 0 | 0 |
|  | 01/2026 | $208 | 1465 | 2 | 0 |
|  | 01/2026 | 3 | 10 | 0 | 0 |
|  | 01/2026 | 366 | 6780 | 10 | 0 |
|  | 01/2026 | 38 | 67 | 1 | 0 |
|  | 01/2026 | 90 | 332 | 2 | 0 |
|  | 01/2026 | 1146 | $67 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  | 02/2026 | 10 | 3 | 0 | 0 |
|  GLM | 01/2026 | 3808 | 1 | 0 | 0 |
|  | 01/2026 | 42 | 217 | 0 | 0 |
|  | 01/2026 | 10000 | $74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 0 |
|  | 01/2026 | 55 | 13 | 0 | 0 |
|  | 01/2026 | 1532 | 48 | 0 | (1) |
|  | 01/2026 | $246 | 197 | 3 | 0 |
|  | 01/2026 | 23 | 76 | 0 | 0 |
|  | 01/2026 | 28 | 103 | 1 | 0 |
|  | 01/2026 | 45 | 196 | 0 | 0 |
|  | 01/2026 | 852 | $49 | 0 | (2) |
|  | 02/2026 | 1021 | 185 | 1 | 0 |
|  | 02/2026 | 30 | 0 | 0 | 0 |
|  | 02/2026 | $0 | 2 | 0 | 0 |
|  | 02/2026 | 21 | 382 | 1 | 0 |
|  | 03/2026 | 19 | $3 | 0 | 0 |
|  | 03/2026 | $623 | 3452 | 0 | (1) |
|  | 03/2026 | 2 | 13 | 0 | 0 |
|  | 04/2026 | 1700 | $299 | 1 | (5) |
|  | 04/2026 | $20 | 369 | 0 | 0 |
|  JPM | 01/2026 | 1285 | $184 | 0 | 0 |
|  | 01/2026 | 5225 | 827 | 5 | 0 |
|  | 01/2026 | 137 | 42 | 0 | (1) |
|  | 01/2026 | 1768 | 20 | 0 | 0 |
|  | 01/2026 | 731832 | 510 | 3 | 0 |
|  | 01/2026 | 18 | 10 | 0 | 0 |
|  | 01/2026 | 194 | 53 | 0 | (1) |
|  | 01/2026 | $866 | 6098 | 9 | 0 |
|  | 01/2026 | 37 | 259 | 0 | 0 |
|  | 01/2026 | 51 | 394 | 0 | 0 |
|  | 01/2026 | 38 | 123 | 1 | 0 |
|  | 01/2026 | 30 | 2656 | 0 | 0 |
|  | 01/2026 | 40 | 409 | 1 | 0 |
|  | 01/2026 | 33 | 57 | 0 | 0 |
|  | 01/2026 | 80 | 293 | 2 | 0 |
|  | 01/2026 | 312 | $18 | 0 | (1) |
|  | 02/2026 | 60419 | 16 | 0 | 0 |
|  | 02/2026 | $498 | 713352 | 0 | (3) |
|  | 02/2026 | 8 | 148 | 0 | 0 |
|  | 03/2026 | 419 | $60 | 0 | (1) |
|  | 03/2026 | 39 | 0 | 0 | 0 |
|  | 03/2026 | $22 | 407 | 0 | 0 |
|  | 04/2026 | 7 | 122 | 0 | 0 |
|  | 06/2026 | 300 | $17 | 0 | (1) |
|  MBC | 01/2026 | 44 | 29 | 0 | 0 |
|  | 01/2026 | 8 | 10 | 0 | 0 |
|  | 01/2026 | 384 | 54 | 0 | 0 |
|  | 01/2026 | 225 | 300 | 0 | (3) |
|  | 01/2026 | 17500 | 113 | 1 | 0 |
|  | 01/2026 | 50 | 29 | 0 | 0 |
|  | 01/2026 | 736 | 568 | 0 | (6) |
|  | 01/2026 | 5948 | 184 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
|  | 01/2026 | $108 | 152 | 3 | 0 |
|  | 01/2026 | 2796 | 2409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | 0 |
|  | 01/2026 | 281 | 211 | 4 | 0 |
|  | 01/2026 | 5 | 416 | 0 | 0 |
|  | 01/2026 | 44 | 6857 | 0 | 0 |
|  | 01/2026 | 12 | 44 | 0 | 0 |
|  | 01/2026 | 165 | 1574 | 6 | 0 |
|  | 01/2026 | 4 | 124 | 0 | 0 |
|  | 01/2026 | 219 | $13 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

---

------

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 02/2026 | $48 | 895 | $1 | $0 |
|  | 03/2026 | 139 | $18 | 0 | 0 |
|  | 03/2026 | $9 | 171 | 0 | 0 |
|  MYI | 01/2026 | 84 | $12 | 0 | 0 |
|  | 01/2026 | 295 | 42 | 0 | (4) |
|  | 01/2026 | 275 | 2 | 0 | 0 |
|  | 01/2026 | $41 | 54 | 0 | 0 |
|  | 02/2026 | 142 | 6 | 0 | 0 |
|  | 02/2026 | 64 | $20 | 0 | 0 |
|  | 02/2026 | $4 | 29 | 0 | 0 |
|  | 04/2026 | 500 | $71 | 0 | (8) |
|  NGF | 01/2026 | $292 | 426779 | 5 | 0 |
|  | 02/2026 | 50 | 2268 | 1 | 0 |
|  SCX | 01/2026 | 228 | $42 | 1 | 0 |
|  | 01/2026 | 7700 | 49 | 0 | 0 |
|  | 01/2026 | 414 | 14 | 1 | 0 |
|  | 01/2026 | $41 | 228 | 0 | 0 |
|  | 01/2026 | 415 | 2921 | 5 | 0 |
|  | 01/2026 | 40 | 34 | 1 | 0 |
|  | 01/2026 | 117 | 1950889 | 0 | 0 |
|  | 01/2026 | 386 | 60015 | 0 | (3) |
|  | 01/2026 | 11 | 341 | 0 | 0 |
|  | 03/2026 | 35 | 247 | 0 | 0 |
|  SOG | 01/2026 | 66 | 340 | 1 | 0 |
|  | 01/2026 | $5181 | 4475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | 0 |
|  | 01/2026 | 1196 | 913 | 35 | 0 |
|  | 01/2026 | 1381 | 215967 | 0 | (1) |
|  | 01/2026 | 71 | 238 | 0 | 0 |
|  | 02/2026 | 16 | 83 | 0 | 0 |
|  | 02/2026 | $9 | 175 | 0 | 0 |
|  | 03/2026 | 23 | $1 | 0 | 0 |
|  | 03/2026 | 239 | 71 | 0 | 0 |
|  | 03/2026 | $34 | 32571 | 3 | 0 |
|  SSB | 01/2026 | 1174 | $13 | 0 | 0 |
|  | 01/2026 | $85 | 64 | 2 | 0 |
|  UAG | 01/2026 | 32 | $40 | 0 | (1) |
|  | 01/2026 | 206775 | 53 | 0 | (2) |
|  | 01/2026 | 60 | 70 | 0 | 0 |
|  | 01/2026 | 37 | 10 | 0 | 0 |
|  | 01/2026 | $33 | 120 | 0 | 0 |
|  | 01/2026 | 1619 | $93 | 0 | (5) |
|  | 02/2026 | $56 | 211086 | 0 | (2) |
|  | 02/2026 | 8 | 147 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | CZK | 24.200 | 03/11/2026 | 22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | Put - OTC EUR versus CZK |  | 24.200 | 03/12/2026 | 76 | 0 | 1 |
|  | Put - OTC EUR versus HUF | HUF | 375.000 | 03/05/2026 | 40 | 0 | 0 |
|  | Put - OTC EUR versus HUF |  | 376.000 | 03/06/2026 | 36 | 0 | 0 |
|  | Put - OTC USD versus BRL | BRL | 5.400 | 02/05/2026 | 60 | 1 | 0 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 78 | 0 | 0 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 121 | 0 | 0 |
|  | Put - OTC USD versus KRW | KRW | 1417.000 | 02/11/2026 | 87 | 1 | 1 |
|  | Put - OTC USD versus KRW |  | 1419.000 | 02/11/2026 | 88 | 1 | 1 |
|  | Put - OTC USD versus KRW |  | 1419.000 | 02/12/2026 | 56 | 0 | 0 |
|  | Call - OTC USD versus SGD | SGD | 1.315 | 11/05/2026 | 56 | 1 | 0 |
| GLM | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 19 | 0 | 0 |
| JPM | Put - OTC EUR versus CZK | CZK | 24.200 | 03/05/2026 | 70 | 0 | 0 |
|  | Put - OTC EUR versus HUF | HUF | 378.000 | 03/03/2026 | 30 | 0 | 0 |
|  | Put - OTC EUR versus HUF |  | 376.000 | 03/06/2026 | 37 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| MBC | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 69 | $0 | $0 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 36 | 0 | 0 |
| MYI | Put - OTC EUR versus CZK | CZK | 24.200 | 02/10/2026 | 24 | 0 | 0 |
|  | Put - OTC EUR versus CZK |  | 24.100 | 03/13/2026 | 62 | 0 | 0 |
|  | Put - OTC EUR versus CZK |  | 23.900 | 06/02/2026 | 40 | 0 | 0 |
|  | Put - OTC USD versus BRL | BRL | 5.410 | 02/04/2026 | 100 | 2 | 1 |
|  Total Purchased Options | Total Purchased Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus BRL | BRL | 5.160 | 02/05/2026 | 60 | $0 | $0 |
|  | Call - OTC USD versus BRL |  | 5.690 | 02/05/2026 | 60 | (1) | 0 |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 78 | 0 | 0 |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 121 | 0 | 0 |
|  | Put - OTC USD versus KRW | KRW | 1380.000 | 02/11/2026 | 87 | 0 | 0 |
|  | Put - OTC USD versus KRW |  | 1382.000 | 02/11/2026 | 88 | 0 | 0 |
|  | Put - OTC USD versus KRW |  | 1383.000 | 02/12/2026 | 56 | 0 | 0 |
|  | Put - OTC USD versus SGD | SGD | 1.237 | 11/05/2026 | 56 | (1) | (1) |
| GLM | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 19 | 0 | 0 |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 69 | 0 | 0 |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 36 | 0 | 0 |
| MYI | Put - OTC USD versus BRL | BRL | 5.160 | 02/04/2026 | 100 | 0 | 0 |
|  | Call - OTC USD versus BRL |  | 5.700 | 02/04/2026 | 100 | (1) | (1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2029 | 0.187% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | 0.220 | 100 | (4) | 0 | 0 | (4) |
|  |  |  |  |  |  |  | $(7) | $0 | $0 | $(7) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(4)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 | —<sup>¨</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | **Upfront<br>Payable/(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | **Upfront<br>Payable/(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.357% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/16/2027 | $1097 | JPY | 164600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

---

------

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(8)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Upfront<br>Payable/(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(8)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Upfront<br>Payable/(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.301% based on the notional amount of currency received | Floating rate equal to 1-Day GBP-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2045 | $227 | JPY | 171 | $(1) | $0 | $0 | $(1) |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.315% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/16/2027 | $652 | JPY | 101000 | 0 | (1) | 0 | (1) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/ Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/ Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay<br> 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 7200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&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;(4) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(9)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap<br>Agreements,<br>at Value | Swap<br>Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(9)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive | iBoxx USD Liquid Investment Grade Index | N/A | 1.225% (SOFR plus a specified spread) | Maturity | 03/20/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $0 | $(2) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $2 | $(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(10)</sup> |
|  AZD | $3 | $0 | $0 | $3 | $0 | $0 | $0 | $0 | $3 | $0 | $3 |
|  BOA | 2 | 3 | 0 | 5 | (1) | (1) | 0 | (2) | 3 | 0 | 3 |
|  BPS | 11 | 0 | 0 | 11 | (7) | 0 | (6) | (13) | (2) | 0 | (2) |
|  BRC | 13 | 0 | 0 | 13 | (10) | 0 | 0 | (10) | 3 | 0 | 3 |
|  BSH | 2 | 0 | 0 | 2 | (21) | 0 | 0 | (21) | (19) | 0 | (19) |
|  CBK | 8 | 0 | 14 | 22 | (16) | 0 | 0 | (16) | 6 | 0 | 6 |
|  DUB | 5 | 0 | 1 | 6 | (6) | 0 | 0 | (6) | 0 | 0 | 0 |
|  FAR | 15 | 0 | 0 | 15 | (8) | 0 | 0 | (8) | 7 | 0 | 7 |
|  GLM | 18 | 0 | 0 | 18 | (9) | 0 | (2) | (11) | 7 | 0 | 7 |
|  JPM | 21 | 0 | 0 | 21 | (8) | 0 | 0 | (8) | 13 | 0 | 13 |
|  MBC | 51 | 0 | 0 | 51 | (14) | 0 | 0 | (14) | 37 | 0 | 37 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (7) | (7) | (7) | 0 | (7) |
|  MYI | 0 | 1 | 0 | 1 | (12) | (1) | 0 | (13) | (12) | 27 | 15 |
|  NGF | 6 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 6 | 0 | 6 |
|  SCX | 8 | 0 | 0 | 8 | (3) | 0 | 0 | (3) | 5 | 0 | 5 |
|  SOG | 119 | 0 | 0 | 119 | (1) | 0 | 0 | (1) | 118 | 0 | 118 |
|  SSB | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  UAG | 0 | 0 | 0 | 0 | (10) | 0 | 0 | (10) | (10) | 0 | (10) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) |  |  |  |

---

(f) Securities with an aggregate market value of $27 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

<sup>(2)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(5)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(7)</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>(8)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(9)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(10)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $12 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 17 | 17 |
|  | $0 | $0 | $0 | $0 | $29 | $29 |
|  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 | $284 | $0 | $284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 4 | 0 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 14 | 0 | 15 |
|  | $0 | $1 | $0 | $302 | $0 | $303 |
|  | $0 | $1 | $0 | $302 | $29 | $332 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $15 | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 22 | 22 |
|  | $0 | $0 | $0 | $0 | $37 | $37 |
|  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 | $126 | $0 | $126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 2 | 0 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 2 | 6 | 15 |
|  | $0 | $7 | $0 | $130 | $6 | $143 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 21

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Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 173 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 44 | 0 | 0 | (383) | (339) |
|  | $0 | $44 | $0 | $0 | $(205) | $(161) |
|  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 | $329 | $0 | $329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 14 | (10) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 11 | 29 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9 | 0 | 78 | (11) | 76 |
|  | $0 | $9 | $0 | $432 | $8 | $449 |
|  | $0 | $53 | $0 | $432 | $(197) | $288 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $30 | $30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1) | 0 | 0 | (181) | (182) |
|  | $0 | $(1) | $0 | $0 | $(151) | $(152) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(35) | $0 | $(35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (16) | 1 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (1) | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (5) | 0 | (4) | (15) | (24) |
|  | $0 | $(5) | $0 | $(56) | $(11) | $(72) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224) |

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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, 2025 in valuing the Portfolio's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $7 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 571 | 0 | 571 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | 494 | 0 | 494 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 173 | 0 | 173 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 309 | 0 | 309 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 830 | 0 | 830 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 254 | 0 | 254 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 818 | 0 | 818 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 219 | 0 | 219 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Sovereign Issues | 0 | 341 | 0 | 341 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1605 | 0 | 1605 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | 0 | 200 | 0 | 200 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Sovereign Issues | 0 | 306 | 0 | 306 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 312 | 0 | 312 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | $0 | $393 | $0 | $393 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 79 | 0 | 79 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 217 | 0 | 217 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 322 | 0 | 322 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 110 | 0 | 110 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 518 | 0 | 518 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1094 | 0 | 1094 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Sovereign Issues | 0 | 215 | 0 | 215 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 401 | 0 | 401 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Sovereign Issues | 0 | 386 | 0 | 386 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 117 | 0 | 117 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 43 | 0 | 43 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 3 | 0 | 3 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 10408 | 0 | 10408 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 2082 | 0 | 2082 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 35 | 0 | 35 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 18 | 0 | 18 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24581 |

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22 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

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December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $4312 | $0 | $0 | $4312 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28893 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(3021) | $0 | $(3021) |
|  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 | 9 | 20 | 0 | 29 |
|  Over the counter | 0 | 302 | 1 | 303 |
|  | $9 | $322 | $1 | $332 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  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 | $(10) | $(27) | $0 | $(37) |
|  Over the counter | 0 | (143) | 0 | (143) |
|  | $(10) | $(170) | $0 | $(180) |
|  Total Financial Derivative Instruments | $(1) | $152 | $1 | $152 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26024 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 23

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Notes to Financial Statements

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO International Bond Portfolio (Unhedged) (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt

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| | |
|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Portfolio may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Portfolio invests. These foreign taxes, if any, are paid by the Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

(c) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

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Notes to Financial Statements (Cont.)

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 funds, 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.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

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| | |
|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued by the Valuation Designee in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **27** |

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Notes to Financial Statements (Cont.)

procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain

(loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, 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, time deposits and certificates of deposit) 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, rules thereunder or exemptive relief therefrom. 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Notes to Financial Statements (Cont.)

www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below show the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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| Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28550) | $&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;4312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to 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 ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in 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

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| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

payments. 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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience

substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

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.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

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Notes to Financial Statements (Cont.)

U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to 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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) 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.

(b) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the

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| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(c) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the

net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of

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Notes to Financial Statements (Cont.)

Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(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

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December 31, 2025

recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation 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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

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Notes to Financial Statements (Cont.)

Credit default swap agreements on credit indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes 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 indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a

credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The net of the notional amount received/delivered, when translated to USD at the trade date, represents an upfront payable/receivable. The re-exchange at maturity may take place at the same exchange rate, a specified rate or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as 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,

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(v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Small Portfolio Risk is the risk that a smaller portfolio may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller portfolio may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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

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Notes to Financial Statements (Cont.)

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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic

developments, trade restrictions (including tariffs) 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.

China Risk is the risk of investing in securities and instruments economically tied to the People's Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) ("PRC"). These investments subject the Portfolio to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce.

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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Portfolios that are

"non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than portfolios that are "diversified".

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

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Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will

be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

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, investments in CLOs 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) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **39** |

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Notes to Financial Statements (Cont.)

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 complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo

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|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add

counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | |
|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Administrative<br>Class | Advisor<br>Class |
| 0.25% | 0.50% | 0.50% | 0.50% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **41** |

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Notes to Financial Statements (Cont.)

of that class, for providing, or procuring through financial firms, administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class shares.

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| | | |
|:---|:---|:---|
|  | Distribution Fee | Servicing Fee |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average

net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $920.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment

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|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $226437 | $223594 | $16183 | $19268 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 33 | $250 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 702 | 5263 | 423 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1469 | 11261 | 3285 | 24928 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1 | 5 | 0 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 41 | 302 | 40 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 74 | 555 | 84 | 608 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1) | (10) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (696) | (5192) | (610) | (4471) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (2019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15066) | (3120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22433) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (396) | $(2632) | 102 | $2022 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 69% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **43** |

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Notes to Financial Statements (Cont.)

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components of<br>Distributable<br>Earnings |
|  PIMCO International Bond Portfolio (Unhedged) | $0 | $0 | $(598) | $0 | $(861) | $0 | $0 | $(1459) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, short positions, swap contracts, and straddle loss deferrals. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly due to organizational expenditures.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO International Bond Portfolio (Unhedged) | $789 | $72 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO International Bond Portfolio (Unhedged) | $26701 | $937 | $(1554) | $(617) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, short positions, swap contracts, and straddle loss deferrals. 

44 PIMCO VARIABLE INSURANCE TRUST

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December 31, 2025

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO International Bond Portfolio (Unhedged) | $0 | $0 | $863 | $0 | $0 | $901 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

16. Subsequent Events

The Board of Trustees of PIMCO Variable Insurance Trust (the "Trust") has approved a plan of liquidation for the Portfolio pursuant to which the Portfolio will be liquidated on or about April 28, 2026 ("Liquidation Date"). The Liquidation Date may be changed without notice at the discretion of the Trust's officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **45** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO International Bond Portfolio (Unhedged)

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO International Bond Portfolio (Unhedged) (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| 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. | SOG | Societe Generale Paris |
| BSH | Banco Santander S.A. – New York Branch | MBC | HSBC Bank Plc | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MYC | Morgan Stanley Capital Services LLC | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | NOK | Norwegian Krone |
| BRL | Brazilian Real | HKD | Hong Kong Dollar | NZD | New Zealand Dollar |
| CAD | Canadian Dollar | HUF | Hungarian Forint | PEN | Peruvian New Sol |
| CHF | Swiss Franc | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CLP | Chilean Peso | ILS | Israeli Shekel | RON | Romanian New Leu |
| CNH | Chinese Renminbi (Offshore) | INR | Indian Rupee | SEK | Swedish Krona |
| CNY | Chinese Renminbi (Mainland) | JPY | Japanese Yen | SGD | Singapore Dollar |
| COP | Colombian Peso | KRW | South Korean Won | THB | Thai Baht |
| CZK | Czech Koruna | KZT | Kazakhstani Tenge | TRY | Turkish New Lira |
| DKK | Danish Krone | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EGP | Egyptian Pound | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| EUR | Euro | NGN | Nigerian Naira | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| OTC | Over the Counter |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| Bobl | Bundesobligation, the German word for federal government bond | CNREPOFIX | China Fixing Repo Rates 7-Day | SIBCSORA | Singapore Overnight Rate Average |
| CAONREPO | Canadian Overnight Repo Rate Average | CPI | Consumer Price Index | SOFR | Secured Overnight Financing Rate |
| CDX.IG | Credit Derivatives Index – Investment Grade | MUTKCALM | Tokyo Overnight Average Rate | SONIO | Sterling Overnight Interbank Average Rate |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| BBR | Bank Bill Rate | KORIBOR | Korea Interbank Offered Rate | OIS | Overnight Index Swap |
| BBSW | Bank Bill Swap Reference Rate | MIBOR | Mumbai Interbank Offered Rate | STIBOR | Stockholm Interbank Offered Rate |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | Oat | Obligations Assimilables du Trésor | TBA | To-Be-Announced |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 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 International Bond Portfolio (Unhedged) |  |  |  |  |
| 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 2025 | $0.0228 | $0.0000 | $0.0000 | $0.0228 |
|  August 2025 | $0.0236 | $0.0000 | $0.0000 | $0.0236 |
|  September 2025 | $0.0214 | $0.0000 | $0.0000 | $0.0214 |
|  October 2025 | $0.0188 | $0.0000 | $0.0065 | $0.0253 |
|  November 2025 | $0.0192 | $0.0000 | $0.0000 | $0.0192 |
|  December 2025 | $0.0240 | $0.0000 | $0.0000 | $0.0240 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
|  August 2025 | $0.0226 | $0.0000 | $0.0000 | $0.0226 |
|  September 2025 | $0.0205 | $0.0000 | $0.0000 | $0.0205 |
|  October 2025 | $0.0182 | $0.0000 | $0.0062 | $0.0244 |
|  November 2025 | $0.0183 | $0.0000 | $0.0000 | $0.0183 |
|  December 2025 | $0.0230 | $0.0000 | $0.0000 | $0.0230 |
| 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 2025 | $0.0213 | $0.0000 | $0.0000 | $0.0213 |
|  August 2025 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
|  September 2025 | $0.0199 | $0.0000 | $0.0000 | $0.0199 |
|  October 2025 | $0.0177 | $0.0000 | $0.0061 | $0.0238 |
|  November 2025 | $0.0177 | $0.0000 | $0.0000 | $0.0177 |
|  December 2025 | $0.0223 | $0.0000 | $0.0000 | $0.0223 |

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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 portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio net income, yield, earnings or investment performance. 

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|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO International Bond Portfolio (Unhedged) | 0.00% | 0.00% | $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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Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, 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 2025.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **49** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the

profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also requested and received supplemental information, including

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| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO have benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the "Broadridge Report"). The Board also noted that the Broadridge

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **53** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is

likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Portfolios (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries.

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|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for

providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expense ratios and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expense ratios. Upon comparing the Portfolios' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expense ratios of each Portfolio to be reasonable.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **55** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

The Trustees also considered the advisory fees charged to the Portfolios that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Asset Allocation Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in

return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" expense structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in

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|:---|:---|
| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees charged by Research Affiliates under the Asset Allocation Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **57** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g43596g06y60.jpg)

PVITINTLUNHFSTMAR_123125

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![LOGO](g19778g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO Long-Term U.S. Government Portfolio

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#### **Table of Contents**

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|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Long-Term U.S. Government Portfolio](#tx19778_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx19778_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx19778_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx19778_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx19778_5) | 10 |
| &nbsp;&nbsp; [Statement of Cash Flows (N-CSR Item 7)](#tx19778_6) | 11 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx19778_7) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx19778_8) | 19 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx19778_9) | 33 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx19778_10) | 37 |
| &nbsp;&nbsp; [Glossary](#tx19778_11) | 38 |
| &nbsp;&nbsp; [Distribution Information](#tx19778_12) | 39 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx19778_13) | 40 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx19778_14) | 41 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx19778_15) | 42 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx19778_16) | 43 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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Important Information About the PIMCO Long-Term U.S. Government Portfolio

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Long-Term U.S. Government Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well- diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

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 U.S. government has indicated an intent to alter its approach to international trade policy,

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its

credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

The following table discloses the inception dates of the Portfolio and its respective share classes along with the Portfolio's diversification status as of period end:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Name | Portfolio<br>Inception | Portfolio<br>Inception | Institutional<br>Class | Institutional<br>Class | Administrative<br>Class | Administrative<br>Class | **Advisor**<br> **Class** | **Advisor**<br> **Class** | Diversification<br>Status | Diversification<br>Status |
|  PIMCO Long-Term U.S. Government Portfolio |  | 04/30/99 |  | 04/10/00 |  | 04/30/99 |  | 09/30/09 |  | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service

providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent

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|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO Long-Term U.S. Government Portfolio (Cont.)

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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives

instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

On May 21, 2025, a supplement was filed to provide notification of changes to the principal investment strategies of the PIMCO Long-Term U.S. Government Portfolio. As of May 21, 2025, the second paragraph in the Principal Investment Strategies section of the Portfolio's Portfolio Summary in the Portfolio's prospectuses was deleted and replaced with the following: The Portfolio's investments in Fixed Income Instruments are limited to those of investment grade U.S. dollar-denominated securities of U.S. issuers that are rated at least A by Moody's Ratings ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P"), or Fitch Ratings, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. In addition, the Portfolio may only invest up to 10% of its total assets in securities rated A by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality and may only invest up to 25% of its total assets in securities rated Aa by Moody's, or equivalently rated by S&P or Fitch or, if unrated, determined by PIMCO to be of comparable quality. In the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security. For the avoidance of doubt, investments in securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises are not subject to these limits.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO Long-Term U.S. Government Portfolio

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> |
| Selected Per Share Data for the Year or Period Ended^**:** | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $7.27 | $0.24 | $0.21 | $0.45 | $(0.25) | $0.00 | $(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 7.95 | 0.21 | (0.67) | (0.46) | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 7.83 | 0.20 | 0.12 | 0.32 | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 11.24 | 0.22 | (3.43) | (3.21) | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 14.77 | 0.21 | (1.01) | (0.80) | (0.21) | (2.52) | (2.73) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 7.27 | 0.23 | 0.21 | 0.44 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 7.95 | 0.20 | (0.67) | (0.47) | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 7.83 | 0.18 | 0.13 | 0.31 | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 11.24 | 0.18 | (3.40) | (3.22) | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 14.77 | 0.19 | (1.01) | (0.82) | (0.19) | (2.52) | (2.71) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 7.27 | 0.22 | 0.22 | 0.44 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 7.95 | 0.19 | (0.67) | (0.48) | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 7.83 | 0.18 | 0.12 | 0.30 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 11.24 | 0.17 | (3.40) | (3.23) | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 14.77 | 0.18 | (1.01) | (0.83) | (0.18) | (2.52) | (2.70) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

<sup>(e)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Portfolio's expenses are calculated. 

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $7.47 | 6.31% | $65733 | 2.325% | 2.325% | 0.475% | 0.475% | 3.22% | 180% |
| 7.27 | (5.87) | 60746 | 2.425 | 2.425 | 0.475 | 0.475 | 2.79 | 187 |
| 7.95 | 4.14 | 59172 | 1.855 | 1.855 | 0.475 | 0.475 | 2.52 | 170 |
| 7.83 | (28.77) | 50100 | 1.125 <sup>(e)</sup> | 1.125 <sup>(e)</sup> | 0.475 <sup>(e)</sup> | 0.475 <sup>(e)</sup> | 2.47 | 151 |
| 11.24 | (4.64) | 14634 | 0.505 | 0.505 | 0.475 | 0.475 | 1.70 | 69 |
| 7.47 | 6.15 | 344090 | 2.475 | 2.475 | 0.625 | 0.625 | 3.07 | 180 |
| 7.27 | (6.01) | 315349 | 2.575 | 2.575 | 0.625 | 0.625 | 2.64 | 187 |
| 7.95 | 3.99 | 365838 | 2.005 | 2.005 | 0.625 | 0.625 | 2.34 | 170 |
| 7.83 | (28.87) | 350822 | 1.135 | 1.135 | 0.625 | 0.625 | 2.01 | 151 |
| 11.24 | (4.78) | 478236 | 0.655 | 0.655 | 0.625 | 0.625 | 1.57 | 69 |
| 7.47 | 6.04 | 51263 | 2.575 | 2.575 | 0.725 | 0.725 | 2.97 | 180 |
| 7.27 | (6.10) | 46560 | 2.675 | 2.675 | 0.725 | 0.725 | 2.54 | 187 |
| 7.95 | 3.88 | 44172 | 2.105 | 2.105 | 0.725 | 0.725 | 2.25 | 170 |
| 7.83 | (28.95) | 38630 | 1.235 | 1.235 | 0.725 | 0.725 | 1.92 | 151 |
| 11.24 | (4.88) | 47344 | 0.755 | 0.755 | 0.725 | 0.725 | 1.47 | 69 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO Long-Term U.S. Government Portfolio December 31, 2025

---

| | |
|:---|:---|
| (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 | $722463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 7086 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 423 |
|  Cash | 457 |
|  Deposits with counterparty | 5288 |
|  Receivable for investments sold | 485320 |
|  Receivable for TBA investments sold | 112689 |
|  Receivable for Portfolio shares sold | 48 |
|  Interest and/or dividends receivable | 5064 |
|  Dividends receivable from Affiliates | 15 |
|  **Total Assets** | 1338853 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | $687112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 85 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 10 |
|  Payable for investments in Affiliates purchased | 16 |
|  Payable for TBA investments purchased | 188235 |
|  Deposits from counterparty | 404 |
|  Payable for Portfolio shares redeemed | 1549 |
|  Accrued investment advisory fees | 91 |
|  Accrued supervisory and administrative fees | 102 |
|  Accrued distribution fees | 11 |
|  Accrued servicing fees | 46 |
|  **Total Liabilities** | 877767 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $461086 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | 692839 |
|  Distributable earnings (accumulated loss) | (231753) |
|  **Net Assets** | $461086 |
|  **Net Assets:** |  |
|  Institutional Class | $65733 |
|  Administrative Class | 344090 |
|  Advisor Class | 51263 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 8797 |
|  Administrative Class | 46047 |
|  Advisor Class | 6860 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $7.47 |
|  Administrative Class | 7.47 |
|  Advisor Class | 7.47 |
|  Cost of investments in securities | $839342 |
|  Cost of investments in Affiliates | $7085 |
|  Proceeds received on short sales | $85 |
|  Cost or premiums of financial derivative instruments, net | $(64) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Statement of Operations PIMCO Long-Term U.S. Government Portfolio

---

| | |
|:---|:---|
| Year Ended December 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $24419 |
|  Dividends from Investments in Affiliates | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 24643 |
|  **Expenses:** |  |
|  Investment advisory fees | 999 |
|  Supervisory and administrative fees | 1110 |
|  Distribution and/or servicing fees - Administrative Class | 496 |
|  Distribution and/or servicing fees - Advisor Class | 123 |
|  Trustee fees | 21 |
|  Interest expense | 8203 |
|  Miscellaneous expense | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 10957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 10953 |
|  **Net Investment Income (Loss)** | 13690 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (905) |
|  Investments in Affiliates | (59) |
|  Exchange-traded or centrally cleared financial derivative instruments | (387) |
|  Over the counter financial derivative instruments | 402 |
|  **Net Realized Gain (Loss)** | (949) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 16447 |
|  Investments in Affiliates | 1 |
|  Exchange-traded or centrally cleared financial derivative instruments | (2332) |
|  Over the counter financial derivative instruments | 55 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 14171 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $26912 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Long-Term U.S. Government Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $13690 | $11879 |
|  Net realized gain (loss) | (949) | (23606) |
|  Net change in unrealized appreciation (depreciation) | 14171 | (15703) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 26912 | (27430) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2190) | (1707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (10831) | (9393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1568) | (1175) |
|  **Total Distributions<sup>(a)</sup>** | (14589) | (12275) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 26108 | (6822) |
|  **Total Increase (Decrease) in Net Assets** | 38431 | (46527) |
|  **Net Assets:** |  |  |
|  Beginning of year | 422655 | 469182 |
|  End of year | $461086 | $422655 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Statement Of Cash Flows PIMCO Long-Term U.S. Government Portfolio

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $26912 |
|  **Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:** |  |
|  Purchases of long-term securities | (1305129) |
|  Proceeds from sales of long-term securities | 1213611 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 150361 |
| (Increase) decrease in deposits with counterparty | (1093) |
| (Increase) decrease in receivable for investments sold | (83131) |
| (Increase) decrease in interest and/or dividends receivable | (835) |
| (Increase) decrease in dividends receivable from Affiliates | (10) |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | (2852) |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 412 |
|  Increase (decrease) in payable for investments purchased | (87167) |
|  Increase (decrease) in deposits from counterparty | 404 |
|  Increase (decrease) in accrued investment advisory fees | 8 |
|  Increase (decrease) in accrued supervisory and administrative fees | 10 |
|  Increase (decrease) in accrued distribution fees | 1 |
|  Increase (decrease) in accrued servicing fees | 5 |
|  Proceeds from short sales transactions | 104068 |
|  Payments on short sales transactions | (104065) |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (402) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (16447) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 2332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (55) |
|  Net amortization (accretion) on investments | (2225) |
|  **Net Cash Provided by (Used for) Operating Activities** | (103937) |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 70161 |
|  Payments on shares redeemed | (57645) |
|  Cash distributions paid\* | (14) |
|  Proceeds from sale-buyback transactions | 3771645 |
|  Payments on sale-buyback transactions | (3680239) |
|  **Net Cash Received from (Used for) Financing Activities** | 103908 |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | (29) |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 486 |
|  End of year | $457 |
|  \* Reinvestment of distributions | $14575 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $7967 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when the Portfolio has a significant amount of borrowing during the year, based on the average total borrowing outstanding in relation to total assets or when substantially all of the Portfolio's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO Long-Term U.S. Government Portfolio

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 156.7% | INVESTMENTS IN SECURITIES 156.7% | INVESTMENTS IN SECURITIES 156.7% |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
| INDUSTRIALS 1.1% | INDUSTRIALS 1.1% | INDUSTRIALS 1.1% |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 4580 | 4843 |
|  Vessel Management Services, Inc. | Vessel Management Services, Inc. | Vessel Management Services, Inc. |
|  3.432% due 08/15/2036 | 348 | 312 |
|  Total Corporate Bonds & Notes<br>(Cost $4,928) | Total Corporate Bonds & Notes<br>(Cost $4,928) | 5155 |
| U.S. GOVERNMENT AGENCIES 19.7% | U.S. GOVERNMENT AGENCIES 19.7% | U.S. GOVERNMENT AGENCIES 19.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  6.500% due 04/01/2055 | 87 | 90 |
|  7.000% due 12/01/2031 | 1 | 1 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.903% due 07/25/2054 ~ | 1271 | 1238 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  0.962% due 12/15/2042 •  | 248 | 219 |
|  3.000% due 04/15/2053 | 1244 | 971 |
|  3.500% due 01/15/2048 | 661 | 615 |
|  4.000% due 06/15/2032 - 09/15/2044 | 3939 | 3806 |
|  4.288% due 10/15/2043 •  | 671 | 657 |
|  4.498% due 01/15/2033 •  | 1 | 1 |
|  5.500% due 02/15/2034 | 69 | 71 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  3.893% due 03/25/2036 ~ | 131 | 127 |
|  4.621% due 01/25/2036 ~ | 106 | 104 |
|  5.229% due 10/25/2044 •  | 208 | 192 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 11/01/2046 | 100 | 87 |
|  3.580% due 08/01/2030 | 1700 | 1653 |
|  3.600% due 02/01/2040 | 1129 | 1066 |
|  4.000% due 08/01/2048 | 4 | 4 |
|  6.583% due 01/01/2033 • | 2 | 2 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  3.000% due 09/25/2046 | 2264 | 1736 |
|  4.109% due 07/25/2037 • | 2 | 2 |
|  4.250% due 05/25/2037 | 110 | 101 |
|  5.000% due 04/25/2032 - 08/25/2033 | 93 | 95 |
|  5.500% due 12/25/2035 | 28 | 29 |
|  6.500% due 07/25/2031 | 9 | 10 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.500% due 01/20/2044 | 643 | 606 |
|  6.000% due 08/20/2033 | 198 | 198 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 02/01/2056 | 7300 | 6895 |
|  4.500% due 02/01/2056 | 1700 | 1655 |
|  Resolution Funding Corp. Interest STRIPS | Resolution Funding Corp. Interest STRIPS | Resolution Funding Corp. Interest STRIPS |
|  0.000% due 10/15/2028 (a) | 600 | 543 |
|  Tennessee Valley Authority Principal STRIPS | Tennessee Valley Authority Principal STRIPS | Tennessee Valley Authority Principal STRIPS |
|  0.000% due 05/01/2030 (b) | 800 | 678 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.290% due 12/01/2027 | 8 | 8 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 02/01/2056 | 3200 | 3034 |
|  4.500% due 02/01/2056 | 14500 | 14144 |
|  5.000% due 02/01/2056 | 10100 | 10063 |
|  6.000% due 02/01/2056 | 35100 | 36023 |
|  6.500% due 02/01/2056 | 4000 | 4158 |
|  Total U.S. Government Agencies (Cost $91,948) | Total U.S. Government Agencies (Cost $91,948) | 90882 |
| U.S. TREASURY OBLIGATIONS 131.7% | U.S. TREASURY OBLIGATIONS 131.7% | U.S. TREASURY OBLIGATIONS 131.7% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.125% due 05/15/2040 (d) | 12820 | 8139 |
|  1.125% due 08/15/2040 (d) | 94680 | 59508 |
|  1.375% due 11/15/2040 (d) | 21220 | 13782 |
|  1.750% due 08/15/2041 (d) | 3300 | 2228 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.875% due 02/15/2051 (d) | $— | 2650 | $— | 1482 |
|  2.000% due 11/15/2041 (d) |  | 7900 |  | 5516 |
|  2.000% due 02/15/2050 (d) |  | 36908 |  | 21646 |
|  2.250% due 05/15/2041 (d) |  | 14200 |  | 10449 |
|  2.250% due 08/15/2049 (d) |  | 4000 |  | 2510 |
|  2.250% due 02/15/2052 |  | 400 |  | 243 |
|  2.375% due 02/15/2042 (d) |  | 6500 |  | 4787 |
|  2.500% due 02/15/2045 |  | 450 |  | 319 |
|  2.500% due 02/15/2046 (d) |  | 3680 |  | 2564 |
|  2.750% due 11/15/2042 (d) |  | 5600 |  | 4305 |
|  2.875% due 05/15/2049 (f) |  | 1550 |  | 1113 |
|  2.875% due 05/15/2052 |  | 400 |  | 280 |
|  3.000% due 11/15/2044 |  | 540 |  | 418 |
|  3.000% due 05/15/2045 |  | 470 |  | 362 |
|  3.000% due 11/15/2045 (d) |  | 10100 |  | 7721 |
|  3.000% due 08/15/2048 (d) |  | 23180 |  | 17169 |
|  3.000% due 02/15/2049 (d) |  | 65070 |  | 47951 |
|  3.000% due 08/15/2052 (d) |  | 13900 |  | 9960 |
|  3.125% due 11/15/2041 (d) |  | 25610 |  | 21187 |
|  3.125% due 08/15/2044 |  | 440 |  | 348 |
|  3.125% due 05/15/2048 (d) |  | 7330 |  | 5569 |
|  3.250% due 05/15/2042 |  | 1000 |  | 834 |
|  3.375% due 08/15/2042 (d) |  | 11300 |  | 9555 |
|  3.375% due 11/15/2048 (d) | 47900 | 47900 |  | 37912 |
|  3.625% due 08/15/2043 (d) | 2400 | 2400 |  | 2072 |
|  3.625% due 05/15/2053 (d) | 21300 | 21300 |  | 17238 |
|  3.875% due 05/15/2043 (d) | 15600 | 15600 |  | 13999 |
|  4.000% due 11/15/2042 (d) | 17400 | 17400 |  | 15954 |
|  4.000% due 11/15/2052 (d) | 73040 | 73040 |  | 63372 |
|  4.125% due 08/15/2044 (d) | 8000 | 8000 |  | 7345 |
|  4.375% due 05/15/2041 (d) | 9920 | 9920 |  | 9669 |
|  4.375% due 08/15/2043 (d) | 8800 | 8800 |  | 8408 |
|  4.500% due 11/15/2054 (d) | 3000 | 3000 |  | 2830 |
|  4.625% due 05/15/2044 (d) | 7500 | 7500 |  | 7366 |
|  4.625% due 11/15/2044 (d) | 10100 | 10100 |  | 9900 |
|  4.625% due 11/15/2045 (d) | 2600 | 2600 |  | 2541 |
|  4.625% due 05/15/2054 (d) | 1500 | 1500 |  | 1445 |
|  4.625% due 02/15/2055 (d) | 14400 | 14400 |  | 13875 |
|  4.750% due 02/15/2041 (d) | 2690 | 2690 |  | 2739 |
|  4.750% due 11/15/2043 (d) | 22710 | 22710 |  | 22720 |
|  4.750% due 02/15/2045 (d) | 4300 | 4300 |  | 4279 |
|  4.875% due 08/15/2045 (d) | 3460 | 3460 |  | 3495 |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.625% due 07/15/2032 (d) | 7508 | 7508 |  | 7047 |
|  1.125% due 01/15/2033 (d) | 8504 | 8504 |  | 8163 |
|  1.750% due 01/15/2034 (d)(f) | 11016 | 11016 |  | 10958 |
|  1.875% due 07/15/2034 (d) | 623 | 623 |  | 625 |
|  2.125% due 01/15/2035 (d) | 1032 | 1032 |  | 1050 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  1.500% due 11/30/2028 (d)(f) | 5800 | 5800 |  | 5475 |
|  2.375% due 03/31/2029 (d) | 7300 | 7300 |  | 7035 |
|  2.875% due 08/15/2028 | 100 | 100 |  | 98 |
|  3.250% due 06/30/2029 (d) | 6300 | 6300 |  | 6229 |
|  3.625% due 03/31/2030 | 200 | 200 |  | 200 |
|  3.750% due 05/31/2030 | 200 | 200 |  | 200 |
|  3.750% due 06/30/2030 | 400 | 400 |  | 401 |
|  3.875% due 09/30/2029 (d) | 15900 | 15900 |  | 16039 |
|  4.125% due 10/31/2029 | 100 | 100 |  | 102 |
|  4.125% due 08/31/2030 | 400 | 400 |  | 407 |
|  4.250% due 08/15/2035 (d) | 2900 | 2900 |  | 2921 |
|  4.625% due 09/30/2028 | 200 | 200 |  | 206 |
|  4.625% due 09/30/2030 | 300 | 300 |  | 312 |
|  4.875% due 10/31/2030 | 300 | 300 |  | 315 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 02/15/2033 (a)(d) | 1700 | 1700 |  | 1271 |
|  0.000% due 05/15/2034 (a) | 500 | 500 |  | 352 |
|  0.000% due 08/15/2034 (a) | 1270 | 1270 |  | 882 |
|  0.000% due 08/15/2035 (a)(d) | 25270 | 25270 |  | 16687 |
|  0.000% due 08/15/2036 (a)(b)(d) | 18000 | 18000 |  | 11275 |
|  0.000% due 11/15/2036 (a)(d) | 2700 | 2700 |  | 1668 |
|  0.000% due 05/15/2041 (a) | 10 | 10 |  | 5 |
|  0.000% due 08/15/2041 (a) | 20 | 20 |  | 9 |
|  0.000% due 11/15/2041 (a) | 260 | 260 |  | 120 |
|  0.000% due 05/15/2042 (a) | 320 | 320 |  | 143 |
|  0.000% due 08/15/2042 (a) | 80 | 80 |  | 35 |
|  0.000% due 11/15/2042 (a) | 20 | 20 |  | 9 |
|  Total U.S. Treasury Obligations<br>(Cost $722,857) | Total U.S. Treasury Obligations<br>(Cost $722,857) | Total U.S. Treasury Obligations<br>(Cost $722,857) |  | 607343 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 3.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.6% |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  4.823% due 04/15/2035 •  | 63 | 63 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  4.978% due 12/15/2036 •  | 353 | 348 |
|  Bank | Bank | Bank |
|  4.046% due 03/15/2061 ~ | 500 | 499 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  5.015% due 09/15/2058 | 900 | 921 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  6.373% due 04/25/2033 ~ | 4 | 4 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  4.016% due 03/15/2052 | 2300 | 2266 |
|  5.926% due 03/15/2057 | 800 | 836 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.486% due 03/25/2035 •  | 24 | 22 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  3.140% due 10/10/2036 | 1700 | 1625 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.266% due 05/25/2035 •  | 11 | 11 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.917% due 11/25/2032 ~ | 1 | 1 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  5.265% due 07/15/2038 •  | 865 | 775 |
|  DBWF Mortgage Trust | DBWF Mortgage Trust | DBWF Mortgage Trust |
|  3.791% due 12/10/2036 | 2100 | 2077 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.286% due 05/19/2035 •  | 11 | 10 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  3.719% due 11/05/2038 | 2100 | 2086 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.243% due 09/25/2034 þ | 53 | 62 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.248% due 12/15/2031 •  | 221 | 220 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.746% due 12/25/2049 •  | 12 | 11 |
|  6.033% due 07/25/2035 ~ | 11 | 11 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  3.885% due 08/15/2038 | 500 | 487 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 54 | 53 |
|  2.750% due 11/25/2059 ~ | 234 | 227 |
|  RALI Trust | RALI Trust | RALI Trust |
|  6.000% due 06/25/2036 | 14 | 12 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.548% due 07/20/2033 •  | 8 | 8 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.014% due 05/15/2038 •  | 1000 | 999 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.286% due 05/25/2037 •  | 27 | 25 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.506% due 09/19/2032 •  | 3 | 3 |
|  4.686% due 10/19/2033 •  | 7 | 6 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.100% due 01/25/2060 ~ | 600 | 553 |
|  VNDO Trust | VNDO Trust | VNDO Trust |
|  3.805% due 01/10/2035 | 1900 | 1887 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.029% due 08/25/2046 •  | 46 | 43 |
|  5.529% due 10/25/2046 •  | 17 | 16 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  5.319% due 05/25/2033 ~ | 4 | 4 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 | 300 | 241 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $16,922) | Total Non-Agency Mortgage-Backed Securities (Cost $16,922) | 16412 |
| ASSET-BACKED SECURITIES 0.6% | ASSET-BACKED SECURITIES 0.6% | ASSET-BACKED SECURITIES 0.6% |
| AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  2.330% due 06/26/2028 | 700 | 684 |

---

12 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| HOME EQUITY OTHER 0.1% | HOME EQUITY OTHER 0.1% | HOME EQUITY OTHER 0.1% | HOME EQUITY OTHER 0.1% | HOME EQUITY OTHER 0.1% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.846% due 11/25/2042 •  | $— | 8 | $— | 8 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.671% due 10/25/2034 •  |  | 295 |  | 289 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.776% due 07/25/2035 •  |  | 272 |  | 273 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.383% due 08/25/2033 •  |  | 2 |  | 2 |
|  |  |  |  | 572 |
| OTHER ABS 0.3% | OTHER ABS 0.3% | OTHER ABS 0.3% | OTHER ABS 0.3% | OTHER ABS 0.3% |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.680% due 07/22/2027 |  | 1300 |  | 1305 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  4.739% due 02/27/2068 •  | $— | 111 | $— | 110 |
|  |  |  |  | 1415 |
|  Total Asset-Backed Securities<br>(Cost $2,687) | Total Asset-Backed Securities<br>(Cost $2,687) | Total Asset-Backed Securities<br>(Cost $2,687) |  | 2671 |
| Total Investments in Securities (Cost $839,342) | Total Investments in Securities (Cost $839,342) | Total Investments in Securities (Cost $839,342) |  | 722463 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 1.5% | INVESTMENTS IN AFFILIATES 1.5% | INVESTMENTS IN AFFILIATES 1.5% | INVESTMENTS IN AFFILIATES 1.5% |
| SHORT-TERM INSTRUMENTS 1.5% | SHORT-TERM INSTRUMENTS 1.5% | SHORT-TERM INSTRUMENTS 1.5% | SHORT-TERM INSTRUMENTS 1.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 727426 | $— | 7086 |
| Total Short-Term Instruments<br>(Cost $7,085) |  |  | 7086 |
| Total Investments in Affiliates<br>(Cost $7,085) | Total Investments in Affiliates<br>(Cost $7,085) |  | 7086 |
| Total Investments 158.2% (Cost $846,427) | Total Investments 158.2% (Cost $846,427) | $— | 729549 |
|  Financial Derivative<br>Instruments (e)(g) 0.1%<br> (Cost or Premiums, net $(64)) | Financial Derivative<br>Instruments (e)(g) 0.1%<br> (Cost or Premiums, net $(64)) |  | 307 |
| Other Assets and Liabilities, net (58.3)% | Other Assets and Liabilities, net (58.3)% |  | (268770) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 461086 |

---

#### 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) Security is an Interest Only ("IO") or IO Strip.

(b) Zero coupon security.

(c) Principal amount of security is adjusted for inflation.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | **Borrowing**<br> **Date** | **Maturity**<br> **Date** | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> |
|  BCY | 3.180% | 12/22/2025 | 01/05/2026 | $(2560) | $(2563) |
|  | 3.800 | 01/05/2026 | 01/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(404014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(404014) |
|  | 3.870 | 01/06/2026 | 01/07/2026 | (81306) | (81306) |
|  | 3.890 | 12/16/2025 | 01/20/2026 | (65268) | (65388) |
|  GSC | 3.950 | 12/17/2025 | 01/07/2026 | (630) | (631) |
|  UBS | 3.890 | 12/12/2025 | 01/12/2026 | (1743) | (1747) |
|  | 3.890 | 12/17/2025 | 01/21/2026 | (72229) | (72354) |
|  | 3.890 | 12/19/2025 | 01/26/2026 | (38689) | (38748) |
|  | 3.940 | 12/11/2025 | 01/08/2026 | (20313) | (20361) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687112) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500% | 01/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $(85) | $(85) |
|  Total Short Sales 0.0% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 13

------

Schedule of Investments PIMCO Long-Term U.S. Government Portfolio (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BCY | $0 | $0 | $(553271) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553271) | $546016 | $(7255) |
|  GSC | 0 | 0 | (631) | (631) | 625 | (6) |
|  UBS | 0 | 0 | (133210) | (133210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2048) |
|  Total Borrowings and Other Financing Transactions | $&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;(687112) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight and**<br> **Continuous** | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | $0 | $(687112) | $0 | $0 | $(687112) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687112) | $&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;(687112) |
|  Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | $(687112) |

---

(d) Securities with an aggregate market value of $678,207 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(180670) at a weighted average interest rate of 4.356%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Payable for sale-buyback transactions includes $(443) of deferred price drop. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note February Futures | $111.500 | 01/23/2026 | 41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | $(6) | $(6) |
|  Put - CBOE U.S. Treasury 10-Year Note February Futures | 112.000 | 01/23/2026 | 12 | 12 | (2) | (4) |
|  Call - CBOE U.S. Treasury 10-Year Note February Futures | 113.500 | 01/23/2026 | 53 | 53 | (10) | (4) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration**<br>**Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration**<br>**Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract June Futures  | 09/2027 | 164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $0 | $(10) |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 164 | 39723 | (23) | 0 | (10) |
|  3-Month SOFR Active Contract September Futures  | 12/2027 | 164 | 39690 | (34) | 0 | (13) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 502 | 54871 | 2 | 0 | (59) |
|  |  |  |  | $(87) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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  | 03/2026 | 150 | $(31318) | $(29) | $10 | $0 |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 38 | (4273) | 7 | 8 | 0 |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2026 | 173 | (19998) | 137 | 38 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 48 | (5664) | 104 | 18 | 0 |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114441) | 512 | 187 | 0 |
|  |  |  |  | $731 | $261 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.638% | Annual | 05/31/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $0 | $(4) | $(4) | $1 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 2100 | 0 | (9) | (9) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 9800 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 9800 | 0 | (51) | (51) | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 05/31/2028 | 9800 | 0 | (52) | (52) | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 800 | 0 | (7) | (7) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) | 39 | (79) | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 600 | (1) | (7) | (8) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.821 | Annual | 10/31/2030 | 5300 | 0 | (86) | (86) | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.834 | Annual | 10/31/2030 | 3760 | 0 | (64) | (64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 02/28/2031 | 3700 | 22 | (63) | (41) | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 800 | 0 | 11 | 11 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 1200 | 0 | 10 | 10 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 4500 | (40) | (6) | (46) | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 2400 | 0 | 35 | 35 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.441 | Semi-Annual | 07/21/2031 | 5100 | (53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 6462 | (6) | (58) | (64) | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.610 | Annual | 12/12/2032 | 1100 | (5) | 4 | (1) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 400 | (2) | (3) | (5) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 400 | (2) | (3) | (5) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 600 | (3) | 3 | 0 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 600 | (3) | 0 | (3) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 500 | (2) | 6 | 4 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 400 | (2) | 7 | 5 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 500 | (2) | (3) | (5) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 600 | (2) | 4 | 2 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 500 | (2) | 10 | 8 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 500 | (2) | 9 | 7 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 | 200 | (1) | 3 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 400 | (1) | 4 | 3 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 400 | (2) | 10 | 8 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 700 | (3) | 30 | 27 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 600 | (3) | 24 | 21 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 350 | (1) | (2) | (3) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 500 | (2) | (3) | (5) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 500 | (2) | (1) | (3) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 700 | (2) | (3) | (5) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/15/2049 | 300 | 0 | 38 | 38 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 | 500 | 0 | 56 | 56 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | 11/15/2049 | 100 | 0 | 10 | 10 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 10/23/2053 | 4500 | (78) | 1912 | 1834 | 11 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.330 | Semi-Annual | 10/25/2053 | 4010 | 244 | 1185 | 1429 | 11 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 | 500 | (3) | 77 | 74 | 2 | 0 |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 11/15/2053 | 300 | 6 | 4 | 10 | 1 | 0 |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 11/15/2053 | 887 | 2 | 13 | 15 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.956 | Annual | 11/15/2054 | 1000 | 0 | 36 | 36 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 2700 | 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | 306 | 9 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.846 | Annual | 02/15/2055 | 600 | 0 | 35 | 35 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.872 | Annual | 02/15/2055 | 1800 | 0 | 96 | 96 | 6 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 15

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Schedule of Investments PIMCO Long-Term U.S. Government Portfolio (Cont.)

#### 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, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | |  | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | $(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) |

---

(f) Securities with an aggregate market value of $1,987 and cash of $5,288 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.551% | 01/05/2026 | 400 | $(1) | $0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.831 | 01/05/2026 | 400 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.622 | 01/29/2026 | 700 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.882 | 01/29/2026 | 700 | (1) | (2) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.580 | 01/05/2026 | 1000 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.860 | 01/05/2026 | 1000 | (2) | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.548 | 01/02/2026 | 800 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.848 | 01/02/2026 | 800 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.578 | 01/12/2026 | 900 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.878 | 01/12/2026 | 900 | (2) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.648 | 01/15/2026 | 500 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.928 | 01/15/2026 | 500 | (1) | (1) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.625 | 01/08/2026 | 1000 | (3) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.925 | 01/08/2026 | 1000 | (3) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.639 | 01/12/2026 | 1500 | (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.919 | 01/12/2026 | 1500 | (4) | (1) |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.498 | 01/05/2026 | 2100 | (5) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.798 | 01/05/2026 | 2100 | (5) | (3) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

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#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  BPS | $0 | $0 | $0 | $0 | $0 | $(3) | $0 | $(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  GLM | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (2) | (2) | 0 | (2) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (2) | (2) | 0 | (2) |
|  NGF | 0 | 0 | 0 | 0 | 0 | (3) | 0 | (3) | (3) | 0 | (3) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |  |  |  |

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<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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December 31, 2025

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $261 | $261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 162 | 162 |
|  | $0 | $0 | $0 | $0 | $423 | $423 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $14 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 92 | 92 |
|  | $0 | $0 | $0 | $0 | $106 | $106 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $10 | $10 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 |

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The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $169 | $169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (2058) | (2058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1502 | 1502 |
|  | $0 | $0 | $0 | $0 | $(387) | $(387) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $402 | $402 |
|  | $0 | $0 | $0 | $0 | $15 | $15 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (258) | (258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (2078) | (2078) |
|  | $0 | $0 | $0 | $0 | $(2332) | $(2332) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $55 | $55 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2277) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2277) |

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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, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $5155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $5155 |
|  U.S. Government Agencies | 0 | 90882 | 0 | 90882 |
|  U.S. Treasury Obligations | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607343 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607343 |
|  Non-Agency Mortgage-Backed Securities | 0 | 16412 | 0 | 16412 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 684 | 0 | 684 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
| &nbsp;&nbsp; Home Equity Other | $0 | $572 | $0 | $572 |
| &nbsp;&nbsp; Other ABS | 0 | 1415 | 0 | 1415 |
|  | $0 | $722463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722463 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086 | $0 | $0 | $7086 |
|  Total Investments | $7086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722463 | $0 | $729549 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 17

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Schedule of Investments PIMCO Long-Term U.S. Government Portfolio (Cont.) December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(85) | $0 | $(85) |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $0 | $(106) | $0 | $(106) |
|  Over the counter | 0 | (10) | 0 | (10) |
|  | $0 | $(116) | $0 | $(116) |
|  Total Financial Derivative Instruments | $0 | $307 | $0 | $307 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729771 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

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| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Notes to Financial Statements December 31, 2025

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Long-Term U.S. Government Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

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Notes to Financial Statements (Cont.)

obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(c) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared 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 funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC

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| | |
|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly

after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

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Notes to Financial Statements (Cont.)

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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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|:---|:---|
| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

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|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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 fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use

similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, bid/ask spreads, interest rates,

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

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Notes to Financial Statements (Cont.)

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, indexes, 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, 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, time deposits and certificates of deposit) 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, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(696500) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to 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 ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in 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 payments. 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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one

class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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 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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects

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that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

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) 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.

(b) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(c) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each

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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, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of

the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(b) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against 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

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are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(c) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent

premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The 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 fail to perform or meet an obligation 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

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counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared 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

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not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways.

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Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. 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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

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Notes to Financial Statements (Cont.)

U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions.

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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the

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|:---|:---|
| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | |
|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Administrative<br>Class | Advisor<br>Class |
| 0.225% | 0.25% | 0.25% | 0.25% |

---

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing, or procuring through financial firms, administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class shares.

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| | | |
|:---|:---|:---|
|  | Distribution Fee | Servicing Fee |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio

transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $4,371.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **33** |

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Notes to Financial Statements (Cont.)

pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made

against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209585 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367 |

---

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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>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 864 | $6350 | 2160 | $16542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 7336 | 54144 | 5560 | 42720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1308 | 9696 | 1927 | 14694 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 293 | 2190 | 225 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1448 | 10817 | 1237 | 9393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 210 | 1568 | 155 | 1175 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (716) | (5346) | (1473) | (11440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (6116) | (45455) | (9439) | (72173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1063) | (7856) | (1234) | (9440) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 3564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(882) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6822) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| | |
|:---|:---|
| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

As of December 31, 2025, one person owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 55% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

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, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO Long-Term U.S. Government Portfolio | $2934 | $0 | $(128797) | $0 | $(105890) | $0 | $0 | $(231753) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, interest accrued on defaulted securities, and return of capital distributions from underlying funds. 

<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, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **35** |

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Notes to Financial Statements (Cont.) December 31, 2025

As of December 31, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Long-Term U.S. Government Portfolio | $96328 | $9562 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Long-Term U.S. Government Portfolio | $862981 | $6540 | $(135335) | $(128795) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, interest accrued on defaulted securities, and return of capital distributions from underlying funds. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of Capital<sup>(9)</sup> |
|  PIMCO Long-Term U.S. Government Portfolio | $14589 | $0 | $0 | $12275 | $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>(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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| | |
|:---|:---|
| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Long-Term U.S. Government Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Long-Term U.S. Government Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statements of operations and cash flows for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| BCY | Barclays Capital, Inc. | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GSC | Goldman Sachs & Co. LLC | UBS | UBS Securities LLC |
| FAR | Wells Fargo Bank National Association | MYC | Morgan Stanley Capital Services LLC |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| USD (or $) | United States Dollar |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| SOFR | Secured Overnight Financing Rate |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | REMIC | Real Estate Mortgage Investment Conduit | TBA | To-Be-Announced |
| OIS | Overnight Index Swap |  |  |  |  |

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|:---|:---|
| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Long-Term U.S. Government Portfolio

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|:---|:---|:---|:---|:---|
| 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 2025 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
|  August 2025 | $0.0220 | $0.0000 | $0.0000 | $0.0220 |
|  September 2025 | $0.0197 | $0.0000 | $0.0000 | $0.0197 |
|  October 2025 | $0.0230 | $0.0000 | $0.0000 | $0.0230 |
|  November 2025 | $0.0200 | $0.0000 | $0.0000 | $0.0200 |
|  December 2025 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0210 | $0.0000 | $0.0000 | $0.0210 |
|  August 2025 | $0.0211 | $0.0000 | $0.0000 | $0.0211 |
|  September 2025 | $0.0188 | $0.0000 | $0.0000 | $0.0188 |
|  October 2025 | $0.0220 | $0.0000 | $0.0000 | $0.0220 |
|  November 2025 | $0.0191 | $0.0000 | $0.0000 | $0.0191 |
|  December 2025 | $0.0222 | $0.0000 | $0.0000 | $0.0222 |
| 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 2025 | $0.0204 | $0.0000 | $0.0000 | $0.0204 |
|  August 2025 | $0.0204 | $0.0000 | $0.0000 | $0.0204 |
|  September 2025 | $0.0182 | $0.0000 | $0.0000 | $0.0182 |
|  October 2025 | $0.0213 | $0.0000 | $0.0000 | $0.0213 |
|  November 2025 | $0.0186 | $0.0000 | $0.0000 | $0.0186 |
|  December 2025 | $0.0215 | $0.0000 | $0.0000 | $0.0215 |

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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 portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio net income, yield, earnings or investment performance. 

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **39** |

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Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO Long-Term U.S. Government Portfolio | 0.00% | 0.00% | $12655 | $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 2026, 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 2025.

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|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **41** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant,

financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **43** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO have benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the

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|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

"Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is

likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Portfolios (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **45** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as

the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expense ratios and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expense ratios. Upon comparing the Portfolios' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expense ratios of each Portfolio to be reasonable.

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| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

The Trustees also considered the advisory fees charged to the Portfolios that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Asset Allocation Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board considered that the Portfolios' unified

fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" expense structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.) (Unaudited)

rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees charged by Research Affiliates under the Asset Allocation Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g19778g06y60.jpg)

PVITLNGTRMFSTMAR_123125

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![LOGO](g78365g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO Low Duration Portfolio

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#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Low Duration Portfolio](#tx78365_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx78365_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx78365_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx78365_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx78365_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx78365_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx78365_7) | 22 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx78365_8) | 40 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx78365_9) | 43 |
| &nbsp;&nbsp; [Glossary](#tx78365_10) | 44 |
| &nbsp;&nbsp; [Distribution Information](#tx78365_15) | 45 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx78365_11) | 46 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx78365_16) | 47 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx78365_17) | 48 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx78365_12) | 49 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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Important Information About the PIMCO Low Duration Portfolio

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Low Duration Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has

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|:---|:---|
| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based

facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

The following table discloses the inception dates of the Portfolio and its respective share classes along with the Portfolio's diversification status as of period end:

Portfolio Name   <u>PortfolioInception</u>     <u>InstitutionalClass</u>     <u>AdministrativeClass</u>     <u>AdvisorClass</u>     <u>DiversificationStatus</u>   <br> <u> PIMCO Low Duration Portfolio</u>     <u>02/16/99</u>       <u>04/10/00</u>       <u>02/16/99</u>       <u>03/31/06</u>       <u>Diversified</u>  

An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service

providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO Low Duration Portfolio (Cont.)

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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO Low Duration Portfolio

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $9.64 | $0.39 | $0.15 | $0.54 | $(0.35) | $0.00 | $(0.05) | $(0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.60 | 0.41 | 0.03 | 0.44 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.48 | 0.38 | 0.10 | 0.48 | (0.33) | 0.00 | (0.03) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.24 | 0.17 | (0.75) | (0.58) | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.38 | 0.07 | (0.14) | (0.07) | (0.07) | 0.00 | 0.00 | (0.07) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 9.64 | 0.38 | 0.14 | 0.52 | (0.33) | 0.00 | (0.05) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.60 | 0.40 | 0.02 | 0.42 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.48 | 0.36 | 0.10 | 0.46 | (0.31) | 0.00 | (0.03) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.24 | 0.16 | (0.76) | (0.60) | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.38 | 0.05 | (0.14) | (0.09) | (0.05) | 0.00 | 0.00 | (0.05) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 9.64 | 0.37 | 0.14 | 0.51 | (0.32) | 0.00 | (0.05) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.60 | 0.39 | 0.02 | 0.41 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.48 | 0.35 | 0.10 | 0.45 | (0.30) | 0.00 | (0.03) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.24 | 0.15 | (0.76) | (0.61) | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.38 | 0.04 | (0.14) | (0.10) | (0.04) | 0.00 | 0.00 | (0.04) |

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

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| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.78 | 5.68% | $17564 | 0.51% | 0.51% | 0.50% | 0.50% | 4.02% | 384% |
| 9.64 | 4.65 | 15836 | 0.52 | 0.52 | 0.50 | 0.50 | 4.31 | 299 |
| 9.60 | 5.13 | 15827 | 0.54 | 0.54 | 0.50 | 0.50 | 3.98 | 295 |
| 9.48 | (5.69) | 11991 | 0.52 | 0.52 | 0.50 | 0.50 | 1.76 | 279 |
| 10.24 | (0.68) | 17953 | 0.50 | 0.50 | 0.50 | 0.50 | 0.65 | 446 |
| 9.78 | 5.52 | 667380 | 0.66 | 0.66 | 0.65 | 0.65 | 3.87 | 384 |
| 9.64 | 4.50 | 678207 | 0.67 | 0.67 | 0.65 | 0.65 | 4.16 | 299 |
| 9.60 | 4.97 | 687820 | 0.69 | 0.69 | 0.65 | 0.65 | 3.78 | 295 |
| 9.48 | (5.83) | 836602 | 0.67 | 0.67 | 0.65 | 0.65 | 1.61 | 279 |
| 10.24 | (0.83) | 1031779 | 0.65 | 0.65 | 0.65 | 0.65 | 0.49 | 446 |
| 9.78 | 5.42 | 646061 | 0.76 | 0.76 | 0.75 | 0.75 | 3.77 | 384 |
| 9.64 | 4.39 | 689826 | 0.77 | 0.77 | 0.75 | 0.75 | 4.06 | 299 |
| 9.60 | 4.87 | 727311 | 0.79 | 0.79 | 0.75 | 0.75 | 3.70 | 295 |
| 9.48 | (5.93) | 759411 | 0.77 | 0.77 | 0.75 | 0.75 | 1.52 | 279 |
| 10.24 | (0.93) | 867452 | 0.75 | 0.75 | 0.75 | 0.75 | 0.39 | 446 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

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Statement of Assets and Liabilities PIMCO Low Duration Portfolio December 31, 2025

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $1592057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 126104 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 237 |
|  Cash | 1166 |
|  Deposits with counterparty | 17071 |
|  Foreign currency, at value | 3875 |
|  Receivable for investments sold | 1021 |
|  Receivable for investments sold on a delayed-delivery basis | 3 |
|  Receivable for TBA investments sold | 471298 |
|  Receivable for Portfolio shares sold | 179 |
|  Interest and/or dividends receivable | 4720 |
|  Dividends receivable from Affiliates | 467 |
|  **Total Assets** | 2218725 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $93944 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1275 |
|  Payable for investments purchased | 260410 |
|  Payable for investments in Affiliates purchased | 498 |
|  Payable for TBA investments purchased | 527487 |
|  Deposits from counterparty | 723 |
|  Payable for Portfolio shares redeemed | 1912 |
|  Accrued investment advisory fees | 291 |
|  Accrued supervisory and administrative fees | 292 |
|  Accrued distribution fees | 142 |
|  Accrued servicing fees | 87 |
|  **Total Liabilities** | 887720 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $1331005 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $1448678 |
|  Distributable earnings (accumulated loss) | (117673) |
|  **Net Assets** | $1331005 |
|  **Net Assets:** |  |
|  Institutional Class | $17564 |
|  Administrative Class | 667380 |
|  Advisor Class | 646061 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 1797 |
|  Administrative Class | 68270 |
|  Advisor Class | 66090 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.78 |
|  Administrative Class | 9.78 |
|  Advisor Class | 9.78 |
|  Cost of investments in securities | $1592206 |
|  Cost of investments in Affiliates | $124363 |
|  Cost of foreign currency held | $3871 |
|  Proceeds received on short sales | $93979 |
|  Cost or premiums of financial derivative instruments, net | $1671 |
|  \* Includes repurchase agreements of: | $531800 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Statement of Operations PIMCO Low Duration Portfolio

---

| | |
|:---|:---|
| Year Ended December 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $55383 |
|  Dividends from Investments in Affiliates | 5889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 61272 |
|  **Expenses:** |  |
|  Investment advisory fees | 3374 |
|  Supervisory and administrative fees | 3374 |
|  Distribution and/or servicing fees - Administrative Class | 1003 |
|  Distribution and/or servicing fees - Advisor Class | 1661 |
|  Trustee fees | 66 |
|  Interest expense | 141 |
|  Miscellaneous expense | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 9635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 9621 |
|  **Net Investment Income (Loss)** | 51651 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 1497 |
|  Investments in Affiliates | 2 |
|  Exchange-traded or centrally cleared financial derivative instruments | 3236 |
|  Over the counter financial derivative instruments | (2682) |
|  Foreign currency | 178 |
|  **Net Realized Gain (Loss)** | 2231 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 22321 |
|  Investments in Affiliates | 1340 |
|  Exchange-traded or centrally cleared financial derivative instruments | (2363) |
|  Over the counter financial derivative instruments | (4067) |
|  Foreign currency assets and liabilities | (102) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 17129 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $71011 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Low Duration Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $51651 | $57870 |
|  Net realized gain (loss) | 2231 | (5822) |
|  Net change in unrealized appreciation (depreciation) | 17129 | 9016 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 71011 | 61064 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (587) | (618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (22784) | (27094) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (21962) | (27705) |
|  Tax basis return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (89) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (3605) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (3580) | 0 |
|  **Total Distributions<sup>(a)</sup>** | (52607) | (55417) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (71268) | (52736) |
|  **Total Increase (Decrease) in Net Assets** | (52864) | (47089) |
|  **Net Assets:** |  |  |
|  Beginning of year | 1383869 | 1430958 |
|  End of year | $1331005 | $1383869 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Low Duration Portfolio December 31, 2025

#### (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 119.6% | INVESTMENTS IN SECURITIES 119.6% | INVESTMENTS IN SECURITIES 119.6% |
| CORPORATE BONDS & NOTES 11.9% | CORPORATE BONDS & NOTES 11.9% | CORPORATE BONDS & NOTES 11.9% |
| BANKING & FINANCE 7.5% | BANKING & FINANCE 7.5% | BANKING & FINANCE 7.5% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  4.718% due 01/22/2027 | 3900 | 3935 |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  5.375% due 05/08/2029 | 1800 | 1867 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.544% due 08/13/2027 •  | 3000 | 3007 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  3.054% (EUR003M + 1.000%) due 02/23/2027 ~ | 1900 | 2244 |
|  4.696% due 07/16/2026 •  | 3700 | 3706 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  5.375% due 05/30/2030 | 1100 | 1131 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.623% due 05/09/2029 •  | 3200 | 3243 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  4.567% due 09/10/2027 •  | 2100 | 2109 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.194% due 02/16/2028 | 1400 | 1432 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.975% due 01/18/2027 •  | 2100 | 2101 |
|  6.612% due 10/19/2027 •  | 5000 | 5096 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.876% due 11/19/2027 •  | 1600 | 1612 |
|  4.929% due 08/06/2026 | 1500 | 1508 |
|  5.438% due 04/30/2026 | 2500 | 2510 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.395% (SOFRINDX + 0.620%) due 08/28/2026 ~ | 1700 | 1704 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  4.938% (SOFRRATE + 1.210%) due 09/11/2028 ~ | 1600 | 1609 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  5.427% due 03/01/2028 •  | 2400 | 2438 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  4.999% due 09/11/2030 •  | 2000 | 2032 |
|  5.026% (SOFRRATE + 1.219%) due 11/16/2027 ~ | 4600 | 4621 |
|  Ford Credit Canada Co. | Ford Credit Canada Co. | Ford Credit Canada Co. |
|  7.000% due 02/10/2026 | 600 | 439 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 1900 | 1925 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  5.400% due 05/08/2027 | 3600 | 3660 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  4.539% (SOFRRATE + 0.750%) due 05/21/2027 ~ | 1400 | 1402 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  4.153% due 10/21/2029 •  | 500 | 500 |
|  4.937% due 04/23/2028 •  | 2700 | 2731 |
|  5.049% due 07/23/2030 •  | 200 | 205 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.980% due 06/07/2030 «(e) | 1000 | 1017 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  6.161% due 03/09/2029 •  | 4500 | 4686 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.490% (SOFRRATE + 0.765%) due 09/22/2027 ~ | 5000 | 5013 |
|  5.571% due 04/22/2028 •  | 1200 | 1224 |
|  6.070% due 10/22/2027 •  | 3000 | 3048 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.968% (SOFRRATE + 1.020%) due 04/13/2028 ~ | 1900 | 1908 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.968% due 07/14/2028 •  | 500 | 507 |
|  5.016% due 01/12/2029 •  | 3300 | 3361 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.412% (SOFRRATE + 0.500%) due 07/22/2026 ~ | 2000 | 2003 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  4.600% due 11/25/2030 | 1000 | 1001 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.965% due 01/24/2029 •  | $— | 1000 | $— | 1019 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  4.858% due 09/11/2030 •  |  | 2200 |  | 2228 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  5.350% due 03/17/2028 |  | 400 |  | 408 |
|  Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. |
|  4.950% due 09/15/2028 |  | 1600 |  | 1622 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.464% due 01/13/2026 |  | 3000 |  | 3001 |
|  Swedbank AB |  |  |  |  |
|  5.337% due 09/20/2027 |  | 4100 |  | 4195 |
|  Toyota Motor Credit Corp. |  |  |  |  |
|  4.550% due 08/07/2026 |  | 500 |  | 502 |
|  Wells Fargo & Co. |  |  |  |  |
|  4.900% due 01/24/2028 •  |  | 3500 |  | 3530 |
|  4.970% due 04/23/2029 •  |  | 1200 |  | 1223 |
|  |  |  |  | 100263 |
| INDUSTRIALS 3.7% |  |  |  |  |
|  AbbVie, Inc. |  |  |  |  |
|  4.800% due 03/15/2027 |  | 4100 |  | 4144 |
|  Adnoc Murban Rsc Ltd. |  |  |  |  |
|  4.250% due 09/11/2029 |  | 2900 |  | 2920 |
|  Amgen, Inc. |  |  |  |  |
|  5.150% due 03/02/2028 |  | 283 |  | 290 |
|  Beignet Investor LLC |  |  |  |  |
|  6.581% due 05/30/2049 |  | 2110 |  | 2231 |
|  BMW U.S. Capital LLC |  |  |  |  |
|  4.750% due 03/21/2028 |  | 2670 |  | 2709 |
|  5.050% due 08/11/2028 |  | 1930 |  | 1979 |
|  Broadcom, Inc. |  |  |  |  |
|  5.050% due 07/12/2027 |  | 700 |  | 713 |
|  Campbell's Co. |  |  |  |  |
|  5.300% due 03/20/2026 |  | 1700 |  | 1704 |
|  Equifax, Inc. |  |  |  |  |
|  5.100% due 12/15/2027 |  | 4000 |  | 4078 |
|  Global Payments, Inc. |  |  |  |  |
|  4.500% due 11/15/2028 |  | 900 |  | 902 |
|  Hewlett Packard Enterprise Co. |  |  |  |  |
|  4.450% due 09/25/2026 |  | 2250 |  | 2257 |
|  Hyundai Capital America |  |  |  |  |
|  4.875% due 06/23/2027 |  | 1300 |  | 1315 |
|  5.487% (SOFRRATE + 1.500%) due 01/08/2027 ~ |  | 4000 |  | 4032 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
|  4.650% due 02/10/2028 |  | 2800 |  | 2842 |
|  Las Vegas Sands Corp. |  |  |  |  |
|  5.625% due 06/15/2028 |  | 500 |  | 513 |
|  5.900% due 06/01/2027 |  | 3400 |  | 3470 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.750% due 03/31/2028 |  | 2800 |  | 2846 |
|  4.900% due 11/15/2027 |  | 700 |  | 713 |
|  NTT Finance Corp. |  |  |  |  |
|  4.567% due 07/16/2027 |  | 400 |  | 404 |
|  Oracle Corp. |  |  |  |  |
|  4.614% (SOFRRATE + 0.760%) due 08/03/2028 ~ |  | 750 |  | 740 |
|  Philip Morris International, Inc. |  |  |  |  |
|  4.125% due 04/28/2028 |  | 3200 |  | 3215 |
|  Stryker Corp. |  |  |  |  |
|  4.250% due 09/11/2029 |  | 300 |  | 302 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 |  | 5200 |  | 5282 |
|  |  |  |  | 49601 |
| UTILITIES 0.7% |  |  |  |  |
|  AES Corp. |  |  |  |  |
|  1.375% due 01/15/2026 |  | 5100 |  | 5094 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.648% (SOFRINDX + 0.800%) due 02/04/2028 ~ | 1400 | 1406 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.400% due 09/06/2026 | 115 | 115 |
|  4.700% due 06/01/2027 | 100 | 101 |
|  4.875% due 02/01/2027 | 300 | 302 |
|  5.350% due 03/01/2026 | 1200 | 1202 |
|  5.850% due 11/01/2027 | 600 | 617 |
|  |  | 8837 |
|  Total Corporate Bonds & Notes<br>(Cost $156,606) | Total Corporate Bonds & Notes<br>(Cost $156,606) | 158701 |
| U.S. GOVERNMENT AGENCIES 37.1% | U.S. GOVERNMENT AGENCIES 37.1% | U.S. GOVERNMENT AGENCIES 37.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  0.800% due 10/28/2026 (h) | 11800 | 11535 |
|  2.500% due 01/01/2029 | 33 | 33 |
|  3.000% due 01/01/2027 | 13 | 13 |
|  3.500% due 09/01/2030 | 191 | 190 |
|  4.000% due 12/01/2047 - 08/01/2048 | 1901 | 1841 |
|  5.000% due 06/01/2031 - 04/01/2053 | 3382 | 3395 |
|  6.000% due 04/01/2055 | 5458 | 5706 |
|  6.521% due 09/01/2035 •  | 13 | 14 |
|  6.797% due 07/01/2035 •  | 8 | 8 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.903% due 07/25/2054 ~ | 1663 | 1619 |
|  4.559% due 08/25/2027 •  | 581 | 581 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.774% due 11/25/2055 •  | 1234 | 1240 |
|  4.814% due 11/25/2054 •  | 4664 | 4684 |
|  4.824% due 03/25/2055 •  | 1986 | 2003 |
|  4.844% due 08/25/2054 •  | 2036 | 2046 |
|  4.854% due 08/25/2055 •  | 9529 | 9588 |
|  4.874% due 02/25/2055 •  | 1942 | 1953 |
|  4.974% due 07/25/2055 •  | 2365 | 2374 |
|  5.009% due 03/15/2050 •  | 2045 | 2023 |
|  5.024% due 03/25/2055 - 08/25/2055 •  | 2755 | 2766 |
|  5.074% due 08/25/2055 •  | 30070 | 30206 |
|  5.109% due 12/15/2050 •  | 765 | 763 |
|  5.274% due 03/25/2055 •  | 2499 | 2522 |
|  5.500% due 01/25/2047 | 885 | 885 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  3.123% due 08/15/2044 •  | 692 | 725 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.106% due 08/25/2031 •  | 17 | 17 |
|  5.229% due 02/25/2045 •  | 49 | 48 |
|  6.500% due 07/25/2043 | 19 | 20 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.080% due 10/01/2026 | 900 | 887 |
|  3.000% due 12/01/2026 - 04/01/2052 | 53335 | 47585 |
|  3.150% due 03/01/2026 | 2800 | 2789 |
|  3.220% due 01/01/2028 | 1000 | 992 |
|  3.500% due 07/01/2047 - 12/01/2047 | 27239 | 25467 |
|  4.000% due 08/01/2044 - 08/01/2048 | 2855 | 2759 |
|  4.500% due 05/01/2026 - 08/01/2046 | 200 | 199 |
|  5.000% due 05/01/2027 - 06/01/2054 | 86132 | 86060 |
|  5.276% due 06/01/2043 •  | 23 | 23 |
|  5.277% due 07/01/2042 •  | 9 | 9 |
|  5.327% due 09/01/2041 •  | 27 | 28 |
|  5.802% due 11/01/2035 •  | 9 | 9 |
|  6.000% due 02/01/2033 - 01/01/2039 | 196 | 208 |
|  6.209% due 07/01/2035 •  | 1 | 1 |
|  6.275% due 09/01/2035 •  | 16 | 17 |
|  6.497% due 05/01/2038 •  | 417 | 435 |
|  6.500% due 04/01/2036 | 33 | 34 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  1.000% due 01/25/2043 | 21 | 18 |
|  1.250% due 11/25/2027 | 968 | 950 |
|  2.000% due 11/25/2046 | 2414 | 2271 |
|  4.109% due 07/25/2037 •  | 35 | 35 |
|  4.246% due 12/25/2036 •  | 11 | 11 |
|  4.723% due 09/25/2049 •  | 204 | 203 |
|  4.774% due 03/25/2055 •  | 1739 | 1746 |
|  4.824% due 03/25/2055 •  | 793 | 797 |
|  4.844% due 08/25/2054 •  | 522 | 524 |
|  4.958% due 06/17/2027 •  | 1 | 1 |
|  4.989% due 12/25/2047 •  | 1031 | 1032 |
|  5.000% due 04/25/2033 | 2 | 2 |
|  5.009% due 01/25/2051 •  | 1030 | 1032 |
|  5.034% due 03/25/2055 •  | 2603 | 2614 |
|  5.054% due 08/25/2055 •  | 1734 | 1741 |
|  5.074% due 08/25/2055 •  | 12977 | 13039 |
|  5.374% due 12/25/2054 •  | 2877 | 2905 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  4.698% due 12/25/2042 ~ | 2 | 2 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.339% due 03/25/2044 •  | 6 | 6 |
|  4.536% due 09/25/2042 •  | 144 | 143 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 02/20/2030 | 54 | 53 |
|  3.500% due 10/20/2029 | 601 | 597 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.568% due 02/20/2074 •  | 744 | 744 |
|  4.614% due 06/20/2064 •  | 1049 | 1050 |
|  4.634% due 10/20/2065 •  | 1672 | 1673 |
|  4.654% due 07/20/2063 •  | 166 | 166 |
|  4.680% due 06/20/2065 •  | 202 | 202 |
|  4.718% due 04/20/2072 •  | 2476 | 2481 |
|  4.818% due 07/20/2073 - 07/20/2074 •  | 6931 | 6998 |
|  4.868% due 09/20/2073 •  | 6682 | 6764 |
|  4.888% due 08/20/2073 •  | 1533 | 1550 |
|  4.914% due 05/20/2066 •  | 174 | 175 |
|  4.918% due 05/20/2073 •  | 2744 | 2781 |
|  4.964% due 04/20/2066 •  | 1381 | 1388 |
|  5.078% due 11/20/2072 •  | 10708 | 10914 |
|  5.088% due 11/20/2072 •  | 12208 | 12454 |
|  5.364% due 08/20/2070 •  | 3768 | 3837 |
|  5.418% due 08/20/2071 •  | 1746 | 1792 |
|  5.581% due 07/20/2067 •  | 1977 | 2004 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 02/01/2056 | 4400 | 3720 |
|  4.000% due 02/01/2056 | 41100 | 38964 |
|  4.500% due 01/01/2041 | 200 | 200 |
|  5.500% due 02/01/2056 | 10300 | 10435 |
|  6.000% due 02/01/2056 - 03/01/2056 | 94900 | 97399 |
|  Total U.S. Government Agencies<br>(Cost $496,381) | Total U.S. Government Agencies<br>(Cost $496,381) | 493713 |
| U.S. TREASURY OBLIGATIONS 13.6% | U.S. TREASURY OBLIGATIONS 13.6% | U.S. TREASURY OBLIGATIONS 13.6% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.625% due 07/15/2032 | 10310 | 9676 |
|  1.125% due 01/15/2033 | 9619 | 9233 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.875% due 05/15/2032 (j) | 2100 | 1980 |
|  3.625% due 05/15/2026 | 151600 | 151655 |
|  4.875% due 04/30/2026 | 8600 | 8636 |
|  Total U.S. Treasury Obligations (Cost $180,964) | Total U.S. Treasury Obligations (Cost $180,964) | 181180 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.404% due 09/25/2035 ~ | 79 | 69 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  4.978% due 12/15/2036 •  | 3614 | 3570 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.787% due 01/20/2047 ~ | 58 | 51 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.631% due 08/25/2034 ~ | 65 | 65 |
|  5.822% due 07/25/2034 ~ | 68 | 66 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.166% due 02/25/2034 •  | 61 | 59 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.791% due 01/25/2035 ~ | 768 | 750 |
|  4.829% due 07/25/2034 ~ | 44 | 41 |
|  5.125% due 01/25/2035 ~ | 22 | 20 |
|  5.734% due 01/25/2034 ~ | 3 | 3 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.944% due 12/26/2046 ~ | 125 | 99 |
|  5.000% due 01/26/2036 ~ | 150 | 106 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.126% due 01/25/2035 •  | 3 | 3 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.796% due 11/25/2034 ~ | 76 | 73 |
|  5.087% due 02/20/2035 ~ | 11 | 11 |
|  5.276% due 11/20/2034 ~ | 173 | 166 |
|  6.148% due 02/20/2036 •  | 122 | 115 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.395% due 08/25/2035 ~ | 31 | 28 |
|  6.490% due 05/25/2035 •  | 2 | 2 |
|  CLNY Trust | CLNY Trust | CLNY Trust |
|  5.278% due 11/15/2038 •  | 2017 | 1990 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  6.000% due 10/25/2033 | 4 | 4 |
|  CRSNT Trust | CRSNT Trust | CRSNT Trust |
|  4.694% due 04/15/2036 •  | 6000 | 5961 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  5.410% due 10/15/2039 •  | 100 | 100 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  5.014% due 10/15/2043 •  | 5000 | 4881 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.851% (BP0003M + 0.950%) due 06/13/2045 ~ | 1412 | 1903 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.040% due 09/25/2034 ~ | 42 | 42 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.998% due 08/25/2035 ~ | 37 | 25 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  3.693% due 11/19/2035 ~ | 19 | 15 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.618% due 10/20/2075 •  | 1760 | 1758 |
|  4.688% due 09/20/2075 •  | 7774 | 7800 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.000% due 09/25/2052 ~ | 3875 | 3398 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.951% due 09/25/2035 ~ | 47 | 45 |
|  6.295% due 09/25/2034 ~ | 17 | 17 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.286% due 05/19/2035 •  | 24 | 23 |
|  4.742% due 07/19/2035 ~ | 131 | 97 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.750% due 01/25/2036 | 10 | 5 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.346% due 11/25/2035 •  | 15 | 14 |
|  4.506% due 09/25/2029 •  | 15 | 15 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  4.965% due 08/15/2038 •  | 3991 | 3879 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  4.960% due 11/15/2038 •  | 4400 | 4397 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 3759 | 3289 |
|  PHHMC Trust | PHHMC Trust | PHHMC Trust |
|  5.843% due 07/18/2035 ~ | 44 | 44 |
|  Prime Mortgage Trust |  |  |
|  4.246% due 02/25/2034 •  | 1 | 1 |
| •Project Cashmere | •Project Cashmere | •Project Cashmere |
|  4.543% due 12/30/2057 «(a) | 20300 | 13547 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.532% due 09/25/2035 ~ | 324 | 202 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.014% due 05/15/2038 •  | 2200 | 2197 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.473% due 08/25/2035 ~ | 44 | 38 |
|  5.429% due 01/25/2035 •  | 70 | 65 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.298% due 02/25/2034 ~ | $— | 25 | 24 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.406% due 02/25/2036 •  |  | 30 | 26 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.386% due 12/25/2045 •  |  | 19 | 19 |
|  4.526% due 01/25/2045 •  |  | 147 | 143 |
|  5.429% due 06/25/2042 •  |  | 3 | 3 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $62,101) | Total Non-Agency Mortgage-Backed Securities (Cost $62,101) | Total Non-Agency Mortgage-Backed Securities (Cost $62,101) | 61264 |
| ASSET-BACKED SECURITIES 7.4% | ASSET-BACKED SECURITIES 7.4% | ASSET-BACKED SECURITIES 7.4% | ASSET-BACKED SECURITIES 7.4% |
| AUTOMOBILE SEQUENTIAL 0.7% | AUTOMOBILE SEQUENTIAL 0.7% | AUTOMOBILE SEQUENTIAL 0.7% | AUTOMOBILE SEQUENTIAL 0.7% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.420% due 04/10/2028 |  | 1164 | 1168 |
|  Chesapeake Funding II LLC | Chesapeake Funding II LLC | Chesapeake Funding II LLC | Chesapeake Funding II LLC |
|  5.520% due 05/15/2036 |  | 1799 | 1821 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 |  | 383 | 385 |
|  Ford Auto Securitization Trust II Asset-Backed Notes | Ford Auto Securitization Trust II Asset-Backed Notes | Ford Auto Securitization Trust II Asset-Backed Notes | Ford Auto Securitization Trust II Asset-Backed Notes |
|  6.027% due 07/15/2028 |  | 978 | 725 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.850% due 08/15/2035 | $— | 1250 | 1276 |
|  Oscar U.S. Funding XIV LLC | Oscar U.S. Funding XIV LLC | Oscar U.S. Funding XIV LLC | Oscar U.S. Funding XIV LLC |
|  2.820% due 04/10/2029 |  | 2346 | 2327 |
|  Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust |
|  4.630% due 07/20/2027 |  | 1548 | 1554 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.820% due 09/15/2027 |  | 522 | 523 |
|  |  |  | 9779 |
| CMBS OTHER 1.4% | CMBS OTHER 1.4% | CMBS OTHER 1.4% | CMBS OTHER 1.4% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.215% due 11/15/2036 •  |  | 1882 | 1894 |
|  AREIT Trust | AREIT Trust | AREIT Trust | AREIT Trust |
|  5.187% due 01/20/2037 •  |  | 2231 | 2228 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.199% due 12/16/2036 •  |  | 1415 | 1417 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.349% due 07/16/2035 •  |  | 329 | 329 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.181% due 02/17/2039 •  |  | 2161 | 2164 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.493% due 01/17/2037 •  |  | 1214 | 1216 |
|  MF1 LLC | MF1 LLC | MF1 LLC | MF1 LLC |
|  5.881% due 06/19/2037 •  |  | 3558 | 3559 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.081% due 02/19/2037 •  |  | 3247 | 3247 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.386% due 02/15/2039 •  |  | 2724 | 2720 |
|  |  |  | 18774 |
| CREDIT CARD OTHER 0.3% | CREDIT CARD OTHER 0.3% | CREDIT CARD OTHER 0.3% | CREDIT CARD OTHER 0.3% |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 |  | 4400 | 4464 |
| HOME EQUITY OTHER 0.7% | HOME EQUITY OTHER 0.7% | HOME EQUITY OTHER 0.7% | HOME EQUITY OTHER 0.7% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  3.966% due 10/25/2036 •  |  | 41 | 16 |
|  4.746% due 12/25/2034 •  |  | 691 | 636 |
|  4.776% due 02/25/2036 •  |  | 1894 | 1803 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.515% due 03/15/2032 •  |  | 5 | 6 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.546% due 12/25/2033 •  |  | 220 | 223 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.379% due 01/25/2032 •  |  | 1 | 1 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  3.926% due 08/25/2036 •  |  | 6 | 3 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.096% due 05/25/2037 •  | 3461 | 3176 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.166% due 05/25/2036 •  | 357 | 355 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.551% due 03/25/2034 •  | 126 | 134 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.579% due 05/25/2036 •  | 2560 | 2541 |
|  |  | 8894 |
| WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  4.406% due 12/25/2035 •  | 108 | 108 |
| OTHER ABS 4.3% | OTHER ABS 4.3% | OTHER ABS 4.3% |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.084% due 10/20/2034 •  | 1400 | 1401 |
|  Barings Euro CLO DAC | Barings Euro CLO DAC | Barings Euro CLO DAC |
|  0.000% due 08/15/2039 •(a) | 1000 | 1175 |
|  BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. |
|  5.034% due 04/20/2035 •  | 1200 | 1201 |
|  Cairn CLO XI DAC | Cairn CLO XI DAC | Cairn CLO XI DAC |
|  3.187% due 01/15/2040 •  | 1500 | 1765 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.954% due 08/15/2032 •  | 2566 | 3019 |
|  3.221% due 08/15/2038 •  | 4500 | 5293 |
|  CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. |
|  4.874% due 07/20/2032 •  | 929 | 929 |
|  CCG Receivables Trust | CCG Receivables Trust | CCG Receivables Trust |
|  4.480% due 10/14/2032 | 2503 | 2518 |
|  Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. |
|  4.974% due 04/20/2034 •  | 1200 | 1200 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.077% due 10/24/2030 •  | 778 | 779 |
|  CVC Cordatus Loan Fund XII DAC | CVC Cordatus Loan Fund XII DAC | CVC Cordatus Loan Fund XII DAC |
|  0.000% due 01/23/2039 •(a) | 500 | 588 |
|  Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. |
|  5.012% due 07/17/2034 •  | 500 | 500 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.158% due 01/25/2035 •  | 1200 | 1202 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  4.950% due 07/23/2032 •  | 319 | 319 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  5.014% due 04/20/2033 •  | 500 | 501 |
|  Indigo Credit Management II DAC | Indigo Credit Management II DAC | Indigo Credit Management II DAC |
|  3.209% due 07/15/2038 •  | 1200 | 1411 |
|  KKR CLO 33 Ltd. |  |  |
|  4.993% due 07/20/2034 •  | 500 | 500 |
|  Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC |
|  2.826% due 07/15/2032 •  | 4159 | 4892 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.525% due 04/25/2038 •  | 40 | 40 |
|  Penta CLO 9 DAC |  |  |
|  2.915% due 07/25/2036 •  | 500 | 588 |
|  Pikes Peak CLO 2 |  |  |
|  5.104% due 10/11/2034 •  | 1000 | 1001 |
|  Pikes Peak CLO 4 |  |  |
|  5.115% due 07/15/2034 •  | 1100 | 1101 |
|  Post CLO Ltd. |  |  |
|  4.985% due 10/15/2034 •  | 1050 | 1050 |
|  QTS Issuer ABS II LLC |  |  |
|  5.044% due 10/05/2055 | 2500 | 2482 |
|  Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. |
|  5.539% due 09/15/2042 | 700 | 702 |
|  Sandstone Peak Ltd. |  |  |
|  5.185% due 10/15/2034 •  | 2200 | 2204 |
|  Shackleton CLO Ltd. |  |  |
|  5.084% due 07/20/2034 •  | 1500 | 1501 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  3.940% due 02/16/2055 | 2129 | 2086 |
|  5.380% due 07/15/2053 | 825 | 843 |
|  5.434% due 02/16/2055 •  | 2129 | 2150 |
|  5.670% due 11/15/2052 | 1856 | 1908 |
|  Stonepeak ABS |  |  |
|  2.301% due 02/28/2033 | 1432 | 1399 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 396 | 398 |
|  Toro European CLO 7 DAC |  |  |
|  2.874% due 02/15/2034 •  | 4346 | 5112 |
|  Trinitas CLO VI Ltd. |  |  |
|  4.968% due 01/25/2034 •  | 1300 | 1301 |
|  Whetstone Park CLO Ltd. |  |  |
|  4.954% due 01/20/2035 •  | 1200 | 1200 |
|  Wind River CLO Ltd. |  |  |
|  4.965% due 10/15/2034 •  | 895 | 893 |
|  |  | 57152 |
|  Total Asset-Backed Securities (Cost $98,258) | Total Asset-Backed Securities (Cost $98,258) | 99171 |
| SOVEREIGN ISSUES 3.6% | SOVEREIGN ISSUES 3.6% | SOVEREIGN ISSUES 3.6% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (b) | 163400 | 28845 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 3100 | 3271 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 02/19/2030 | 1500 | 1554 |
|  Korea Expressway Corp. | Korea Expressway Corp. | Korea Expressway Corp. |
|  5.000% due 05/14/2027 | 2000 | 2031 |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  4.875% due 08/27/2027 | 1300 | 1322 |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 | 2800 | 2807 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.625% due 03/18/2029 | 3850 | 3934 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.125% due 01/13/2028 | 3600 | 3680 |
|  Total Sovereign Issues (Cost $47,308) | Total Sovereign Issues (Cost $47,308) | 47444 |
| SHORT-TERM INSTRUMENTS 41.4% | SHORT-TERM INSTRUMENTS 41.4% | SHORT-TERM INSTRUMENTS 41.4% |
| COMMERCIAL PAPER 1.4% | COMMERCIAL PAPER 1.4% | COMMERCIAL PAPER 1.4% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.000% due 01/14/2026 | 250 | 250 |
|  4.180% due 01/07/2026 | 700 | 699 |
|  4.180% due 01/09/2026 | 250 | 250 |
|  4.220% due 01/12/2026 | 250 | 250 |
|  4.300% due 01/08/2026 | 500 | 499 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.110% due 01/08/2026 | 250 | 250 |
|  AMETEK, Inc. |  |  |
|  4.020% due 01/12/2026 | 950 | 949 |
|  4.150% due 01/06/2026 | 250 | 250 |
|  Bacardi-Martini BV |  |  |
|  4.350% due 01/29/2026 | 250 | 249 |
|  Conagra Brands, Inc. |  |  |
|  4.050% due 01/05/2026 | 250 | 250 |
|  4.130% due 01/07/2026 | 400 | 400 |
|  Crown Castle, Inc. |  |  |
|  4.140% due 01/22/2026 | 300 | 299 |
|  4.150% due 01/20/2026 | 2450 | 2444 |
|  4.150% due 01/21/2026 | 300 | 299 |
|  4.150% due 01/22/2026 | 350 | 349 |
|  Edison International |  |  |
|  4.250% due 01/02/2026 | 250 | 250 |
|  4.550% due 01/05/2026 | 500 | 500 |
|  4.550% due 01/06/2026 | 250 | 250 |
|  4.550% due 01/07/2026 | 250 | 250 |
|  Enbridge U.S., Inc. |  |  |
|  4.040% due 01/02/2026 | 250 | 250 |
|  4.040% due 01/07/2026 | 600 | 599 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  3.950% due 01/14/2026 | 250 | 250 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  4.150% due 01/08/2026 | 250 | 250 |
|  HCA, Inc. |  |  |
|  4.100% due 01/20/2026 | 500 | 499 |
|  4.100% due 01/21/2026 | 500 | 499 |
|  4.100% due 01/26/2026 | 250 | 249 |
|  4.120% due 01/20/2026 | 250 | 249 |
|  4.120% due 02/02/2026 | 400 | 398 |
|  4.120% due 02/12/2026 | 500 | 498 |
|  4.300% due 01/13/2026 | 250 | 250 |
|  Jabil, Inc. |  |  |
|  4.130% due 01/07/2026 | 300 | 300 |
|  4.130% due 01/12/2026 | 350 | 349 |
|  4.130% due 01/14/2026 | 950 | 948 |
|  4.150% due 01/07/2026 | 250 | 250 |
|  4.150% due 01/13/2026 | 250 | 250 |
|  Keurig Dr. Pepper, Inc. |  |  |
|  4.000% due 01/07/2026 | 450 | 450 |
|  4.240% due 01/09/2026 | 700 | 699 |
|  Oracle Corp. |  |  |
|  4.220% due 01/16/2026 | 1150 | 1148 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  3.940% due 01/20/2026 | 250 | 249 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.550% due 01/05/2026 | 900 | 899 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.220% due 01/13/2026 | 250 | 250 |
|  |  | 18720 |
| REPURCHASE AGREEMENTS (f) 40.0% | REPURCHASE AGREEMENTS (f) 40.0% | REPURCHASE AGREEMENTS (f) 40.0% |
|  |  | 531800 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  3.921% due 01/27/2026 (b)(c) | 64 | 64 |
| Total Short-Term Instruments (Cost $550,588) | Total Short-Term Instruments (Cost $550,588) | 550584 |
| Total Investments in Securities (Cost $1,592,206) | Total Investments in Securities (Cost $1,592,206) | 1592057 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 9.5% | INVESTMENTS IN AFFILIATES 9.5% | INVESTMENTS IN AFFILIATES 9.5% |
| SHORT-TERM INSTRUMENTS 9.5% | SHORT-TERM INSTRUMENTS 9.5% | SHORT-TERM INSTRUMENTS 9.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.5% |
|  PIMCO Short Asset Portfolio | 12845462 | 126104 |
| Total Short-Term Instruments<br>(Cost $124,363) | Total Short-Term Instruments<br>(Cost $124,363) | 126104 |
| Total Investments in Affiliates<br>(Cost $124,363) | Total Investments in Affiliates<br>(Cost $124,363) | 126104 |
| Total Investments 129.1%<br>(Cost $1,716,569) | Total Investments 129.1%<br>(Cost $1,716,569) | 1718161 |
|  Financial Derivative<br>Instruments (g)(i) (0.1)%<br> (Cost or Premiums, net $1,671) | Financial Derivative<br>Instruments (g)(i) (0.1)%<br> (Cost or Premiums, net $1,671) | (1170) |
| Other Assets and Liabilities, net (29.0)% | Other Assets and Liabilities, net (29.0)% | (385986) |
| Net Assets 100.0% |  | 1331005 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 13

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Zero coupon security.

(c) Coupon represents a yield to maturity.

(d) Principal amount of security is adjusted for inflation.

&nbsp;&nbsp;&nbsp;&nbsp;(e) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Hardwood Funding LLC | 4.980% | 06/07/2030 | 03/11/2025 | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | 0.08% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(f) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.790% | 01/02/2026 | 01/05/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245100 | U.S. Treasury Note/Bond 4.125% due 03/31/2031 | $(197920) | $245100 | $245100 |
|  |  |  |  |  | U.S. Treasury Notes 3.500% due 11/30/2030 | (52093) |  |  |
|  | 3.870 | 12/31/2025 | 01/02/2026 | 244600 | U.S. Treasury Note/Bond 3.750% due 12/31/2028 | (134967) | 244600 | 244653 |
|  |  |  |  |  | U.S. Treasury Notes 4.125% due 10/31/2029 | (114437) |  |  |
| SAL | 3.930 | 12/31/2025 | 01/02/2026 | 42100 | U.S. Treasury Bills 0.000% due 12/24/2026 | (42961) | 42100 | 42109 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(542378) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531862 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (7.1)% | U.S. Government Agencies (7.1)% | U.S. Government Agencies (7.1)% | U.S. Government Agencies (7.1)% | U.S. Government Agencies (7.1)% | U.S. Government Agencies (7.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000% | 02/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63100 | $(55831) | $(55777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 02/01/2056 | 34500 | (31789) | (31790) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 02/01/2056 | 6400 | (6359) | (6377) |
|  Total Short Sales (7.1)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93979) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93944) |

---

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $489753 | $0 | $0 | $489753 | $(499417) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9664) |
|  SAL | 42109 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42961) | (852) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531862 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2025 was $(34) at a weighted average interest rate of 4.392%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | **Strike Price** | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note February Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.500 | 01/23/2026 | 42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $(7) | $(6) |
|  Put - CBOE U.S. Treasury 10-Year Note February Futures | 112.000 | 01/23/2026 | 18 | 18 | (3) | (6) |
|  Call - CBOE U.S. Treasury 10-Year Note February Futures | 113.500 | 01/23/2026 | 60 | 60 | (12) | (5) |
|  Put - EUREX Euro-Bund January 2026 Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127.500 | 01/23/2026 | 3 | 3 | (1) | (2) |
|  Call - EUREX Euro-Bund January 2026 Futures | 130.500 | 01/23/2026 | 3 | 3 | (2) | 0 |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bobl March Futures | 03/2026 | 10 | $1365 | $(10) | $0 | $(1) |
|  Euro-Bund March Futures | 03/2026 | 9 | 1349 | (19) | 0 | (3) |
|  U.S. Treasury 2-Year Note March Futures | 03/2026 | 5167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078813 | 21 | 0 | (363) |
|  U.S. Treasury 5-Year Note March Futures | 03/2026 | 1915 | 209318 | (214) | 0 | (214) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(581) |

---

#### 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 10-Year Note March Futures | 03/2026 | 94 | $(10569) | $71 | $19 | $0 |
|  U.S. Ultra Treasury 10-Year Note March Futures | 03/2026 | 1064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122377) | 696 | 199 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | $218 | $0 |
|  Total Futures Contracts |  |  |  | $545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(581) |

---

#### 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, 2025<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, 2025<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 |
|  Goldman Sachs Group, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.252% | $500 | $3 | $(1) | $2 | $0 | $0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | 12 | 0 | 12 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 1.367 | 1000 | 22 | (37) | (15) | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | $&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 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - 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.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 19800 | $(107) | $217 | $110 | $22 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 300 | (1) | 0 | (1) | 0 | 0 |
| Receive<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/18/2028 | 5270000 | 109 | 51 | 160 | 21 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.150 | Annual | 06/15/2027 | $31500 | (120) | (780) | (900) | 0 | (14) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **15** |

---

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/18/2029 | $16000 | $36 | $(246) | $(210) | $22 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 2100 | (4) | (23) | (27) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 7930 | 0 | (42) | (42) | 13 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 2600 | 0 | (19) | (19) | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 1700 | 0 | (15) | (15) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 1400 | 0 | (13) | (13) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 5900 | 0 | (60) | (60) | 9 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 2700 | 0 | (28) | (28) | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 5600 | 0 | (66) | (66) | 9 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 3700 | 0 | (46) | (46) | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 2100 | 0 | (26) | (26) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 59700 | 5 | (600) | (595) | 107 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 12230 | 1262 | (45) | 1217 | 24 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 400 | (2) | (2) | (4) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 200 | (1) | 4 | 3 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 200 | (1) | 3 | 2 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 300 | (1) | 6 | 5 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 200 | (1) | 6 | 5 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 150 | (1) | 7 | 6 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 300 | (1) | 12 | 11 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 280 | (1) | 11 | 10 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 200 | (1) | 8 | 7 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 500 | (2) | 21 | 19 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 150 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 900 | (3) | (6) | (9) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 300 | (1) | (1) | (2) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 1200 | (4) | (4) | (8) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 900 | (3) | (5) | (8) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 600 | (2) | (4) | (6) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 1300 | (4) | (16) | (20) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 1500 | (4) | (13) | (17) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 800 | (2) | (4) | (6) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 213 | 256 | 469 | 24 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 1225 | (8) | 13 | 5 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2045 | 775 | 26 | 19 | 45 | 2 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 35600 | 605 | (1083) | (478) | 0 | (45) |
| Receive | 6-Month EUR-EURIBOR | 2.700 | Annual | 08/13/2029 | 700 | (1) | (8) | (9) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 | 300 | 0 | (3) | (3) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 | 200 | 0 | 1 | 1 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 300 | (1) | (2) | (3) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 200 | (1) | 5 | 4 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 200 | (1) | 5 | 4 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 | 300 | (1) | 6 | 5 | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 | 170 | (1) | 4 | 3 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 | 300 | (1) | 9 | 8 | 1 | 0 |
|  |  |  |  |  |  | $1973 | $(2495) | $(522) | $309 | $(59) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2532) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(511) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |  |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | |  | Variation Margin<br>Liability |  |  |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  |  |  |  |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | $(19) | $(581) | $(59) | $(659) |

---

(h) Securities with an aggregate market value of $1,416 and cash of $17,071 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  BOA | 01/2026 | 1262 | $41 | $1 | $0 |
|  | 01/2026 | $12 | 46 | 0 | 0 |
|  BPS | 01/2026 | 426 | $60 | 0 | (1) |
|  | 01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675818 | 160 | 0 | 0 |
|  | 01/2026 | 1320 | 750 | 0 | (10) |
|  | 01/2026 | 5249 | 172 | 5 | 0 |
|  | 03/2026 | 1163 | 37 | 1 | 0 |
|  | 04/2026 | 20300 | 3554 | 0 | (75) |
|  BRC | 01/2026 | $28 | 115 | 0 | 0 |
|  | 01/2026 | 202 | 3490 | 9 | 0 |
|  BSH | 01/2026 | 642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99979 | 0 | (4) |
|  | 04/2026 | 38700 | $6814 | 6 | (110) |
|  CBK | 01/2026 | 769 | 511 | 0 | (2) |
|  | 01/2026 | 7456 | 84 | 1 | 0 |
|  | 01/2026 | 33200 | 214 | 2 | 0 |
|  | 01/2026 | 5635 | 185 | 6 | 0 |
|  | 03/2026 | 1264 | 41 | 1 | 0 |
|  DUB | 01/2026 | 2808 | 32 | 0 | 0 |
|  | 01/2026 | $27 | 87 | 0 | 0 |
|  | 01/2026 | 63 | 91998 | 1 | 0 |
|  | 01/2026 | 357 | 6220 | 18 | 0 |
|  | 02/2026 | 87 | $27 | 0 | 0 |
|  FAR | 01/2026 | 1550 | 1010 | 0 | (25) |
|  | 01/2026 | 212 | 30 | 0 | 0 |
|  | 01/2026 | 2176 | 2858 | 0 | (76) |
|  | 01/2026 | 1412 | 76 | 0 | (2) |
|  | 01/2026 | $14 | 46 | 0 | 0 |
|  | 01/2026 | 63 | 232 | 1 | 0 |
|  | 01/2026 | 251 | 4313 | 9 | 0 |
|  | 02/2026 | 46 | $14 | 0 | 0 |
|  GLM | 01/2026 | 431 | 538 | 0 | (7) |
|  | 01/2026 | 173 | 53 | 0 | (1) |
|  | 01/2026 | $3 | 11 | 0 | 0 |
|  | 01/2026 | 45 | 164 | 1 | 0 |
|  | 01/2026 | 0 | 1 | 0 | 0 |
|  | 01/2026 | 186 | 3207 | 7 | 0 |
|  | 03/2026 | 3768 | $680 | 1 | 0 |
|  | 03/2026 | $4 | 21 | 0 | 0 |
|  | 04/2026 | 79400 | $13998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232) |
|  JPM | 01/2026 | 884 | 126 | 0 | (1) |
|  | 01/2026 | 282 | 86 | 0 | (2) |
|  | 01/2026 | 1187 | 13 | 0 | 0 |
|  | 01/2026 | 242948 | 169 | 1 | 0 |
|  | 01/2026 | $45 | 166 | 1 | 0 |
|  | 01/2026 | 69 | 1176 | 3 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

---

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 02/2026 | $169 | 242629 | $0 | $(1) |
|  | 04/2026 | 25000 | $4241 | 0 | (227) |
|  MBC | 01/2026 | 3439 | 2444 | 0 | (64) |
|  | 01/2026 | 880 | 678 | 0 | (7) |
|  | 01/2026 | $28 | 4286 | 0 | 0 |
|  | 01/2026 | 176 | 5715 | 5 | 0 |
|  NGF | 01/2026 | 103 | 150814 | 2 | 0 |
|  SCX | 01/2026 | 424 | $60 | 0 | (1) |
|  | 01/2026 | 4450811 | 266 | 0 | 0 |
|  | 01/2026 | 1368 | 45 | 1 | 0 |
|  | 01/2026 | $499 | 77556 | 0 | (3) |
|  SOG | 01/2026 | 22705 | $26287 | 0 | (407) |
|  | 01/2026 | $1855 | 290126 | 0 | (2) |
|  | 03/2026 | 0 | 5 | 0 | 0 |
|  UAG | 01/2026 | 1738 | 1486 | 10 | 0 |
|  | 01/2026 | 31 | 113 | 1 | 0 |
|  | 01/2026 | 350 | 6093 | 17 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1260) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB | Put - OTC 1-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.757% | 09/18/2026 | 87500 | $72 | $46 |
| MYC | Put - OTC 1-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 75000 | 58 | 39 |
| NGF | Put - OTC 1-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 400 | 0 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.551% | 01/05/2026 | 400 | $(1) | $0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.831 | 01/05/2026 | 400 | (1) | 0 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.625 | 01/08/2026 | 200 | (1) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.925 | 01/08/2026 | 200 | (1) | 0 |
| FAR | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.580 | 01/05/2026 | 1300 | (3) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.860 | 01/05/2026 | 1300 | (3) | 0 |
| GLM | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.548 | 01/02/2026 | 600 | (1) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.848 | 01/02/2026 | 600 | (1) | 0 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.578 | 01/12/2026 | 700 | (1) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.878 | 01/12/2026 | 700 | (2) | (1) |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.648 | 01/15/2026 | 200 | (1) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.928 | 01/15/2026 | 200 | (1) | 0 |
| MYC | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.625 | 01/08/2026 | 1200 | (3) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.925 | 01/08/2026 | 1200 | (3) | 0 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.639 | 01/12/2026 | 1100 | (3) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.919 | 01/12/2026 | 1100 | (3) | (1) |
| NGF | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.498 | 01/05/2026 | 1900 | (4) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.798 | 01/05/2026 | 1900 | (4) | (3) |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.639 | 01/12/2026 | 1800 | (4) | (1) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.919 | 01/12/2026 | 1800 | (4) | (1) |
|  Total Written Options | Total Written Options | Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

18 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES—SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BPS | Colombia Government International Bonds | 1.000% | Quarterly | 06/20/2027 | 1.075% | $800 | $(38) | $37 | $0 | $(1) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.164 | 200 | (18) | 17 | 0 | (1) |
| CBK | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.897 | 2400 | (117) | 120 | 3 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.075 | 900 | (32) | 31 | 0 | (1) |
| GST | Soft Bank Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 1.706 | 300 | (3) | 2 | 0 | (1) |
| MYC | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.075 | 1400 | (50) | 49 | 0 | (1) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | (152) | 149 | 0 | (3) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  BOA | $1 | $0 | $0 | $1 | $0 | $0 | $0 | $0 | $1 | $0 | $1 |
|  BPS | 6 | 0 | 0 | 6 | (86) | 0 | (2) | (88) | (82) | 0 | (82) |
|  BRC | 9 | 0 | 0 | 9 | 0 | 0 | 0 | 0 | 9 | 0 | 9 |
|  BSH | 6 | 0 | 0 | 6 | (114) | 0 | 0 | (114) | (108) | 0 | (108) |
|  CBK | 10 | 0 | 3 | 13 | (2) | 0 | (1) | (3) | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) |
|  DUB | 19 | 46 | 0 | 65 | 0 | 0 | 0 | 0 | 65 | 0 | 65 |
|  FAR | 10 | 0 | 0 | 10 | (103) | 0 | 0 | (103) | (93) | 292 | 199 |
|  GLM | 47 | 0 | 0 | 47 | (240) | (1) | 0 | (241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194) | 0 | (194) |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (1) | 0 | (1) |
|  JPM | 5 | 0 | 0 | 5 | (231) | 0 | 0 | (231) | (226) | 285 | 59 |
|  MBC | 5 | 0 | 0 | 5 | (71) | 0 | 0 | (71) | (66) | 0 | (66) |
|  MYC | 0 | 39 | 0 | 39 | 0 | (1) | (4) | (5) | 34 | 0 | 34 |
|  NGF | 2 | 0 | 0 | 2 | 0 | (5) | 0 | (5) | (3) | 0 | (3) |
|  SCX | 1 | 0 | 0 | 1 | (4) | 0 | 0 | (4) | (3) | 0 | (3) |
|  SOG | 0 | 0 | 0 | 0 | (409) | 0 | 0 | (409) | (409) | 282 | (127) |
|  UAG | 28 | 0 | 0 | 28 | 0 | 0 | 0 | 0 | 28 | 0 | 28 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1260) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1275) |  |  |  |

---

(j) Securities with an aggregate market value of $859 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

---

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | $0 | $0 | $0 | $0 | $218 | $218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 0 | 0 | 0 | 309 | 309 |
|  | $0 | $0 | $0 | $0 | $527 | $527 |
|  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 | $149 | $0 | $149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | 0 | 85 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 3 | 0 | 0 | 0 | 3 |
|  | $0 | $3 | $0 | $149 | $85 | $237 |
|  | $0 | $3 | $0 | $149 | $612 | $764 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | $0 | $0 | $0 | $0 | $19 | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | 581 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 0 | 0 | 0 | 59 | 59 |
|  | $0 | $0 | $0 | $0 | $659 | $659 |
|  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 | $1260 | $0 | $1260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | 0 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 8 | 0 | 0 | 0 | 8 |
|  | $0 | $8 | $0 | $1260 | $7 | $1275 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: | The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: | The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: | The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: | The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: | The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: | The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025: |
|  | 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<br>Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $267 | $267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 3580 | 3580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 27 | 0 | 0 | (638) | (611) |
|  | $0 | $27 | $0 | $0 | $3209 | $3236 |
|  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 | $(3434) | $0 | $(3434) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (1194) | (1194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 8 | 0 | 0 | 1860 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 78 | 0 | 0 | 0 | 78 |
|  | $0 | $86 | $0 | $(3434) | $666 | $(2682) |
|  | $0 | $113 | $0 | $(3434) | $3875 | $554 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $10 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (861) | (861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (38) | 0 | 0 | (1474) | (1512) |
|  | $0 | $(38) | $0 | $0 | $(2325) | $(2363) |
|  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 | $(4162) | $0 | $(4162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 789 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (719) | (719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 25 | 0 | 0 | 0 | 25 |
|  | $0 | $25 | $0 | $(4162) | $70 | $(4067) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4162) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2255) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6430) |

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| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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December 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Portfolio's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $99246 | $1017 | $100263 |
| &nbsp;&nbsp; Industrials | 0 | 49601 | 0 | 49601 |
| &nbsp;&nbsp; Utilities | 0 | 8837 | 0 | 8837 |
|  U.S. Government Agencies | 0 | 493713 | 0 | 493713 |
|  U.S. Treasury Obligations | 0 | 181180 | 0 | 181180 |
|  Non-Agency Mortgage-Backed Securities | 0 | 47717 | 13547 | 61264 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 9779 | 0 | 9779 |
| &nbsp;&nbsp; CMBS Other | 0 | 18774 | 0 | 18774 |
| &nbsp;&nbsp; Credit Card Other | 0 | 4464 | 0 | 4464 |
| &nbsp;&nbsp; Home Equity Other | 0 | 8894 | 0 | 8894 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 108 | 0 | 108 |
| &nbsp;&nbsp; Other ABS | 0 | 57152 | 0 | 57152 |
|  Sovereign Issues | 0 | 47444 | 0 | 47444 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 18720 | 0 | 18720 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 531800 | 0 | 531800 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 64 | 0 | 64 |
|  | $0 | $1577493 | $14564 | $1592057 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126104 | $0 | $0 | $126104 |
|  Total Investments | $126104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718161 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 12/31/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(93944) | $0 | $(93944) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 0 | 527 | 0 | 527 |
|  Over the counter | 0 | 237 | 0 | 237 |
|  | $0 | $764 | $0 | $764 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or<br> centrally cleared | (6) | (653) | 0 | (659) |
|  Over the counter | 0 | (1275) | 0 | (1275) |
|  | $(6) | $(1928) | $0 | $(1934) |
|  Total Financial Derivative Instruments | $(6) | $(1164) | $0 | $(1170) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126098 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623047 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended December 31, 2025:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |  |  |  |  |  |  |  |  |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
|  Banking & Finance | $0 | $1000 | $0 | $0 | $0 | $17 | $0 | $0 | $1017 | $17 |
|  Non-Agency Mortgage-Backed Securities | 0 | 13273 | 0 | 0 | 0 | 274 | 0 | 0 | 13547 | 274 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14273 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | $&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;14564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |

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The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input<br>Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |  |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | $1017 | Discounted Cash Flow | Discount Rate | 4.550 |  |
|  Non-Agency Mortgage-Backed Securities | 13547 | Recent Transaction | Purchase Price | 100.00 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14564 |  |  |  |  |

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<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

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Notes to Financial Statements

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Low Duration Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt

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| | |
|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, 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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

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Notes to Financial Statements (Cont.)

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 September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation

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| | |
|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

Whole loans may be fair valued using inputs that take into account borrower-or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued by the Valuation Designee in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

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Notes to Financial Statements (Cont.)

be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) 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, rules thereunder or exemptive relief therefrom. 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **27** |

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Notes to Financial Statements (Cont.)

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, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short Asset Portfolio

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| Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924 | $&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;1340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262982) | $&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;964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to 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 ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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 interests in 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 payments. 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

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| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2025, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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 greater risk than interest-paying securities of similar maturities.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Notes to Financial Statements (Cont.)

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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the 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) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(b) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio

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| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, the Portfolio has used bilateral repurchase agreements wherein the underlying securities will be held by the Portfolio's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(c) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is

currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the

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Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against

amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash

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flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's

credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation 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

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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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes 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 indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication 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 as 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

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prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a

derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not

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fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

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, investments in CLOs 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) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the

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legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and(vi) the CLO's manager may perform poorly.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing

portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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Notes to Financial Statements (Cont.)

from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the

applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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

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|:---|:---|
| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between the Portfolio and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from

the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | |
|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | **Institutional**<br> **Class** | Administrative<br>Class | Advisor<br>Class |
| 0.25% | 0.25% | 0.25% | 0.25% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing, or procuring through financial firms, administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class shares.

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| | | |
|:---|:---|:---|
|  | Distribution Fee | Servicing Fee |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **39** |

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Notes to Financial Statements (Cont.)

(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 (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $13,910.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage

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|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4479701 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205953 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 378 | $3659 | 360 | $3472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 12911 | 125473 | 13738 | 132701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 6031 | 58654 | 7019 | 67379 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 69 | 675 | 64 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 2712 | 26389 | 2820 | 27094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 2625 | 25542 | 2884 | 27705 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (292) | (2832) | (431) | (4156) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (17683) | (171864) | (17873) | (171836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (14099) | (136964) | (14128) | (135713) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (7348) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5547) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52736) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2025, three persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 54% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

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, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **41** |

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Notes to Financial Statements (Cont.) December 31, 2025

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO Low Duration Portfolio | $0 | $0 | $(4138) | $0 | $(113056) | $0 | $(479) | $(117673) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, short positions, straddle loss deferrals, and interest accrued on defaulted securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, 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 Low Duration Portfolio | $61051 | $52005 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2025, 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 Low Duration Portfolio | $1627083 | $13387 | $(17276) | $(3889) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, short positions, straddle loss deferrals, and interest accrued on defaulted securities. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of Capital<sup>(9)</sup> |
|  PIMCO Low Duration Portfolio | $45333 | $0 | $7274 | $55417 | $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>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Low Duration Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Low Duration Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **43** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| BOA | Bank of America N.A. | DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC |
| BOS | BofA Securities, Inc. | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GLM | Goldman Sachs Bank USA | SAL | Citigroup Global Markets, Inc. |
| BRC | Barclays Bank PLC | GST | Goldman Sachs International | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | IDR | Indonesian Rupiah | NZD | New Zealand Dollar |
| BRL | Brazilian Real | ILS | Israeli Shekel | PLN | Polish Zloty |
| CAD | Canadian Dollar | INR | Indian Rupee | SGD | Singapore Dollar |
| CHF | Swiss Franc | JPY | Japanese Yen | THB | Thai Baht |
| CNH | Chinese Renminbi (Offshore) | KRW | South Korean Won | TWD | Taiwanese Dollar |
| EUR | Euro | MXN | Mexican Peso | USD (or $) | United States Dollar |
| GBP | British Pound | MYR | Malaysian Ringgit | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | EUREX | Eurex Exchange | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| Bobl | Bundesobligation, the German word for federal government bond | EUR003M | 3 Month EUR Swap Rate | SOFRINDX | Secured Overnight Financing Rate Index |
| BP0003M | 3 Month GBP-LIBOR | MUTKCALM | Tokyo Overnight Average Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CDX.IG | Credit Derivatives Index - Investment Grade | SOFR | Secured Overnight Financing Rate |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | REMIC | Real Estate Mortgage Investment Conduit |
| BBR | Bank Bill Rate | DAC | Designated Activity Company | TBA | To-Be-Announced |
| BBSW | Bank Bill Swap Reference Rate | EURIBOR | Euro Interbank Offered Rate |  |  |

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| | |
|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Low Duration Portfolio

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 2025 | $0.0330 | $0.0000 | $0.0000 | $0.0330 |
|  August 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  September 2025 | $0.0323 | $0.0000 | $0.0000 | $0.0323 |
|  October 2025 | $0.0360 | $0.0000 | $0.0000 | $0.0360 |
|  November 2025 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  December 2025 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  August 2025 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
|  September 2025 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  October 2025 | $0.0347 | $0.0000 | $0.0000 | $0.0347 |
|  November 2025 | $0.0298 | $0.0000 | $0.0000 | $0.0298 |
|  December 2025 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
| 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 2025 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  August 2025 | $0.0331 | $0.0000 | $0.0000 | $0.0331 |
|  September 2025 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  October 2025 | $0.0338 | $0.0000 | $0.0000 | $0.0338 |
|  November 2025 | $0.0290 | $0.0000 | $0.0000 | $0.0290 |
|  December 2025 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |

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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 portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio net income, yield, earnings or investment performance. 

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **45** |

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Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction**.** Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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-<br>Term<br>Capital<br>Gains<br>(000s)<sup>†</sup> |
|  PIMCO Low Duration Portfolio | 0.00% | 0.00% | $24944 | $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 2026, 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 2025.

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|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant,

financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **49** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO have benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the

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|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

"Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Portfolios (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries.

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

(open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative

functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expense ratios and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expense ratios. Upon comparing the Portfolios' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expense ratios of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that invest in other investment companies or operate as funds of funds

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| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

(the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Asset Allocation Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that

scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" expense structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **53** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.) (Unaudited)

shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees charged by Research Affiliates under the Asset Allocation Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g78365g06y60.jpg)

PVITLOWDURFSTMAR_123125

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![LOGO](g71519g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual

## Financial and Other Information
December 31, 2025

PIMCO Real Return Portfolio

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#### **Table of Contents**

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|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Real Return Portfolio](#tx71519_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx71519_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx71519_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx71519_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx71519_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx71519_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx71519_7) | 23 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx71519_8) | 40 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx71519_9) | 43 |
| &nbsp;&nbsp; [Glossary](#tx71519_10) | 44 |
| &nbsp;&nbsp; [Distribution Information](#tx71519_11) | 45 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx71519_12) | 46 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx71519_13) | 47 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx71519_14) | 48 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx71519_15) | 49 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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Important Information About the PIMCO Real Return Portfolio

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Real Return Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a

fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

The following table discloses the inception dates of the Portfolio and its respective share classes along with the Portfolio's diversification status as of period end:

Portfolio Name   <u>PortfolioInception</u>     <u>InstitutionalClass</u>     <u>AdministrativeClass</u>     <u>AdvisorClass</u>     <u>DiversificationStatus</u>   <br> <u> PIMCO Real Return Portfolio</u>     <u>09/30/99</u>       <u>04/10/00</u>       <u>09/30/99</u>       <u>02/28/06</u>       <u>Diversified</u>  

An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the

Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO Real Return Portfolio (Cont.)

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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO Real Return Portfolio

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **Net Asset<br>Value<br>Beginning<br>of Year<br>or Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital**<br> **Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $11.51 | $0.42 | $0.49 | $0.91 | $(0.41) | $0.00 | $0.00 | $(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 11.57 | 0.33 | (0.07) | 0.26 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 11.49 | 0.38 | 0.06 | 0.44 | (0.24) | 0.00 | (0.12) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 13.99 | 0.91 | (2.51) | (1.60) | (0.90) | 0.00 | 0.00 | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.92 | 0.74 | 0.04 | 0.78 | (0.71) | 0.00 | 0.00 | (0.71) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 11.51 | 0.40 | 0.50 | 0.90 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 11.57 | 0.31 | (0.07) | 0.24 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 11.49 | 0.36 | 0.06 | 0.42 | (0.22) | 0.00 | (0.12) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 13.99 | 0.89 | (2.51) | (1.62) | (0.88) | 0.00 | 0.00 | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.92 | 0.71 | 0.05 | 0.76 | (0.69) | 0.00 | 0.00 | (0.69) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 11.51 | 0.39 | 0.49 | 0.88 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 11.57 | 0.30 | (0.07) | 0.23 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 11.49 | 0.35 | 0.06 | 0.41 | (0.21) | 0.00 | (0.12) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 13.99 | 0.87 | (2.50) | (1.63) | (0.87) | 0.00 | 0.00 | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.92 | 0.71 | 0.04 | 0.75 | (0.68) | 0.00 | 0.00 | (0.68) |

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| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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|:---|:---|
| <sup>(a</sup><sup>)</sup> | Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio.  |

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<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $12.01 | 8.01% | $186140 | 1.24% | 1.24% | 0.50% | 0.50% | 3.53% | 174% |
| 11.51 | 2.29 | 173182 | 0.92 | 0.92 | 0.50 | 0.50 | 2.82 | 212 |
| 11.57 | 3.92 | 187819 | 0.69 | 0.69 | 0.50 | 0.50 | 3.28 | 125 |
| 11.49 | (11.85) | 200491 | 0.62 | 0.62 | 0.50 | 0.50 | 7.26 | 97 |
| 13.99 | 5.74 | 233090 | 0.52 | 0.52 | 0.50 | 0.50 | 5.30 | 162 |
| 12.01 | 7.85 | 862804 | 1.39 | 1.39 | 0.65 | 0.65 | 3.38 | 174 |
| 11.51 | 2.13 | 856992 | 1.07 | 1.07 | 0.65 | 0.65 | 2.68 | 212 |
| 11.57 | 3.76 | 954046 | 0.84 | 0.84 | 0.65 | 0.65 | 3.13 | 125 |
| 11.49 | (11.98) | 1035782 | 0.77 | 0.77 | 0.65 | 0.65 | 7.13 | 97 |
| 13.99 | 5.59 | 1326535 | 0.67 | 0.67 | 0.65 | 0.65 | 5.13 | 162 |
| 12.01 | 7.74 | 350377 | 1.49 | 1.49 | 0.75 | 0.75 | 3.28 | 174 |
| 11.51 | 2.03 | 350085 | 1.17 | 1.17 | 0.75 | 0.75 | 2.59 | 212 |
| 11.57 | 3.66 | 339612 | 0.94 | 0.94 | 0.75 | 0.75 | 3.03 | 125 |
| 11.49 | (12.07) | 342311 | 0.87 | 0.87 | 0.75 | 0.75 | 6.99 | 97 |
| 13.99 | 5.48 | 396259 | 0.77 | 0.77 | 0.75 | 0.75 | 5.09 | 162 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO Real Return Portfolio December 31, 2025

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $1864238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 345 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1683 |
|  Cash | 554 |
|  Deposits with counterparty | 5984 |
|  Foreign currency, at value | 2223 |
|  Receivable for investments sold | 993520 |
|  Receivable for investments sold on a delayed-delivery basis | 1498 |
|  Receivable for TBA investments sold | 151424 |
|  Receivable for Portfolio shares sold | 1191 |
|  Interest and/or dividends receivable | 7492 |
|  Dividends receivable from Affiliates | 5 |
|  **Total Assets** | 3031694 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | $1285337 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 4039 |
|  Payable for investments purchased | 19865 |
|  Payable for investments in Affiliates purchased | 5 |
|  Payable for TBA investments purchased | 317356 |
|  Deposits from counterparty | 1604 |
|  Payable for Portfolio shares redeemed | 2237 |
|  Accrued investment advisory fees | 307 |
|  Accrued supervisory and administrative fees | 307 |
|  Accrued distribution fees | 77 |
|  Accrued servicing fees | 113 |
|  **Total Liabilities** | 1632373 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $1399321 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $1630972 |
|  Distributable earnings (accumulated loss) | (231651) |
|  **Net Assets** | $1399321 |
|  **Net Assets:** |  |
|  Institutional Class | $186140 |
|  Administrative Class | 862804 |
|  Advisor Class | 350377 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 15500 |
|  Administrative Class | 71846 |
|  Advisor Class | 29176 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $12.01 |
|  Administrative Class | 12.01 |
|  Advisor Class | 12.01 |
|  Cost of investments in securities | $1974750 |
|  Cost of investments in Affiliates | $345 |
|  Cost of foreign currency held | $2220 |
|  Cost or premiums of financial derivative instruments, net | $178 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Statement of Operations PIMCO Real Return Portfolio

---

| | |
|:---|:---|
| Year Ended December 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $66490 |
|  Dividends from Investments in Affiliates | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 66708 |
|  **Expenses:** |  |
|  Investment advisory fees | 3491 |
|  Supervisory and administrative fees | 3491 |
|  Distribution and/or servicing fees - Administrative Class | 1296 |
|  Distribution and/or servicing fees - Advisor Class | 882 |
|  Trustee fees | 67 |
|  Interest expense | 10307 |
|  Miscellaneous expense | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 19548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 19535 |
|  **Net Investment Income (Loss)** | 47173 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 742 |
|  Investments in Affiliates | (9) |
|  Exchange-traded or centrally cleared financial derivative instruments | (4269) |
|  Over the counter financial derivative instruments | 77 |
|  Short sales | (35) |
|  Foreign currency | (414) |
|  **Net Realized Gain (Loss)** | (3908) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 51730 |
|  Exchange-traded or centrally cleared financial derivative instruments | 10505 |
|  Over the counter financial derivative instruments | 103 |
|  Foreign currency assets and liabilities | (907) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 61431 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $104696 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Real Return Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $47173 | $38075 |
|  Net realized gain (loss) | (3908) | (12387) |
|  Net change in unrealized appreciation (depreciation) | 61431 | 4889 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 104696 | 30577 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (6236) | (4899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (28739) | (23696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (11379) | (8670) |
|  **Total Distributions<sup>(a)</sup>** | (46354) | (37265) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (39280) | (94530) |
|  **Total Increase (Decrease) in Net Assets** | 19062 | (101218) |
|  **Net Assets:** |  |  |
|  Beginning of year | 1380259 | 1481477 |
|  End of year | $1399321 | $1380259 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Real Return Portfolio December 31, 2025

#### (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 133.2% | INVESTMENTS IN SECURITIES 133.2% | INVESTMENTS IN SECURITIES 133.2% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 53 | 51 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 900 | 284 |
|  Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. |
|  0.000% due 04/05/2049 ^(b) | 23 | 0 |
|  |  | 335 |
| INDUSTRIALS 0.6% | INDUSTRIALS 0.6% | INDUSTRIALS 0.6% |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 7100 | 7508 |
|  VMware LLC | VMware LLC | VMware LLC |
|  3.900% due 08/21/2027 | 190 | 190 |
|  |  | 7698 |
|  Total Corporate Bonds & Notes<br>(Cost $7,591) | Total Corporate Bonds & Notes<br>(Cost $7,591) | 8033 |
| U.S. GOVERNMENT AGENCIES 18.4% | U.S. GOVERNMENT AGENCIES 18.4% | U.S. GOVERNMENT AGENCIES 18.4% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.500% due 09/01/2052 | 498 | 488 |
|  5.991% due 01/01/2034 •  | 9 | 9 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.920% due 01/25/2026 | 24 | 24 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.448% due 01/15/2047 •  | 586 | 574 |
|  4.673% due 07/15/2044 •  | 506 | 497 |
|  4.814% due 11/25/2054 •  | 11274 | 11322 |
|  4.824% due 02/25/2055 - 09/25/2055 •  | 15865 | 15952 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  4.548% due 09/15/2042 •  | 1027 | 1015 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.106% due 08/25/2031 •  | 7 | 7 |
|  5.229% due 10/25/2044 - 02/25/2045 •  | 757 | 708 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.500% due 11/01/2052 | 343 | 336 |
|  5.277% due 07/01/2044 - 09/01/2044 •  | 7 | 7 |
|  6.163% due 10/01/2035 •  | 10 | 11 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.246% due 12/25/2036 •  | 7 | 7 |
|  4.336% due 08/25/2034 •  | 2 | 2 |
|  4.339% due 07/25/2037 •  | 1 | 1 |
|  4.429% due 05/25/2036 •  | 4 | 4 |
|  4.824% due 11/25/2053 •  | 1519 | 1526 |
|  4.904% due 06/25/2055 •  | 6358 | 6403 |
|  5.034% due 03/25/2055 •  | 6074 | 6099 |
|  5.054% due 08/25/2055 •  | 1040 | 1045 |
|  6.309% due 05/25/2035 ~ | 36 | 37 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.339% due 05/25/2042 •  | 14 | 14 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 05/20/2052 - 10/20/2054 | 35237 | 32386 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.818% due 10/20/2072 •  | 2136 | 2149 |
|  4.836% due 12/20/2053 •  | 7500 | 7501 |
|  4.927% due 08/20/2068 •  | 1484 | 1494 |
|  5.018% due 05/20/2073 •  | 572 | 583 |
|  5.592% due 04/20/2067 •  | 609 | 616 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  3.500% due 02/01/2056 | 4000 | 3640 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  6.020% due 08/01/2028 | 37 | 38 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 01/01/2056 - 02/01/2056 | 89400 | 87274 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 02/01/2056 | 17500 | 17730 |
|  6.000% due 02/01/2056 | 35800 | 36742 |
|  6.500% due 03/01/2056 | 20600 | 21433 |
|  Total U.S. Government Agencies<br>(Cost $256,375) | Total U.S. Government Agencies<br>(Cost $256,375) | 257674 |
| U.S. TREASURY OBLIGATIONS 101.1% | U.S. TREASURY OBLIGATIONS 101.1% | U.S. TREASURY OBLIGATIONS 101.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.875% due 08/15/2045 (g)(k) | 159 | 160 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 02/15/2051 | 15070 | 8150 |
|  0.125% due 02/15/2052 | 7018 | 3718 |
|  0.250% due 02/15/2050 | 12627 | 7278 |
|  0.625% due 02/15/2043 | 9375 | 6986 |
|  0.750% due 02/15/2042 (g) | 43446 | 33862 |
|  0.750% due 02/15/2045 (g) | 38359 | 28002 |
|  0.875% due 02/15/2047 (g) | 28737 | 20745 |
|  1.000% due 02/15/2046 (g) | 26360 | 19897 |
|  1.000% due 02/15/2048 | 7166 | 5240 |
|  1.375% due 02/15/2044 (g) | 36660 | 30728 |
|  1.500% due 02/15/2053 (g) | 23003 | 17956 |
|  1.750% due 01/15/2028 (g) | 55201 | 55623 |
|  2.125% due 02/15/2040 | 9521 | 9434 |
|  2.125% due 02/15/2041 | 9739 | 9544 |
|  2.125% due 02/15/2054 | 19203 | 17273 |
|  2.375% due 01/15/2027 (k) | 501 | 505 |
|  2.375% due 02/15/2055 (g) | 9700 | 9211 |
|  2.500% due 01/15/2029 (g) | 18772 | 19381 |
|  3.375% due 04/15/2032 | 2763 | 3051 |
|  3.625% due 04/15/2028 (g) | 46789 | 49110 |
|  3.875% due 04/15/2029 (g) | 55632 | 59945 |
|  0.125% due 04/15/2026 (g) | 20734 | 20554 |
|  0.125% due 07/15/2026 (g) | 39230 | 39002 |
|  0.125% due 10/15/2026 (g) | 50522 | 50056 |
|  0.125% due 04/15/2027 (i) | 9456 | 9287 |
|  0.125% due 01/15/2030 (g) | 39662 | 37629 |
|  0.125% due 07/15/2030 (g) | 28320 | 26734 |
|  0.125% due 01/15/2031 | 16223 | 15127 |
|  0.125% due 07/15/2031 (g) | 31003 | 28735 |
|  0.125% due 01/15/2032 | 10924 | 9985 |
|  0.250% due 07/15/2029 (g) | 35740 | 34444 |
|  0.375% due 01/15/2027 (i) | 9031 | 8920 |
|  0.375% due 07/15/2027 | 9664 | 9553 |
|  0.500% due 01/15/2028 (g) | 84718 | 83244 |
|  0.625% due 07/15/2032 (g) | 91557 | 85925 |
|  0.750% due 07/15/2028 (g) | 43052 | 42545 |
|  0.875% due 01/15/2029 | 14662 | 14439 |
|  1.125% due 10/15/2030 (g) | 21139 | 20822 |
|  1.125% due 01/15/2033 (g) | 26890 | 25810 |
|  1.250% due 04/15/2028 (g)(i)(k) | 4016 | 4001 |
|  1.375% due 07/15/2033 (g) | 59502 | 58019 |
|  1.625% due 10/15/2027 (g) | 24401 | 24590 |
|  1.625% due 10/15/2029 (g) | 59914 | 60519 |
|  1.625% due 04/15/2030 (g) | 31401 | 31568 |
|  1.750% due 01/15/2034 (g) | 20867 | 20757 |
|  1.875% due 07/15/2034 (g) | 63194 | 63470 |
|  1.875% due 07/15/2035 (g) | 51411 | 51289 |
|  2.125% due 04/15/2029 | 12316 | 12579 |
|  2.125% due 01/15/2035 (g) | 31571 | 32140 |
|  2.375% due 10/15/2028 (g) | 74625 | 76863 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 08/15/2035 (k) | 258 | 260 |
|  Total U.S. Treasury Obligations<br>(Cost $1,520,368) | Total U.S. Treasury Obligations<br>(Cost $1,520,368) | 1414665 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.0% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.713% due 05/25/2036 ~ | 47 | 40 |
|  AG Trust | AG Trust | AG Trust |
|  5.766% due 08/15/2041 •  | 808 | 813 |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.326% due 07/25/2037 •  | 448 | 401 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.469% due 06/25/2065 ~ | 47 | 46 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.787% due 01/20/2047 ~ | 50 | 43 |
|  5.798% due 02/20/2036 ~ | 51 | 49 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  4.832% due 02/25/2036 ~ | 57 | 52 |
|  5.316% due 06/25/2035 ~ | 8 | 7 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.039% due 03/25/2036 ~ | 154 | 126 |
|  4.791% due 09/25/2035 ~ | 453 | 242 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.214% due 07/25/2036 ~ | 75 | 64 |
|  4.422% due 02/25/2036 ~ | 16 | 15 |
|  4.783% due 03/25/2035 ~ | 74 | 68 |
|  5.031% due 01/25/2035 ~ | 44 | 43 |
|  6.420% due 10/25/2035 •  | 81 | 79 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.010% due 02/25/2037 ~ | 6 | 6 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  6.000% due 02/25/2037 | 281 | 90 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.126% due 01/25/2035 •  | 1 | 1 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.027% due 05/20/2036 ~ | 35 | 33 |
|  4.731% due 10/20/2035 ~ | 487 | 460 |
|  5.500% due 08/25/2035 | 18 | 13 |
|  6.000% due 04/25/2036 | 227 | 111 |
|  6.000% due 03/25/2037 | 778 | 337 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.457% due 09/25/2037 ~ | 156 | 146 |
|  4.607% due 03/25/2037 ~ | 809 | 702 |
|  5.500% due 08/25/2034 | 20 | 20 |
|  6.050% due 03/25/2036 •  | 63 | 64 |
|  6.490% due 05/25/2035 •  | 1 | 1 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.028% due 02/20/2047 •  | 171 | 141 |
|  4.206% due 05/25/2047 •  | 44 | 41 |
|  4.226% due 09/25/2046 •  | 961 | 950 |
|  4.406% due 12/25/2035 •  | 13 | 12 |
|  5.029% due 12/25/2035 •  | 24 | 21 |
|  6.000% due 03/25/2037 | 2565 | 855 |
|  6.000% due 04/25/2037 | 203 | 169 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  4.129% due 10/26/2036 ~ | 78 | 71 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  3.946% due 10/25/2036 •  | 4 | 3 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.851% due 06/13/2045 •  | 303 | 408 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.695% due 06/25/2034 ~ | 38 | 38 |
|  6.000% due 02/25/2037 | 260 | 92 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.998% due 08/25/2035 ~ | 72 | 48 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.206% due 09/25/2046 •  | 149 | 140 |
|  4.386% due 11/25/2045 •  | 47 | 45 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.286% due 06/25/2045 •  | 46 | 42 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.951% due 09/25/2035 ~ | 34 | 33 |
|  5.001% due 07/25/2035 ~ | 20 | 19 |
|  5.223% due 12/25/2034 ~ | 52 | 49 |
|  6.449% due 01/25/2035 ~ | 18 | 17 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.226% due 09/19/2037 •  | 26 | 23 |
|  4.286% due 05/19/2035 •  | 20 | 20 |
|  4.406% due 02/19/2036 •  | 64 | 26 |
|  4.528% due 06/20/2035 •  | 29 | 27 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  5.051% due 11/25/2035 ~ | 13 | 15 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.373% due 12/25/2034 ~ | 31 | 29 |
|  4.406% due 07/25/2035 •  | 103 | 75 |
|  4.626% due 05/25/2034 •  | 5 | 4 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.051% due 07/27/2037 ~ | 155 | 146 |
|  5.099% due 08/25/2035 ~ | 33 | 30 |
|  5.191% due 07/25/2035 ~ | 58 | 56 |
|  5.193% due 09/25/2035 ~ | 7 | 7 |
|  5.555% due 02/25/2035 ~ | 21 | 21 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.022% due 08/25/2035 ~ | $| 35 | 33 |
|  6.230% due 07/25/2035 ~ |  | 6 | 6 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.633% due 11/21/2034 ~ |  | 24 | 24 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  4.565% due 11/15/2031 •  |  | 11 | 11 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.305% due 12/15/2030 •  |  | 12 | 11 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.346% due 11/25/2035 •  |  | 15 | 14 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.782% due 06/25/2036 ~ |  | 70 | 68 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ |  | 2060 | 2000 |
|  Project Cashmere | Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(a) | AUD | 21500 | 14348 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.146% due 08/25/2035 •  | $| 33 | 23 |
|  5.007% due 10/25/2037 ~ |  | 558 | 444 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.246% due 05/25/2035 •  |  | 390 | 231 |
|  6.500% due 09/25/2036 |  | 211 | 61 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  6.000% due 06/25/2037 |  | 109 | 87 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.248% due 07/20/2036 •  |  | 109 | 94 |
|  Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 |
|  4.546% due 10/19/2026 •  |  | 5 | 5 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.473% due 08/25/2035 ~ |  | 31 | 27 |
|  5.429% due 01/25/2035 •  |  | 36 | 34 |
|  6.298% due 02/25/2034 ~ |  | 16 | 15 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.226% due 06/25/2036 •  |  | 8 | 8 |
|  4.266% due 04/25/2036 •  |  | 42 | 38 |
|  4.346% due 07/19/2035 •  |  | 107 | 105 |
|  4.506% due 10/19/2034 •  |  | 10 | 10 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.466% due 06/25/2044 •  |  | 990 | 958 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  0.000% due 01/25/2037 •  |  | 999 | 346 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.878% due 12/25/2046 •  |  | 24 | 21 |
|  4.697% due 12/25/2035 ~ |  | 19 | 18 |
|  4.759% due 01/25/2047 •  |  | 160 | 155 |
|  4.799% due 05/25/2047 •  |  | 125 | 112 |
|  5.029% due 02/25/2046 •  |  | 39 | 36 |
|  5.077% due 07/25/2046 •  |  | 222 | 206 |
|  5.229% due 11/25/2042 •  |  | 3 | 3 |
|  5.529% due 11/25/2046 •  |  | 37 | 34 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $29,903) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $29,903) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $29,903) | 27331 |
| ASSET-BACKED SECURITIES 6.4% | ASSET-BACKED SECURITIES 6.4% | ASSET-BACKED SECURITIES 6.4% | ASSET-BACKED SECURITIES 6.4% |
| CMBS OTHER 0.4% | CMBS OTHER 0.4% | CMBS OTHER 0.4% | CMBS OTHER 0.4% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.434% due 01/15/2037 •  |  | 1899 | 1910 |
|  BDS LLC | BDS LLC | BDS LLC | BDS LLC |
|  5.531% due 03/19/2039 •  |  | 790 | 792 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.493% due 01/17/2037 •  |  | 520 | 521 |
|  MF1 LLC | MF1 LLC | MF1 LLC | MF1 LLC |
|  5.881% due 06/19/2037 •  |  | 1324 | 1324 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.386% due 02/15/2039 •  |  | 888 | 887 |
|  |  |  | 5434 |
| HOME EQUITY OTHER 1.0% | HOME EQUITY OTHER 1.0% | HOME EQUITY OTHER 1.0% | HOME EQUITY OTHER 1.0% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.246% due 03/25/2037 •  |  | 314 | 129 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.326% due 05/25/2035 •  | 342 | 314 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.166% due 05/25/2036 •  | 107 | 26 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.966% due 11/25/2036 •  | 45 | 20 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  5.346% due 10/25/2037 •  | 2169 | 2204 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.006% due 01/25/2037 •  | 70 | 52 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.346% due 03/25/2037 •  | 413 | 411 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.036% due 11/25/2037 •  | 1831 | 1766 |
|  4.586% due 08/25/2047 •  | 84 | 83 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.486% due 06/25/2035 •  | 298 | 292 |
|  4.326% due 07/25/2037 •  | 540 | 363 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  4.946% due 05/25/2037 •  | 178 | 175 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.116% due 10/25/2036 •  | 507 | 470 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  6.720% due 03/25/2046 þ | 203 | 105 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.916% due 12/25/2036 •  | 56 | 28 |
|  4.581% due 09/25/2035 •  | 18 | 18 |
|  4.821% due 03/25/2035 •  | 30 | 29 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.521% due 02/25/2036 •  | 826 | 817 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  3.946% due 10/25/2036 •  | 4 | 1 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.266% due 10/25/2036 •  | 6 | 6 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.086% due 08/25/2036 •  | 875 | 349 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.596% due 10/25/2035 •  | 40 | 40 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.006% due 09/25/2037 •  | 12 | 2 |
|  4.086% due 02/25/2037 •  | 234 | 66 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.066% due 10/25/2036 •  | 1469 | 648 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  3.896% due 11/25/2036 •  | 8 | 3 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.166% due 08/25/2036 •  | 679 | 680 |
|  4.611% due 02/25/2035 •  | 60 | 59 |
|  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 |
|  4.581% due 09/25/2035 •  | 155 | 153 |
|  4.896% due 10/25/2034 •  | 873 | 867 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  4.606% due 12/25/2032 •  | 39 | 37 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.126% due 09/25/2036 •  | 481 | 478 |
|  4.306% due 06/25/2036 •  | 1478 | 1467 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.156% due 09/25/2037 •  | 268 | 260 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  3.966% due 12/25/2036 •  | 248 | 52 |
|  4.146% due 07/25/2036 •  | 172 | 66 |
|  4.166% due 07/25/2036 •  | 2503 | 818 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.966% due 11/25/2036 •  | 36 | 10 |
|  4.026% due 07/25/2037 •  | 567 | 522 |
|  4.046% due 06/25/2037 •  | 1197 | 832 |
|  |  | 14718 |
| MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% |
|  Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust |
|  7.170% due 04/15/2040 ~ | 786 | 751 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.551% due 11/25/2036 •  | 1446 | 1424 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  3.986% due 07/25/2036 •  | 510 | 161 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.166% due 05/25/2036 •  | 527 | 468 |
|  4.377% due 06/25/2036 þ | 331 | 327 |
|  6.146% due 12/25/2037 •  | 1219 | 1235 |
|  |  | 3615 |
| OTHER ABS 4.7% | OTHER ABS 4.7% | OTHER ABS 4.7% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.186% due 10/20/2031 •  | 157 | 158 |
|  AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC |
|  2.999% due 07/15/2035 •  | 1000 | 1176 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  4.984% due 01/20/2035 •  | 700 | 700 |
|  ARES European CLO X DAC | ARES European CLO X DAC | ARES European CLO X DAC |
|  2.789% due 10/15/2031 •  | 105 | 123 |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.035% due 04/15/2034 •  | 700 | 700 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  4.994% due 01/18/2035 •  | 4500 | 4500 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  4.900% due 10/21/2034 •  | 3200 | 3198 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.265% due 01/22/2038 •  | 2000 | 2352 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.044% due 05/15/2032 •  | 125 | 147 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  2.789% due 10/15/2031 •  | 148 | 174 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  5.784% due 01/20/2037 •  | 1000 | 1007 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  3.221% due 08/15/2038 •  | 3800 | 4469 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.814% due 11/15/2031 •  | 160 | 188 |
|  Cedar Funding V CLO Ltd. | Cedar Funding V CLO Ltd. | Cedar Funding V CLO Ltd. |
|  5.243% due 07/17/2031 •  | 272 | 272 |
|  CIFC European Funding CLO III DAC | CIFC European Funding CLO III DAC | CIFC European Funding CLO III DAC |
|  3.059% due 01/15/2034 •  | 4750 | 5585 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.077% due 10/24/2030 •  | 451 | 452 |
|  Contego CLO III BV | Contego CLO III BV | Contego CLO III BV |
|  3.297% due 04/15/2038 •  | 1600 | 1882 |
|  CVC Cordatus Loan Fund XXI DAC | CVC Cordatus Loan Fund XXI DAC | CVC Cordatus Loan Fund XXI DAC |
|  2.995% due 09/22/2034 •  | 1400 | 1647 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.904% due 08/15/2033 •  | 1502 | 1763 |
|  Dryden 44 Euro CLO DAC | Dryden 44 Euro CLO DAC | Dryden 44 Euro CLO DAC |
|  2.906% due 04/15/2034 •  | 2096 | 2464 |
|  Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC |
|  2.924% due 05/15/2034 •  | 159 | 187 |
|  Dryden 60 CLO Ltd. | Dryden 60 CLO Ltd. | Dryden 60 CLO Ltd. |
|  5.216% due 07/15/2031 •  | 513 | 514 |
|  Dryden 64 CLO Ltd. | Dryden 64 CLO Ltd. | Dryden 64 CLO Ltd. |
|  5.116% due 04/18/2031 •  | 203 | 203 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  4.950% due 07/23/2032 •  | 733 | 734 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.256% due 07/15/2031 •  | 281 | 281 |
|  Harvest CLO XXI DAC | Harvest CLO XXI DAC | Harvest CLO XXI DAC |
|  2.769% due 07/15/2031 •  | 705 | 829 |
|  Henley CLO VII DAC | Henley CLO VII DAC | Henley CLO VII DAC |
|  3.055% due 04/25/2034 •  | 1062 | 1249 |
|  LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. |
|  5.176% due 04/20/2031 •  | 81 | 82 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.790% due 12/15/2031 •  | 49 | 58 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. |
|  5.078% due 07/25/2034 •  | 500 | 501 |
|  Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. |
|  6.813% due 10/15/2034 •  | 4200 | 4201 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  4.972% due 10/14/2036 •  | 1100 | 1099 |
|  Octagon Investment Partners 18-R Ltd. | Octagon Investment Partners 18-R Ltd. | Octagon Investment Partners 18-R Ltd. |
|  5.115% due 04/16/2031 •  | 81 | 81 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  5.306% due 07/20/2032 •  | 196 | 196 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.034% due 05/15/2033 •  | 465 | 547 |
|  Providus CLO IV DAC | Providus CLO IV DAC | Providus CLO IV DAC |
|  2.824% due 04/20/2034 •  | 1900 | 2234 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.326% due 08/29/2036 •  | 1600 | 1882 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.151% due 10/23/2030 •  | 23 | 23 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.125% due 08/13/2031 •  | 147 | 147 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.125% due 10/25/2064 •  | 1175 | 1168 |
|  Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. |
|  5.356% due 07/20/2032 •  | 720 | 721 |
|  Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. |
|  5.296% due 04/18/2031 •  | 124 | 124 |
|  St. Paul's CLO II DAC | St. Paul's CLO II DAC | St. Paul's CLO II DAC |
|  3.045% due 10/25/2035 •  | 800 | 941 |
|  St. Paul's CLO IV DAC | St. Paul's CLO IV DAC | St. Paul's CLO IV DAC |
|  2.895% due 04/25/2030 •  | 546 | 642 |
|  St. Paul's CLO X DAC | St. Paul's CLO X DAC | St. Paul's CLO X DAC |
|  2.815% due 04/22/2035 •  | 794 | 930 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.151% due 08/16/2034 •  | 4700 | 4704 |
|  Tikehau CLO IX DAC | Tikehau CLO IX DAC | Tikehau CLO IX DAC |
|  3.224% due 01/20/2037 •  | 6200 | 7292 |
|  Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. |
|  5.266% due 07/20/2032 •  | 314 | 314 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.084% due 07/20/2032 •  | $— | 346 | 346 |
|  |  |  | 65187 |
|  Total Asset-Backed Securities<br>(Cost $88,892) | Total Asset-Backed Securities<br>(Cost $88,892) | Total Asset-Backed Securities<br>(Cost $88,892) | 89705 |
| SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  4.250% due 12/01/2026 (e) |  | 7077 | 5324 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.100% due 03/01/2026 (e) |  | 15469 | 18113 |
|  0.100% due 07/25/2031 (e) |  | 2582 | 2872 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (e) |  | 3616 | 4135 |
|  1.800% due 05/15/2036 (e) |  | 1355 | 1590 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.005% due 03/10/2035 (e) |  | 1174104 | 7312 |
|  0.100% due 03/10/2028 (e) |  | 1625273 | 10557 |
|  0.100% due 03/10/2029 (e) |  | 2209595 | 14339 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | $— | 400 | 411 |

---

---

| | | |
|:---|:---|:---|
|  6.625% due 01/29/2038 | 300 | 314 |
|  Total Sovereign Issues<br>(Cost $69,771) | Total Sovereign Issues<br>(Cost $69,771) | 64967 |
|  | **SHARES** |  |
| PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 (f) | 1220000 | 1233 |
|  Total Preferred Securities<br>(Cost $1,220) | Total Preferred Securities<br>(Cost $1,220) | 1233 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  3.683% due 02/24/2026 - 04/21/2026 (c)(d)(k) | 636 | $— | 630 |
| Total Short-Term Instruments<br>(Cost $630) | Total Short-Term Instruments<br>(Cost $630) |  | 630 |
| Total Investments in Securities<br>(Cost $1,974,750) | Total Investments in Securities<br>(Cost $1,974,750) |  | 1864238 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 35422 |  | 345 |
| Total Short-Term Instruments<br>(Cost $345) | Total Short-Term Instruments<br>(Cost $345) |  | 345 |
| Total Investments in Affiliates<br>(Cost $345) | Total Investments in Affiliates<br>(Cost $345) |  | 345 |
| Total Investments 133.2%<br>(Cost $1,975,095) | Total Investments 133.2%<br>(Cost $1,975,095) | $— | 1864583 |
|  Financial Derivative Instruments (h)(j) (0.1)%<br> (Cost or Premiums, net $178) |  |  | (1945) |
| Other Assets and Liabilities, net (33.1)% | Other Assets and Liabilities, net (33.1)% |  | (463317) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1399321 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Security is not accruing income as of the date of this report.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

(f) Perpetual maturity; date shown, if applicable, represents next contractual call date.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> |
|  BCY | 3.800% | 01/05/2026 | 01/06/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(980166) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(980166) |
|  | 3.890 | 12/16/2025 | 01/20/2026 | (178071) | (178398) |
|  | 3.970 | 12/31/2025 | 01/02/2026 | (4612) | (4613) |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(1)</sup>** | **Borrowing<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(1)</sup>** | **Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup>** |
|  BPS | 3.900% | 01/02/2026 | 01/05/2026 | $(7502) | $(7502) |
|  | 3.910 | 12/22/2025 | 01/20/2026 | (23870) | (23899) |
|  | 4.020 | 12/30/2025 | 01/06/2026 | (8293) | (8296) |
|  GSC | 3.860 | 01/02/2026 | 01/09/2026 | (5833) | (5833) |
|  | 3.910 | 12/30/2025 | 01/06/2026 | (8505) | (8508) |
|  | 3.950 | 12/17/2025 | 01/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60263) | (60369) |
|  | 3.950 | 12/18/2025 | 01/02/2026 | (7741) | (7753) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1285337) |

---

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BCY | $0 | $0 | $(1163177) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1163177) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156707 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6470) |
|  BPS | 0 | 0 | (39697) | (39697) | 39415 | (282) |
|  GSC | 0 | 0 | (82463) | (82463) | 81775 | (688) |
|  Total Borrowings and Other Financing Transactions | $&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;(1285337) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | $0 | $(1285337) | $0 | $0 | $(1285337) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1285337) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1285337) |
|  Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1285337) |

---

(g) Securities with an aggregate market value of $1,277,897 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(230319) at a weighted average interest rate of 4.196%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Payable for sale-buyback transactions includes $(544) of deferred price drop. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(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 |
|  Brent Crude September Futures  | 07/2026 | 7 | $421 | $(5) | $0 | $(4) |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 181 | 5955 | 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | 0 |
|  Carbon Emissions December Futures  | 12/2026 | 5 | 513 | 24 | 1 | (1) |
|  Cocoa July Futures  | 07/2026 | 5 | 307 | 11 | 0 | 0 |
|  Cocoa March Futures  | 03/2026 | 4 | 243 | (3) | 0 | 0 |
|  Copper March Futures  | 03/2026 | 3 | 426 | 40 | 0 | (7) |
|  Euro-Bobl March Futures  | 03/2026 | 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | 0 | (16) |
|  Euro-BTP Future March Futures  | 03/2026 | 161 | 22739 | (86) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2026 | 39 | 5047 | (105) | 0 | (16) |
|  Gas Oil June Futures  | 06/2026 | 6 | 361 | (24) | 0 | (1) |
|  Gold 100 oz. April Futures  | 04/2026 | 2 | 875 | (30) | 0 | (9) |
|  Iron Ore March Futures  | 03/2026 | 18 | 189 | 7 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  Live Cattle April Futures  | 04/2026 | 14 | $1300 | $24 | $7 | $0 |
|  LME Zinc March Futures  | 03/2026 | 12 | 936 | 26 | 26 | 0 |
|  New York Harbor June Futures  | 05/2026 | 5 | 427 | (35) | 0 | (5) |
|  Palladium March Futures  | 03/2026 | 1 | 165 | 12 | 0 | (8) |
|  RBOB Gasoline June Futures  | 05/2026 | 8 | 658 | (19) | 0 | (6) |
|  Silver March Futures  | 03/2026 | 2 | 706 | 91 | 0 | (73) |
|  Soybean March Futures  | 03/2026 | 11 | 576 | (45) | 0 | (8) |
|  Soybean Meal March Futures  | 03/2026 | 65 | 1946 | (175) | 0 | (19) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 264 | 29684 | (62) | 0 | (54) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 507 | 59826 | (913) | 0 | (190) |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 1104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126977 | (779) | 0 | (207) |
|  WTI Crude June Futures  | 05/2026 | 3 | 171 | (7) | 0 | (1) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2103) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(693) |

---

#### 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 |
|  Arabica Coffee July Futures  | 07/2026 | 1 | $(122) | $(1) | $1 | $0 |
|  Arabica Coffee March Futures  | 03/2026 | 1 | (131) | 0 | 1 | 0 |
|  Cocoa March Futures  | 03/2026 | 1 | (59) | (3) | 2 | 0 |
|  Corn July Futures  | 07/2026 | 52 | (1182) | 7 | 0 | 0 |
|  Corn March Futures  | 03/2026 | 92 | (2025) | (31) | 1 | 0 |
|  Cotton No. 2 July Futures  | 07/2026 | 29 | (969) | (7) | 0 | 0 |
|  Cotton No. 2 March Futures  | 03/2026 | 13 | (418) | 7 | 0 | 0 |
|  Euro-Bund March Futures  | 03/2026 | 162 | (24287) | 324 | 44 | 0 |
|  Euro-Oat March Futures  | 03/2026 | 450 | (63773) | 651 | 153 | 0 |
|  Gold 100 oz. February Futures  | 02/2026 | 13 | (5643) | (204) | 59 | 0 |
|  Hard Red Winter Wheat July Futures  | 07/2026 | 1 | (27) | 0 | 0 | 0 |
|  Hard Red Winter Wheat March Futures  | 03/2026 | 18 | (463) | 2 | 7 | 0 |
|  Japan Government 10-Year Bond March Futures  | 03/2026 | 11 | (9298) | 62 | 20 | 0 |
|  Lean Hogs April Futures  | 04/2026 | 21 | (755) | (20) | 2 | 0 |
|  LME Aluminum March Futures  | 03/2026 | 9 | (674) | (35) | 0 | (35) |
|  LME Lead March Futures  | 03/2026 | 28 | (1405) | (1) | 13 | (13) |
|  LME Nickel March Futures  | 03/2026 | 3 | (300) | (15) | 1 | (16) |
|  Natural Gas July Futures  | 06/2026 | 6 | (220) | 5 | 9 | 0 |
|  Natural Gas March Futures  | 02/2026 | 11 | (344) | 53 | 24 | 0 |
|  Natural Gas March Futures  | 02/2026 | 20 | (485) | (10) | 13 | (10) |
|  Natural Gas March Futures  | 02/2026 | 15 | (433) | (8) | 8 | (9) |
|  Robusta Coffee March Futures  | 03/2026 | 1 | (39) | (1) | 0 | 0 |
|  Soybean July Futures  | 07/2026 | 7 | (376) | 4 | 4 | 0 |
|  Soybean Meal July Futures  | 07/2026 | 1 | (31) | 0 | 0 | 0 |
|  Soybean Oil July Futures  | 07/2026 | 9 | (267) | 5 | 4 | 0 |
|  Soybean Oil March Futures  | 03/2026 | 11 | (320) | 21 | 6 | 0 |
|  Sugar No. 11 July Futures  | 06/2026 | 56 | (923) | (13) | 1 | (5) |
|  Sugar No. 11 March Futures  | 02/2026 | 4 | (67) | 1 | 0 | (1) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 1140 | (238020) | (183) | 80 | 0 |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 95 | (10384) | 15 | 11 | 0 |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2026 | 1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | 271 | 0 |
|  Wheat July Futures  | 07/2026 | 8 | (213) | 2 | 1 | 0 |
|  Wheat March Futures  | 03/2026 | 34 | (862) | 30 | 6 | 0 |
|  Wheat March Futures  | 03/2026 | 5 | (56) | 1 | 0 | 0 |
|  White Sugar May Futures  | 04/2026 | 6 | (128) | (1) | 0 | 0 |
|  |  |  |  | $1817 | $742 | $(89) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(286) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(782) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | GBP | 63500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Pay<sup>(1)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 |  | 24500 | 106 | 23 | 129 | 31 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | JPY | 400000 | (7) | 46 | 39 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **15** |

---

------

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300% | Semi-Annual | 03/20/2028 | 118480 | $(2) | $18 | $16 | $0 | $0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 1600000 | (19) | 213 | 194 | 9 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 1061000 | 21 | 394 | 415 | 12 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | $53300 | (704) | (1341) | (2045) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 6020 | (76) | (148) | (224) | 0 | (6) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 | 23905 | 15 | 87 | 102 | 34 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 | 31781 | 31 | 0 | 31 | 46 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 81197 | (81) | (729) | (810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 9600 | 427 | (62) | 365 | 20 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 1000 | 2 | 8 | 10 | 2 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 1000 | (1) | 7 | 6 | 2 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 1730 | 4 | 4 | 8 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 6810 | 428 | 2035 | 2463 | 19 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 4700 | 66 | 65 | 131 | 16 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.075 | Annual | 11/15/2053 | 4366 | 32 | 44 | 76 | 15 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 5300 | 329 | 1630 | 1959 | 15 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 22300 | 462 | 4693 | 5155 | 66 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 8300 | 221 | 759 | 980 | 27 | 0 |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 82700 | (69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1748) | 0 | (114) |
|  Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 5400 | 334 | 3247 | 3581 | 12 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 5600 | 4 | 3704 | 3708 | 13 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 9900 | 616 | 5932 | 6548 | 23 | 0 |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 11980 | (161) | 875 | 714 | 40 | 0 |
|  Receive | CPTFEMU | 2.000 | Maturity | 02/15/2027 | 2500 | 0 | (10) | (10) | 0 | 0 |
|  Receive | CPTFEMU | 3.000 | Maturity | 05/15/2027 | 1900 | 1 | 30 | 31 | 0 | (1) |
|  Receive | CPTFEMU | 3.130 | Maturity | 05/15/2027 | 1200 | 0 | 10 | 10 | 0 | 0 |
|  Receive | CPTFEMU | 1.636 | Maturity | 06/15/2027 | 21300 | 0 | 36 | 36 | 0 | (3) |
|  Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 13430 | (100) | (2694) | (2794) | 23 | 0 |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 8700 | (4) | (152) | (156) | 0 | (8) |
|  Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 | 5700 | (16) | (74) | (90) | 0 | (4) |
|  Pay | CPTFEMU | 2.487 | Maturity | 05/15/2037 | 40 | 0 | 1 | 1 | 0 | 0 |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 800 | 1 | 44 | 45 | 2 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 1300 | (34) | 112 | 78 | 4 | 0 |
|  Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 200 | 0 | 11 | 11 | 1 | 0 |
|  Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 550 | 0 | 11 | 11 | 1 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 2000 | 0 | 235 | 235 | 4 | 0 |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 | 1800 | 12 | 278 | 290 | 4 | 0 |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 800 | 5 | 141 | 146 | 2 | 0 |
|  Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 | 900 | 0 | 141 | 141 | 2 | 0 |
|  Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 | $1400 | 13 | 230 | 243 | 3 | 0 |
|  Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 | 11600 | 0 | (32) | (32) | 0 | (9) |
|  Pay | CPURNSA | 2.820 | Maturity | 02/05/2026 | 6900 | 0 | 5 | 5 | 0 | (1) |
|  Pay | CPURNSA | 2.842 | Maturity | 02/13/2026 | 7200 | 0 | 7 | 7 | 0 | (1) |
|  Pay | CPURNSA | 3.042 | Maturity | 02/21/2026 | 5500 | 0 | 18 | 18 | 1 | 0 |
|  Receive | CPURNSA | 2.313 | Maturity | 02/26/2026 | 2700 | 0 | 332 | 332 | 0 | 0 |
|  Receive | CPURNSA | 2.418 | Maturity | 03/05/2026 | 10200 | 0 | 1193 | 1193 | 0 | (1) |
|  Pay | CPURNSA | 3.323 | Maturity | 04/23/2026 | 3800 | 0 | 30 | 30 | 0 | 0 |
|  Receive | CPURNSA | 2.767 | Maturity | 05/13/2026 | 7700 | 0 | 733 | 733 | 0 | (1) |
|  Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 | 3300 | 0 | 305 | 305 | 0 | 0 |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 | 5980 | 0 | 582 | 582 | 0 | 0 |
|  Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 | 400 | 0 | 39 | 39 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | CPURNSA | 3.300% | Maturity | 06/04/2026 |  | $7000 | $0 | $37 | $37 | $0 | $0 |
|  Pay | CPURNSA | 3.435 | Maturity | 08/01/2026 |  | 14100 | 0 | 82 | 82 | 2 | 0 |
|  Pay | CPURNSA | 3.433 | Maturity | 08/27/2026 |  | 14200 | 0 | 92 | 92 | 2 | 0 |
|  Receive | CPURNSA | 1.797 | Maturity | 08/25/2027 |  | 7000 | 0 | 1218 | 1218 | 1 | 0 |
|  Receive | CPURNSA | 1.890 | Maturity | 08/27/2027 |  | 7100 | 0 | 1184 | 1184 | 1 | 0 |
|  Pay | CPURNSA | 2.379 | Maturity | 07/09/2028 |  | 3700 | (2) | (382) | (384) | 0 | (2) |
|  Receive | CPURNSA | 2.573 | Maturity | 08/26/2028 |  | 800 | 0 | 62 | 62 | 0 | 0 |
|  Receive | CPURNSA | 2.645 | Maturity | 09/10/2028 |  | 1900 | 0 | 130 | 130 | 1 | 0 |
|  Pay | CPURNSA | 2.165 | Maturity | 04/16/2029 |  | 18000 | 0 | (2402) | (2402) | 0 | (32) |
|  Pay | CPURNSA | 1.954 | Maturity | 06/03/2029 |  | 6450 | 0 | (990) | (990) | 0 | (10) |
|  Pay | CPURNSA | 1.997 | Maturity | 07/25/2029 |  | 20100 | 0 | (2948) | (2948) | 0 | (33) |
|  Pay | CPURNSA | 1.760 | Maturity | 11/04/2029 |  | 12300 | (11) | (2123) | (2134) | 0 | (19) |
|  Receive | CPURNSA | 2.311 | Maturity | 02/24/2031 |  | 21800 | 0 | 2634 | 2634 | 40 | 0 |
|  Receive | UKRPI | 3.365 | Maturity | 09/15/2027 |  | 5600 | 0 | (76) | (76) | 0 | (2) |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 |  | 6300 | 36 | 282 | 318 | 6 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 |  | 2700 | 0 | 122 | 122 | 0 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305) |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(2)</sup> | Variation Margin<br>Asset<sup>(2)</sup> | **Total** | Market Value | Variation Margin<br>Liability<sup>(2)</sup> | Variation Margin<br>Liability<sup>(2)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(821) | $(305) | $(1126) |

---

(i) Securities with an aggregate market value of $11,752 and cash of $5,984 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(2)</sup> Unsettled variation margin asset of $11 and liability of $(39) 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 |
|  AZD | 01/2026 | $1361 | 211634 | $0 | $(9) |
|  BOA | 01/2026 | 1826 | $20 | 0 | 0 |
|  | 01/2026 | 594828 | 409 | 0 | (4) |
|  | 01/2026 | 2527 | 691 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
|  | 01/2026 | 8116 | 251 | 0 | (7) |
|  | 01/2026 | 39221 | 1286 | 37 | 0 |
|  | 01/2026 | $2448 | 8960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | 0 |
|  | 01/2026 | 144 | 4544 | 1 | 0 |
|  | 01/2026 | 560 | 9335 | 3 | 0 |
|  | 02/2026 | 2289 | $718 | 0 | 0 |
|  | 04/2026 | $195 | 3592 | 3 | 0 |
|  BPS | 01/2026 | 5511 | $3582 | 0 | (96) |
|  | 01/2026 | 253 | 321 | 2 | 0 |
|  | 01/2026 | 18864 | 2677 | 0 | (30) |
|  | 01/2026 | 2291373 | 137 | 0 | 0 |
|  | 01/2026 | 3822 | 1175 | 0 | (25) |
|  | 01/2026 | 61304 | 680 | 0 | (2) |
|  | 01/2026 | 244100 | 1580 | 20 | 0 |
|  | 01/2026 | 3762 | 2138 | 0 | (29) |
|  | 01/2026 | 3278 | 899 | 0 | (15) |
|  | 01/2026 | 132749 | 4368 | 142 | 0 |
|  | 01/2026 | $2963 | 20753 | 13 | 0 |
|  | 01/2026 | 320 | 28909 | 1 | 0 |
|  | 01/2026 | 2548 | 9270 | 34 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

---

------

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $5078 | 159456 | $9 | $(9) |
|  | 01/2026 | 1230 | 20509 | 7 | 0 |
|  | 01/2026 | 8744 | $523 | 0 | (5) |
|  | 02/2026 | $704 | 63472 | 0 | 0 |
|  | 02/2026 | 1747 | 54818 | 0 | (4) |
|  | 03/2026 | 25788 | $830 | 11 | 0 |
|  BRC | 01/2026 | 883 | 1025 | 0 | (13) |
|  | 01/2026 | 999 | 312 | 0 | (2) |
|  | 01/2026 | $178 | 648 | 3 | 0 |
|  | 01/2026 | 133 | $8 | 0 | 0 |
|  | 02/2026 | 987 | 306 | 0 | (4) |
|  | 03/2026 | $1677 | 31056 | 35 | 0 |
|  | 03/2026 | 6140 | 282454 | 53 | 0 |
|  BSH | 01/2026 | 977601 | $6281 | 35 | 0 |
|  | 02/2026 | 905 | 259 | 0 | (10) |
|  CBK | 01/2026 | 5701 | 559 | 0 | (7) |
|  | 01/2026 | 1299 | 750 | 2 | 0 |
|  | 01/2026 | 17 | 5 | 0 | 0 |
|  | 01/2026 | 201338 | 6625 | 214 | 0 |
|  | 01/2026 | $1912 | 13348 | 3 | 0 |
|  | 01/2026 | 171 | 546 | 1 | 0 |
|  | 01/2026 | 11323 | 1011994 | 9 | (100) |
|  | 01/2026 | 210 | 754 | 0 | 0 |
|  | 01/2026 | 0 | 11 | 0 | 0 |
|  | 01/2026 | 1432 | 44769 | 1 | (8) |
|  | 01/2026 | 197 | 3358 | 5 | 0 |
|  | 02/2026 | 1795 | $565 | 1 | 0 |
|  | 02/2026 | $44 | 1376 | 0 | 0 |
|  | 03/2026 | 28028 | $900 | 10 | 0 |
|  DUB | 01/2026 | 1652 | 514 | 0 | (5) |
|  | 01/2026 | 1213500 | 829 | 0 | (13) |
|  | 01/2026 | 1023 | 591 | 2 | 0 |
|  | 01/2026 | $937 | 2990 | 2 | 0 |
|  | 01/2026 | 3436 | 305978 | 0 | (40) |
|  | 01/2026 | 1810 | 2659162 | 34 | 0 |
|  | 01/2026 | 519 | 8727 | 7 | 0 |
|  | 01/2026 | 238 | $14 | 0 | (1) |
|  | 02/2026 | 2989 | 937 | 0 | (2) |
|  | 02/2026 | $59 | 1858 | 0 | 0 |
|  FAR | 01/2026 | 11232 | $7295 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201) |
|  | 01/2026 | 289 | 361 | 0 | (5) |
|  | 01/2026 | 9403 | 1336 | 0 | (13) |
|  | 01/2026 | 3206 | 1837 | 0 | (10) |
|  | 01/2026 | $496 | 1591 | 3 | 0 |
|  | 01/2026 | 5680 | 105354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | 0 |
|  | 01/2026 | 2675 | 9810 | 58 | 0 |
|  | 01/2026 | 516 | 8654 | 6 | 0 |
|  | 01/2026 | 165 | $10 | 0 | 0 |
|  | 02/2026 | 1590 | 496 | 0 | (3) |
|  GLM | 01/2026 | 703 | 217 | 0 | (3) |
|  | 01/2026 | $600 | 481 | 8 | 0 |
|  | 01/2026 | 1394 | 9824 | 16 | 0 |
|  | 01/2026 | 1258 | 4594 | 22 | 0 |
|  | 01/2026 | 263 | 8389 | 3 | 0 |
|  | 01/2026 | 123 | $7 | 0 | 0 |
|  | 02/2026 | $16090 | 88651 | 0 | (34) |
|  | 02/2026 | 1036 | 19208 | 26 | 0 |
|  | 03/2026 | 323 | 1777 | 0 | (3) |
|  | 03/2026 | 794 | 14722 | 19 | 0 |
|  | 04/2026 | 1651 | 30438 | 23 | 0 |
|  JPM | 01/2026 | 39143 | $5558 | 0 | (59) |
|  | 01/2026 | 10625 | 3265 | 0 | (71) |
|  | 01/2026 | 57465 | 645 | 8 | 0 |
|  | 01/2026 | 645619 | 450 | 2 | 0 |
|  | 01/2026 | 364 | 20 | 0 | (1) |
|  | 01/2026 | 1864 | 1081 | 8 | 0 |
|  | 01/2026 | 5993 | 1635 | 0 | (34) |
|  | 01/2026 | $1732 | 12169 | 14 | 0 |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $1379 | 122814 | $0 | $(16) |
|  $ | 01/2026 | 2255 | 8298 | 56 | 0 |
|  | 02/2026 | 450 | 644772 | 0 | (3) |
|  | 02/2026 | 1802 | 33425 | 45 | 0 |
|  | 03/2026 | 1070 | 19618 | 13 | 0 |
|  | 04/2026 | 616 | 11346 | 8 | 0 |
|  MBC | 01/2026 | 23335 | $16580 | 0 | (431) |
|  | 01/2026 | 398 | 501 | 0 | (2) |
|  | 01/2026 | 15269 | 17936 | 0 | (16) |
|  | 01/2026 | 1037 | 1393 | 0 | (5) |
|  | 01/2026 | 324735 | 2090 | 16 | 0 |
|  | 01/2026 | 1279 | 739 | 3 | 0 |
|  | 01/2026 | 21323 | 16433 | 0 | (165) |
|  | 01/2026 | $1022 | 1523 | 0 | (5) |
|  | 01/2026 | 221 | 20044 | 1 | 0 |
|  | 01/2026 | 532 | 1951 | 11 | 0 |
|  | 01/2026 | 407 | 13170 | 12 | 0 |
|  | 01/2026 | 222 | 7009 | 1 | 0 |
|  | 02/2026 | 476 | 8814 | 11 | 0 |
|  | 03/2026 | 446 | 8213 | 7 | 0 |
|  | 04/2026 | 494 | 9113 | 7 | 0 |
|  MYI | 01/2026 | 3 | $1 | 0 | 0 |
|  | 01/2026 | $8 | 1170 | 0 | 0 |
|  | 02/2026 | 3574 | $1110 | 0 | (12) |
|  NGF | 01/2026 | 1989261 | 1359 | 0 | (20) |
|  | 01/2026 | $1215 | 1783686 | 22 | 0 |
|  | 03/2026 | 1150 | 52696 | 13 | 0 |
|  SCX | 01/2026 | 18748 | $2661 | 0 | (29) |
|  | 01/2026 | 3811345 | 228 | 0 | 0 |
|  | 01/2026 | 9099 | 100 | 0 | (1) |
|  | 01/2026 | 803447 | 5165 | 32 | 0 |
|  | 01/2026 | 42522 | 1396 | 42 | 0 |
|  | 01/2026 | $907 | 81462 | 0 | (3) |
|  SOG | 01/2026 | 41549 | $48104 | 0 | (745) |
|  | 01/2026 | 2836863 | 18139 | 14 | 0 |
|  | 01/2026 | $7314 | 5584 | 214 | 0 |
|  | 02/2026 | 477 | 8818 | 11 | 0 |
|  | 03/2026 | 0 | 2 | 0 | 0 |
|  UAG | 01/2026 | 1507 | $1881 | 0 | (22) |
|  | 01/2026 | 2524 | 692 | 0 | (11) |
|  | 01/2026 | $1581 | 5718 | 12 | 0 |
|  | 01/2026 | 233 | $13 | 0 | (1) |
|  | 02/2026 | $446 | 8275 | 11 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2377) |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) -3.000%] or 0 | 06/22/2035 | 8600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 4900 | $(43) | $(20) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 4900 | (43) | (27) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 19600 | (178) | (66) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 19600 | (178) | (128) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 30500 | (280) | (149) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 30500 | (280) | (148) |
|  |  |  |  |  |  | $(1002) | $(538) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1393) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(720) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 19

------

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  MYC | Receive | U.S. Treasury Inflation Protected Securities | N/A | 3.880% (SOFR plus a specified spread) | Maturity | 01/15/2026 | $185000 | $0 | $(942) | $0 | $(942) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $0 | $(942) | $0 | $(942) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(3)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(9) | $0 | $0 | $(9) | $(9) | $0 | $(9) |
|  BOA | 92 | 0 | 0 | 92 | (24) | 0 | 0 | (24) | 68 | 0 | 68 |
|  BPS | 239 | 0 | 0 | 239 | (215) | 0 | 0 | (215) | 24 | 0 | 24 |
|  BRC | 91 | 0 | 0 | 91 | (19) | (47) | 0 | (66) | 25 | 0 | 25 |
|  BSH | 35 | 0 | 0 | 35 | (10) | 0 | 0 | (10) | 25 | 0 | 25 |
|  CBK | 246 | 0 | 0 | 246 | (115) | 0 | 0 | (115) | 131 | (220) | (89) |
|  DUB | 45 | 0 | 0 | 45 | (61) | 0 | 0 | (61) | (16) | 0 | (16) |
|  FAR | 224 | 0 | 0 | 224 | (232) | 0 | 0 | (232) | (8) | 0 | (8) |
|  GLM | 117 | 0 | 0 | 117 | (40) | (673) | 0 | (713) | (596) | (710) | (1306) |
|  JPM | 154 | 0 | 0 | 154 | (184) | 0 | 0 | (184) | (30) | 0 | (30) |
|  MBC | 69 | 0 | 0 | 69 | (624) | 0 | 0 | (624) | (555) | 622 | 67 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (942) | (942) | (942) | 996 | 54 |
|  MYI | 0 | 0 | 0 | 0 | (12) | 0 | 0 | (12) | (12) | (40) | (52) |
|  NGF | 35 | 0 | 0 | 35 | (20) | 0 | 0 | (20) | 15 | 0 | 15 |
|  SCX | 74 | 0 | 0 | 74 | (33) | 0 | 0 | (33) | 41 | 0 | 41 |
|  SOG | 239 | 0 | 0 | 239 | (745) | 0 | 0 | (745) | (506) | 780 | 274 |
|  UAG | 23 | 0 | 0 | 23 | (34) | 0 | 0 | (34) | (11) | 0 | (11) |
|  Total Over the Counter | $1683 | $0 | $0 | $1683 | $(2377) | $(720) | $(942) | $(4039) |  |  |  |

---

(k) Securities with an aggregate market value of $2,398 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

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December 31, 2025

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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  | $232 | $0 | $0 | $0 | $580 | $812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 725 | 725 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | $1537 |
|  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;1683 | $0 | $1683 |
|  | $232 | $0 | $0 | $1683 | $1305 | $3220 |
|  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  | $234 | $0 | $0 | $0 | $587 | $821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 305 | 305 |
|  | $234 | $0 | $0 | $0 | $892 | $1126 |
|  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 | $2377 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 720 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 942 | 942 |
|  | $0 | $0 | $0 | $2377 | $1662 | $4039 |
|  | $234 | $0 | $0 | $2377 | $2554 | $5165 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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  | $(1222) | $0 | $0 | $0 | $383 | $(839) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (3430) | (3430) |
|  | $(1222) | $0 | $0 | $0 | $(3047) | $(4269) |
|  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 | $(5935) | $0 | $(5935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 532 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 5480 | 5480 |
|  | $0 | $0 | $0 | $(5935) | $6012 | $77 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1222) | $&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;(5935) | $2965 | $(4192) |
|  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  | $(370) | $0 | $0 | $0 | $(2070) | $(2440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 12945 | 12945 |
|  | $(370) | $0 | $0 | $0 | $10875 | $10505 |
|  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 | $(3342) | $0 | $(3342) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 121 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 3324 | 3324 |
|  | $0 | $0 | $0 | $(3342) | $3445 | $103 |
|  | $(370) | $0 | $0 | $(3342) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10608 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 21

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Schedule of Investments PIMCO Real Return Portfolio (Cont.) December 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December **31, 2025 in valuing the Portfolio's assets and liabilities**:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>12/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $335 | $0 | $335 |
| &nbsp;&nbsp; Industrials | 0 | 7698 | 0 | 7698 |
|  U.S. Government Agencies | 0 | 257674 | 0 | 257674 |
|  U.S. Treasury Obligations | 0 | 1414665 | 0 | 1414665 |
|  Non-Agency Mortgage-Backed Securities | 0 | 12983 | 14348 | 27331 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 5434 | 0 | 5434 |
| &nbsp;&nbsp; Home Equity Other | 0 | 14718 | 0 | 14718 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 751 | 0 | 751 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 3615 | 0 | 3615 |
| &nbsp;&nbsp; Other ABS | 0 | 65187 | 0 | 65187 |
|  Sovereign Issues | 0 | 64967 | 0 | 64967 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 1233 | 0 | 1233 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 630 | 0 | 630 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864238 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>12/31/2025** |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $345 | $0 | $0 | $345 |
|  Total Investments | $345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864583 |
|  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 | 439 | 1087 | 0 | 1526 |
|  Over the counter | 0 | 1683 | 0 | 1683 |
|  | $439 | $2770 | $0 | $3209 |
|  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 | (331) | (756) | 0 | (1087) |
|  Over the counter | 0 | (4039) | 0 | (4039) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331) | $(4795) | $0 | $(5126) |
|  Total Financial Derivative Instruments | $108 | $(2025) | $0 | $(1917) |
|  Totals | $453 | $1847865 | $14348 | $1862666 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Non-Agency Mortgage-Backed Securities | $0 | $14058 | $0 | $0 | $0 | $290 | $0 | $0 | $14348 | $290 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 12/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 12/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Non-Agency Mortgage-Backed Securities | $14348 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14348 |  |  |  |  |

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<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

Notes to Financial Statements December 31, 2025

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Real Return Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

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------

Notes to Financial Statements (Cont.)

obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(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 that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders

monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, 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.

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| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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 September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

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Notes to Financial Statements (Cont.)

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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued by the Valuation Designee in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **27** |

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Notes to Financial Statements (Cont.)

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, 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, time deposits and certificates of deposit) 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.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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| Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700800) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

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| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to 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 ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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 interests in 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 payments. 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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Notes to Financial Statements (Cont.)

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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

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, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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 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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Portfolio to purchase or sell these

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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 (in the case of tri-party repurchase agreements). Traditionally, the Portfolio has used bilateral repurchase agreements wherein the underlying securities will be held by the Portfolio's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement

of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest

that accrues on the security during the period of the loan. Securities

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sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of

operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value

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may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Inflation-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing

inflation-capped options is to protect the Portfolio from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

(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.

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For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as 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.

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Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches

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(to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the effects of actual or anticipated changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Portfolio will not receive the principal until maturity.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the 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.

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, investments in CLOs 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) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(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.

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| | |
|:---|:---|
| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

Market Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have

significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. 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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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Notes to Financial Statements (Cont.)

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by

counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if

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|:---|:---|
| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | |
|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Administrative<br>Class | Advisor<br>Class |
| 0.25% | 0.25% | 0.25% | 0.25% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets

of that class, for providing, or procuring through financial firms, administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class shares.

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| | | |
|:---|:---|:---|
|  | Distribution Fee | Servicing Fee |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **39** |

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Notes to Financial Statements (Cont.)

net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $13,330.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119258 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989775 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77931 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2345 | $27954 | 1348 | $15657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 12552 | 149409 | 8374 | 97178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 2795 | 33229 | 3511 | 40758 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 521 | 6236 | 426 | 4898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 2400 | 28739 | 2061 | 23696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 950 | 11377 | 754 | 8670 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2406) | (28561) | (2968) | (34347) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (17533) | (208539) | (18471) | (213743) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (4973) | (59124) | (3216) | (37297) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (3349) | $(39280) | (8181) | $(94530) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 24% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

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, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

The Portfolio files U.S. federal, state and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **41** |

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Notes to Financial Statements (Cont.) December 31, 2025

As of December 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO Real Return Portfolio | $12535 | $0 | $(109012) | $0 | $(135174) | $0 | $0 | $(231651) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, treasury inflation-protected securities (TIPS), sale/buyback transactions, and interest accrued on defaulted securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Real Return Portfolio | $41053 | $94121 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2025, 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 Real Return Portfolio | $1991300 | $49550 | $(158368) | $(108818) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, treasury inflation-protected securities (TIPS), sale/buyback transactions, and interest accrued on defaulted securities. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Real Return Portfolio | $46354 | $0 | $0 | $37265 | $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>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | |
|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Real Return Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Real Return Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **43** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC |
| BCY | Barclays Capital, Inc. | FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GSC | Goldman Sachs & Co. LLC | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BSH | Banco Santander S.A. - New York Branch | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
| CBK | Citibank N.A. |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | ILS | Israeli Shekel | PLN | Polish Zloty |
| BRL | Brazilian Real | INR | Indian Rupee | SGD | Singapore Dollar |
| CAD | Canadian Dollar | JPY | Japanese Yen | THB | Thai Baht |
| CHF | Swiss Franc | KRW | South Korean Won | TRY | Turkish New Lira |
| CNH | Chinese Renminbi (Offshore) | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EUR | Euro | NOK | Norwegian Krone | USD (or $) | United States Dollar |
| GBP | British Pound | NZD | New Zealand Dollar | ZAR | South African Rand |
| IDR | Indonesian Rupiah | PEN | Peruvian New Sol |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| LME | London Metal Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| Bobl | Bundesobligation, the German word for federal government bond | CPTFEMU | Eurozone HICP ex-Tobacco Index | SOFR | Secured Overnight Financing Rate |
| Brent | Brent Crude | CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | SONIO | Sterling Overnight Interbank Average Rate |
| CPALEMU | Euro Area All Items Non-Seasonally Adjusted Index | MUTKCALM | Tokyo Overnight Average Rate | UKRPI | United Kingdom Retail Prices Index |
| CPI | Consumer Price Index |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | RBOB | Reformulated Blendstock for Oxygenate Blending |
| ALT | Alternate Loan Trust | EURIBOR | Euro Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | OAT | Obligations Assimilables du Trésor | TBA | To-Be-Announced |
| CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap | WTI | West Texas Intermediate |
| CMBS | Collateralized Mortgage-Backed Security | oz. | Ounce |  |  |

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| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

#### PIMCO Real Return Portfolio

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| 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 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  August 2025 | $0.0455 | $0.0000 | $0.0000 | $0.0455 |
|  September 2025 | $0.0204 | $0.0000 | $0.0000 | $0.0204 |
|  October 2025 | $0.0398 | $0.0000 | $0.0000 | $0.0398 |
|  November 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  December 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0292 | $0.0000 | $0.0000 | $0.0292 |
|  August 2025 | $0.0439 | $0.0000 | $0.0000 | $0.0439 |
|  September 2025 | $0.0190 | $0.0000 | $0.0000 | $0.0190 |
|  October 2025 | $0.0382 | $0.0000 | $0.0000 | $0.0382 |
|  November 2025 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  December 2025 | $0.0343 | $0.0000 | $0.0000 | $0.0343 |
| 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 2025 | $0.0282 | $0.0000 | $0.0000 | $0.0282 |
|  August 2025 | $0.0428 | $0.0000 | $0.0000 | $0.0428 |
|  September 2025 | $0.0180 | $0.0000 | $0.0000 | $0.0180 |
|  October 2025 | $0.0371 | $0.0000 | $0.0000 | $0.0371 |
|  November 2025 | $0.0295 | $0.0000 | $0.0000 | $0.0295 |
|  December 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |

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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 portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio net income, yield, earnings or investment performance. 

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **45** |

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Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO Real Return Portfolio | 0.00% | 0.00% | $44719 | $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 2026, 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 2025.

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| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant,

financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **49** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity

functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO have benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the "Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

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| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Portfolios (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries.

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder

servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expense ratios and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expense ratios. Upon comparing the Portfolios' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expense ratios of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in

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| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Asset Allocation Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The

Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" expense structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **53** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.) (Unaudited)

otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees charged by Research Affiliates under the Asset Allocation Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g71519g06y60.jpg)

PVITREALRETFSTMAR_123125

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![LOGO](g85444g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO Short-Term Portfolio

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#### **Table of Contents**

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|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Short-Term Portfolio](#tx85444_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx85444_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx85444_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx85444_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx85444_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments](#tx85444_6) (N-CSR Item 6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx85444_7) | 21 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx85444_8) | 38 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx85444_8a) | 42 |
| &nbsp;&nbsp; [Glossary](#tx85444_9) | 43 |
| &nbsp;&nbsp; [Distribution Information](#tx85444_10) | 44 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx85444_11) | 45 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx85444_12) | 46 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx85444_13) | 47 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx85444_14) | 48 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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Important Information About the PIMCO Short-Term Portfolio

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Short-Term Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

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 U.S. government has indicated an intent to alter its approach to international trade policy,

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its

credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

The following table discloses the inception dates of the Portfolio and its respective share classes along with the Portfolio's diversification status as of period end:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Name | **Portfolio**<br> **Inception** | **Portfolio**<br> **Inception** | Institutional<br>Class | Institutional<br>Class | Administrative<br>Class | Administrative<br>Class | Advisor<br>Class | Advisor<br>Class | Diversification<br>Status | Diversification<br>Status |
|  PIMCO Short-Term Portfolio |  | 09/30/99 |  | 04/28/00 |  | 09/30/99 |  | 09/30/09 |  | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees)

may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the PIMCO Short-Term Portfolio (Cont.)

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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing

fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO Short-Term Portfolio

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|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year<br>or Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $10.32 | $0.47 | $0.02 | $0.49 | $(0.48) | $0.00 | $(0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 10.23 | 0.53 | 0.09 | 0.62 | (0.53) | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 10.09 | 0.48 | 0.13 | 0.61 | (0.47) | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.29 | 0.20 | (0.20) | 0.00 | (0.18) | (0.02) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.42 | 0.09 | (0.09) | 0.00 | (0.13) | 0.00 | (0.13) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 10.32 | 0.46 | 0.01 | 0.47 | (0.46) | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 10.23 | 0.52 | 0.09 | 0.61 | (0.52) | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 10.09 | 0.46 | 0.13 | 0.59 | (0.45) | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.29 | 0.19 | (0.20) | (0.01) | (0.17) | (0.02) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.42 | 0.07 | (0.09) | (0.02) | (0.11) | 0.00 | (0.11) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 10.32 | 0.45 | 0.01 | 0.46 | (0.45) | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 10.23 | 0.51 | 0.09 | 0.60 | (0.51) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 10.09 | 0.46 | 0.12 | 0.58 | (0.44) | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.29 | 0.17 | (0.19) | (0.02) | (0.16) | (0.02) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.42 | 0.06 | (0.09) | (0.03) | (0.10) | 0.00 | (0.10) |

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| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $10.33 | 4.83% | $51094 | 0.50% | 0.50% | 0.45% | 0.45% | 4.57% | 104% |
| 10.32 | 6.21 | 52533 | 0.47 | 0.47 | 0.45 | 0.45 | 5.18 | 98 |
| 10.23 | 6.17 | 68829 | 0.51 | 0.51 | 0.45 | 0.45 | 4.73 | 64 |
| 10.09 | 0.00 | 68296 | 0.46 | 0.46 | 0.45 | 0.45 | 1.96 | 74 |
| 10.29 | (0.00) | 62498 | 0.45 | 0.45 | 0.45 | 0.45 | 0.85 | 98 |
| 10.33 | 4.67 | 283069 | 0.65 | 0.65 | 0.60 | 0.60 | 4.42 | 104 |
| 10.32 | 6.05 | 256546 | 0.62 | 0.62 | 0.60 | 0.60 | 5.02 | 98 |
| 10.23 | 6.01 | 251202 | 0.66 | 0.66 | 0.60 | 0.60 | 4.57 | 64 |
| 10.09 | (0.15) | 259589 | 0.61 | 0.61 | 0.60 | 0.60 | 1.83 | 74 |
| 10.29 | (0.15) | 212796 | 0.60 | 0.60 | 0.60 | 0.60 | 0.72 | 98 |
| 10.33 | 4.57 | 328606 | 0.75 | 0.75 | 0.70 | 0.70 | 4.32 | 104 |
| 10.32 | 5.95 | 298952 | 0.72 | 0.72 | 0.70 | 0.70 | 4.92 | 98 |
| 10.23 | 5.90 | 269936 | 0.76 | 0.76 | 0.70 | 0.70 | 4.49 | 64 |
| 10.09 | (0.25) | 260404 | 0.71 | 0.71 | 0.70 | 0.70 | 1.71 | 74 |
| 10.29 | (0.25) | 230829 | 0.70 | 0.70 | 0.70 | 0.70 | 0.62 | 98 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO Short-Term Portfolio December 31, 2025

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $725725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 47502 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1838 |
|  Cash | 171 |
|  Deposits with counterparty | 4493 |
|  Foreign currency, at value | 1068 |
|  Receivable for investments sold | 185191 |
|  Receivable for TBA investments sold | 14127 |
|  Receivable for Portfolio shares sold | 378 |
|  Interest and/or dividends receivable | 3481 |
|  Dividends receivable from Affiliates | 176 |
|  **Total Assets** | 984403 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $24990 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 623 |
|  Payable for investments purchased | 265834 |
|  Payable for investments in Affiliates purchased | 187 |
|  Payable for TBA investments purchased | 28226 |
|  Deposits from counterparty | 1164 |
|  Payable for Portfolio shares redeemed | 61 |
|  Accrued investment advisory fees | 144 |
|  Accrued supervisory and administrative fees | 116 |
|  Accrued distribution fees | 72 |
|  Accrued servicing fees | 37 |
|  **Total Liabilities** | 321634 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |
|  **Net Assets** | $662769 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $660298 |
|  Distributable earnings (accumulated loss) | 2471 |
|  **Net Assets** | $662769 |
|  **Net Assets:** |  |
|  Institutional Class | $51094 |
|  Administrative Class | 283069 |
|  Advisor Class | 328606 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 4945 |
|  Administrative Class | 27399 |
|  Advisor Class | 31806 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $10.33 |
|  Administrative Class | 10.33 |
|  Advisor Class | 10.33 |
|  Cost of investments in securities | $724907 |
|  Cost of investments in Affiliates | $47416 |
|  Cost of foreign currency held | $1070 |
|  Proceeds received on short sales | $24879 |
|  Cost or premiums of financial derivative instruments, net | $2028 |
|  \* Includes repurchase agreements of: | $37306 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Statement of Operations PIMCO Short-Term Portfolio

---

| | |
|:---|:---|
| Year Ended December 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $30496 |
|  Dividends from Investments in Affiliates | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 32158 |
|  **Expenses:** |  |
|  Investment advisory fees | 1584 |
|  Supervisory and administrative fees | 1267 |
|  Distribution and/or servicing fees - Administrative Class | 406 |
|  Distribution and/or servicing fees - Advisor Class | 779 |
|  Trustee fees | 29 |
|  Interest expense | 334 |
|  Miscellaneous expense | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 4404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 4399 |
|  **Net Investment Income (Loss)** | 27759 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 1370 |
|  Investments in Affiliates | (4) |
|  Exchange-traded or centrally cleared financial derivative instruments | 207 |
|  Over the counter financial derivative instruments | (717) |
|  Short sales | 114 |
|  Foreign currency | 107 |
|  **Net Realized Gain (Loss)** | 1077 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 2461 |
|  Investments in Affiliates | 75 |
|  Exchange-traded or centrally cleared financial derivative instruments | (741) |
|  Over the counter financial derivative instruments | (1733) |
|  Short sales | (34) |
|  Foreign currency assets and liabilities | 26 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 54 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $28890 |
|  \* Foreign tax withholdings | $20 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Short-Term Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $27759 | $29936 |
|  Net realized gain (loss) | 1077 | 63 |
|  Net change in unrealized appreciation (depreciation) | 54 | 5154 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 28890 | 35153 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2362) | (3336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (12124) | (12629) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (13627) | (13940) |
|  **Total Distributions<sup>(a)</sup>** | (28113) | (29905) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 53961 | 12816 |
|  **Total Increase (Decrease) in Net Assets** | 54738 | 18064 |
|  **Net Assets:** |  |  |
|  Beginning of year | 608031 | 589967 |
|  End of year | $662769 | $608031 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Short-Term Portfolio December 31, 2025

#### (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 109.5% | INVESTMENTS IN SECURITIES 109.5% | INVESTMENTS IN SECURITIES 109.5% |
| CORPORATE BONDS & NOTES 49.4% | CORPORATE BONDS & NOTES 49.4% | CORPORATE BONDS & NOTES 49.4% |
| BANKING & FINANCE 31.3% | BANKING & FINANCE 31.3% | BANKING & FINANCE 31.3% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  4.751% (SOFRINDX + 1.000%) due 12/03/2028 ~ | 5600 | 5621 |
|  5.505% due 09/18/2027 •  | 700 | 706 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  1.750% due 01/30/2026 | 700 | 699 |
|  2.450% due 10/29/2026 | 4300 | 4243 |
|  6.100% due 01/15/2027 | 900 | 917 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  1.875% due 08/15/2026 | 800 | 788 |
|  2.875% due 01/15/2026 | 2100 | 2099 |
|  5.300% due 06/25/2026 | 1600 | 1608 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  4.250% due 06/15/2026 | 200 | 200 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.470% due 03/08/2027 •  | 1600 | 1604 |
|  4.544% due 08/13/2027 •  | 1900 | 1904 |
|  4.849% (SOFRRATE + 0.870%) due 07/09/2027 ~ | 2400 | 2412 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  3.650% due 03/15/2027 | 1900 | 1893 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.696% due 07/16/2026 •  | 1300 | 1302 |
|  4.805% (SOFRINDX + 1.030%) due 08/27/2026 ~ | 1200 | 1204 |
|  4.938% (SOFRINDX + 1.210%) due 03/25/2027 ~ | 5300 | 5334 |
|  4.950% due 01/07/2027 | 600 | 604 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 09/20/2026 | 2500 | 2460 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 1041 | 1038 |
|  4.250% due 04/15/2026 | 200 | 200 |
|  4.375% due 05/01/2026 | 300 | 300 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.097% (SOFRRATE + 1.120%) due 07/15/2028 ~ | 2000 | 2013 |
|  5.110% (SOFRRATE + 1.380%) due 03/14/2028 ~ | 525 | 529 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.734% due 07/22/2027 •  | 1500 | 1481 |
|  4.872% (SOFRRATE + 0.970%) due 07/22/2027 ~ | 300 | 301 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  4.699% (BBSW3M + 1.050%) due 10/30/2026 ~ | 1000 | 671 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  4.475% (SOFRINDX + 0.750%) due 09/22/2028 ~ | 400 | 401 |
|  4.610% (SOFRINDX + 0.880%) due 09/10/2027 ~ | 1200 | 1204 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.740% (SOFRRATE + 1.000%) due 09/08/2028 ~ | 400 | 402 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  4.723% (BBSW3M + 1.070%) due 05/24/2027 ~ | 500 | 335 |
|  4.877% (SOFRINDX + 1.070%) due 02/16/2028 ~ | 1800 | 1812 |
|  5.038% (SOFRRATE + 1.130%) due 01/23/2027 ~ | 1200 | 1207 |
|  5.370% (SOFRINDX + 1.400%) due 07/13/2026 ~ | 800 | 805 |
|  5.790% due 07/13/2028 | 1000 | 1039 |
|  Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
|  4.664% due 11/26/2027 •  | 500 | 502 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.279% due 11/24/2027 •  | 900 | 886 |
|  4.375% due 01/12/2026 | 1200 | 1200 |
|  5.215% (SOFRRATE + 1.490%) due 03/12/2028 ~ | 1000 | 1010 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.603% (SOFRRATE + 1.880%) due 09/13/2027 ~ | $— | 200 | $— | 202 |
|  5.829% due 05/09/2027 •  |  | 1700 |  | 1710 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.323% due 01/13/2027 •  |  | 4200 |  | 4196 |
|  1.675% due 06/30/2027 •  |  | 800 |  | 790 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  5.975% due 01/18/2027 •  |  | 3450 |  | 3452 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  1.550% due 05/24/2026 |  | 1300 |  | 1286 |
|  5.550% due 04/09/2027 |  | 500 |  | 507 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.540% (SOFRRATE + 0.800%) due 09/08/2028 ~ |  | 3200 |  | 3207 |
|  4.658% (SOFRINDX + 0.930%) due 09/11/2027 ~ |  | 200 |  | 201 |
|  4.668% (SOFRRATE + 0.940%) due 06/28/2027 ~ |  | 300 |  | 302 |
|  4.690% (SOFRRATE + 0.720%) due 01/13/2028 ~ |  | 1300 |  | 1302 |
|  4.947% (SOFRRATE + 1.220%) due 10/02/2026 ~ |  | 1400 |  | 1410 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  4.500% due 04/14/2027 |  | 300 |  | 300 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  4.532% (SOFRRATE + 0.708%) due 08/06/2026 ~ |  | 2100 |  | 2104 |
|  4.806% (SOFRINDX + 1.060%) due 12/04/2026 ~ |  | 1000 |  | 1008 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.106% due 02/24/2027 •  |  | 4250 |  | 4232 |
|  1.980% due 12/15/2027 •  |  | 1000 |  | 980 |
|  4.453% (SOFRINDX + 0.710%) due 03/05/2027 ~ |  | 1400 |  | 1407 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.584% (SOFRRATE + 0.860%) due 12/15/2028 ~ |  | 800 |  | 802 |
|  4.744% (SOFRRATE + 0.750%) due 01/07/2028 ~ |  | 1800 |  | 1801 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.247% due 01/26/2027 •  |  | 1300 |  | 1297 |
|  4.125% due 01/10/2027 |  | 500 |  | 500 |
|  4.400% due 07/06/2027 |  | 200 |  | 132 |
|  4.598% (SOFRRATE + 0.870%) due 03/11/2027 ~ | $— | 850 |  | 853 |
|  4.938% (SOFRRATE + 1.210%) due 09/11/2028 ~ |  | 1100 |  | 1106 |
|  5.301% (SOFRRATE + 1.290%) due 07/05/2026 ~ |  | 1200 |  | 1206 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 |  | 4800 |  | 4722 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
|  3.125% due 09/01/2026 |  | 800 |  | 795 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.311% due 11/16/2027 •  |  | 2700 |  | 2657 |
|  2.552% due 01/07/2028 •  |  | 1000 |  | 984 |
|  4.100% due 01/13/2026 |  | 1200 |  | 1200 |
|  5.026% (SOFRRATE + 1.219%) due 11/16/2027 ~ |  | 600 |  | 603 |
|  7.146% due 07/13/2027 •  |  | 700 |  | 711 |
|  EPR Properties | EPR Properties | EPR Properties | EPR Properties | EPR Properties |
|  4.750% due 12/15/2026 |  | 600 |  | 602 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  4.433% (SOFRRATE + 0.710%) due 09/15/2027 ~ |  | 200 |  | 200 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  1.750% due 06/30/2026 |  | 2500 |  | 2470 |
|  5.875% due 06/10/2027 |  | 700 |  | 715 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.526% (SOFRRATE + 0.630%) due 01/27/2027 ~ |  | 2200 |  | 2208 |
|  Fifth Third Bank NA | Fifth Third Bank NA | Fifth Third Bank NA | Fifth Third Bank NA | Fifth Third Bank NA |
|  4.697% (SOFRRATE + 0.810%) due 01/28/2028 ~ |  | 300 |  | 301 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.271% due 01/09/2027 |  | 1700 |  | 1692 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.542% due 08/01/2026 | $— | 700 | $— | 699 |
|  5.125% due 11/05/2026 |  | 600 |  | 603 |
|  6.690% (SOFRRATE + 2.950%) due 03/06/2026 ~ |  | 2100 |  | 2108 |
|  6.950% due 06/10/2026 |  | 800 |  | 807 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.400% due 01/15/2026 |  | 200 |  | 200 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 |  | 700 |  | 688 |
|  4.400% due 09/23/2027 |  | 200 |  | 201 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  5.009% (SOFRINDX + 1.050%) due 07/15/2027 ~ |  | 4700 |  | 4707 |
|  5.175% (SOFRINDX + 1.350%) due 05/08/2027 ~ |  | 1000 |  | 1006 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  4.539% (SOFRRATE + 0.750%) due 05/21/2027 ~ |  | 1400 |  | 1402 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.431% due 03/09/2027 •  |  | 300 |  | 298 |
|  1.542% due 09/10/2027 •  |  | 200 |  | 197 |
|  4.550% (SOFRRATE + 0.820%) due 09/10/2027 ~ |  | 400 |  | 401 |
|  4.907% (SOFRRATE + 1.120%) due 02/24/2028 ~ |  | 2400 |  | 2416 |
|  5.573% (SOFRRATE + 1.850%) due 03/15/2028 ~ |  | 200 |  | 203 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.391% (SOFRRATE + 1.570%) due 08/14/2027 ~ |  | 200 |  | 201 |
|  5.887% due 08/14/2027 •  |  | 400 |  | 404 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  4.738% due 04/01/2027 •  |  | 1600 |  | 1602 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.628% due 06/09/2027 •  |  | 200 |  | 201 |
|  4.675% (SOFRRATE + 0.950%) due 09/12/2028 ~ |  | 2700 |  | 2709 |
|  4.933% (SOFRRATE + 0.970%) due 01/14/2028 ~ |  | 800 |  | 803 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  4.657% (SOFRRATE + 0.680%) due 07/15/2027 ~ |  | 1100 |  | 1107 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.490% (SOFRRATE + 0.765%) due 09/22/2027 ~ |  | 500 |  | 501 |
|  4.832% (SOFRRATE + 0.920%) due 04/22/2028 ~ |  | 1400 |  | 1407 |
|  4.967% (SOFRRATE + 1.180%) due 02/24/2028 ~ |  | 3300 |  | 3330 |
|  5.108% (SOFRRATE + 1.200%) due 01/23/2028 ~ |  | 700 |  | 705 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.849% (SOFRINDX + 1.060%) due 11/26/2028 ~ |  | 2167 |  | 2178 |
|  5.408% (SOFRINDX + 1.560%) due 08/07/2027 ~ |  | 600 |  | 604 |
|  5.611% (SOFRINDX + 1.580%) due 01/05/2028 ~ |  | 1000 |  | 1010 |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
|  4.513% (BBSW3M + 0.860%) due 02/23/2026 ~ |  | 1900 |  | 1269 |
|  4.562% (BBSW3M + 0.850%) due 09/14/2026 ~ |  | 1100 |  | 736 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.930% (SOFRRATE + 1.080%) due 05/13/2031 ~ | $— | 1300 |  | 1302 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.637% (SOFRRATE + 0.865%) due 05/26/2028 ~ |  | 1100 |  | 1104 |
|  4.644% (SOFRRATE + 0.685%) due 10/15/2027 ~ |  | 4000 |  | 4009 |
|  5.026% (SOFRRATE + 1.080%) due 01/14/2028 ~ |  | 1900 |  | 1913 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
|  4.523% (BBSW3M + 0.870%) due 02/17/2026 ~ |  | 2800 |  | 1870 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
|  4.628% due 03/25/2027 •  | 2100 | 2102 |
|  4.757% (SOFRINDX + 1.030%) due 07/02/2027 ~ | 4600 | 4611 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  5.097% (SOFRRATE + 1.290%) due 02/16/2028 ~ | 500 | 503 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.034% (SOFRRATE + 1.250%) due 03/01/2028 ~ | 1100 | 1108 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.488% (SOFRRATE + 0.760%) due 09/29/2026 ~ | 1300 | 1304 |
|  4.675% (SOFRRATE + 0.950%) due 03/21/2028 ~ | 900 | 906 |
|  4.707% (SOFRRATE + 0.900%) due 05/17/2027 ~ | 800 | 805 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 2400 | 2349 |
|  2.000% due 03/09/2026 | 1800 | 1793 |
|  6.950% due 09/15/2026 | 200 | 203 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 | 600 | 593 |
|  5.035% (SOFRRATE + 1.250%) due 07/02/2027 ~ | 1400 | 1411 |
|  5.709% due 01/09/2026 | 1400 | 1400 |
|  Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. |
|  4.434% (BBSW3M + 0.780%) due 05/18/2026 ~ | 600 | 401 |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA |
|  4.660% (SOFRRATE + 0.730%) due 07/21/2028 ~ | 2000 | 2003 |
|  Reliance Standard Life Global Funding II | Reliance Standard Life Global Funding II | Reliance Standard Life Global Funding II |
|  2.750% due 01/21/2027 | 200 | 197 |
|  5.243% due 02/02/2026 | 400 | 400 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  2.000% due 11/30/2026 | 400 | 393 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.548% (SOFRINDX + 0.820%) due 03/27/2028 ~ | 5000 | 5019 |
|  4.657% (SOFRINDX + 0.720%) due 10/18/2027 ~ | 1200 | 1203 |
|  4.698% (SOFRINDX + 0.790%) due 07/23/2027 ~ | 300 | 301 |
|  4.797% (SOFRINDX + 0.860%) due 10/18/2028 ~ | 500 | 503 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.615% due 09/02/2027 •  | 1800 | 1808 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  4.450% due 05/12/2027 | 100 | 100 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 | 1400 | 1392 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.673% due 06/14/2027 •  | 200 | 198 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  1.792% due 06/09/2027 •  | 1000 | 990 |
|  6.447% due 01/12/2027 •  | 300 | 300 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  1.456% due 01/14/2027 •  | 2700 | 2698 |
|  4.979% (SOFRRATE + 1.170%) due 05/14/2028 ~ | 500 | 503 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  5.350% due 03/17/2028 | 500 | 510 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  4.491% (BBSW3M + 0.850%) due 02/20/2026 ~ | 1400 | 935 |
|  4.609% (BBSW3M + 1.050%) due 07/28/2026 ~ | 1300 | 871 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.419% (SOFRRATE + 1.430%) due 01/13/2026 ~ | 2100 | 2101 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.908% (SOFRRATE + 1.120%) due 03/09/2026 ~ | 825 | 826 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  4.435% (SOFRRATE + 0.660%) due 05/28/2027 ~ | $| 700 | 703 |
|  Swedbank AB | Swedbank AB | Swedbank AB | Swedbank AB |
|  5.337% due 09/20/2027 |  | 1800 | 1842 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.378% (BBSW3M + 0.650%) due 03/17/2026 ~ | AUD | 300 | 200 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  1.364% due 01/30/2027 •  | $| 800 | 798 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  4.250% due 12/01/2026 |  | 1579 | 1579 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  1.500% due 05/24/2027 | EUR | 500 | 580 |
|  4.682% (SOFRRATE + 0.780%) due 01/24/2028 ~ | $| 4400 | 4411 |
|  4.982% (SOFRRATE + 1.070%) due 04/22/2028 ~ |  | 200 | 201 |
|  Western Union Co. | Western Union Co. | Western Union Co. | Western Union Co. |
|  1.350% due 03/15/2026 |  | 500 | 497 |
|  |  |  | 207539 |
| INDUSTRIALS 13.6% | INDUSTRIALS 13.6% | INDUSTRIALS 13.6% | INDUSTRIALS 13.6% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  0.950% due 02/10/2026 |  | 1700 | 1694 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ |  | 2700 | 2713 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.700% due 04/01/2028 |  | 395 | 394 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 |  | 183 | 184 |
|  Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
|  4.349% (SOFRRATE + 0.530%) due 11/15/2027 ~ |  | 1000 | 1002 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  2.750% due 07/15/2026 |  | 900 | 893 |
|  Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
|  1.915% due 02/01/2027 |  | 261 | 255 |
|  4.450% due 02/15/2029 |  | 200 | 201 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 |  | 1500 | 1522 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 |  | 3100 | 3097 |
|  1.650% due 01/15/2027 |  | 1404 | 1368 |
|  4.875% due 07/15/2026 |  | 1577 | 1577 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.505% (SOFRINDX + 0.780%) due 03/19/2027 ~ |  | 1300 | 1305 |
|  4.614% (SOFRINDX + 0.800%) due 08/13/2026 ~ |  | 2000 | 2006 |
|  4.645% (SOFRINDX + 0.920%) due 03/21/2028 ~ |  | 2900 | 2915 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 |  | 6500 | 6488 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  3.350% due 09/15/2026 |  | 1200 | 1194 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  4.810% (SOFRRATE + 0.840%) due 01/13/2028 ~ |  | 400 | 400 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  3.250% due 12/01/2026 |  | 700 | 695 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.750% due 01/15/2026 |  | 600 | 600 |
|  5.500% due 06/01/2027 |  | 200 | 203 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  6.750% due 04/15/2029 |  | 200 | 201 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  5.150% due 03/15/2027 |  | 500 | 505 |
|  Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
|  7.500% due 08/01/2026 |  | 300 | 304 |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
|  1.875% due 12/01/2026 |  | 800 | 782 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.477% (SOFRINDX + 0.750%) due 10/01/2026 ~ | 1800 | 1802 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  2.150% due 01/15/2027 | 600 | 588 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  5.500% due 10/15/2026 | 500 | 497 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.500% due 02/15/2027 | 300 | 301 |
|  4.642% (SOFRRATE + 0.870%) due 03/01/2028 ~ | 1000 | 1007 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.300% due 09/24/2027 | 300 | 301 |
|  4.718% (SOFRRATE + 0.990%) due 03/25/2027 ~ | 2200 | 2210 |
|  4.757% (SOFRRATE + 1.030%) due 09/24/2027 ~ | 1200 | 1205 |
|  4.767% (SOFRRATE + 1.040%) due 06/24/2027 ~ | 1400 | 1406 |
|  5.487% (SOFRRATE + 1.500%) due 01/08/2027 ~ | 1300 | 1310 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  4.650% due 09/09/2026 | 900 | 903 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 700 | 697 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  1.375% due 01/15/2027 | 800 | 775 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  2.550% due 09/15/2026 | 200 | 198 |
|  4.387% (SOFRRATE + 0.580%) due 11/15/2026 ~ | 800 | 800 |
|  4.603% (SOFRINDX + 0.880%) due 03/15/2027 ~ | 2390 | 2394 |
|  Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. |
|  2.050% due 10/15/2026 | 300 | 295 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 400 | 398 |
|  5.900% due 06/01/2027 | 600 | 612 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.507% (SOFRRATE + 0.780%) due 04/01/2027 ~ | 700 | 703 |
|  4.522% (SOFRRATE + 0.630%) due 07/31/2026 ~ | 1900 | 1904 |
|  4.657% (SOFRRATE + 0.930%) due 03/31/2028 ~ | 2100 | 2111 |
|  4.659% (SOFRRATE + 0.850%) due 11/15/2027 ~ | 300 | 301 |
|  Mitsubishi Corp. | Mitsubishi Corp. | Mitsubishi Corp. |
|  4.515% (SOFRRATE + 0.700%) due 09/09/2028 ~ | 700 | 701 |
|  MPLX LP | MPLX LP | MPLX LP |
|  1.750% due 03/01/2026 | 1300 | 1295 |
|  4.125% due 03/01/2027 | 900 | 901 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.500% due 10/01/2026 | 1300 | 1313 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 1600 | 1588 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  4.400% due 06/01/2027 | 934 | 938 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  5.350% due 01/12/2027 | 500 | 506 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.200% due 03/15/2027 | 1300 | 1287 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  4.250% due 07/01/2026 | 400 | 400 |
|  5.375% due 07/15/2027 | 2300 | 2318 |
|  5.500% due 08/31/2026 | 2400 | 2404 |
|  5.500% due 04/01/2028 | 1100 | 1120 |
|  7.500% due 10/15/2027 | 200 | 211 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  5.500% due 01/16/2027 | 400 | 406 |
|  6.250% due 01/17/2026 | 800 | 802 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 | 300 | 297 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. |
|  3.000% due 11/15/2026 | $| 500 | 496 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  4.500% due 08/15/2029 |  | 1800 | 1804 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 |  | 3400 | 3398 |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
|  1.650% due 09/01/2026 |  | 1300 | 1278 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  5.000% due 05/18/2027 |  | 700 | 707 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.555% (SOFRRATE + 0.830%) due 03/20/2026 ~ |  | 3800 | 3804 |
|  4.788% (SOFRRATE + 1.060%) due 03/25/2027 ~ |  | 1600 | 1606 |
|  4.869% (SOFRRATE + 1.060%) due 08/14/2026 ~ |  | 2800 | 2809 |
|  Vontier Corp. | Vontier Corp. | Vontier Corp. | Vontier Corp. |
|  1.800% due 04/01/2026 |  | 1300 | 1292 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  4.650% due 07/01/2026 |  | 200 | 200 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.400% due 03/02/2026 |  | 1100 | 1102 |
|  |  |  | 90199 |
| UTILITIES 4.5% | UTILITIES 4.5% | UTILITIES 4.5% | UTILITIES 4.5% |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 |  | 1700 | 1698 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  4.850% due 01/05/2027 |  | 1400 | 1414 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  3.550% due 06/15/2026 |  | 2500 | 2492 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  3.625% due 05/25/2027 |  | 500 | 497 |
|  4.625% due 06/15/2027 |  | 800 | 806 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
|  2.900% due 03/01/2027 |  | 800 | 789 |
|  Fortis, Inc. | Fortis, Inc. | Fortis, Inc. | Fortis, Inc. |
|  3.055% due 10/04/2026 |  | 2000 | 1984 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  7.875% due 12/15/2026 |  | 250 | 259 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  3.250% due 12/01/2026 |  | 500 | 497 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.633% (SOFRINDX + 0.760%) due 01/29/2026 ~ |  | 1000 | 1000 |
|  4.648% (SOFRINDX + 0.800%) due 02/04/2028 ~ |  | 1500 | 1506 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.250% due 09/24/2027 |  | 900 | 904 |
|  5.550% due 11/01/2026 |  | 700 | 708 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.150% due 01/01/2026 |  | 2700 | 2700 |
|  3.300% due 03/15/2027 |  | 300 | 297 |
|  5.000% due 06/04/2028 |  | 1400 | 1425 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  4.550% (SOFRRATE + 0.820%) due 06/10/2026 ~ |  | 800 | 801 |
|  SGSP Australia Assets Pty. Ltd. | SGSP Australia Assets Pty. Ltd. | SGSP Australia Assets Pty. Ltd. | SGSP Australia Assets Pty. Ltd. |
|  3.500% due 07/07/2027 |  | 500 | 496 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 |  | 3500 | 3487 |
|  3.650% due 03/01/2028 |  | 300 | 297 |
|  4.400% due 09/06/2026 |  | 900 | 902 |
|  4.700% due 06/01/2027 |  | 200 | 202 |
|  4.875% due 02/01/2027 |  | 200 | 201 |
|  4.900% due 06/01/2026 |  | 200 | 200 |
|  5.300% due 03/01/2028 |  | 1100 | 1124 |
|  5.350% due 03/01/2026 |  | 1000 | 1002 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  2.750% due 10/01/2026 |  | 600 | 595 |
|  Victoria Power Networks Finance Pty. Ltd. | Victoria Power Networks Finance Pty. Ltd. | Victoria Power Networks Finance Pty. Ltd. | Victoria Power Networks Finance Pty. Ltd. |
|  4.294% (BBSW3M + 0.800%) due 04/21/2026 ~ | AUD | 400 | 267 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.050% due 12/30/2026 | 1300 | 1310 |
|  |  | 29860 |
|  Total Corporate Bonds & Notes (Cost $326,363) | Total Corporate Bonds & Notes (Cost $326,363) | 327598 |
| MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% |
| LOUISIANA 0.3% | LOUISIANA 0.3% | LOUISIANA 0.3% |
|  Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 | Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 | Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 |
|  4.413% (US0003M + 0.300%) due 02/15/2036 ~ | 1990 | 1858 |
|  Total Municipal Bonds & Notes (Cost $1,854) | Total Municipal Bonds & Notes (Cost $1,854) | 1858 |
| U.S. GOVERNMENT AGENCIES 16.1% | U.S. GOVERNMENT AGENCIES 16.1% | U.S. GOVERNMENT AGENCIES 16.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 08/01/2049 | 13 | 12 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  2.500% due 10/25/2048 | 129 | 120 |
|  4.548% due 09/15/2041 •  | 6 | 6 |
|  4.774% due 09/25/2054 - 11/25/2055 •  | 4156 | 4171 |
|  4.798% due 02/15/2038 •  | 7 | 7 |
|  4.804% due 05/25/2055 •  | 3598 | 3614 |
|  4.814% due 11/25/2054 •  | 6894 | 6924 |
|  4.824% due 10/25/2054 - 08/25/2055 •  | 9403 | 9456 |
|  4.874% due 10/25/2052 - 06/25/2055 •  | 10006 | 10077 |
|  4.974% due 11/25/2054 - 07/25/2055 •  | 5981 | 5998 |
|  5.024% due 12/25/2054 - 08/25/2055 •  | 6922 | 6948 |
|  5.074% due 12/25/2054 - 08/25/2055 •  | 2184 | 2194 |
|  5.124% due 06/25/2055 •  | 3917 | 3940 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  5.024% due 05/25/2054 •  | 2441 | 2450 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.229% due 10/25/2044 - 02/25/2045 •  | 34 | 32 |
|  5.429% due 07/25/2044 •  | 6 | 6 |
|  Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust |
|  3.000% due 09/25/2045 | 204 | 180 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  5.277% due 03/01/2044 - 07/01/2044 •  | 4 | 3 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.189% due 02/25/2037 •  | 12 | 12 |
|  4.246% due 12/25/2036 •  | 1 | 1 |
|  4.669% due 12/25/2037 •  | 10 | 10 |
|  4.774% due 12/25/2053 - 09/25/2054 •  | 5867 | 5887 |
|  4.824% due 03/25/2055 •  | 238 | 239 |
|  4.874% due 05/25/2055 - 11/25/2055 •  | 1426 | 1433 |
|  4.924% due 01/25/2055 - 05/25/2055 •  | 3108 | 3119 |
|  4.974% due 12/25/2054 - 01/25/2055 •  | 3068 | 3078 |
|  4.989% due 12/25/2047 •  | 413 | 413 |
|  5.024% due 01/25/2055 - 03/25/2055 •  | 3890 | 3903 |
|  5.034% due 03/25/2055 •  | 1562 | 1568 |
|  5.074% due 10/25/2053 - 07/25/2055 •  | 3265 | 3282 |
|  5.124% due 11/25/2053 - 10/25/2055 •  | 3658 | 3678 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.339% due 05/25/2042 •  | 1 | 1 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  5.625% due 02/20/2032 •  | 1 | 1 |
|  6.427% due 05/20/2071 •  | 121 | 125 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  2.500% due 01/20/2049 - 10/20/2049 | 92 | 83 |
|  4.614% due 11/20/2069 •  | 40 | 41 |
|  4.708% due 04/20/2074 •  | 283 | 284 |
|  4.818% due 06/20/2055 - 07/20/2074 •  | 2470 | 2491 |
|  4.868% due 05/20/2055 - 10/20/2073 •  | 4414 | 4467 |
|  4.898% due 09/20/2073 •  | 457 | 462 |
|  4.914% due 01/20/2066 •  | 59 | 59 |
|  4.918% due 05/20/2073 •  | 1006 | 1020 |
|  4.964% due 11/20/2066 •  | 108 | 109 |
|  5.018% due 05/20/2073 - 11/20/2073 •  | 364 | 371 |
|  5.114% due 01/20/2066 •  | 159 | 160 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.500% due 02/01/2056 | 14000 | 14184 |
|  Total U.S. Government Agencies (Cost $106,155) | Total U.S. Government Agencies (Cost $106,155) | 106619 |
| U.S. TREASURY OBLIGATIONS 3.3% | U.S. TREASURY OBLIGATIONS 3.3% | U.S. TREASURY OBLIGATIONS 3.3% |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.125% due 07/15/2026 | 10459 | 10399 |
|  0.125% due 10/15/2026 | 9771 | 9680 |
|  2.125% due 04/15/2029 (f) | 1958 | 2000 |
|  Total U.S. Treasury Obligations (Cost $22,128) | Total U.S. Treasury Obligations (Cost $22,128) | 22079 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.5% |
|  AG Trust | AG Trust | AG Trust |
|  5.766% due 08/15/2041 •  | 143 | 144 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  5.637% due 02/25/2070 þ | 269 | 271 |
|  5.855% due 04/25/2070 þ | 1027 | 1040 |
|  Avon Finance | Avon Finance | Avon Finance |
|  4.642% due 12/28/2049 •  | 1756 | 2371 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  5.903% due 01/25/2064 þ | 571 | 575 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.791% due 09/25/2035 ~ | 5 | 3 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  6.214% due 01/25/2034 ~ | 1 | 1 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.042% due 08/15/2052 | 747 | 736 |
|  BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
|  4.815% due 08/15/2038 •  | 2130 | 2022 |
|  BSST Mortgage Trust | BSST Mortgage Trust | BSST Mortgage Trust |
|  5.051% due 02/15/2037 •  | 2600 | 2267 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  5.124% due 09/25/2055 •  | 554 | 553 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.186% due 06/25/2035 •  | 1 | 1 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.374% due 06/25/2055 •  | 468 | 471 |
|  5.750% due 09/25/2035 •  | 1 | 1 |
|  CLNY Trust | CLNY Trust | CLNY Trust |
|  5.278% due 11/15/2038 •  | 172 | 169 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  5.835% due 02/25/2069 þ | 922 | 929 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.868% due 03/25/2032 ~ | 1 | 1 |
|  5.642% due 06/25/2033 ~ | 2 | 1 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  3.904% due 04/25/2062 ~ | 142 | 137 |
|  4.150% due 12/27/2060 ~ | 569 | 568 |
|  4.674% due 07/25/2056 •  | 270 | 252 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.655% due 02/25/2060 þ | 435 | 441 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.050% due 06/15/2044 •  | 8 | 10 |
|  Finsbury Square Green PLC | Finsbury Square Green PLC | Finsbury Square Green PLC |
|  4.428% due 12/16/2067 •  | 21 | 28 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  FirstMac Mortgage Funding Trust No. 4 | FirstMac Mortgage Funding Trust No. 4 | FirstMac Mortgage Funding Trust No. 4 |
|  4.278% due 09/24/2052 ~•  | 672 | 447 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  1.091% due 05/25/2066 ~ | 573 | 506 |
|  2.885% due 12/27/2066 ~ | 643 | 605 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.286% due 06/25/2045 •  | 4 | 4 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  1.750% due 12/25/2060 ~ | 1046 | 985 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  4.922% due 12/25/2051 •  | 219 | 204 |
|  4.922% due 02/25/2052 •  | 642 | 596 |
|  5.215% due 11/25/2054 •  | 958 | 961 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.951% due 09/25/2035 ~ | 1 | 1 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.286% due 05/19/2035 •  | 8 | 8 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.486% due 03/25/2035 •  | 45 | 44 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.007% due 06/15/2035 •  | 291 | 246 |
|  5.248% due 12/15/2031 •  | 138 | 137 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.500% due 05/25/2050 ~ | 68 | 61 |
|  4.922% due 02/25/2052 •  | 207 | 192 |
|  5.591% due 06/25/2065 þ | 415 | 419 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.750% due 07/25/2061 þ | 299 | 300 |
|  6.250% due 07/25/2067 þ | 227 | 227 |
|  MA Money Pinnacle Residential Securitisation Trust | MA Money Pinnacle Residential Securitisation Trust | MA Money Pinnacle Residential Securitisation Trust |
|  4.348% due 04/15/2066 •  | 70 | 46 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 102 | 100 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  1.125% due 11/25/2060 ~ | 305 | 294 |
|  2.750% due 08/25/2059 ~ | 190 | 186 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  4.865% due 05/15/2036 •  | 800 | 114 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.922% due 09/25/2051 •  | 285 | 264 |
|  4.963% due 09/25/2070 ~ | 484 | 485 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  4.486% due 02/25/2035 •  | 20 | 21 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  4.787% due 04/15/2032 •  | 1000 | 994 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  0.941% due 10/25/2058 ~ | 143 | 138 |
|  2.464% due 01/26/2060 ~ | 579 | 548 |
|  3.500% due 12/25/2057 ~ | 36 | 35 |
|  4.500% due 05/25/2058 ~ | 97 | 95 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  4.960% due 11/15/2038 •  | 1600 | 1599 |
|  OBX Trust | OBX Trust | OBX Trust |
|  5.988% due 01/25/2064 þ | 393 | 396 |
|  6.067% due 01/25/2064 þ | 565 | 570 |
|  6.129% due 12/25/2063 þ | 858 | 867 |
|  6.447% due 02/25/2064 þ | 614 | 622 |
|  Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust |
|  4.815% due 05/25/2055 •  | 726 | 728 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.333% due 03/25/2059 þ | 105 | 106 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  4.990% due 12/25/2055 þ | 200 | 200 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  5.674% due 12/26/2069 þ | 155 | 156 |
|  6.327% due 06/25/2069 þ | 359 | 363 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.553% due 03/25/2055 þ | 249 | 252 |
|  5.653% due 01/25/2045 þ | 312 | 315 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.507% due 11/25/2063 ~ | 648 | 650 |
|  5.239% due 02/20/2034 •  | 39 | 35 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.306% due 05/25/2045 •  | 8 | 8 |
|  4.346% due 07/19/2035 •  | 1 | 1 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.856% due 07/20/2053 •  | 605 | 816 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 12/25/2061 ~ | 435 | 425 |
|  2.710% due 01/25/2060 ~ | 751 | 727 |
|  3.750% due 05/25/2058 ~ | 213 | 210 |
|  4.846% due 05/25/2058 •  | 162 | 165 |
|  4.846% due 10/25/2059 •  | 108 | 108 |
|  Triton Bond Trust | Triton Bond Trust | Triton Bond Trust |
|  4.248% due 02/09/2053 •  | 432 | 288 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.086% due 07/25/2067 ~ | 1000 | 1003 |
|  5.402% due 05/25/2065 þ | 1383 | 1395 |
|  5.712% due 01/25/2069 þ | 637 | 640 |
|  5.811% due 05/25/2068 þ | 136 | 137 |
|  5.850% due 12/25/2067 þ | 184 | 184 |
|  6.443% due 08/25/2068 þ | 115 | 116 |
|  6.476% due 06/25/2068 þ | 224 | 225 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.029% due 02/25/2046 •  | 5 | 5 |
|  5.029% due 08/25/2046 •  | 5 | 4 |
|  5.229% due 11/25/2042 •  | 2 | 1 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  5.393% due 07/15/2037 •  | 1000 | 1003 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $37,705) | Total Non-Agency Mortgage-Backed Securities (Cost $37,705) | 36575 |
| ASSET-BACKED SECURITIES 13.7% | ASSET-BACKED SECURITIES 13.7% | ASSET-BACKED SECURITIES 13.7% |
| AUTOMOBILE ABS OTHER 0.6% | AUTOMOBILE ABS OTHER 0.6% | AUTOMOBILE ABS OTHER 0.6% |
|  Chesapeake Funding II LLC | Chesapeake Funding II LLC | Chesapeake Funding II LLC |
|  5.234% due 05/15/2035 •  | 737 | 739 |
|  Ford Credit Floorplan Master Owner Trust A | Ford Credit Floorplan Master Owner Trust A | Ford Credit Floorplan Master Owner Trust A |
|  4.754% due 09/15/2029 •  | 1500 | 1507 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.328% due 05/20/2027 •  | 507 | 507 |
|  Metro Finance Trust | Metro Finance Trust | Metro Finance Trust |
|  5.298% due 09/19/2028 •  | 1577 | 1053 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.358% due 02/22/2027 •  | 139 | 139 |
|  |  | 3945 |
| AUTOMOBILE SEQUENTIAL 1.4% | AUTOMOBILE SEQUENTIAL 1.4% | AUTOMOBILE SEQUENTIAL 1.4% |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.590% due 07/17/2028 | 1377 | 1382 |
|  Chesapeake Funding II LLC | Chesapeake Funding II LLC | Chesapeake Funding II LLC |
|  5.520% due 05/15/2036 | 514 | 520 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 | 153 | 154 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.380% due 07/20/2029 | 58 | 58 |
|  5.740% due 12/20/2026 | 660 | 663 |
|  5.760% due 10/22/2029 | 162 | 162 |
|  6.400% due 03/20/2030 | 884 | 895 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.880% due 08/16/2028 | 1500 | 1508 |
|  GMF Canada Leasing Trust | GMF Canada Leasing Trust | GMF Canada Leasing Trust |
|  4.883% due 12/21/2026 | 28 | 20 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.490% due 06/25/2027 | 2100 | 2107 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.530% due 09/15/2027 | 416 | 417 |
|  Oscar U.S. Funding XV LLC | Oscar U.S. Funding XV LLC | Oscar U.S. Funding XV LLC |
|  5.810% due 12/10/2027 | 443 | 445 |
|  Oscar U.S. Funding XVI LLC | Oscar U.S. Funding XVI LLC | Oscar U.S. Funding XVI LLC |
|  5.480% due 02/10/2027 « | 44 | 44 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.560% due 11/22/2027 | 738 | 742 |
|  |  | 9117 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.978% due 06/17/2039 •  | 1653 | 1654 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  5.610% due 09/17/2039 •  | 266 | 266 |
|  |  | 1920 |
| CREDIT CARD BULLET 1.1% | CREDIT CARD BULLET 1.1% | CREDIT CARD BULLET 1.1% |
|  Evergreen Credit Card Trust | Evergreen Credit Card Trust | Evergreen Credit Card Trust |
|  4.540% due 10/15/2029 •  | 3200 | 3212 |
|  Master Credit Card Trust II | Master Credit Card Trust II | Master Credit Card Trust II |
|  4.693% due 01/21/2028 •  | 4000 | 4002 |
|  |  | 7214 |
| CREDIT CARD OTHER 0.7% | CREDIT CARD OTHER 0.7% | CREDIT CARD OTHER 0.7% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.970% due 01/15/2029 | 2000 | 1961 |
|  Trillium Credit Card Trust II | Trillium Credit Card Trust II | Trillium Credit Card Trust II |
|  4.297% due 09/26/2030 •  | 2800 | 2811 |
|  |  | 4772 |
| HOME EQUITY OTHER 0.5% | HOME EQUITY OTHER 0.5% | HOME EQUITY OTHER 0.5% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.626% due 04/25/2034 •  | 201 | 191 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  5.346% due 10/25/2034 •  | 15 | 15 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  3.850% due 08/25/2032 •  | 1 | 1 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  4.671% due 08/25/2034 •  | 119 | 115 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.581% due 01/25/2035 •  | 15 | 15 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.821% due 04/25/2035 •  | 41 | 41 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  3.946% due 11/25/2036 •  | 1 | 0 |
|  4.546% due 09/25/2034 •  | 108 | 99 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.746% due 05/25/2034 •  | 214 | 230 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.383% due 08/25/2033 •  | 2 | 2 |
|  4.566% due 11/25/2034 •  | 3 | 2 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.278% due 08/25/2065 þ | 1412 | 1419 |
|  5.348% due 07/25/2065 þ | 179 | 180 |
|  5.848% due 01/25/2064 ~ | 286 | 287 |
|  6.290% due 05/25/2064 ~ | 616 | 624 |
|  |  | 3221 |
| OTHER ABS 9.1% | OTHER ABS 9.1% | OTHER ABS 9.1% |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.035% due 04/15/2034 •  | 3300 | 3301 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  4.994% due 01/18/2035 •  | 400 | 400 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.124% due 07/16/2034 •  | 1000 | 1001 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  2.744% due 01/20/2032 •  | 351 | 413 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.048% due 10/25/2030 •  | 343 | 344 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  5.124% due 07/16/2031 •  | 1435 | 1436 |
|  CCG Receivables Trust | CCG Receivables Trust | CCG Receivables Trust |
|  4.480% due 10/14/2032 | 834 | 839 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.077% due 10/24/2030 •  | 436 | 436 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  2.550% due 05/25/2041 | 19 | 19 |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

December 31, 2025

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CVC Cordatus Loan Fund XII DAC | CVC Cordatus Loan Fund XII DAC | CVC Cordatus Loan Fund XII DAC |
|  2.788% due 01/23/2032 •  | 1418 | 1667 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.690% due 08/22/2030 | 551 | 552 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  5.034% due 10/19/2029 •  | 172 | 173 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  4.929% due 08/20/2034 •  | 2400 | 2399 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  4.739% due 02/27/2068 •  | 258 | 257 |
|  4.989% due 07/25/2069 •  | 220 | 220 |
|  ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC |
|  1.530% due 12/26/2046 | 407 | 366 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.256% due 07/15/2031 •  | 506 | 506 |
|  Greywolf CLO III Ltd. | Greywolf CLO III Ltd. | Greywolf CLO III Ltd. |
|  5.087% due 04/22/2033 •  | 2527 | 2529 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  5.055% due 10/15/2034 •  | 3200 | 3201 |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  5.034% due 07/20/2034 •  | 3100 | 3102 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.226% due 04/20/2031 •  | 611 | 611 |
|  LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. |
|  5.176% due 04/20/2031 •  | 204 | 204 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  4.905% due 10/15/2034 •  | 2400 | 2398 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.200% due 09/13/2027 | 584 | 586 |
|  5.790% due 11/13/2026 | 9 | 9 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  4.765% due 11/15/2068 •  | 163 | 162 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.170% due 09/16/2069 | 117 | 110 |
|  1.310% due 01/15/2069 | 285 | 270 |
|  1.690% due 05/15/2069 | 943 | 896 |
|  4.865% due 04/15/2069 •  | 772 | 768 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  4.800% due 10/15/2055 | 1454 | 1459 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.684% due 03/15/2072 •  | 458 | 462 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.646% due 08/25/2067 •  | 336 | 336 |
|  4.650% due 08/20/2054 | 1400 | 1396 |
|  4.689% due 09/27/2038 •  | 639 | 637 |
|  4.889% due 06/27/2067 •  | 141 | 141 |
|  5.334% due 05/17/2055 •  | 2246 | 2264 |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.034% due 10/20/2030 •  | 154 | 155 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  6.660% due 07/15/2031 | 39 | 39 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.989% due 01/15/2033 •  | 559 | 658 |
|  Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 |
|  5.115% due 07/15/2034 •  | 3000 | 3003 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  4.439% due 06/25/2043 •  | 343 | 338 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.340% due 03/17/2053 | 150 | 142 |
|  1.600% due 09/15/2054 | 176 | 167 |
|  4.696% due 09/15/2054 •  | 694 | 691 |
|  5.074% due 07/15/2053 •  | 1649 | 1638 |
|  5.240% due 03/15/2056 | 549 | 560 |
|  5.434% due 04/15/2054 •  | 931 | 942 |
|  5.434% due 03/15/2056 •  | 235 | 238 |
|  5.524% due 11/15/2052 •  | 619 | 626 |
|  5.634% due 09/15/2053 •  | 556 | 566 |
|  5.784% due 10/16/2056 •  | 257 | 262 |
|  5.834% due 05/16/2050 •  | 502 | 510 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  4.820% due 06/25/2034 | 607 | 611 |
|  Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. |
|  5.138% due 01/25/2032 •  | 708 | 708 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 | 86 | 84 |
|  TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
|  5.024% due 01/20/2032 •  | 784 | 785 |
|  Towd Point Asset Trust | Towd Point Asset Trust | Towd Point Asset Trust |
|  4.548% due 11/20/2061 •  | 155 | 155 |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  4.964% due 10/20/2034 •  | 2400 | 2399 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  4.968% due 01/25/2034 •  | 3100 | 3101 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 | 260 | 263 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.276% due 04/20/2032 •  | 1136 | 1137 |
|  Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. |
|  5.103% due 09/07/2030 •  | 73 | 73 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.196% due 07/20/2030 •  | 75 | 75 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.014% due 07/20/2032 •  | 2086 | 2086 |
|  Volvo Financial Equipment LLC | Volvo Financial Equipment LLC | Volvo Financial Equipment LLC |
|  4.560% due 05/17/2027 | 887 | 888 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.064% due 04/20/2034 •  | 1700 | 1702 |
|  |  | 60472 |
|  Total Asset-Backed Securities (Cost $90,477) | Total Asset-Backed Securities (Cost $90,477) | 90661 |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 3800 | 3875 |
|  Israel Government Bonds - Fixed | Israel Government Bonds - Fixed | Israel Government Bonds - Fixed |
|  0.500% due 02/27/2026 | 2200 | 687 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  4.551% (SOFRRATE + 0.770%) due 03/31/2028 ~ | 300 | 301 |
|  Total Sovereign Issues (Cost $4,724) | Total Sovereign Issues (Cost $4,724) | 4863 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 20.4% | SHORT-TERM INSTRUMENTS 20.4% | SHORT-TERM INSTRUMENTS 20.4% |
| COMMERCIAL PAPER 2.6% | COMMERCIAL PAPER 2.6% | COMMERCIAL PAPER 2.6% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.300% due 01/08/2026 | 1800 | 1798 |
|  Edison International | Edison International | Edison International |
|  4.550% due 01/06/2026 | 1100 | 1099 |
|  ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC |
|  4.200% due 01/12/2026 | 6600 | 6592 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.300% due 01/07/2026 | 4900 | 4896 |
|  4.300% due 01/13/2026 | 2900 | 2896 |
|  |  | 17281 |
| REPURCHASE AGREEMENTS (d) 5.6% | REPURCHASE AGREEMENTS (d) 5.6% | REPURCHASE AGREEMENTS (d) 5.6% |
|  |  | 37306 |
| U.S. TREASURY BILLS 12.2% | U.S. TREASURY BILLS 12.2% | U.S. TREASURY BILLS 12.2% |
|  3.650% due 03/03/2026 - 03/31/2026 (a)(b)(h) | 81365 | 80885 |
| Total Short-Term Instruments (Cost $135,501) | Total Short-Term Instruments (Cost $135,501) | 135472 |
| Total Investments in Securities (Cost $724,907) | Total Investments in Securities (Cost $724,907) | 725725 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 7.2% | INVESTMENTS IN AFFILIATES 7.2% | INVESTMENTS IN AFFILIATES 7.2% |
| SHORT-TERM INSTRUMENTS 7.2% | SHORT-TERM INSTRUMENTS 7.2% | SHORT-TERM INSTRUMENTS 7.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.2% |
|  PIMCO Short Asset Portfolio | 4838722 | 47502 |
| Total Short-Term Instruments<br>(Cost $47,416) | Total Short-Term Instruments<br>(Cost $47,416) | 47502 |
| Total Investments in Affiliates<br>(Cost $47,416) | Total Investments in Affiliates<br>(Cost $47,416) | 47502 |
| Total Investments 116.7%<br>(Cost $772,323) | Total Investments 116.7%<br>(Cost $772,323) | 773227 |
|  Financial Derivative Instruments (e)(g) 0.2%<br> (Cost or Premiums, net $2,028) |  | 1288 |
| Other Assets and Liabilities, net (16.9)% | Other Assets and Liabilities, net (16.9)% | (111746) |
| Net Assets 100.0% | Net Assets 100.0% | 662769 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Principal amount of security is adjusted for inflation.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **15** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(d) 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> |
| BCY | 3.750% | 12/31/2025 | 01/02/2026 | $4981 | U.S. Treasury Notes 3.500% due 11/30/2030 | $(4966) | $4981 | $4982 |
|  | 3.850 | 12/31/2025 | 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20025 | U.S. Treasury Notes 3.375% due 11/30/2027 | (20022) | 20025 | 20029 |
| SAL | 3.700 | 12/31/2025 | 01/02/2026 | 2300 | U.S. Treasury Bills 0.000% due 06/18/2026 | (2347) | 2300 | 2301 |
|  | 3.870 | 12/31/2025 | 01/02/2026 | 10000 | U.S. Treasury Bills 0.000% due 10/29/2026 | (10208) | 10000 | 10002 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37543) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37314 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(2)</sup> |
|  U.S. Treasury Obligations (3.8)% | U.S. Treasury Obligations (3.8)% | U.S. Treasury Obligations (3.8)% | U.S. Treasury Obligations (3.8)% | U.S. Treasury Obligations (3.8)% | U.S. Treasury Obligations (3.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 3.375% | 11/30/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | $(19928) | $(20024) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 11/30/2030 | 5000 | (4951) | (4966) |
|  Total Short Sales (3.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24879) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24990) |

---

#### 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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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-<br>Buyback<br>Transactions | Payable for<br>Short Sales<sup>(2)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BCY | $25011 | $0 | $0 | $0 | $25011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24988) | $23 |
|  SAL | 12303 | 0 | 0 | 0 | 12303 | (12555) | (252) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BCY | 0 | 0 | 0 | (20024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20024) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20024) |
|  GSC | 0 | 0 | 0 | (4966) | (4966) | 0 | (4966) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37314 | $&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;(24990) |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Payable for short sales includes $(77) of accrued interest. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended December 31, 2025 was $(6,840) at a weighted average interest rate of 4.469%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 3-Year Bond March Futures  | 03/2026 | 488 | $34194 | $33 | $9 | $(9) |
|  Canada Government 5-Year Bond March Futures  | 03/2026 | 165 | 13619 | (86) | 0 | (24) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 1249 | 136522 | (207) | 0 | (147) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) |

---

16 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### 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  | 03/2026 | 328 | $(68483) | $(33) | $23 | $0 |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 118 | (13268) | 89 | 24 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 60 | (7080) | 41 | 23 | 0 |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 97 | (11157) | (5) | 18 | 0 |
|  |  |  |  | $92 | $88 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/ Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/ Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 |  | 10300 | $(50) | $107 | $57 | $12 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/11/2026 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101500 | 126 | 33 | 159 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.920 | Annual | 02/27/2026 |  | 800 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 |  | 15500 | 0 | (178) | (178) | 16 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 23000 | (105) | (199) | (304) | 30 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 |  | 29539 | 6 | 120 | 126 | 42 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 |  | 39276 | 39 | (1) | 38 | 56 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) |

---

(f) Securities with an aggregate market value of $1,765 and cash of $4,493 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/(<br>Depreciation) | Unrealized Appreciation/(<br>Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  BPS | 01/2026 | 6688 | $4347 | $0 | $(116) |
|  CBK | 01/2026 | 283 | 330 | 0 | (2) |
|  | 01/2026 | 228 | 71 | 0 | (1) |
|  | 01/2026 | $3418 | 5171 | 33 | 0 |
|  FAR | 01/2026 | 13631 | $8853 | 0 | (244) |
|  | 01/2026 | 2780 | 3651 | 0 | (96) |
|  GLM | 01/2026 | 13 | 16 | 0 | 0 |
|  | 01/2026 | $25 | 80 | 0 | 0 |
|  JPM | 01/2026 | 40 | 130 | 1 | 0 |
|  MBC | 01/2026 | 772 | $549 | 0 | (14) |
|  | 01/2026 | 3974 | 4612 | 0 | (60) |
|  | 02/2026 | 2211 | 605 | 0 | (90) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(623) |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 17

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.250% | 12/09/2026 | 1200 | $1 | $1 |
| CBK Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500 | 02/13/2026 | 196600 | 131 | 3 |
| DUB Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 139100 | 145 | 94 |
| FAR Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.250 | 12/09/2026 | 167000 | 76 | 44 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 10800 | 11 | 7 |
| NGF Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 112400 | 119 | 76 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |

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#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BOA | iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR 3,900 | $892 | $27 | $919 | $0 |
| BPS | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 400 | 91 | 3 | 94 | 0 |
| JPM | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 2400 | 546 | 20 | 566 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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#### 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, 2025:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  BOA | $0 | $0 | $919 | $919 | $0 | $0 | $0 | $0 | $919 | $(740) | $179 |
|  BPS | 0 | 1 | 94 | 95 | (116) | 0 | 0 | (116) | (21) | 0 | (21) |
|  CBK | 33 | 3 | 0 | 36 | (3) | 0 | 0 | (3) | 33 | 0 | 33 |
|  DUB | 0 | 94 | 0 | 94 | 0 | 0 | 0 | 0 | 94 | 0 | 94 |
|  FAR | 0 | 44 | 0 | 44 | (340) | 0 | 0 | (340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296) | 263 | (33) |
|  JPM | 1 | 0 | 566 | 567 | 0 | 0 | 0 | 0 | 567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420) | 147 |
|  MBC | 0 | 0 | 0 | 0 | (164) | 0 | 0 | (164) | (164) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) |
|  MYC | 0 | 7 | 0 | 7 | 0 | 0 | 0 | 0 | 7 | 0 | 7 |
|  NGF | 0 | 76 | 0 | 76 | 0 | 0 | 0 | 0 | 76 | 0 | 76 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(623) | $&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;(623) |  |  |  |

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(h) Securities with an aggregate market value of $263 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $97 | $97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 156 | 156 |
|  | $0 | $0 | $0 | $0 | $253 | $253 |
|  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 | $34 | $0 | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 225 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1579 | 0 | 0 | 0 | 1579 |
|  | $0 | $1579 | $0 | $34 | $225 | $1838 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $180 | $180 |
|  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 | $623 | $0 | $623 |
|  | $0 | $0 | $0 | $623 | $180 | $803 |

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The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2985 | $2985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | (2783) | (2778) |
|  | $0 | $5 | $0 | $0 | $202 | $207 |
|  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 | $(553) | $0 | $(553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (256) | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 20 | 0 | 0 | 0 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 72 | 0 | 0 | 0 | 72 |
|  | $0 | $92 | $0 | $(553) | $(256) | $(717) |
|  | $0 | $97 | $0 | $(553) | $(54) | $(510) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(353) | $(353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1) | 0 | 0 | (387) | (388) |
|  | $0 | $(1) | $0 | $0 | $(740) | $(741) |
|  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 | $(1526) | $0 | $(1526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (257) | (257) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 50 | 0 | 0 | 0 | 50 |
|  | $0 | $50 | $0 | $(1526) | $(257) | $(1733) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1526) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(997) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2474) |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 19

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Schedule of Investments PIMCO Short-Term Portfolio (Cont.) December 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $207539 | $0 | $207539 |
| &nbsp;&nbsp; Industrials | 0 | 90199 | 0 | 90199 |
| &nbsp;&nbsp; Utilities | 0 | 29860 | 0 | 29860 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Louisiana | 0 | 1858 | 0 | 1858 |
|  U.S. Government Agencies | 0 | 106619 | 0 | 106619 |
|  U.S. Treasury Obligations | 0 | 22079 | 0 | 22079 |
|  Non-Agency Mortgage-Backed Securities | 0 | 36575 | 0 | 36575 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 3945 | 0 | 3945 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 9073 | 44 | 9117 |
| &nbsp;&nbsp; CMBS Other | 0 | 1920 | 0 | 1920 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 7214 | 0 | 7214 |
| &nbsp;&nbsp; Credit Card Other | 0 | 4772 | 0 | 4772 |
| &nbsp;&nbsp; Home Equity Other | 0 | 3221 | 0 | 3221 |
| &nbsp;&nbsp; Other ABS | 0 | 60472 | 0 | 60472 |
|  Sovereign Issues | 0 | 4863 | 0 | 4863 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 17281 | 0 | 17281 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 37306 | 0 | 37306 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 80885 | 0 | 80885 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725725 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $47502 | $0 | $0 | $47502 |
|  Total Investments | $47502 | $725681 | $44 | $773227 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Treasury Obligations | $0 | $(24990) | $0 | $(24990) |
|  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 | 9 | 244 | 0 | 253 |
|  Over the counter | 0 | 1838 | 0 | 1838 |
|  | $9 | $2082 | $0 | $2091 |
|  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 | (33) | (147) | 0 | (180) |
|  Over the counter | 0 | (623) | 0 | (623) |
|  | $(33) | $(770) | $0 | $(803) |
|  Total Financial Derivative Instruments | $(24) | $1312 | $0 | $1288 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749525 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

Notes to Financial Statements December 31, 2025

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Short-Term Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

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------

Notes to Financial Statements (Cont.)

obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Portfolio may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Portfolio invests. These foreign taxes, if any, are paid by the Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

(c) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the

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| **22** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 funds, 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.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to 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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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

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Notes to Financial Statements (Cont.)

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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

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

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| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

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Notes to Financial Statements (Cont.)

internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, 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, time deposits and certificates of deposit) 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, rules thereunder or exemptive relief therefrom. 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, 2025 (amounts in thousands<sup>†</sup>):

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

#### Investment in PIMCO Short Asset Portfolio

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39845 | $&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;76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>12/31/2024 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30625 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35575) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&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;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to 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 ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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 interests in 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 payments. 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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **27** |

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Notes to Financial Statements (Cont.)

bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

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.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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 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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a

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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 (in the case of tri-party repurchase agreements). Traditionally, the Portfolio has used bilateral repurchase agreements wherein the underlying securities will be held by the Portfolio's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement.

Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will

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ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2025, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked

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to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

(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.

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Notes to Financial Statements (Cont.)

A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation 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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

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Credit default swap agreements on credit indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes 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 indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication 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 as the value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less

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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

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, investments in CLOs 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) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the

Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

(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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **35** |

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Notes to Financial Statements (Cont.)

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 complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against

geopolitical rivals. 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

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| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Administrative<br>Class | Advisor<br>Class |
| 0.25% | 0.20% | 0.20% | 0.20% |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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Notes to Financial Statements (Cont.)

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing, or procuring through financial firms, administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class shares.

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|  | Distribution Fee | Servicing Fee |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses,

including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $4,977.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

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| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249023 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
| | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 310 | $3203 | 335 | $3441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 10898 | 112482 | 10427 | 107226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 7563 | 78077 | 7496 | 77056 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 228 | 2358 | 324 | 3336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1174 | 12124 | 1228 | 12628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1320 | 13627 | 1355 | 13940 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (684) | (7064) | (2297) | (23615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (9535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116726) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (6049) | (62431) | (6270) | (64470) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 5225 | $53961 | 1245 | $12816 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2025, four persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 62% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

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.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **39** |

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Notes to Financial Statements (Cont.)

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, 2025, 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the

annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO Short-Term Portfolio | $2820 | $0 | $262 | $0 | $(611) | $0 | $0 | $2471 |

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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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, and return of capital distributions from underlying funds. 

<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, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Short-Term Portfolio | $557 | $54 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2025, 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 Short-Term Portfolio | $749000 | $3835 | $(3651) | $184 |

---

---

| | |
|:---|:---|
| <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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, and return of capital distributions from underlying funds. 

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| | |
|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Short-Term Portfolio | $28113 | $0 | $0 | $29905 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **41** |

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------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Short-Term Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Short-Term Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | |
|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations:  | Counterparty Abbreviations:  |  |  |  |  |
| BCY | Barclays Capital, Inc. | FAR | Wells Fargo Bank National Association | MBC | HSBC Bank Plc |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | MYC | Morgan Stanley Capital Services LLC |
| BPS | BNP Paribas S.A. | GSC | Goldman Sachs & Co. LLC | NGF | Nomura Global Financial Products, Inc. |
| CBK | Citibank N.A. | JPM | JP Morgan Chase Bank N.A. | SAL | Citigroup Global Markets, Inc. |
| DUB | Deutsche Bank AG |  |  |  |  |
|  Currency Abbreviations:  | Currency Abbreviations:  |  |  |  |  |
| AUD | Australian Dollar | EUR | Euro | ILS | Israeli Shekel |
| CAD | Canadian Dollar | GBP | British Pound | USD (or $) | United States Dollar |
| CHF | Swiss Franc |  |  |  |  |
|  Exchange Abbreviations:  | Exchange Abbreviations:  |  |  |  |  |
| OTC | Over the Counter |  |  |  |  |
|  Index/Spread Abbreviations:  | Index/Spread Abbreviations:  |  |  |  |  |
| BBSW3M | 3 Month Bank Bill Swap Rate | SOFRINDX | Secured Overnight Financing Rate Index | US0003M | ICE 3-Month USD LIBOR |
| SOFR | Secured Overnight Financing Rate | SONIO | Sterling Overnight Interbank Average Rate |  |  |
|  Municipal Bond or Agency Abbreviations:  | Municipal Bond or Agency Abbreviations:  |  |  |  |  |
| NPFGC | National Public Finance Guarantee Corp. |  |  |  |  |
|  Other Abbreviations:  | Other Abbreviations:  |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | REMIC | Real Estate Mortgage Investment Conduit |
| BBSW | Bank Bill Swap Reference Rate | DAC | Designated Activity Company | TBA | To-Be-Announced |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **43** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

#### PIMCO Short-Term Portfolio

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 2025 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
|  August 2025 | $0.0424 | $0.0000 | $0.0000 | $0.0424 |
|  September 2025 | $0.0384 | $0.0000 | $0.0000 | $0.0384 |
|  October 2025 | $0.0422 | $0.0000 | $0.0000 | $0.0422 |
|  November 2025 | $0.0350 | $0.0000 | $0.0000 | $0.0350 |
|  December 2025 | $0.0382 | $0.0000 | $0.0000 | $0.0382 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0396 | $0.0000 | $0.0000 | $0.0396 |
|  August 2025 | $0.0410 | $0.0000 | $0.0000 | $0.0410 |
|  September 2025 | $0.0372 | $0.0000 | $0.0000 | $0.0372 |
|  October 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  November 2025 | $0.0338 | $0.0000 | $0.0000 | $0.0338 |
|  December 2025 | $0.0368 | $0.0000 | $0.0000 | $0.0368 |
| 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 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  August 2025 | $0.0401 | $0.0000 | $0.0000 | $0.0401 |
|  September 2025 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |
|  October 2025 | $0.0399 | $0.0000 | $0.0000 | $0.0399 |
|  November 2025 | $0.0330 | $0.0000 | $0.0000 | $0.0330 |
|  December 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio net income, yield, earnings or investment performance. 

---

| | |
|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO Short-Term Portfolio | 0.00% | 0.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, 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 2025.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **45** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant,

financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also requested and received supplemental information, including

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| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

(Unaudited)

information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO have benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **49** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

March 31, 2025 (the "Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit

the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Portfolios (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries.

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|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the

number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expense ratios and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expense ratios. Upon comparing the Portfolios' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expense ratios of each Portfolio to be reasonable.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

The Trustees also considered the advisory fees charged to the Portfolios that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Asset Allocation Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in

return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" expense structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in

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|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees charged by Research Affiliates under the Asset Allocation Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **53** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g85444g06y60.jpg)

PVITSHTERMFSTMAR_123125

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![LOGO](g80535g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Financial and Other Information
December 31, 2025

PIMCO Total Return Portfolio

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#### **Table of Contents**

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|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Total Return Portfolio](#tx80535_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx80535_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx80535_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx80535_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx80535_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx80535_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx80535_7) | 29 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx80535_8) | 48 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx80535_9) | 52 |
| &nbsp;&nbsp; [Glossary](#tx80535_10) | 53 |
| &nbsp;&nbsp; [Distribution Information](#tx80535_11) | 54 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx80535_12) | 55 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx80535_13) | 56 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx80535_14) | 57 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx80535_15) | 58 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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Important Information About the PIMCO Total Return Portfolio

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Total Return Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolio may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 note 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 Schedule of Investments section 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Portfolio may no longer seek to hold.

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

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolio and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolio, issuers in which it invests and other market participants and Portfolio service providers. For example, if a bank at which the Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a

fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolio and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolio and issuers in which it invests.

The following table discloses the inception dates of the Portfolio and its respective share classes along with the Portfolio's diversification status as of period end:

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| Portfolio Name | Portfolio<br>Inception | Institutional<br>Class | Administrative<br>Class | Advisor<br>Class | Diversification<br>Status |
|  PIMCO Total Return Portfolio | 12/31/97 | 04/10/00 | 12/31/97 | 02/28/06 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize

service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on

the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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| Important Information About the PIMCO Total Return Portfolio | (Cont.) |

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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.

In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Portfolio's shareholder reports are required to be provided free of charge by the Portfolio, the insurance company or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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| Financial Highlights | PIMCO Total Return Portfolio |

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|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net Asset**<br> **Value**<br> **Beginning**<br> **of Year**<br> **or Period<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; 12/31/2025 | $9.04 | $0.39 | $0.41 | $0.80 | $(0.39) | $0.00 | $(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.18 | 0.39 | (0.15) | 0.24 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.98 | 0.37 | 0.16 | 0.53 | (0.33) | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.76 | 0.28 | (1.80) | (1.52) | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.59 | 0.23 | (0.36) | (0.13) | (0.22) | (0.48) | (0.70) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 9.04 | 0.37 | 0.42 | 0.79 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.18 | 0.38 | (0.15) | 0.23 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.98 | 0.35 | 0.17 | 0.52 | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.76 | 0.26 | (1.79) | (1.53) | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.59 | 0.21 | (0.36) | (0.15) | (0.20) | (0.48) | (0.68) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | 9.04 | 0.36 | 0.42 | 0.78 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.18 | 0.37 | (0.15) | 0.22 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.98 | 0.35 | 0.16 | 0.51 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.76 | 0.26 | (1.80) | (1.54) | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.59 | 0.20 | (0.36) | (0.16) | (0.19) | (0.48) | (0.67) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolio's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolio. Additionally, excludes applicable initial sales charges, contingent deferred sales charges and Variable Contract fees or expenses. 

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset**<br> **Value End of**<br> **Year or**<br> **Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets**<br> **End of Year**<br> **or Period**<br> (000s) | **Expenses** | **Expenses**<br> **Excluding**<br> **Waivers** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense**<br> **and**<br> **Waivers** | **Net**<br> **Investment**<br> **Income (Loss)** | **Portfolio**<br> **Turnover**<br> **Rate** |
| $9.45 | 9.05% | $386531 | 0.58% | 0.58% | 0.50% | 0.50% | 4.17% | 505% |
| 9.04 | 2.69 | 317027 | 0.64 | 0.64 | 0.50 | 0.50 | 4.28 | 613 |
| 9.18 | 6.09 | 341064 | 0.60 | 0.60 | 0.50 | 0.50 | 4.13 | 486 |
| 8.98 | (14.17) | 278918 | 0.52 | 0.52 | 0.50 | 0.50 | 2.90 | 411 |
| 10.76 | (1.12) | 392304 | 0.50 | 0.50 | 0.50 | 0.50 | 2.10 | 308 |
| 9.45 | 8.89 | 2203355 | 0.73 | 0.73 | 0.65 | 0.65 | 4.02 | 505 |
| 9.04 | 2.53 | 2207837 | 0.79 | 0.79 | 0.65 | 0.65 | 4.13 | 613 |
| 9.18 | 5.93 | 2361905 | 0.75 | 0.75 | 0.65 | 0.65 | 3.96 | 486 |
| 8.98 | (14.30) | 2597117 | 0.67 | 0.67 | 0.65 | 0.65 | 2.76 | 411 |
| 10.76 | (1.27) | 3426140 | 0.65 | 0.65 | 0.65 | 0.65 | 1.90 | 308 |
| 9.45 | 8.78 | 1989235 | 0.83 | 0.83 | 0.75 | 0.75 | 3.92 | 505 |
| 9.04 | 2.43 | 1942815 | 0.89 | 0.89 | 0.75 | 0.75 | 4.03 | 613 |
| 9.18 | 5.83 | 1950482 | 0.85 | 0.85 | 0.75 | 0.75 | 3.87 | 486 |
| 8.98 | (14.39) | 1891377 | 0.77 | 0.77 | 0.75 | 0.75 | 2.67 | 411 |
| 10.76 | (1.36) | 2346735 | 0.75 | 0.75 | 0.75 | 0.75 | 1.81 | 308 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

---

------

---

| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | PIMCO Total Return Portfolio | December 31, 2025 |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $5919379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 203753 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 17478 |
|  Cash | 802 |
|  Deposits with counterparty | 10996 |
|  Foreign currency, at value | 6744 |
|  Receivable for investments sold | 32368 |
|  Receivable for investments sold on a delayed-delivery basis | 30 |
|  Receivable for TBA investments sold | 2375820 |
|  Receivable for Portfolio shares sold | 1427 |
|  Interest and/or dividends receivable | 37327 |
|  Dividends receivable from Affiliates | 793 |
|  **Total Assets** | 8609024 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $58551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 79807 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 13390 |
|  Payable for investments purchased | 113795 |
|  Payable for investments in Affiliates purchased | 841 |
|  Payable for TBA investments purchased | 3727611 |
|  Payable for unfunded loan commitments | 7753 |
|  Deposits from counterparty | 21388 |
|  Payable for Portfolio shares redeemed | 2082 |
|  Accrued investment advisory fees | 1001 |
|  Accrued supervisory and administrative fees | 1001 |
|  Accrued distribution fees | 435 |
|  Accrued servicing fees | 289 |
|  **Total Liabilities** | 4029903 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $4579121 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $5314342 |
|  Distributable earnings (accumulated loss) | (735221) |
|  **Net Assets** | $4579121 |
|  **Net Assets:** |  |
|  Institutional Class | $386531 |
|  Administrative Class | 2203355 |
|  Advisor Class | 1989235 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 40882 |
|  Administrative Class | 233042 |
|  Advisor Class | 210396 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.45 |
|  Administrative Class | 9.45 |
|  Advisor Class | 9.45 |
|  Cost of investments in securities | $6192659 |
|  Cost of investments in Affiliates | $205999 |
|  Cost of foreign currency held | $6777 |
|  Proceeds received on short sales | $79925 |
|  Cost or premiums of financial derivative instruments, net | $23928 |
|  \* Includes repurchase agreements of: | $116816 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

---

| | |
|:---|:---|
| Statement of Operations | PIMCO Total Return Portfolio |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $201512 |
|  Dividends | 1240 |
|  Dividends from Investments in Affiliates | 9552 |
|  Miscellaneous income | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 212477 |
|  **Expenses:** |  |
|  Investment advisory fees | 11181 |
|  Supervisory and administrative fees | 11181 |
|  Distribution and/or servicing fees - Administrative Class | 3275 |
|  Distribution and/or servicing fees - Advisor Class | 4860 |
|  Trustee fees | 212 |
|  Interest expense | 3442 |
|  Miscellaneous expense | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 34218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 34175 |
|  **Net Investment Income (Loss)** | 178302 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (3040) |
|  Investments in Affiliates | 7 |
|  Exchange-traded or centrally cleared financial derivative instruments | 40614 |
|  Over the counter financial derivative instruments | 1243 |
|  Short sales | (81) |
|  Foreign currency | 1195 |
|  **Net Realized Gain (Loss)** | 39938 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 181860 |
|  Investments in Affiliates | 392 |
|  Exchange-traded or centrally cleared financial derivative instruments | 4022 |
|  Over the counter financial derivative instruments | (17100) |
|  Foreign currency assets and liabilities | (1972) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 167202 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $385442 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

---

------

---

| | |
|:---|:---|
| Statements of Changes in Net Assets | PIMCO Total Return Portfolio |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $178302 | $185700 |
|  Net realized gain (loss) | 39938 | (55163) |
|  Net change in unrealized appreciation (depreciation) | 167202 | (23897) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 385442 | 106640 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (14706) | (12410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (89597) | (92245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (77840) | (77039) |
|  **Total Distributions<sup>(a)</sup>** | (182143) | (181694) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (91857) | (110718) |
|  **Total Increase (Decrease) in Net Assets** | 111442 | (185772) |
|  **Net Assets:** |  |  |
|  Beginning of year | 4467679 | 4653451 |
|  End of year | $4579121 | $4467679 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | December 31, 2025 |

---

#### (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 129.3% | INVESTMENTS IN SECURITIES 129.3% | INVESTMENTS IN SECURITIES 129.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% |
|  Alfa-Bank CJSC | Alfa-Bank CJSC | Alfa-Bank CJSC |
|  6.330% - 8.066% due 10/21/2026 «~(f) | 1079 | 1078 |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 «~ | 6565 | 6273 |
|  Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
|  9.672% (TSFR3M + 6.000%) due 05/16/2029 «~ | 133 | 137 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% - 6.216% due 01/03/2031 ~µ | 430 | 437 |
|  TBD% due 01/05/2032 «µ | 430 | 431 |
|  TBD% - 6.216% (TSFR1M + 4.500%) due 01/03/2031 ~ | 1941 | 1975 |
|  Dorchester LLC | Dorchester LLC | Dorchester LLC |
|  4.349% - 9.672% (EUR003M + 2.300%) due 01/04/2027 «~(f) | 1900 | 2233 |
|  Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III |
|  6.026% - 8.831% due 03/26/2026 «~(f) | 1500 | 1500 |
|  Project Alpha Investindustrial | Project Alpha Investindustrial | Project Alpha Investindustrial |
|  4.150% - 9.695% (EUR003M + 2.100%) due 02/27/2026 «~(f) | 945 | 1111 |
|  Project Fenno | Project Fenno | Project Fenno |
|  TBD% - 4.368% (EUR003M + 2.350%) due 07/10/2028 «~µ(f) | 1466 | 1731 |
|  TBD% - 4.352% (EUR003M + 2.350%) due 07/10/2028 «~µ(f) | 1459 | 1724 |
|  Project Flash | Project Flash | Project Flash |
|  TBD% - 9.966% (TSFR1M + 2.250%) due 04/30/2030 «~µ | 12000 | 12000 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 «~ | 2300 | 2321 |
|  Project Nova | Project Nova | Project Nova |
|  7.080% - 7.284% due 08/31/2026 «~ | 1000 | 1000 |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  8.199% (TSFR3M + 4.500%) due 12/19/2031 ~ | 1038 | 974 |
|  Total Loan Participations and Assignments (Cost $34,987) | Total Loan Participations and Assignments (Cost $34,987) | 34925 |
| CORPORATE BONDS & NOTES 37.1% | CORPORATE BONDS & NOTES 37.1% | CORPORATE BONDS & NOTES 37.1% |
| BANKING & FINANCE 19.4% | BANKING & FINANCE 19.4% | BANKING & FINANCE 19.4% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.375% due 10/02/2031 | 6800 | 6775 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 6450 | 6364 |
|  3.000% due 10/29/2028 | 801 | 777 |
|  Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC |
|  5.000% due 09/15/2030 | 7200 | 7279 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  4.500% due 07/30/2029 | 4500 | 4509 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  5.548% due 07/31/2033 •  | 4000 | 4032 |
|  6.848% due 01/03/2030 •  | 8000 | 8491 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 2800 | 2554 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.098% due 02/16/2028 •  | 2000 | 2024 |
|  5.645% due 04/23/2027 •  | 9000 | 9044 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.750% due 01/15/2027 | 13400 | 13229 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 7100 | 7157 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  5.375% due 07/15/2029 | 3400 | 3485 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.552% due 03/14/2028 •  | 8200 | 8342 |
|  5.565% due 01/17/2030 | 1100 | 1146 |
|  6.527% due 11/07/2027 •  | 4400 | 4493 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  3.824% due 01/20/2028 •  | 9200 | 9181 |
|  4.376% due 04/27/2028 •  | 5250 | 5272 |
|  4.948% due 07/22/2028 •  | 3849 | 3905 |
|  5.162% due 01/24/2031 •  | 6000 | 6195 |
|  5.202% due 04/25/2029 •  | 1100 | 1128 |
|  5.819% due 09/15/2029 •  | 9500 | 9917 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
|  4.975% due 03/14/2030 •  | 9200 | 9473 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.476% due 11/11/2029 •  | 5700 | 5732 |
|  5.215% (SOFRRATE + 1.490%) due 03/12/2028 ~ | 3700 | 3739 |
|  7.437% due 11/02/2033 •  | 4500 | 5147 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  8.000% due 05/25/2028 | 5000 | 5346 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 | 8100 | 7354 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  2.871% due 04/19/2032 •  | 17000 | 15540 |
|  5.497% due 05/20/2030 •  | 8400 | 8697 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.281% due 05/30/2029 | 3500 | 3611 |
|  6.612% due 10/19/2027 •  | 8800 | 8969 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.673% due 03/15/2030 •  | 7000 | 7273 |
|  Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC |
|  3.500% due 09/19/2029 | 4900 | 4770 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  7.500% due 05/30/2029 | 4700 | 5002 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.457% (SOFRINDX + 0.590%) due 04/30/2026 ~ | 7000 | 7006 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.572% due 06/03/2031 •  | 3905 | 3620 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.106% due 02/24/2027 •  | 8000 | 7965 |
|  5.447% due 03/05/2030 •  | 9200 | 9510 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.650% due 08/20/2027 | 1000 | 1010 |
|  Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
|  6.740% due 03/20/2030 «(f) | 1800 | 1834 |
|  Credit Suisse AG AT1 Claim | 12700 | 3747 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.100% due 04/01/2031 | 6200 | 5475 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP |
|  2.250% due 12/15/2028 | 8200 | 7783 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  4.298% due 04/01/2028 •  | 14000 | 14033 |
|  5.427% due 03/01/2028 •  | 4500 | 4571 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  5.706% due 02/08/2028 •  | 600 | 610 |
|  DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC |
|  4.300% due 03/15/2027 | 1550 | 1553 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.750% due 08/15/2029 | 4300 | 4172 |
|  Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
|  4.600% due 11/15/2030 | 970 | 973 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.815% due 11/02/2027 | 3246 | 3198 |
|  5.850% due 05/17/2027 | 3000 | 3047 |
|  5.918% due 03/20/2028 | 1300 | 1331 |
|  6.798% due 11/07/2028 | 1354 | 1421 |
|  7.350% due 11/04/2027 | 600 | 627 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.950% due 09/15/2028 | 15400 | 14518 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  5.175% (SOFRINDX + 1.350%) due 05/08/2027 ~ | 9200 | 9253 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.750% due 06/01/2028 | 7900 | 8135 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  4.495% (SOFRRATE + 0.770%) due 03/18/2027 ~ | 7700 | 7709 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.691% due 06/05/2028 •  | 5900 | 5870 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 | 14000 | 13835 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 | 11200 | 11095 |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | 3379 | 3422 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.150% due 01/15/2031 | 8100 | 8331 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  4.125% due 03/15/2028 | 3600 | 3572 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.899% due 03/03/2029 •  | 8000 | 8118 |
|  5.546% due 03/04/2030 •  | 4500 | 4667 |
|  6.254% due 03/09/2034 •  | 4600 | 5007 |
|  7.390% due 11/03/2028 •  | 7200 | 7614 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  3.950% due 03/29/2027 | 1000 | 1000 |
|  4.625% due 01/06/2026 | 3700 | 3700 |
|  5.066% due 03/25/2031 •  | 12000 | 12301 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.550% due 09/09/2030 | 6900 | 6879 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.578% due 04/22/2027 •  | 17000 | 16874 |
|  2.182% due 06/01/2028 •  | 16000 | 15609 |
|  5.299% due 07/24/2029 •  | 9200 | 9484 |
|  6.070% due 10/22/2027 •  | 8200 | 8331 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  3.050% due 02/15/2030 | 2200 | 2049 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 2000 | 2359 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ | 14200 | 10659 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.985% due 08/07/2027 •  | 3700 | 3742 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  4.650% due 03/15/2030 | 4200 | 4288 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
|  4.300% due 10/22/2027 | 9500 | 9571 |
|  5.050% due 12/07/2027 | 7900 | 8072 |
|  Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP |
|  2.750% due 03/15/2030 | 3000 | 2840 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  1.640% due 10/13/2027 •  | 11600 | 11389 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  2.201% due 07/10/2031 •  | 1700 | 1549 |
|  5.382% due 07/10/2030 •  | 9300 | 9620 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.654% due 10/18/2030 •  | 9200 | 9313 |
|  5.123% due 02/01/2029 •  | 6100 | 6228 |
|  5.173% due 01/16/2030 •  | 4500 | 4622 |
|  5.449% due 07/20/2029 •  | 9200 | 9496 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.637% (SOFRRATE + 0.865%) due 05/26/2028 ~ | 5000 | 5016 |
|  5.026% (SOFRRATE + 1.080%) due 01/14/2028 ~ | 9300 | 9365 |
|  5.504% due 05/26/2028 •  | 3600 | 3674 |
|  5.882% due 10/30/2026 | 5700 | 5787 |
|  Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
|  4.500% due 02/11/2027 | 15000 | 14985 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  3.960% due 07/18/2030 •  | 3700 | 3650 |
|  6.557% due 10/18/2027 •  | 8800 | 8968 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  3.073% due 05/22/2028 •  | 2600 | 2568 |
|  5.778% due 03/01/2035 •  | 8500 | 8993 |

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---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>11</sub> |

---

------

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| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) |

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---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.022% due 03/21/2030 | $| 6900 | 7083 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.278% (SOFRRATE + 0.550%) due 06/11/2027 ~ |  | 4900 | 4914 |
|  4.526% due 01/16/2026 •  |  | 7300 | 7301 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 |  | 17000 | 16638 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 |  | 500 | 476 |
|  2.679% due 07/16/2030 |  | 9400 | 8701 |
|  5.035% (SOFRRATE + 1.250%) due 07/02/2027 ~ |  | 7200 | 7258 |
|  5.842% due 01/18/2028 |  | 4400 | 4545 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  3.375% due 02/01/2031 |  | 12000 | 11211 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) |  | 3700 | 2857 |
|  Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | CAD | 12800 | 9392 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.250% due 06/15/2029 | $| 900 | 876 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.875% due 01/19/2027 |  | 7200 | 7277 |
|  Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. |
|  4.660% due 12/16/2028 «(f) |  | 5000 | 4996 |
|  Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. |
|  15.930% (BRMMUSDF + 12.320%) due 04/09/2029 ~ |  | 10000 | 5900 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  4.320% due 09/22/2029 •  |  | 7300 | 7308 |
|  4.858% due 09/11/2030 •  |  | 6375 | 6457 |
|  Scentre Group Trust 1/Scentre Group Trust 2 | Scentre Group Trust 1/Scentre Group Trust 2 | Scentre Group Trust 1/Scentre Group Trust 2 | Scentre Group Trust 1/Scentre Group Trust 2 |
|  3.625% due 01/28/2026 |  | 15900 | 15893 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.447% due 01/12/2027 •  |  | 6100 | 6103 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  1.902% due 09/17/2028 |  | 17000 | 16061 |
|  5.177% (SOFRRATE + 1.170%) due 07/09/2029 ~ |  | 6700 | 6777 |
|  5.464% due 01/13/2026 |  | 3200 | 3201 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.533% (SOFRRATE + 0.750%) due 09/11/2028 ~ |  | 3500 | 3513 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  4.200% due 04/15/2032 |  | 16000 | 15537 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  2.800% due 03/10/2027 |  | 8000 | 7901 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  4.125% due 04/15/2026 |  | 10300 | 10305 |
|  5.711% due 01/12/2027 •  |  | 4100 | 4102 |
|  Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
|  3.250% due 10/15/2026 |  | 4100 | 4079 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  1.741% due 05/04/2030 •  | EUR | 5200 | 5871 |
|  4.808% due 07/25/2028 •  | $| 7100 | 7180 |
|  6.303% due 10/23/2029 •  |  | 11000 | 11626 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  4.798% (SOFRRATE + 1.070%) due 12/11/2026 ~ |  | 9100 | 9164 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  3.100% due 01/15/2030 |  | 7000 | 6717 |
|  |  |  | 890785 |
| INDUSTRIALS 12.4% | INDUSTRIALS 12.4% | INDUSTRIALS 12.4% | INDUSTRIALS 12.4% |
|  Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC |
|  4.375% due 10/09/2031 |  | 7000 | 6998 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  4.250% due 09/11/2029 |  | 4200 | 4230 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 |  | 9278 | 9338 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ |  | 9700 | 9748 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Amdocs Ltd. | Amdocs Ltd. | Amdocs Ltd. |
|  2.538% due 06/15/2030 | 6900 | 6342 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.000% due 04/15/2030 | 4704 | 4552 |
|  3.250% due 04/15/2030 | 2407 | 2312 |
|  3.500% due 08/15/2033 | 4841 | 4479 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 | 1300 | 1303 |
|  American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
|  3.375% due 03/08/2029 | 6300 | 7523 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  5.250% due 03/02/2030 | 7300 | 7580 |
|  BAE Systems PLC | BAE Systems PLC | BAE Systems PLC |
|  1.900% due 02/15/2031 | 5300 | 4704 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 | 2600 | 2638 |
|  6.250% due 01/21/2029 | 5898 | 6207 |
|  6.375% due 11/21/2030 | 4300 | 4599 |
|  6.875% due 11/21/2053 | 500 | 542 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 49900 | 52765 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 | 9500 | 9640 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.750% due 02/01/2026 | 15500 | 15482 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.600% due 02/15/2033 | 16900 | 14912 |
|  3.137% due 11/15/2035 | 1720 | 1482 |
|  5.050% due 07/12/2027 | 8900 | 9064 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 575 | 539 |
|  3.000% due 10/15/2030 | 6400 | 5731 |
|  4.250% due 12/15/2027 | 2800 | 2785 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  6.100% due 06/01/2029 | 7600 | 7935 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  3.250% due 01/31/2032 | 4100 | 3778 |
|  Cigna Group | Cigna Group | Cigna Group |
|  5.000% due 05/15/2029 | 7500 | 7705 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.000% due 08/01/2030 | 1300 | 1316 |
|  5.750% due 08/01/2035 | 6900 | 7050 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  5.000% due 01/30/2029 | 6500 | 6639 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  5.000% due 01/15/2027 | 3700 | 3737 |
|  Duke University | Duke University | Duke University |
|  2.682% due 10/01/2044 | 18900 | 13797 |
|  Emory University | Emory University | Emory University |
|  2.143% due 09/01/2030 | 12700 | 11633 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  5.900% due 11/15/2026 | 2900 | 2943 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  6.050% due 12/01/2026 | 4400 | 4472 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  2.350% due 06/15/2032 | 15500 | 13683 |
|  EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. |
|  4.400% due 07/15/2028 | 7800 | 7889 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  3.250% due 02/15/2030 (h) | 11700 | 11226 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  3.250% due 03/15/2028 | 1700 | 1667 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.550% due 02/15/2031 | 3900 | 3862 |
|  Fox Corp. | Fox Corp. | Fox Corp. |
|  4.709% due 01/25/2029 | 5600 | 5673 |
|  General Electric Co. | General Electric Co. | General Electric Co. |
|  4.542% (US0003M + 0.380%) due 05/05/2026 ~ | 3771 | 3776 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 16000 | 15926 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Gray Oak Pipeline LLC | Gray Oak Pipeline LLC | Gray Oak Pipeline LLC |
|  3.450% due 10/15/2027 | 13300 | 13156 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.129% due 02/23/2038 | 2500 | 2659 |
|  6.510% due 02/23/2042 | 4900 | 5358 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.200% due 06/01/2028 | 1500 | 1537 |
|  5.450% due 04/01/2031 | 2300 | 2401 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  2.043% due 08/16/2028 | 17000 | 16106 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  2.100% due 09/15/2028 | 14200 | 13436 |
|  5.300% due 01/08/2029 | 5500 | 5646 |
|  6.500% due 01/16/2029 | 2400 | 2543 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  1.832% due 10/15/2027 | 1276 | 1225 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.800% due 03/01/2030 | 6400 | 6542 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.900% due 11/15/2027 | 9000 | 9171 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.000% due 03/15/2028 | 6900 | 6888 |
|  National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(f) | 2400 | 2455 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.810% due 09/17/2030 | 16600 | 15660 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.567% due 07/16/2027 | 400 | 404 |
|  4.620% due 07/16/2028 | 400 | 405 |
|  4.876% due 07/16/2030 | 600 | 611 |
|  5.171% due 07/16/2032 | 1500 | 1540 |
|  5.289% (SOFRRATE + 1.310%) due 07/16/2030 ~ | 1000 | 1016 |
|  5.502% due 07/16/2035 | 400 | 414 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  3.875% due 06/18/2026 | 12100 | 12089 |
|  NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery | NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery | NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery |
|  2.667% due 10/01/2050 | 3000 | 1845 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.500% due 05/06/2028 | 4900 | 4900 |
|  4.650% due 05/06/2030 | 4900 | 4859 |
|  4.800% due 08/03/2028 | 4000 | 4021 |
|  Paramount Global | Paramount Global | Paramount Global |
|  3.700% due 06/01/2028 | 1200 | 1174 |
|  Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. |
|  4.750% due 05/19/2033 | 1700 | 1719 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  4.300% due 08/09/2028 | 9800 | 9856 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  5.750% due 11/08/2026 | 6400 | 6489 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
|  5.152% due 09/20/2029 | 4815 | 4858 |
|  Sutter Health | Sutter Health | Sutter Health |
|  3.161% due 08/15/2040 | 13100 | 10367 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.650% due 04/01/2028 | 1300 | 1318 |
|  4.850% due 04/01/2030 | 3800 | 3882 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  4.200% due 10/01/2029 | 8000 | 8015 |
|  4.850% due 01/15/2029 | 5475 | 5593 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 243 | 377 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  3.100% due 01/07/2030 | 578 | 564 |
|  5.800% due 07/15/2037 | 8490 | 8899 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  9.875% due 02/01/2032 | 4500 | 4652 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.125% due 12/15/2030 | 600 | 611 |
|  6.500% due 01/15/2034 | 2000 | 2050 |
|  6.750% due 01/15/2036 | 1600 | 1640 |

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| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

December 31, 2025

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 | 2300 | 2727 |
|  7.750% due 04/15/2032 | 1800 | 1878 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  3.200% due 09/26/2026 | 9700 | 9635 |
|  4.750% due 11/13/2028 | 16100 | 16269 |
|  |  | 569662 |
| UTILITIES 5.3% | UTILITIES 5.3% | UTILITIES 5.3% |
|  AES Corp. | AES Corp. | AES Corp. |
|  3.950% due 07/15/2030 | 6400 | 6256 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
|  5.950% due 03/30/2029 | 4400 | 4605 |
|  Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC |
|  4.850% due 10/01/2041 | 4336 | 4373 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  4.500% due 05/15/2035 | 15550 | 14955 |
|  Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC |
|  5.927% due 08/15/2030 | 3100 | 3284 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  5.100% due 03/01/2029 | 4600 | 4715 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.750% due 04/01/2031 | 800 | 953 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  2.000% due 08/15/2031 | 12000 | 10665 |
|  Edison International | Edison International | Edison International |
|  5.450% due 06/15/2029 | 9400 | 9576 |
|  6.250% due 03/15/2030 | 2250 | 2354 |
|  EDP Finance BV | EDP Finance BV | EDP Finance BV |
|  1.710% due 01/24/2028 | 13300 | 12672 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  6.000% due 04/22/2064 | 3400 | 3351 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  2.500% due 07/12/2031 | 17000 | 15302 |
|  5.125% due 06/26/2029 | 8600 | 8830 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.950% due 02/01/2029 | 6700 | 7007 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 497 | 491 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  5.004% due 02/23/2027 | 4000 | 4054 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 1100 | 1077 |
|  Mid-Atlantic Interstate Transmission LLC | Mid-Atlantic Interstate Transmission LLC | Mid-Atlantic Interstate Transmission LLC |
|  4.100% due 05/15/2028 | 2100 | 2102 |
|  National Grid PLC | National Grid PLC | National Grid PLC |
|  5.602% due 06/12/2028 | 3300 | 3410 |
|  5.809% due 06/12/2033 | 3500 | 3731 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  2.250% due 06/01/2030 | 19000 | 17485 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 | 2790 | 2514 |
|  2.950% due 03/01/2026 | 1900 | 1895 |
|  3.150% due 01/01/2026 | 2400 | 2400 |
|  3.300% due 03/15/2027 | 3100 | 3068 |
|  3.300% due 12/01/2027 | 200 | 197 |
|  3.300% due 08/01/2040 | 4300 | 3266 |
|  4.200% due 03/01/2029 | 11000 | 10935 |
|  4.250% due 03/15/2046 | 1500 | 1179 |
|  4.550% due 07/01/2030 | 8700 | 8666 |
|  4.650% due 08/01/2028 | 2000 | 2015 |
|  4.750% due 02/15/2044 | 1900 | 1611 |
|  5.450% due 06/15/2027 | 3100 | 3154 |
|  5.700% due 03/01/2035 | 1900 | 1955 |
|  6.400% due 06/15/2033 | 3900 | 4213 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  5.450% due 02/15/2034 | 9300 | 9438 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.125% due 03/01/2048 | 950 | 724 |
|  4.650% due 10/01/2043 | 200 | 171 |
|  5.150% due 06/01/2029 | 9200 | 9405 |
|  5.250% due 03/15/2030 | 4300 | 4412 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.950% due 04/15/2027 | 11300 | 11184 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  4.100% due 09/15/2028 | 1361 | 1362 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  5.875% due 11/30/2055 | 2000 | 1977 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  4.877% due 05/01/2033 | 9200 | 9413 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
|  1.375% due 10/15/2027 | 4525 | 4329 |
|  |  | 240731 |
|  Total Corporate Bonds & Notes (Cost $1,718,072) | Total Corporate Bonds & Notes (Cost $1,718,072) | 1701178 |
| MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% |
| ILLINOIS 0.1% | ILLINOIS 0.1% | ILLINOIS 0.1% |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2020 |
|  2.857% due 01/01/2031 | 5000 | 4703 |
|  3.007% due 01/01/2033 | 2000 | 1827 |
|  |  | 6530 |
| LOUISIANA 0.2% | LOUISIANA 0.2% | LOUISIANA 0.2% |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 |
|  5.048% due 12/01/2034 | 6900 | 7142 |
| TEXAS 0.2% | TEXAS 0.2% | TEXAS 0.2% |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2020 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2020 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2020 |
|  2.246% due 11/01/2031 | 2500 | 2254 |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 | 5777 | 5934 |
|  |  | 8188 |
| WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
|  3.151% due 06/01/2032 | 7095 | 6431 |
|  Total Municipal Bonds & Notes (Cost $29,272) | Total Municipal Bonds & Notes (Cost $29,272) | 28291 |
| U.S. GOVERNMENT AGENCIES 41.8% | U.S. GOVERNMENT AGENCIES 41.8% | U.S. GOVERNMENT AGENCIES 41.8% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.000% due 02/01/2052 - 03/01/2052 | 20016 | 16202 |
|  2.500% due 07/01/2039 - 03/01/2040 | 757 | 692 |
|  3.000% due 04/01/2052 | 47140 | 41800 |
|  3.500% due 02/01/2026 - 06/01/2048 | 2368 | 2227 |
|  4.000% due 04/01/2029 - 10/01/2052 | 8002 | 7656 |
|  4.500% due 03/01/2029 - 04/01/2029 | 198 | 199 |
|  5.000% due 02/01/2053 - 06/01/2053 | 31779 | 31894 |
|  5.500% due 10/01/2034 - 01/01/2055 | 28258 | 28714 |
|  6.000% due 02/01/2033 - 04/01/2055 | 7828 | 8192 |
|  6.500% due 10/01/2037 | 2 | 2 |
|  7.500% due 01/01/2032 - 03/01/2032 | 10 | 11 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.288% due 10/15/2043 •  | 3658 | 3586 |
|  4.673% due 08/15/2040 - 10/15/2040 •  | 4591 | 4516 |
|  4.818% due 05/15/2037 •  | 146 | 146 |
|  5.174% due 05/25/2054 •  | 7192 | 7216 |
|  6.500% due 04/15/2029 | 3 | 3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.500% due 07/15/2030 | $— | 1 | $— | 1 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.229% due 02/25/2045 •  |  | 42 |  | 41 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.000% due 02/01/2052 - 03/01/2052 |  | 32404 |  | 26234 |
|  2.500% due 02/01/2035 |  | 2970 |  | 2886 |
|  3.000% due 09/01/2027 - 04/01/2052 |  | 91217 |  | 81584 |
|  3.500% due 05/01/2026 - 09/01/2047 |  | 563 |  | 559 |
|  4.000% due 01/01/2026 - 10/01/2052 |  | 11259 |  | 10872 |
|  4.300% due 11/01/2029 |  | 1500 |  | 1519 |
|  4.463% due 10/01/2032 •  |  | 22 |  | 21 |
|  4.500% due 09/01/2026 - 05/01/2053 |  | 20696 |  | 20341 |
|  4.855% due 12/01/2036 •  |  | 10 |  | 11 |
|  4.914% due 11/01/2035 •  |  | 2 |  | 2 |
|  5.000% due 01/01/2026 - 07/01/2053 |  | 29341 |  | 29458 |
|  5.276% due 06/01/2043 •  |  | 113 |  | 115 |
|  5.277% due 07/01/2044 •  |  | 24 |  | 24 |
|  5.500% due 01/01/2032 - 07/01/2054 |  | 17947 |  | 18304 |
|  5.591% due 09/01/2034 •  |  | 8 |  | 8 |
|  5.950% due 04/01/2035 •  |  | 94 |  | 96 |
|  6.000% due 05/01/2033 - 01/01/2054 |  | 1953 |  | 2045 |
|  6.233% due 08/01/2035 •  |  | 83 |  | 85 |
|  6.329% due 09/01/2039 •  |  | 5 |  | 5 |
|  6.497% due 05/01/2038 •  |  | 1592 |  | 1661 |
|  6.590% due 09/01/2035 •  |  | 9 |  | 10 |
|  7.000% due 06/01/2032 |  | 26 |  | 27 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  1.937% due 08/25/2055 ~(a) |  | 2820 |  | 162 |
|  4.109% due 07/25/2037 •  |  | 116 |  | 114 |
|  4.239% due 05/25/2037 •  |  | 9 |  | 9 |
|  4.246% due 12/25/2036 •  |  | 45 |  | 44 |
|  4.399% due 09/25/2035 •  |  | 80 |  | 80 |
|  4.489% due 02/25/2042 •  |  | 2945 |  | 2921 |
|  4.633% due 06/25/2055 •  |  | 598 |  | 592 |
|  4.774% due 09/25/2054 •  |  | 7276 |  | 7301 |
|  5.000% due 04/25/2033 |  | 95 |  | 95 |
|  6.309% due 05/25/2035 ~ |  | 15 |  | 16 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.339% due 03/25/2044 •  |  | 80 |  | 80 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.242% due 01/25/2031 ~(a) |  | 14922 |  | 757 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  2.000% due 04/20/2052 |  | 553 |  | 459 |
|  2.500% due 04/20/2052 |  | 9892 |  | 8543 |
|  3.000% due 07/15/2045 - 08/15/2045 |  | 904 |  | 818 |
|  3.500% due 07/20/2052 - 03/20/2053 |  | 15048 |  | 13847 |
|  4.000% due 06/15/2049 - 07/20/2055 |  | 8583 |  | 8137 |
|  4.500% due 04/20/2048 - 05/20/2048 |  | 2457 |  | 2436 |
|  4.750% due 10/20/2029 - 11/20/2029 •  |  | 7 |  | 7 |
|  5.000% due 07/20/2049 |  | 360 |  | 367 |
|  5.625% due 02/20/2027 - 02/20/2032 •  |  | 23 |  | 23 |
|  6.000% due 12/15/2038 - 11/15/2039 |  | 6 |  | 7 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.287% due 10/20/2043 •  |  | 2645 |  | 2568 |
|  4.368% due 01/20/2072 •  |  | 307 |  | 307 |
|  4.564% due 08/20/2066 •  |  | 9 |  | 9 |
|  4.714% due 07/20/2065 - 08/20/2065 •  |  | 3826 |  | 3829 |
|  4.718% due 01/20/2073 •  |  | 8489 |  | 8528 |
|  4.798% due 02/20/2073 - 03/20/2073 •  |  | 18479 |  | 18603 |
|  4.818% due 01/20/2073 •  |  | 7565 |  | 7610 |
|  4.884% due 10/20/2066 •  |  | 1615 |  | 1621 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>13</sub> |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.888% due 12/20/2073 •  | 18797 | 19018 |
|  4.914% due 06/20/2066 •  | 775 | 778 |
|  4.938% due 12/20/2072 •  | 6023 | 6108 |
|  4.944% due 08/20/2066 •  | 2987 | 3000 |
|  5.114% due 01/20/2066 •  | 839 | 844 |
|  5.227% due 06/20/2067 •  | 108 | 109 |
|  5.592% due 04/20/2067 •  | 2913 | 2949 |
|  7.132% due 09/20/2066 ~ | 4098 | 4210 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 02/01/2056 | 15300 | 12672 |
|  4.000% due 02/01/2056 | 43600 | 41178 |
|  4.500% due 02/01/2056 | 40400 | 39328 |
|  5.000% due 01/01/2056 - 02/01/2056 | 62425 | 62239 |
|  6.000% due 01/01/2056 - 02/01/2056 | 62060 | 63229 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 02/01/2056 | 187759 | 165969 |
|  4.000% due 01/01/2056 - 02/01/2056 | 115500 | 109498 |
|  4.500% due 01/01/2056 - 02/01/2056 | 326900 | 318920 |
|  5.000% due 01/01/2056 - 02/01/2056 | 204745 | 204001 |
|  5.500% due 01/01/2056 - 02/01/2056 | 203700 | 206373 |
|  6.000% due 02/01/2056 - 03/01/2056 | 208340 | 213826 |
|  Total U.S. Government Agencies (Cost $1,923,186) | Total U.S. Government Agencies (Cost $1,923,186) | 1913104 |
| U.S. TREASURY OBLIGATIONS 18.3% | U.S. TREASURY OBLIGATIONS 18.3% | U.S. TREASURY OBLIGATIONS 18.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 | 75700 | 49167 |
|  1.375% due 08/15/2050 | 21600 | 10626 |
|  1.625% due 11/15/2050 (l) | 6800 | 3572 |
|  1.875% due 02/15/2041 | 69000 | 48230 |
|  1.875% due 02/15/2051 | 50280 | 28113 |
|  1.875% due 11/15/2051 | 11825 | 6540 |
|  2.000% due 02/15/2050 | 35800 | 20996 |
|  2.000% due 08/15/2051 | 30125 | 17267 |
|  2.250% due 05/15/2041 | 19000 | 13981 |
|  2.250% due 08/15/2049 | 64989 | 40775 |
|  2.375% due 11/15/2049 (l) | 22158 | 14238 |
|  2.375% due 05/15/2051 | 10093 | 6364 |
|  2.500% due 02/15/2045 | 9800 | 6943 |
|  2.750% due 08/15/2047 | 3800 | 2716 |
|  2.875% due 05/15/2049 | 62500 | 44861 |
|  3.000% due 05/15/2042 (l) | 2400 | 1932 |
|  3.000% due 11/15/2044 | 155300 | 120151 |
|  3.000% due 02/15/2048 | 9900 | 7370 |
|  3.000% due 08/15/2048 | 4100 | 3037 |
|  3.000% due 02/15/2049 | 17900 | 13191 |
|  3.125% due 11/15/2041 (j) | 20500 | 16960 |
|  3.125% due 08/15/2044 | 30300 | 23991 |
|  3.125% due 05/15/2048 (l) | 3500 | 2659 |
|  3.375% due 05/15/2044 (j)(l) | 10100 | 8339 |
|  3.375% due 11/15/2048 | 17700 | 14009 |
|  3.625% due 02/15/2044 (l) | 2900 | 2490 |
|  3.750% due 08/15/2041 | 27700 | 24973 |
|  3.875% due 05/15/2043 (l) | 4300 | 3859 |
|  4.000% due 11/15/2042 | 16490 | 15120 |
|  4.250% due 08/15/2054 | 13300 | 12029 |
|  4.375% due 05/15/2041 | 3488 | 3400 |
|  4.375% due 08/15/2043 | 15691 | 14993 |
|  4.500% due 11/15/2054 | 6100 | 5755 |
|  4.625% due 05/15/2044 | 7100 | 6973 |
|  4.625% due 05/15/2054 | 19600 | 18882 |
|  4.875% due 08/15/2045 | 12869 | 12998 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 02/15/2051 (e) | 50651 | 27394 |
|  0.125% due 02/15/2052 (e) | 5614 | 2974 |
|  0.250% due 02/15/2050 (e) | 13931 | 8030 |
|  0.625% due 02/15/2043 (e) | 1841 | 1372 |
|  0.750% due 02/15/2045 (e) | 27654 | 20187 |
|  0.875% due 02/15/2047 (e) | 5126 | 3700 |
|  1.000% due 02/15/2046 (e) | 550 | 415 |
|  1.000% due 02/15/2049 (e) | 3235 | 2330 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.375% due 02/15/2044 (e) | $— | 3353 | 2810 |
|  1.500% due 02/15/2053 (e) |  | 1534 | 1197 |
|  2.125% due 02/15/2054 (e) |  | 14641 | 13169 |
|  2.375% due 02/15/2055 (e) |  | 3199 | 3038 |
|  1.250% due 04/15/2028 (e)(j) |  | 89556 | 89211 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 08/15/2035 (l) |  | 711 | 716 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 08/15/2040 (a) |  | 3700 | 1835 |
|  0.000% due 02/15/2041 (a) |  | 2700 | 1300 |
|  0.000% due 05/15/2041 (a) |  | 700 | 332 |
|  0.000% due 08/15/2041 (a) |  | 900 | 421 |
|  0.000% due 05/15/2042 (a) |  | 15100 | 6740 |
|  0.000% due 08/15/2042 (a) |  | 6800 | 2990 |
|  Total U.S. Treasury Obligations (Cost $1,020,799) | Total U.S. Treasury Obligations (Cost $1,020,799) | Total U.S. Treasury Obligations (Cost $1,020,799) | 837661 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 9.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.6% |
|  Alba PLC | Alba PLC | Alba PLC | Alba PLC |
|  4.065% due 03/17/2039 •  |  | 3800 | 5086 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.700% due 06/25/2036 þ | $— | 11432 | 1561 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.627% due 01/15/2032 |  | 5500 | 4874 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.000% due 07/26/2036 |  | 19510 | 2707 |
|  5.301% due 05/25/2035 ~ |  | 73 | 69 |
|  6.000% due 03/25/2037 |  | 1124 | 872 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  7.022% due 05/25/2033 ~ |  | 1 | 1 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.266% due 05/25/2047 •  |  | 1015 | 990 |
|  4.459% due 03/26/2037 þ |  | 67 | 67 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.714% due 05/25/2036 ~ |  | 1100 | 520 |
|  4.791% due 09/25/2035 ~ |  | 324 | 173 |
|  5.406% due 05/25/2035 ~ |  | 267 | 256 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.750% due 01/25/2035 ~ |  | 34 | 32 |
|  4.829% due 07/25/2034 ~ |  | 145 | 136 |
|  5.125% due 01/25/2035 ~ |  | 72 | 64 |
|  5.251% due 04/25/2034 ~ |  | 150 | 134 |
|  5.507% due 11/25/2034 ~ |  | 341 | 317 |
|  5.734% due 01/25/2034 ~ |  | 72 | 69 |
|  5.950% due 02/25/2036 •  |  | 10 | 10 |
|  6.373% due 04/25/2033 ~ |  | 11 | 11 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.944% due 12/26/2046 ~ |  | 422 | 336 |
|  5.000% due 01/26/2036 ~ |  | 487 | 344 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.458% due 03/15/2055 |  | 15000 | 13988 |
|  CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
|  3.431% due 08/15/2050 |  | 5900 | 5825 |
|  CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust |
|  3.644% due 12/10/2054 |  | 1131 | 1128 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2063 ~ |  | 7243 | 6546 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.391% due 01/25/2036 ~ |  | 571 | 514 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.796% due 11/25/2034 ~ |  | 246 | 237 |
|  5.087% due 02/20/2035 ~ |  | 36 | 36 |
|  6.224% due 02/20/2036 •  |  | 33 | 29 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.442% due 05/25/2035 ~ |  | 106 | 102 |
|  5.500% due 12/25/2035 |  | 1758 | 839 |
|  6.190% due 09/25/2035 •  |  | 515 | 515 |
|  6.480% due 10/25/2035 •  |  | 28 | 28 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.226% due 09/25/2046 •  |  | 4858 | 4801 |
|  4.228% due 09/20/2046 •  |  | 832 | 869 |
|  4.246% due 05/25/2036 •  |  | 549 | 482 |
|  4.846% due 08/25/2035 •  |  | 2197 | 1151 |
|  6.000% due 03/25/2035 |  | 6880 | 5421 |
|  6.000% due 02/25/2037 |  | 5554 | 2110 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 08/25/2037 | $— | 4384 | $— | 2552 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  6.093% due 04/25/2069 þ |  | 3713 |  | 3751 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  2.968% due 12/15/2052 |  | 7446 |  | 7056 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  5.265% due 07/15/2038 •  |  | 1500 |  | 1343 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.146% due 03/25/2037 •  |  | 1993 |  | 1913 |
|  4.346% due 02/25/2035 •  |  | 64 |  | 63 |
|  DOLP Trust | DOLP Trust | DOLP Trust | DOLP Trust | DOLP Trust |
|  2.956% due 05/10/2041 |  | 20100 |  | 18083 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.572% due 08/25/2035 ~ |  | 707 |  | 582 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  4.697% due 10/25/2035 ~ |  | 404 |  | 367 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.206% due 09/25/2046 •  |  | 84 |  | 79 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  2.856% due 05/10/2034 |  | 9079 |  | 7987 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  3.602% due 10/10/2049 ~ |  | 3037 |  | 2744 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  2.500% due 06/25/2052 ~ |  | 10522 |  | 8813 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 01/25/2052 ~ |  | 12707 |  | 10644 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.125% due 11/25/2035 ~ |  | 79 |  | 69 |
|  4.951% due 09/25/2035 ~ |  | 301 |  | 289 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.286% due 05/19/2035 •  |  | 106 |  | 103 |
|  4.742% due 07/19/2035 ~ |  | 432 |  | 321 |
|  4.802% due 12/19/2035 ~ |  | 1245 |  | 590 |
|  5.346% due 10/19/2035 •  |  | 1188 |  | 863 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  2.828% due 11/05/2035 |  | 14400 |  | 12485 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.556% due 06/25/2036 ~ |  | 3882 |  | 2644 |
|  4.186% due 01/25/2037 •  |  | 1046 |  | 955 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  3.916% due 06/10/2042 ~ |  | 13200 |  | 12306 |
|  7.235% due 10/05/2040 |  | 6800 |  | 7168 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.500% due 09/25/2052 ~ |  | 11891 |  | 10922 |
|  4.167% due 12/26/2037 ~ |  | 4478 |  | 3797 |
|  4.263% due 10/25/2036 ~ |  | 1017 |  | 727 |
|  4.951% due 08/25/2034 ~ |  | 284 |  | 284 |
|  5.739% due 06/25/2035 ~ |  | 1 |  | 1 |
|  5.750% due 01/25/2036 |  | 312 |  | 136 |
|  5.990% due 07/25/2064 ~ |  | 1443 |  | 1457 |
|  JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
|  4.733% due 05/26/2036 ~ |  | 7551 |  | 5172 |
|  Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC |
|  4.334% due 04/17/2044 •  |  | 7966 |  | 10484 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 | $— | 16100 |  | 15497 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.319% due 08/25/2034 ~ |  | 1541 |  | 1170 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.011% due 04/25/2035 ~ |  | 521 |  | 475 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  2.479% due 03/25/2065 ~ |  | 1300 |  | 1269 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.144% due 07/25/2035 ~ |  | 800 |  | 645 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  4.466% due 12/25/2035 •  |  | 405 |  | 407 |
|  MSSG Trust | MSSG Trust | MSSG Trust | MSSG Trust | MSSG Trust |
|  3.397% due 09/13/2039 |  | 17400 |  | 16624 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  3.000% due 03/25/2052 ~ |  | 11691 |  | 10223 |
|  6.864% due 10/25/2063 þ |  | 5309 |  | 5372 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  4.150% due 11/26/2036 •  |  | 12596 |  | 11143 |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | $| 12028 | 10526 |
|  6.113% due 03/25/2063 þ |  | 3868 | 3876 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  4.815% due 01/15/2036 •  |  | 17300 | 16972 |
|  PRET Trust | PRET Trust | PRET Trust | PRET Trust |
|  3.900% due 10/25/2063 ~ |  | 2100 | 2038 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.246% due 02/25/2034 •  |  | 10 | 10 |
|  4.346% due 02/25/2035 •  |  | 150 | 150 |
|  Project Cashmere | Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(b) | AUD | 79800 | 53255 |
|  5.713% due 12/30/2057 «(b) |  | 2000 | 1335 |
|  5.863% due 12/30/2057 «(b) |  | 2000 | 1335 |
|  6.163% due 12/30/2057 «(b) |  | 800 | 534 |
|  6.563% due 12/30/2057 «(b) |  | 900 | 601 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.046% due 05/25/2037 •  | $| 3505 | 3245 |
|  5.225% due 12/25/2035 ~ |  | 173 | 152 |
|  6.000% due 09/25/2036 |  | 357 | 288 |
|  6.500% due 09/25/2036 |  | 3198 | 1255 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.296% due 10/25/2035 •  |  | 752 | 434 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  6.000% due 06/25/2037 |  | 1034 | 822 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.014% due 05/15/2038 •  |  | 13680 | 13661 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  5.860% due 02/25/2037 ~ |  | 491 | 421 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.892% due 01/25/2035 ~ |  | 154 | 153 |
|  4.246% due 04/25/2047 •  |  | 561 | 468 |
|  4.566% due 11/25/2035 ~ |  | 3766 | 2417 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.346% due 07/19/2035 •  |  | 241 | 239 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.506% due 09/19/2032 •  |  | 2 | 2 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.413% due 06/25/2047 •  |  | 1517 | 1337 |
|  5.463% due 03/25/2037 •  |  | 417 | 296 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.856% due 07/20/2053 •  | GBP | 6116 | 8252 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | $| 11336 | 10949 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  2.500% due 12/25/2051 ~ |  | 11869 | 9934 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.338% due 04/25/2069 þ |  | 2584 | 2615 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.410% due 05/25/2037 ~ |  | 1547 | 1278 |
|  4.127% due 12/25/2036 ~ |  | 2915 | 2585 |
|  4.140% due 12/25/2036 ~ |  | 111 | 100 |
|  4.346% due 02/25/2045 •  |  | 3768 | 3658 |
|  4.426% due 10/25/2045 •  |  | 62 | 61 |
|  4.651% due 07/25/2037 ~ |  | 1787 | 1631 |
|  5.099% due 01/25/2046 •  |  | 308 | 299 |
|  Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC |
|  0.000% due 12/21/2049 | GBP | 0 | 2054 |
|  4.712% due 12/21/2049 •  |  | 4523 | 6103 |
|  5.412% due 12/21/2049 •  |  | 2259 | 3055 |
|  5.912% due 12/21/2049 •  |  | 1179 | 1585 |
|  6.412% due 12/21/2049 •  |  | 674 | 905 |
|  6.912% due 12/21/2049 •  |  | 674 | 898 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 | $| 6000 | 4826 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $472,858) | Total Non-Agency Mortgage-Backed Securities (Cost $472,858) | Total Non-Agency Mortgage-Backed Securities (Cost $472,858) | 439435 |
| ASSET-BACKED SECURITIES 8.0% | ASSET-BACKED SECURITIES 8.0% | ASSET-BACKED SECURITIES 8.0% | ASSET-BACKED SECURITIES 8.0% |
| AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.750% due 10/15/2027 |  | 2072 | 2076 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  5.740% due 12/20/2026 | 3004 | 3015 |
|  FHF Trust | FHF Trust | FHF Trust |
|  6.570% due 06/15/2028 | 222 | 223 |
|  Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust |
|  4.930% due 06/25/2036 | 4600 | 4710 |
|  |  | 10024 |
| CMBS OTHER 1.1% | CMBS OTHER 1.1% | CMBS OTHER 1.1% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  4.999% due 10/16/2036 •  | 3171 | 3167 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.434% due 01/15/2037 •  | 6100 | 6136 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.187% due 01/20/2037 •  | 6694 | 6686 |
|  5.978% due 06/17/2039 •  | 7972 | 7974 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.181% due 02/17/2039 •  | 7202 | 7212 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.366% due 09/17/2037 •  | 3126 | 3131 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  4.929% due 10/16/2036 •  | 4177 | 4175 |
|  5.081% due 02/19/2037 •  | 9740 | 9742 |
|  |  | 48223 |
| HOME EQUITY OTHER 3.5% | HOME EQUITY OTHER 3.5% | HOME EQUITY OTHER 3.5% |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.106% due 09/25/2036 •  | 423 | 422 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.086% due 12/25/2036 •  | 1769 | 942 |
|  4.146% due 07/25/2036 •  | 4544 | 1348 |
|  4.286% due 08/25/2036 •  | 9343 | 2128 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.551% due 11/25/2035 •  | 786 | 782 |
|  4.956% due 03/25/2035 •  | 4580 | 4541 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.146% due 07/25/2036 •  | 15031 | 4066 |
|  4.226% due 03/25/2036 •  | 4808 | 2727 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.146% due 11/25/2036 •  | 2409 | 2353 |
|  4.166% due 08/25/2036 •  | 380 | 372 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.966% due 11/25/2036 •  | 262 | 120 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.746% due 09/25/2036 •  | 1340 | 1296 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.126% due 06/25/2047 •  | 4809 | 4414 |
|  4.242% due 10/25/2046 þ | 8133 | 6940 |
|  4.306% due 05/25/2037 •  | 4825 | 4523 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  4.586% due 05/25/2040 •  | 41 | 41 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  3.966% due 01/25/2037 •  | 53 | 24 |
|  4.461% due 11/25/2035 •  | 8837 | 8252 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  6.500% due 10/25/2037 | 8783 | 4819 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  5.995% due 03/25/2046 ~ | 5422 | 1886 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.026% due 06/25/2036 •  | 2530 | 1403 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.076% due 04/25/2037 •  | 3976 | 3901 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  2.664% due 10/25/2035 •  | 627 | 621 |
|  4.431% due 05/25/2035 •  | 400 | 398 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.066% due 08/25/2036 •  | 1788 | 1365 |
|  4.326% due 08/25/2036 •  | 920 | 705 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.166% due 05/25/2036 •  | 32900 | 9585 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.326% due 03/25/2036 •  | 3166 | 1889 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.840% due 03/25/2037 þ | 3929 | 739 |
|  4.066% due 07/25/2037 •  | 2266 | 866 |
|  4.326% due 08/25/2037 •  | 2060 | 1015 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.026% due 05/25/2037 •  | 6052 | 5553 |
|  4.146% due 06/25/2036 •  | 3439 | 1723 |
|  4.146% due 07/25/2036 •  | 5588 | 2036 |
|  4.346% due 08/25/2036 •  | 9682 | 4881 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.731% due 05/25/2034 •  | 6427 | 6722 |
|  Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust |
|  4.566% due 03/25/2036 •  | 6757 | 6704 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.326% due 11/25/2036 •  | 2264 | 689 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  3.986% due 03/25/2037 •  | 3182 | 2948 |
|  4.066% due 05/25/2037 •  | 6813 | 4147 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  4.536% due 11/25/2035 •  | 5530 | 5386 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  4.066% due 09/25/2037 •  | 1681 | 748 |
|  4.326% due 09/25/2037 •  | 8264 | 3677 |
|  4.369% due 05/25/2037 •  | 17201 | 14518 |
|  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 |
|  4.971% due 03/25/2035 •  | 829 | 822 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.285% due 01/25/2037 þ | 12617 | 3801 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.446% due 02/25/2036 •  | 1796 | 1784 |
|  4.506% due 12/25/2035 •  | 1824 | 1622 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.106% due 05/25/2037 •  | 566 | 444 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.386% due 02/25/2036 •  | 1897 | 947 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.066% due 02/25/2037 •  | 7231 | 1921 |
|  4.746% due 10/25/2037 •  | 11137 | 8787 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.746% due 05/25/2037 •  | 1910 | 1888 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  4.536% due 10/25/2035 •  | 3858 | 3613 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.146% due 01/25/2037 •  | 2358 | 1078 |
|  4.346% due 04/25/2037 •  | 4638 | 1693 |
|  |  | 162615 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.106% due 03/25/2037 •  | 354 | 352 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.186% due 10/25/2046 •  | 1537 | 1518 |
|  |  | 1870 |
| WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  7.250% due 05/25/2036 þ | 2253 | 1113 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.206% due 06/25/2036 •  | 169 | 203 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.146% due 11/25/2037 •  | 10741 | 5958 |
|  |  | 7274 |
| OTHER ABS 3.0% | OTHER ABS 3.0% | OTHER ABS 3.0% |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.035% due 04/15/2034 •  | 8800 | 8803 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **15** |

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| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Avoca CLO XXV DAC | Avoca CLO XXV DAC | Avoca CLO XXV DAC |
|  2.986% due 10/15/2034 •  | 5000 | 5883 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.007% due 04/22/2035 •  | 3350 | 3351 |
|  5.042% due 07/17/2035 •  | 10250 | 10254 |
|  Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. |
|  5.034% due 04/20/2035 •  | 7500 | 7501 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.264% due 11/15/2033 •  | 5817 | 6847 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  5.034% due 10/19/2029 •  | 1586 | 1588 |
|  Dryden XXVI Senior Loan Fund | Dryden XXVI Senior Loan Fund | Dryden XXVI Senior Loan Fund |
|  5.066% due 04/15/2029 •  | 496 | 497 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.034% due 10/20/2034 •  | 5700 | 5703 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  5.034% due 07/20/2035 •  | 13300 | 13301 |
|  Invesco Euro CLO I DAC | Invesco Euro CLO I DAC | Invesco Euro CLO I DAC |
|  2.659% due 07/15/2031 •  | 2074 | 2438 |
|  KKR CLO 41 Ltd. | KKR CLO 41 Ltd. | KKR CLO 41 Ltd. |
|  5.235% due 04/15/2035 •  | 7000 | 7007 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.790% due 12/15/2031 •  | 1704 | 2004 |
|  Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. |
|  5.078% due 07/25/2034 •  | 10700 | 10711 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.670% due 06/22/2065 | 5638 | 5624 |
|  5.268% due 06/22/2065 •  | 4492 | 4530 |
|  6.118% due 02/20/2041 •  | 2041 | 2086 |
|  6.640% due 02/20/2041 | 2180 | 2271 |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.034% due 10/20/2030 •  | 1421 | 1422 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  6.258% due 10/15/2031 | 2491 | 2500 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.084% due 07/20/2035 •  | 7050 | 7057 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.095% due 01/15/2035 •  | 13000 | 13010 |
|  T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust |
|  5.050% due 09/20/2029 | 9200 | 9258 |
|  Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. |
|  5.226% due 07/15/2031 •  | 1124 | 1124 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.196% due 07/20/2030 •  | 371 | 371 |
|  |  | 135141 |
|  Total Asset-Backed Securities (Cost $404,943) | Total Asset-Backed Securities (Cost $404,943) | 365147 |
| SOVEREIGN ISSUES 10.0% | SOVEREIGN ISSUES 10.0% | SOVEREIGN ISSUES 10.0% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  2.750% due 06/21/2035 | 17800 | 10101 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  6.125% due 03/15/2034 | 9200 | 9314 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 108800 | 19207 |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  3.000% due 06/01/2034 | 12700 | 9044 |
|  3.250% due 12/01/2034 | 6311 | 4564 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  0.830% due 07/02/2031 | 14400 | 14862 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 2000 | 1522 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 10700 | 10912 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  European Union | European Union | European Union |
|  2.875% due 10/05/2029 | 17800 | 21211 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  1.300% due 05/15/2028 (e) | 18654 | 22123 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  5.875% due 10/17/2031 | 6200 | 7346 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 886000 | 4118 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.300% due 12/20/2054 | 1560000 | 7999 |
|  2.400% due 03/20/2055 | 1769400 | 9280 |
|  2.800% due 06/20/2055 | 1240000 | 7087 |
|  3.200% due 09/20/2055 | 530000 | 3281 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 | 2040000 | 11333 |
|  2.400% due 03/20/2045 | 1140000 | 6738 |
|  Korea Development Bank | Korea Development Bank | Korea Development Bank |
|  4.642% (SOFRRATE + 0.700%) due 10/23/2026 ~ | 1900 | 1911 |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 | 2500 | 2507 |
|  4.136% due 10/09/2030 | 2500 | 2505 |
|  4.652% due 10/09/2035 | 1900 | 1902 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  3.500% due 09/19/2029 | 3200 | 3752 |
|  4.500% due 03/19/2034 | 3200 | 3749 |
|  5.125% due 03/19/2038 | 1300 | 1520 |
|  6.000% due 05/07/2036 | 2700 | 2743 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 7300 | 3777 |
|  4.750% due 02/20/2037 | 1400 | 879 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 9950 | 3192 |
|  7.300% due 08/12/2033 | 98080 | 33299 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  6.150% due 08/12/2032 | 27070 | 8691 |
|  6.950% due 08/12/2031 | 22241 | 7357 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.800% due 12/02/2034 | 1139 | 833 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | 23900 | 18293 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 7300 | 3935 |
|  4.500% due 08/22/2035 | 1800 | 1126 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  5.125% due 09/18/2034 | 4600 | 4722 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 21300 | 1100 |
|  7.000% due 02/28/2031 | 118900 | 7024 |
|  8.500% due 01/31/2037 | 72600 | 4358 |
|  8.750% due 01/31/2044 | 5390 | 313 |
|  8.750% due 02/28/2048 | 12000 | 699 |
|  8.875% due 02/28/2035 (h) | 459180 | 28937 |
|  9.000% due 01/31/2040 | 17900 | 1085 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  7.100% due 11/19/2036 | 3000 | 3225 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  3.624% due 05/26/2030 | 14000 | 16206 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  4.750% due 01/18/2028 | 9700 | 9837 |
|  4.750% due 01/16/2030 | 9200 | 9400 |
|  5.125% due 01/13/2028 | 3200 | 3271 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.250% due 09/15/2033 | 3500 | 1911 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  0.500% due 10/22/2061 | 1700 | 601 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.750% due 03/07/2027 |  | 45000 | $— | 60685 |
|  4.375% due 07/31/2054 |  | 20695 |  | 24488 |
|  Total Sovereign Issues (Cost $450,924) | Total Sovereign Issues (Cost $450,924) | Total Sovereign Issues (Cost $450,924) |  | 459875 |
|  | **SHARES** | **SHARES** |  |  |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Drillco Holdings Luxembourg SA «(f) |  | 48286 |  | 1090 |
|  Foresea Holdings SA « |  | 142284 |  | 3210 |
|  Total Common Stocks (Cost $3,811) | Total Common Stocks (Cost $3,811) | Total Common Stocks (Cost $3,811) |  | 4300 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% |
| COMMERCIAL PAPER 0.2% | COMMERCIAL PAPER 0.2% | COMMERCIAL PAPER 0.2% | COMMERCIAL PAPER 0.2% | COMMERCIAL PAPER 0.2% |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.150% due 01/20/2026 | $— | 11400 |  | 11373 |
| REPURCHASE AGREEMENTS (g) 2.6% | REPURCHASE AGREEMENTS (g) 2.6% | REPURCHASE AGREEMENTS (g) 2.6% | REPURCHASE AGREEMENTS (g) 2.6% | REPURCHASE AGREEMENTS (g) 2.6% |
|  |  |  |  | 116816 |
| NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% |
|  32.258% due 06/11/2026 - 06/29/2026 (c)(d) |  | 7295946 |  | 4605 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  3.677% due 03/31/2026 - 04/21/2026 (c)(d)(l) | $— | 2694 |  | 2669 |
| Total Short-Term Instruments (Cost $133,807) | Total Short-Term Instruments (Cost $133,807) | Total Short-Term Instruments (Cost $133,807) |  | 135463 |
| Total Investments in Securities (Cost $6,192,659) | Total Investments in Securities (Cost $6,192,659) | Total Investments in Securities (Cost $6,192,659) |  | 5919379 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 4.4% | INVESTMENTS IN AFFILIATES 4.4% | INVESTMENTS IN AFFILIATES 4.4% | INVESTMENTS IN AFFILIATES 4.4% | INVESTMENTS IN AFFILIATES 4.4% |
| SHORT-TERM INSTRUMENTS 4.4% | SHORT-TERM INSTRUMENTS 4.4% | SHORT-TERM INSTRUMENTS 4.4% | SHORT-TERM INSTRUMENTS 4.4% | SHORT-TERM INSTRUMENTS 4.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.4% |
|  PIMCO Short Asset Portfolio |  | 17247011 |  | 169314 |
|  PIMCO Short-Term Floating NAV Portfolio III |  | 3535523 |  | 34439 |
| Total Short-Term Instruments (Cost $205,999) | Total Short-Term Instruments (Cost $205,999) | Total Short-Term Instruments (Cost $205,999) |  | 203753 |
| Total Investments in Affiliates (Cost $205,999) | Total Investments in Affiliates (Cost $205,999) | Total Investments in Affiliates (Cost $205,999) |  | 203753 |
| Total Investments 133.7% (Cost $6,398,658) | Total Investments 133.7% (Cost $6,398,658) | Total Investments 133.7% (Cost $6,398,658) | $— | 6123132 |
|  Financial Derivative<br>Instruments (i)(k) 0.1%<br> (Cost or Premiums, net $23,928) | Financial Derivative<br>Instruments (i)(k) 0.1%<br> (Cost or Premiums, net $23,928) | Financial Derivative<br>Instruments (i)(k) 0.1%<br> (Cost or Premiums, net $23,928) |  | 4236 |
| Other Assets and Liabilities, net (33.8)% | Other Assets and Liabilities, net (33.8)% | Other Assets and Liabilities, net (33.8)% |  | (1548247) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 4579121 |

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#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

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| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

December 31, 2025

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| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

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| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

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• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) RESTRICTED SECURITIES:

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| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Alfa-Bank CJSC 6.330% due 10/21/2026 | 10/27/2025 | $1078 | $1078 | 0.02% |
|  Credit Opportunities Partners LLC 6.740% due 03/20/2030 | 02/20/2025 | 1800 | 1834 | 0.04 |
|  Dorchester LLC 4.349% due 01/04/2027 | 12/10/2025 | 2222 | 2233 | 0.05 |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | 966 | 1090 | 0.02 |
|  National Football League 5.480% due 10/05/2028 | 03/14/2024 | 2400 | 2455 | 0.05 |
|  Pantheon Senior Debt Secondaries III 6.026% due 03/26/2026 | 03/18/2025 | 1500 | 1500 | 0.03 |
|  Project Alpha Investindustrial 4.150% due 02/27/2026 | 02/28/2025 | 980 | 1111 | 0.03 |
|  Project Fenno TBD%-4.368% due 07/10/2028 | 07/16/2025 | 3394 | 3455 | 0.08 |
|  Royal Bank of Scotland International Ltd. 4.660% due 12/16/2028 | 11/18/2025 | 5000 | 4996 | 0.11 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19752 | 0.43% |

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#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(g) REPURCHASE AGREEMENTS:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.790% | 01/02/2026 | 01/05/2026 | $28400 | U.S. Treasury Notes 3.500% due 11/30/2030 | $(28966) | $28400 | $28400 |
|  | 3.870 | 12/31/2025 | 01/02/2026 | 27300 | U.S. Treasury Notes 3.875% due 07/31/2030 | (27809) | 27300 | 27306 |
| BRC | 6.800 | 12/05/2025 | 01/09/2026 | 486941 | Republic of South Africa Government Bonds 8.750% due 02/28/2048 | (43433) | 29404 | 29558 |
|  | 6.800 | 01/09/2026 | TBD<sup>(2)</sup> | 468841 | Republic of South Africa Government Bonds 8.750% due 02/28/2048 | (43433) | 28312 | 28312 |
| SAL | 3.930 | 12/31/2025 | 01/02/2026 | $3400 | U.S. Treasury Bills 0.000% due 12/24/2026 | (3470) | 3400 | 3401 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116977 |

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#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(3)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(3)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOS | 3.550% | 12/12/2025 | 03/04/2026 | $(449) | $(450) |
|  BRC | 6.700 | 12/05/2025 | 01/09/2026 | (486941) | (29554) |
|  | 6.700 | 01/09/2026 | TBD<sup>(4)</sup> | (472746) | (28547) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58551) |

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#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (1.7)% | U.S. Government Agencies (1.7)% | U.S. Government Agencies (1.7)% | U.S. Government Agencies (1.7)% | U.S. Government Agencies (1.7)% | U.S. Government Agencies (1.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 6.000% | 01/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | $(30553) | $(30576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 02/01/2056 | 60900 | (49372) | (49231) |
|  Total Short Sales (1.7)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79925) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79807) |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 17

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| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) |

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#### 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, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(5)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $55706 | $(450) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56307) | $(1051) |
|  BRC | 57870 | (58101) | 0 | (231) | (58136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58367) |
|  SAL | 3401 | 0 | 0 | 3401 | (3470) | (69) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116977 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58551) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

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#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $(450) | $0 | $(450) |
|  Sovereign Issues | 0 | (29554) | 0 | 0 | (29554) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29554) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30004) |
|  Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | $(30004) |

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(h) Securities with an aggregate market value of $29,405 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(13526) at a weighted average interest rate of 5.256%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Open maturity reverse repurchase agreement.

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(6)</sup> Unsettled reverse repurchase agreements liability of $(28547) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note February Futures | $111.500 | 01/23/2026 | 267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | $(45) | $(42) |
|  Put - CBOE U.S. Treasury 10-Year Note February Futures | 112.000 | 01/23/2026 | 102 | 102 | (18) | (32) |
|  Call - CBOE U.S. Treasury 10-Year Note February Futures | 113.500 | 01/23/2026 | 369 | 369 | (71) | (29) |
|  Put - EUREX Euro-Bund January 2026 Futures | EUR 127.500 | 01/23/2026 | 28 | 28 | (14) | (20) |
|  Call - EUREX Euro-Bund January 2026 Futures | 130.500 | 01/23/2026 | 28 | 28 | (15) | (1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) |

---

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond March Futures  | 03/2026 | 454 | $33171 | $62 | $38 | $0 |
|  Canada Government 10-Year Bond March Futures  | 03/2026 | 304 | 26780 | (313) | 0 | (66) |
|  Long Guilt March Futures  | 03/2026 | 189 | 23278 | 166 | 40 | (18) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 91 | 19000 | 17 | 0 | (6) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 4668 | 510234 | (489) | 0 | (547) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 4850 | 545322 | (1466) | 0 | (985) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2023) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1622) |

---

18 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Euro-Bund March Futures  | 03/2026 | 117 | $(17541) | $241 | $32 | $0 |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2026 | 39 | (4508) | 23 | 9 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 361 | (42598) | 722 | 135 | 0 |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 870 | (100064) | 447 | 163 | 0 |
|  |  |  |  | $1433 | $339 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1622) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Boeing Co. | 1.000% | Quarterly | 12/20/2027 | 0.356% | $— | 4400 | $(195) | $251 | $56 | $1 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2029 | 0.532 |  | 600 | (11) | 21 | 10 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2030 | 0.651 |  | 21100 | 361 | (21) | 340 | 4 | 0 |
|  Deutsche Bank | 1.000 | Quarterly | 12/20/2030 | 0.722 | EUR | 10800 | 108 | 61 | 169 | 6 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.051 | $— | 5300 | 36 | (11) | 25 | 0 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.252 |  | 7000 | 44 | (17) | 27 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 1.367 |  | 3900 | 86 | (142) | (56) | 0 | (1) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.392 |  | 6700 | (24) | 123 | 99 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.425 |  | 1700 | (4) | 32 | 28 | 0 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $3200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/<br>Receive<br>Floating<br>Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/<br>Receive<br>Floating<br>Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500% | Annual | 03/18/2056 | GBP | 4500 | $(88) | $53 | $(35) | $0 | $(12) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 | JPY | 9440000 | (1744) | 2850 | 1106 | 114 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | $— | 47480 | 0 | (198) | (198) | 35 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 |  | 25600 | 0 | (220) | (220) | 19 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 70530 | (1307) | 376 | (931) | 92 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 |  | 6100 | (12) | (67) | (79) | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 |  | 56100 | 803 | (92) | 711 | 84 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.585 | Annual | 10/31/2030 |  | 58120 | 0 | (315) | (315) | 92 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 |  | 27500 | 0 | (249) | (249) | 44 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 |  | 91500 | 0 | (935) | (935) | 145 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 |  | 3200 | 0 | (38) | (38) | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 |  | 7400 | 0 | (89) | (89) | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 |  | 6300 | 0 | (77) | (77) | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 |  | 9400 | 0 | (118) | (118) | 15 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 |  | 20676 | (28) | (178) | (206) | 37 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.717 | Annual | 08/15/2033 |  | 16930 | 0 | (56) | (56) | 33 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 3600 | (12) | (20) | (32) | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 4100 | (12) | (51) | (63) | 9 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 6900 | (20) | (60) | (80) | 16 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 580 | (2) | (2) | (4) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/02/2035 |  | 16100 | (115) | 57 | (58) | 37 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 |  | 5300 | 11 | 43 | 54 | 12 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 |  | 5300 | (5) | 34 | 29 | 12 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 |  | 8974 | 23 | 16 | 39 | 20 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 |  | 3100 | (9) | 71 | 62 | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 |  | 69290 | 14008 | 13571 | 27579 | 176 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 112375 | 3182 | 9936 | 13118 | 360 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/<br>Receive<br>Floating<br>Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/<br>Receive<br>Floating<br>Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 12/18/2054 | $— | 8680 | $133 | $850 | $983 | $28 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 |  | 31300 | 2919 | 2139 | 5058 | 97 | 0 |
| Pay | 1-Year BRL-CDI | 11.496 | Maturity | 01/04/2027 | BRL | 54600 | 0 | (375) | (375) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.548 | Maturity | 01/04/2027 |  | 218600 | 0 | (1454) | (1454) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 |  | 16700 | 0 | (14) | (14) | 0 | (3) |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 162000 | 1 | (137) | (136) | 0 | (26) |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 |  | 10700 | 0 | (5) | (5) | 0 | 0 |
| Receive | 1-Year BRL-CDI | 13.000 | Maturity | 01/02/2029 |  | 39500 | 0 | 50 | 50 | 0 | 0 |
| Receive | 1-Year BRL-CDI | 13.017 | Maturity | 01/02/2029 |  | 162900 | 0 | 198 | 198 | 1 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 89200 | (1) | (83) | (84) | 0 | (31) |
| Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 9400 | 0 | (7) | (7) | 0 | (3) |
| Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 |  | 12900 | 0 | (4) | (4) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.400 | Maturity | 01/02/2029 |  | 118900 | (3) | 17 | 14 | 0 | (1) |
| Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 | NZD | 49600 | (636) | 1065 | 429 | 14 | 0 |
| Pay | 3-Month NZD-BBR | 4.250 | Semi-Annual | 12/21/2027 |  | 3900 | 3 | 55 | 58 | 2 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | AUD | 26500 | (326) | 200 | (126) | 0 | (17) |
| Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 |  | 100 | (1) | 1 | 0 | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 13900 | (396) | 305 | (91) | 0 | (11) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 24000 | 110 | (316) | (206) | 0 | (27) |
| Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 03/19/2035 |  | 15500 | (17) | (552) | (569) | 0 | (21) |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | EUR | 32000 | (174) | (555) | (729) | 0 | (4) |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 27400 | (101) | (306) | (407) | 0 | (3) |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 10900 | (515) | 351 | (164) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.050 | Annual | 10/05/2029 |  | 3500 | 0 | 22 | 22 | 2 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.056 | Annual | 10/05/2029 |  | 4000 | 0 | 24 | 24 | 3 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 3700 | (8) | (27) | (35) | 2 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 |  | 2700 | (7) | (104) | (111) | 0 | (4) |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 1600 | (4) | (35) | (39) | 0 | (2) |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 21400 | 5 | (457) | (452) | 0 | (30) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 20880 | (298) | 1543 | 1245 | 70 | 0 |
| Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 | MXN | 64600 | 3 | 14 | 17 | 4 | 0 |
| Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | CAD | 46600 | (413) | (794) | (1207) | 27 | 0 |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 4800 | 17 | (22) | (5) | 3 | 0 |
| Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 3400 | 0 | 58 | 58 | 3 | 0 |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 25800 | 25 | 47 | 72 | 20 | 0 |
|  |  |  |  |  |  |  | $14989 | $25934 | $40923 | $1679 | $(196) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $15461 | $26233 | $41694 | $1690 | $(197) |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1638) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1959) |

---

(j) Securities with an aggregate market value of $74,778 and cash of $10,996 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $1 and liability of $(3) is outstanding at period end. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin liability of $(16) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 01/2026 | $2893 | 449767 | $0 | $(20) |
|  BOA | 01/2026 | 3652 | $40 | 0 | (1) |
|  | 01/2026 | 1158418 | 796 | 0 | (7) |
|  | 01/2026 | 4945 | 1352 | 0 | (25) |
|  | 01/2026 | 16233 | 501 | 0 | (15) |
|  | 01/2026 | 54291 | 1781 | 52 | 0 |
|  | 01/2026 | $1212 | 1029 | 0 | (2) |
|  | 01/2026 | 3501 | 12809 | 67 | 0 |
|  | 01/2026 | 282 | 8901 | 1 | 0 |
|  | 01/2026 | 1090 | 18169 | 6 | 0 |
|  | 02/2026 | 4451 | $1397 | 0 | (1) |
|  | 04/2026 | $381 | 7028 | 5 | 0 |
|  BPS | 01/2026 | 32520 | $21245 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459) |
|  | 01/2026 | 505 | 641 | 3 | 0 |
|  | 01/2026 | 37960 | 5387 | 0 | (60) |
|  | 01/2026 | 4525312 | 271 | 0 | 0 |
|  | 01/2026 | 7497 | 2305 | 0 | (49) |
|  | 01/2026 | 119003 | 1320 | 0 | (3) |
|  | 01/2026 | 708800 | 4587 | 59 | 0 |
|  | 01/2026 | 8423 | 4786 | 0 | (65) |
|  | 01/2026 | 6397 | 1753 | 0 | (28) |
|  | 01/2026 | 184011 | 6052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | 0 |
|  | 01/2026 | $5808 | 40684 | 26 | 0 |
|  | 01/2026 | 620 | 56011 | 2 | 0 |
|  | 01/2026 | 4159 | 15099 | 47 | 0 |
|  | 01/2026 | 11105 | 348488 | 18 | (26) |
|  | 01/2026 | 2420 | 40352 | 13 | 0 |
|  | 01/2026 | 17154 | $1025 | 0 | (9) |
|  | 02/2026 | $1377 | 124089 | 0 | 0 |
|  | 02/2026 | 3433 | 107753 | 0 | (7) |
|  | 03/2026 | 33142 | $1067 | 14 | 0 |
|  | 04/2026 | 16000 | 2801 | 0 | (59) |
|  BRC | 01/2026 | 1770 | 2054 | 0 | (27) |
|  | 01/2026 | 1965 | 613 | 0 | (4) |
|  | 01/2026 | 81700 | 530 | 8 | 0 |
|  | 01/2026 | $732 | 2668 | 11 | 0 |
|  | 01/2026 | 13846 | 625166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | 0 |
|  | 01/2026 | 69797 | $4037 | 0 | (172) |
|  | 02/2026 | 1931 | 599 | 0 | (7) |
|  | 02/2026 | $1049 | 19446 | 26 | 0 |
|  | 02/2026 | 28225 | 1284992 | 792 | 0 |
|  | 03/2026 | 3294 | 61007 | 69 | 0 |
|  | 03/2026 | 4602 | 209959 | 61 | 0 |
|  BSH | 01/2026 | 1463551 | $9403 | 53 | 0 |
|  | 01/2026 | 27632 | 7809 | 0 | (406) |
|  | 02/2026 | 18899 | 5405 | 0 | (209) |
|  | 04/2026 | 30500 | 5370 | 5 | (86) |
|  | 08/2026 | 4839 | 1428 | 1 | 0 |
|  CBK | 01/2026 | 15680 | 10406 | 0 | (59) |
|  | 01/2026 | 254 | 185 | 1 | (1) |
|  | 01/2026 | 14505 | 2264 | 0 | (20) |
|  | 01/2026 | 544 | 720 | 0 | (14) |
|  | 01/2026 | 4453 | 436 | 0 | (5) |
|  | 01/2026 | 2546 | 1470 | 3 | 0 |
|  | 01/2026 | 17502 | 5173 | 0 | (30) |
|  | 01/2026 | 32 | 9 | 0 | 0 |
|  | 01/2026 | 2640 | 281 | 0 | (6) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | 629223 | $20731 | $697 | $0 |
|  | 01/2026 | $1252 | 1888 | 8 | 0 |
|  | 01/2026 | 3760 | 26247 | 6 | 0 |
|  | 01/2026 | 320 | 1025 | 1 | 0 |
|  | 01/2026 | 22509 | 2011531 | 17 | (199) |
|  | 01/2026 | 10426 | 18015 | 0 | (51) |
|  | 01/2026 | 410 | 1472 | 0 | 0 |
|  | 01/2026 | 1 | 23 | 0 | 0 |
|  | 01/2026 | 2797 | 87438 | 2 | (15) |
|  | 01/2026 | 916 | 15679 | 29 | 0 |
|  | 02/2026 | 3526 | $1109 | 2 | 0 |
|  | 02/2026 | $85 | 2671 | 0 | 0 |
|  | 03/2026 | 1912 | $564 | 0 | (4) |
|  | 03/2026 | 36022 | 1157 | 12 | 0 |
|  DUB | 01/2026 | 3231 | 1004 | 0 | (10) |
|  | 01/2026 | 2279560 | 1557 | 0 | (24) |
|  | 01/2026 | 421 | 243 | 1 | 0 |
|  | 01/2026 | $2010 | 6411 | 4 | 0 |
|  | 01/2026 | 6853 | 610334 | 0 | (79) |
|  | 01/2026 | 3539 | 5199209 | 67 | 0 |
|  | 01/2026 | 1018 | 17121 | 14 | 0 |
|  | 01/2026 | 108634 | $6235 | 0 | (316) |
|  | 02/2026 | 6410 | 2010 | 0 | (3) |
|  | 02/2026 | 7719 | 2170 | 0 | (123) |
|  | 02/2026 | $115 | 3606 | 0 | (1) |
|  FAR | 01/2026 | 57143 | $37177 | 0 | (960) |
|  | 01/2026 | 572 | 714 | 0 | (9) |
|  | 01/2026 | 18921 | 2688 | 0 | (27) |
|  | 01/2026 | 20 | 15 | 0 | 0 |
|  | 01/2026 | $1064 | 3411 | 7 | 0 |
|  | 01/2026 | 2551 | 4452 | 13 | 0 |
|  | 01/2026 | 5925 | 21660 | 108 | 0 |
|  | 01/2026 | 1016 | 17052 | 12 | 0 |
|  | 01/2026 | 75329 | $4381 | 0 | (161) |
|  | 02/2026 | 3410 | 1064 | 0 | (7) |
|  GLM | 01/2026 | 1294 | 1614 | 0 | (21) |
|  | 01/2026 | 2458 | 761 | 0 | (11) |
|  | 01/2026 | 45477 | 31 | 0 | 0 |
|  | 01/2026 | $2727 | 19223 | 31 | 0 |
|  | 01/2026 | 32 | 45477 | 0 | 0 |
|  | 01/2026 | 4313 | 15756 | 76 | 0 |
|  | 01/2026 | 528 | 16807 | 6 | 0 |
|  | 01/2026 | 56014 | $3249 | 0 | (129) |
|  | 02/2026 | $51113 | 280244 | 0 | (357) |
|  | 02/2026 | 2025 | 37555 | 51 | 0 |
|  | 03/2026 | 292 | $53 | 1 | 0 |
|  | 03/2026 | $1554 | 28837 | 38 | 0 |
|  | 04/2026 | 62300 | $10983 | 30 | (182) |
|  | 04/2026 | $3235 | 59658 | 46 | 0 |
|  JPM | 01/2026 | 78765 | $11184 | 0 | (118) |
|  | 01/2026 | 22563 | 6932 | 0 | (152) |
|  | 01/2026 | 113162 | 1271 | 15 | 0 |
|  | 01/2026 | 1512719 | 1054 | 5 | 0 |
|  | 01/2026 | 4076 | 2366 | 18 | 0 |
|  | 01/2026 | 11728 | 3200 | 0 | (67) |
|  | 01/2026 | $3405 | 23916 | 27 | 0 |
|  | 01/2026 | 2755 | 245329 | 0 | (32) |
|  | 01/2026 | 26910 | 500492 | 817 | 0 |
|  | 01/2026 | 4432 | 16331 | 117 | 0 |
|  | 01/2026 | 20532 | $1196 | 0 | (42) |
|  | 02/2026 | $1054 | 1510734 | 0 | (7) |
|  | 02/2026 | 1431 | 26548 | 36 | 0 |
|  | 03/2026 | 2099 | 38483 | 25 | 0 |
|  | 04/2026 | 1205 | 22204 | 16 | 0 |
|  MBC | 01/2026 | 1372 | $907 | 0 | (8) |
|  | 01/2026 | 105446 | 74921 | 0 | (1946) |
|  | 01/2026 | 796 | 1002 | 0 | (4) |
|  | 01/2026 | 1545 | 2073 | 0 | (10) |
|  | 01/2026 | 616847 | 3971 | 30 | 0 |
|  | 01/2026 | 2499 | 1444 | 5 | 0 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | 63766 | $49145 | $0 | $(494) |
|  | 01/2026 | $434 | 39257 | 2 | 0 |
|  | 01/2026 | 6184 | 10777 | 23 | 0 |
|  | 01/2026 | 1028 | 3770 | 22 | 0 |
|  | 01/2026 | 820 | 26568 | 24 | 0 |
|  | 01/2026 | 435 | 13728 | 2 | 0 |
|  | 02/2026 | 931 | 17233 | 22 | 0 |
|  | 03/2026 | 875 | 16109 | 14 | 0 |
|  | 04/2026 | 970 | 17906 | 14 | 0 |
|  MYI | 01/2026 | 6 | $2 | 0 | 0 |
|  | 01/2026 | 5 | 1 | 0 | 0 |
|  | 01/2026 | $16 | 2486 | 0 | 0 |
|  | 02/2026 | 7019 | $2180 | 0 | (24) |
|  | 02/2026 | 30188 | 8981 | 11 | 0 |
|  NGF | 01/2026 | 3736823 | 2554 | 0 | (38) |
|  | 01/2026 | $2376 | 3487468 | 43 | 0 |
|  | 03/2026 | 647 | 29430 | 8 | 0 |
|  SCX | 01/2026 | 571 | $713 | 0 | (9) |
|  | 01/2026 | 37727 | 5354 | 0 | (59) |
|  | 01/2026 | 7527141 | 450 | 0 | (1) |
|  | 01/2026 | 18199 | 200 | 0 | (2) |
|  | 01/2026 | 1332610 | 8570 | 56 | 0 |
|  | 01/2026 | 57927 | 1901 | 57 | 0 |
|  | 01/2026 | $1056 | 1472 | 17 | 0 |
|  | 01/2026 | 394 | 35593 | 1 | 0 |
|  | 11/2026 | 88962 | $55 | 0 | 0 |
|  SOG | 01/2026 | 130807 | 151443 | 0 | (2347) |
|  | 01/2026 | 93936 | 123781 | 0 | (2839) |
|  | 01/2026 | 4247022 | 27155 | 22 | 0 |
|  | 02/2026 | $932 | 17242 | 21 | 0 |
|  | 03/2026 | 2607 | $139 | 0 | (5) |
|  | 03/2026 | $0 | 7 | 0 | 0 |
|  | 03/2026 | 305 | 1032 | 1 | 0 |
|  | 06/2026 | 22704 | $6643 | 0 | (70) |
|  UAG | 01/2026 | 2386 | 2981 | 0 | (34) |
|  | 01/2026 | 4939 | 1354 | 0 | (22) |
|  | 01/2026 | $4359 | 15830 | 50 | 0 |
|  | 01/2026 | 106414 | $6119 | 0 | (298) |
|  | 02/2026 | $1923 | 35622 | 46 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13199) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC USD versus KRW | KRW | 1415.000 | 02/19/2026 | 7737 | $52 | $44 |
|  | Put - OTC USD versus KRW |  | 1410.000 | 02/27/2026 | 30357 | 217 | 169 |
|  | Put - OTC USD versus KRW |  | 1413.000 | 02/27/2026 | 14843 | 100 | 91 |
| BPS | Put - OTC USD versus KRW |  | 1412.000 | 02/24/2026 | 487 | 3 | 3 |
| BRC | Put - OTC USD versus KRW |  | 1412.000 | 02/24/2026 | 5097 | 35 | 28 |
|  Total Purchased Options | Total Purchased Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus KRW | KRW | 1375.000 | 02/19/2026 | 7737 | $(18) | $(11) |
|  | Put - OTC USD versus KRW |  | 1375.000 | 02/27/2026 | 45200 | (120) | (82) |
| BPS | Put - OTC USD versus KRW |  | 1372.000 | 02/24/2026 | 487 | (1) | (1) |
| BRC | Put - OTC USD versus KRW |  | 1372.000 | 02/24/2026 | 5097 | (11) | (8) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 23

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.551% | 01/05/2026 | 5800 | $(14) | $0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.831 | 01/05/2026 | 5800 | (14) | (3) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.625 | 01/08/2026 | 2900 | (7) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.925 | 01/08/2026 | 2900 | (7) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.622 | 01/29/2026 | 5900 | (13) | (8) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.882 | 01/29/2026 | 5900 | (13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.580 | 01/05/2026 | 6200 | (14) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.860 | 01/05/2026 | 6200 | (14) | (1) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.548 | 01/02/2026 | 5600 | (14) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.848 | 01/02/2026 | 5600 | (14) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.578 | 01/12/2026 | 5700 | (12) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.878 | 01/12/2026 | 5700 | (12) | (6) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.648 | 01/15/2026 | 5800 | (16) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.928 | 01/15/2026 | 5800 | (16) | (5) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.625 | 01/08/2026 | 6100 | (16) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.925 | 01/08/2026 | 6100 | (16) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.639 | 01/12/2026 | 6200 | (15) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.919 | 01/12/2026 | 6200 | (15) | (3) |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.498 | 01/05/2026 | 7600 | (17) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.798 | 01/05/2026 | 7600 | (17) | (11) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.639 | 01/12/2026 | 7800 | (18) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.919 | 01/12/2026 | 7800 | (18) | (4) |
|  |  |  |  |  |  | $(312) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 01/01/2056 | $97.375 | 01/07/2026 | 17700 | $(48) | $0 |
|  Total Written Options | Total Written Options |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | South Africa Government International Bonds | 1.000% | Quarterly | 12/20/2026 | 0.266 | % | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | $(708) | $814 | $106 | $0 |
| BPS | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.075 |  | 2500 | (120) | 118 | 0 | (2) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.164 |  | 500 | (45) | 44 | 0 | (1) |
| BRC | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.897 |  | 4900 | (225) | 231 | 6 | 0 |
| CBK | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.897 |  | 3000 | (148) | 152 | 4 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.075 |  | 700 | (25) | 24 | 0 | (1) |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.266 |  | 3500 | (169) | 195 | 26 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 1853 | 0 | 16 | 16 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 906 | 0 | 8 | 8 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.266 |  | 5200 | (236) | 274 | 38 | 0 |
| GST | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.075 |  | 3600 | (135) | 132 | 0 | (3) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.164 |  | 1600 | (143) | 138 | 0 | (5) |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.706 |  | 2500 | (21) | 14 | 0 | (7) |
| JPM | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.075 |  | 500 | (19) | 19 | 0 | 0 |
| MYC | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.266 |  | 17500 | (837) | 966 | 129 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2831) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |

---

24 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR 13,480 | $3036 | $141 | $3177 | $0 |
| BPS | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 9900 | 2272 | 61 | 2333 | 0 |
| CBK | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 10300 | 2339 | 88 | 2427 | 0 |
| JPM | iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 7828 | 1551 | 36 | 1587 | 0 |
|  | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 8010 | 1834 | 54 | 1888 | 0 |
| MYC | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 2290 | 532 | 8 | 540 | 0 |
|  |  |  |  |  |  | $11564 | $388 | $11952 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12285 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(20) | $0 | $0 | $(20) | $(20) | $0 | $(20) |
|  BOA | 131 | 304 | 3283 | 3718 | (51) | (93) | 0 | (144) | 3574 | (3640) | (66) |
|  BPS | 375 | 3 | 2333 | 2711 | (765) | (30) | (3) | (798) | 1913 | (1999) | (86) |
|  BRC | 1443 | 28 | 6 | 1477 | (210) | (8) | 0 | (218) | 1259 | (910) | 349 |
|  BSH | 59 | 0 | 0 | 59 | (701) | 0 | 0 | (701) | (642) | 625 | (17) |
|  CBK | 778 | 0 | 2457 | 3235 | (404) | 0 | (1) | (405) | 2830 | (2900) | (70) |
|  DUB | 86 | 0 | 62 | 148 | (556) | 0 | 0 | (556) | (408) | 307 | (101) |
|  FAR | 140 | 0 | 0 | 140 | (1164) | (1) | 0 | (1165) | (1025) | 1117 | 92 |
|  GLM | 279 | 0 | 0 | 279 | (700) | (16) | 0 | (716) | (437) | 524 | 87 |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (15) | (15) | (15) | 0 | (15) |
|  JPM | 1076 | 0 | 3475 | 4551 | (418) | 0 | 0 | (418) | 4133 | (4381) | (248) |
|  MBC | 158 | 0 | 0 | 158 | (2462) | 0 | 0 | (2462) | (2304) | 2669 | 365 |
|  MYC | 0 | 0 | 669 | 669 | 0 | (7) | 0 | (7) | 662 | (590) | 72 |
|  MYI | 11 | 0 | 0 | 11 | (24) | 0 | 0 | (24) | (13) | (40) | (53) |
|  NGF | 51 | 0 | 0 | 51 | (38) | (17) | 0 | (55) | (4) | 0 | (4) |
|  SCX | 131 | 0 | 0 | 131 | (71) | 0 | 0 | (71) | 60 | 0 | 60 |
|  SOG | 44 | 0 | 0 | 44 | (5261) | 0 | 0 | (5261) | (5217) | 5264 | 47 |
|  UAG | 96 | 0 | 0 | 96 | (354) | 0 | 0 | (354) | (258) | 0 | (258) |
|  Total Over the Counter | $4858 | $335 | $12285 | $17478 | $(13199) | $(172) | $(19) | $(13390) |  |  |  |

---

(l) Securities with an aggregate market value of $10,506 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) |

---

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $417 | $417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 11 | 0 | 0 | 1679 | 1690 |
|  | $0 | $11 | $0 | $0 | $2096 | $2107 |
|  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 | $4858 | $0 | $4858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 335 | 0 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 12285 | 0 | 0 | 0 | 12285 |
|  | $0 | $12285 | $0 | $5193 | $0 | $17478 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19585 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $124 | $124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1638 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 196 | 197 |
|  | $0 | $1 | $0 | $0 | $1958 | $1959 |
|  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 | $13199 | $0 | $13199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 102 | 70 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 19 | 0 | 0 | 0 | 19 |
|  | $0 | $19 | $0 | $13301 | $70 | $13390 |
|  | $0 | $20 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13301 | $2028 | $15349 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $2589 | $2589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 24458 | 24458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1521 | 0 | 0 | 12046 | 13567 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1521 | $0 | $0 | $39093 | $40614 |
|  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 | $(5297) | $0 | $(5297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (777) | (2497) | (3274) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 148 | 0 | 0 | 6829 | 6977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2837 | 0 | 0 | 0 | 2837 |
|  | $0 | $2985 | $0 | $(6074) | $4332 | $1243 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6074) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41857 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $72 | $72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 4155 | 4155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (756) | 0 | 0 | 551 | (205) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(756) | $0 | $0 | $4778 | $4022 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(18187) | $0 | $(18187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (266) | 515 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 48 | 161 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 629 | 0 | 0 | 0 | 629 |
|  | $0 | $629 | $0 | $(18405) | $676 | $(17100) |
|  | $0 | $(127) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18405) | $5454 | $(13078) |

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26 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

December 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3386 | $31539 | $34925 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 881596 | 9189 | 890785 |
| &nbsp;&nbsp; Industrials | 0 | 567207 | 2455 | 569662 |
| &nbsp;&nbsp; Utilities | 0 | 240731 | 0 | 240731 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Illinois | 0 | 6530 | 0 | 6530 |
| &nbsp;&nbsp; Louisiana | 0 | 7142 | 0 | 7142 |
| &nbsp;&nbsp; Texas | 0 | 8188 | 0 | 8188 |
| &nbsp;&nbsp; West Virginia | 0 | 6431 | 0 | 6431 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913104 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913104 |
|  U.S. Treasury Obligations | 0 | 837661 | 0 | 837661 |
|  Non-Agency Mortgage-Backed Securities | 0 | 382375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57060 | 439435 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 10024 | 0 | 10024 |
| &nbsp;&nbsp; CMBS Other | 0 | 48223 | 0 | 48223 |
| &nbsp;&nbsp; Home Equity Other | 0 | 162615 | 0 | 162615 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 1870 | 0 | 1870 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 7274 | 0 | 7274 |
| &nbsp;&nbsp; Other ABS | 0 | 135141 | 0 | 135141 |
|  Sovereign Issues | 0 | 459875 | 0 | 459875 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 0 | 0 | 4300 | 4300 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 11373 | 0 | 11373 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 116816 | 0 | 116816 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 4605 | 0 | 4605 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2669 | 0 | 2669 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5814836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104543 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5919379 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $203753 | $0 | $0 | $203753 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5814836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104543 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6123132 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(79807) | $0 | $(79807) |
|  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 | 110 | 1997 | 0 | 2107 |
|  Over the counter | 0 | 17454 | 24 | 17478 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19585 |
|  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 | (105) | (1838) | 0 | (1943) |
|  Over the counter | 0 | (13390) | 0 | (13390) |
|  | $(105) | $(15228) | $0 | $(15333) |
|  Total Financial Derivative Instruments | $5 | $4223 | $24 | $4252 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5739252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104567 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6047577 |

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The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $12976 | $22726 | $(2316) | $4 | $(42) | $603 | $0 | $(2412) | $31539 | $418 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 2299 | 9140 | (2300) | 0 | 0 | 50 | 0 | 0 | 9189 | 48 |
| &nbsp;&nbsp; Industrials | 3646 | 0 | (1279) | 0 | 0 | 88 | 0 | 0 | 2455 | 48 |
|  Non-Agency Mortgage-Backed Securities | 0 | 55904 | 0 | 0 | 0 | 1156 | 0 | 0 | 57060 | 1154 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 4788 | 0 | 0 | 0 | 0 | (488) | 0 | 0 | 4300 | (487) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5895) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2412) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104543 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181 |
|  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 | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $10 | $0 | $0 | $0 | $14 | $0 | $0 | $24 | $14 |
|  Totals | $23709 | $87780 | $(5895) | $4 | $(42) | $1423 | $0 | $(2412) | $104567 | $1195 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 27

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---

| | | | |
|:---|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) | December 31, 2025 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $22602 | Discounted Cash Flow | Discount Rate | 3.940-6.670 | 5.368 |
|  | 6273 | Indicative Market Quotation | Broker Quote | 95.550 |  |
|  | 2233 | Recent Transaction | Purchase Price | 100.000 |  |
|  | 431 | Third Party Vendor | Broker Quote | 100.250 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 9189 | Discounted Cash Flow | Discount Rate | 4.690-6.230 | 5.187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2455 | Discounted Cash Flow | Discount Rate | 4.500-4.640 | 4.570 |
|  Non-Agency Mortgage-Backed Securities | 57060 | Recent Transaction | Purchase Price | 100.000 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 4300 | Indicative Market Quotation | Broker Quote | $22.563 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 24 | Indicative Market Quotation | Broker Quote | 0.497-0.524 | 0.506 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104567 |  |  |  |  |

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<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

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| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Notes to Financial Statements December 31, 2025

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Total Return Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

The Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

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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, including but not limited to ASC 946. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

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Notes to Financial Statements (Cont.)

obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(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 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.

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(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, 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

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| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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 September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

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3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

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Notes to Financial Statements (Cont.)

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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued by the Valuation Designee in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would

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| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by pricing services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain

(loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **33** |

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Notes to Financial Statements (Cont.)

market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, 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, indexes, 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, indexes, 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, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. 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, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short Asset Portfolio

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>12/31/2024 | **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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8020 | $&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;390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>12/31/2024 | **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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(641300) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to 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 ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **35** |

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Notes to Financial Statements (Cont.)

agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in 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 payments. 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, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolio may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying

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| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2025, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Portfolio's shares. 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 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, credit unions and mortgage bankers.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

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Notes to Financial Statements (Cont.)

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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 (in the case of tri-party repurchase agreements). Traditionally, the Portfolio has used bilateral repurchase agreements wherein the underlying securities will be held by the Portfolio's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the

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| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus

resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2025, 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **39** |

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Notes to Financial Statements (Cont.)

included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin

included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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.

Barrier Options ("Barrier Options") are options, which may be written or purchased, with non-standard payout structures or other features. Barrier Options are generally traded OTC. The Portfolio may invest in various types of Barrier Options including down-and-in, down-and-out and up-and-in options. Down-and-in and up-and-in options are similar to standard options, except that the option expires worthless to the purchaser of the option if the price of the underlying instrument does,

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| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

or does not, reach a specific barrier price level prior to the option's expiration date. Down-and-out options expire worthless to the purchaser of the option if the price of the underlying instrument reaches a specific barrier price level prior to the option's expiration date.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

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Notes to Financial Statements (Cont.)

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 fail to perform or meet an obligation 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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in

the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes 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

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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 indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication 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 as the value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements

exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

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Notes to Financial Statements (Cont.)

Market Risk is the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell 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. The liquidity of the Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, 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. Non-centrally-cleared 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment

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transactions, and 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. The use of leverage may also increase the Portfolio's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns,

political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures 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.

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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors

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Notes to Financial Statements (Cont.)

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 complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Portfolio may adversely affect PIMCO or the Portfolio, including by causing losses or impairing PIMCO's or the Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the

counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA

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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. FCM customers, such as the Portfolio, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law,

will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Administrative<br>Class | Advisor<br>Class |
| 0.25% | 0.25% | 0.25% | 0.25% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing, or procuring through financial firms, administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

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Notes to Financial Statements (Cont.)

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Advisor Class shares.

---

| | | |
|:---|:---|:---|
|  | Distribution Fee | Servicing Fee |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

---

(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for the Portfolio is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through May 1, 2026, 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. As of December 31, 2025, the amount waived and/or reimbursed was $42,865.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (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. As of December 31, 2025, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to

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| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

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. Frequent and active trading of the Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. 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, 2025 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;28647873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28868720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502364 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2025 | Year Ended<br>12/31/2024 | Year Ended<br>12/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 8815 | $81465 | 12639 | $116795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 32780 | 302766 | 40147 | 365894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 15486 | 143477 | 18432 | 167844 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1581 | 14706 | 1362 | 12410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 9641 | 89597 | 10118 | 92245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 8375 | 77840 | 8449 | 77038 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4600) | (42491) | (16059) | (144732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (53728) | (496038) | (63143) | (576108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (28480) | (263179) | (24288) | (222104) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (10130) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91857) | (12343) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110718) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 28% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

15. FEDERAL INCOME TAX MATTERS

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **49** |

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Notes to Financial Statements (Cont.)

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, 2025, the fund 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.

In this reporting period, the Portfolio adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes

paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the portfolio did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | **Qualified**<br> **Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of<br>Distributable<br>Earnings |
|  PIMCO Total Return Portfolio | $56170 | $0 | $(301633) | $0 | $(489758) | $0 | $0 | $(735221) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

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| | |
|:---|:---|
| (<sup>2)</sup> | Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on constructive sales, hyperinflationary investments, swap contracts, straddle loss deferrals, passive foreign investment companies (PFICs), interest accrued on defaulted securities, and return of capital distributions from underlying funds.  |

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<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, 2025 through December 31, 2025 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, 2025 through December 31, 2025 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, a 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, 2025, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Total Return Portfolio | $315271 | $174487 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2025

As of December 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Total Return Portfolio | $6387710 | $127739 | $(427054) | $(299315) |

---

---

| | |
|:---|:---|
| <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/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on constructive sales, hyperinflationary investments, swap contracts, straddle loss deferrals, passive foreign investment companies (PFICs), interest accrued on defaulted securities, and return of capital distributions from underlying funds. 

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Total Return Portfolio | $182143 | $0 | $0 | $181694 | $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>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Total Return Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Total Return Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 19, 2026

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC |
| BOA | Bank of America N.A. | FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC |
| BOS | BofA Securities, Inc. | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GSC | Goldman Sachs & Co. LLC | SAL | Citigroup Global Markets, Inc. |
| BRC | Barclays Bank PLC | GST | Goldman Sachs International | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | ILS | Israeli Shekel | PLN | Polish Zloty |
| BRL | Brazilian Real | INR | Indian Rupee | SEK | Swedish Krona |
| CAD | Canadian Dollar | JPY | Japanese Yen | SGD | Singapore Dollar |
| CHF | Swiss Franc | KRW | South Korean Won | THB | Thai Baht |
| CNH | Chinese Renminbi (Offshore) | MXN | Mexican Peso | TRY | Turkish New Lira |
| DKK | Danish Krone | NGN | Nigerian Naira | TWD | Taiwanese Dollar |
| EUR | Euro | NOK | Norwegian Krone | USD (or $) | United States Dollar |
| GBP | British Pound | NZD | New Zealand Dollar | ZAR | South African Rand |
| IDR | Indonesian Rupiah | PEN | Peruvian New Sol |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | EUREX | Eurex Exchange | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BRMMUSDF | BlackRock Money Market US Treasury Fund Index | MUTKCALM | Tokyo Overnight Average Rate | TSFR1M | Term SOFR 1-Month |
| CAONREPO | Canadian Overnight Repo Rate Average | SOFR | Secured Overnight Financing Rate | TSFR3M | Term SOFR 3-Month |
| CDX.IG | Credit Derivatives Index - Investment Grade | SOFRINDX | Secured Overnight Financing Rate Index | US0003M | ICE 3-Month USD LIBOR |
| EUR003M | 3 Month EUR Swap Rate | SONIO | Sterling Overnight Interbank Average Rate |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CMBS | Collateralized Mortgage-Backed Security | REMIC | Real Estate Mortgage Investment Conduit |
| ALT | Alternate Loan Trust | DAC | Designated Activity Company | TBA | To-Be-Announced |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | TBD | To-Be-Determined |
| BBSW | Bank Bill Swap Reference Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BRL-CDI | Brazil Interbank Deposit Rate | OIS | Overnight Index Swap | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CLO | Collateralized Loan Obligation |  |  |  |  |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **53** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Total Return Portfolio

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 2025 | $0.0334 | $0.0000 | $0.0000 | $0.0334 |
|  August 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
|  September 2025 | $0.0321 | $0.0000 | $0.0000 | $0.0321 |
|  October 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
|  November 2025 | $0.0308 | $0.0000 | $0.0000 | $0.0308 |
|  December 2025 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  August 2025 | $0.0343 | $0.0000 | $0.0000 | $0.0343 |
|  September 2025 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  October 2025 | $0.0342 | $0.0000 | $0.0000 | $0.0342 |
|  November 2025 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  December 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
| 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 2025 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  August 2025 | $0.0335 | $0.0000 | $0.0000 | $0.0335 |
|  September 2025 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  October 2025 | $0.0334 | $0.0000 | $0.0000 | $0.0334 |
|  November 2025 | $0.0290 | $0.0000 | $0.0000 | $0.0290 |
|  December 2025 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |

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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 portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio net income, yield, earnings or investment performance. 

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| | |
|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2025 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, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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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> |
|  PIMCO Total Return Portfolio | 0.00% | 0.00% | $110027 | $0 |

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† A zero balance may reflect actual amounts rounding to less than one thousand.

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, 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 2025.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **55** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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|:---|:---|
| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **57** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026.

The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2026.

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. Information Received

(a) Materials Reviewed During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant,

financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes, where appropriate. The Independent Trustees also

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|:---|:---|
| **58** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. Nature, Extent and Quality of Services

(a) PIMCO, Research Affiliates, their Personnel and Resources The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time and other investment options that have the potential to benefit shareholders. In addition, the Board

considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to 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.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO have benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. Investment Performance

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short-

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **59** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 (the "Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a better comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective performance indexes over the one-, three, five and ten-year periods ended March 31, 2025. The Board also noted the amounts of Portfolio assets (based on the Administrative Class performance) that outperformed their relative performance indexes on a net fee basis over the one-, three- and five year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Portfolios generally performed well versus competitors during the long-term, but that certain Portfolios had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. The Board also considered actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward. Depending on the circumstances, the Independent Trustees may be satisfied with a Portfolio's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. Advisory Fees, Supervisory and Administrative Fees and Total Expenses

The Board considered that PIMCO seeks to price new funds and classes to scale at the outset. The Board noted that PIMCO generally seeks to price new funds and classes competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Portfolios.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Portfolios (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their

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|:---|:---|
| **60** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries.

The Board also reviewed data comparing the Portfolios' advisory and/or management fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management and the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's

investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. 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 for each Portfolio. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and/or supervisory and administrative (as may be applicable) fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **61** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

The Board considered the Portfolios' total expense ratios and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expense ratios. Upon comparing the Portfolios' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expense ratios of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Asset Allocation Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. Adviser Costs, Level of Profits and Economies of Scale

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations

management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" expense structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. Ancillary Benefits

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may

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|:---|:---|
| **62** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

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. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. Conclusions

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees charged by Research Affiliates under the Asset Allocation Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **63** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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#### pimco.com/pvit
![LOGO](g80535g06y60.jpg)

PVITTOTRETFSTMAR_123125

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**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

The information required by this Item 8 is included as part of the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

The information required by this Item 9 is included as part of the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The information required by this Item 10 is included as part of the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

The information required by this Item 11 is included with the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

**Item 15.** **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 16.** **Controls and Procedures.** <br>

(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.

(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 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.** <br>

(a)(1) [Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d55574dex99codeeth.htm)

(a)(2) Not applicable for open-end investment companies.

(a)(3) [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d55574dex99cert.htm)

(a)(4) Not applicable for open-end investment companies.

(a)(5) 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.](d55574dex99906cert.htm)

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| PIMCO Variable Insurance Trust | PIMCO Variable Insurance Trust |
| By: | /s/ Joshua D. Ratner |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: | February 25, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Joshua D. Ratner |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: | February 25, 2026 |
| By: | /s/ Bijal Y. Parikh |
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: | February 25, 2026 |

---

## Ex-99.Code

**<u>Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal</u>**

**<u>Executive and Senior Financial Officers</u>**

**PIMCO Funds** 

**PIMCO Variable Insurance Trust ("PVIT")** 

**PIMCO ETF Trust ("ETF")** 

**PIMCO Equity Series ("PES")** 

**PIMCO Equity Series VIT ("PESVIT")** 

**PIMCO Managed Accounts Trust** 

**PIMCO Sponsored Closed-End Funds** 

**PIMCO Sponsored Interval Funds** 

**PIMCO Capital Solutions BDC Corp.<sup>1</sup>** 

**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the Funds and, except as provided in Section VI below, applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Persons"). Each Covered Person is identified in <u>Exhibit A</u>.)

This Code has been adopted for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or
submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest or the appearance thereof.

<sup>1</sup> The listed entities which are open-end investment companies are known as the "Trusts," the listed entities which are publicly-traded closed-end investment companies are known as the "Closed-End Funds," the listed entities which are closed-end investment companies operating as "interval" funds pursuant to Rule 23c-3 under the 1940 Act are known as the "Interval Funds", and the listed entities which are business development companies are known as the "BDCs." The Trusts' respective series, the Closed-End Funds, the Interval Funds and the BDC are referred to herein as the "Funds." References to "Trustees" include Directors, as applicable.

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Sarbanes-Oxley Code of Ethics

**II.** **Covered Persons Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Person's private interest interferes with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a Covered Person, or a member of the Covered Person's family, receives improper personal benefits as a result of the Covered Person's position with the relevant Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940, as amended (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940, as amended (including the regulations thereunder, the "Investment Advisers Act") and other applicable laws. Indeed, conflicts of interest are endemic for registered management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as "affiliated persons" of such Fund. The compliance program of each Fund and the compliance programs of its investment adviser, principal underwriter (with respect to the Trusts) and administrator (each a "PIMCO-Affiliated Service Provider" and, collectively, the "PIMCO-Affiliated Service Providers"<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.

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

<sup>2</sup> Each PIMCO-Affiliated Service Provider is identified in <u>Exhibit B.</u>

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Sarbanes-Oxley Code of Ethics

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 <u>not</u> 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;

<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 froma single giver shall not exceed $100.00 as required by the rules of FINRA. However, PIMCO

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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.

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.

<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

A Fund's CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate.

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Sarbanes-Oxley Code of Ethics

**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.

**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.

------

Sarbanes-Oxley Code of Ethics

**History of Amendments** 

<u>History of adoptions and amendments:</u> 

---

| | |
|:---|:---|
|  Adopted: | September 29, 2004 |
|  Effective: | October 5, 2004 |
|  Amended: | April 1, 2005 |
|  Amended: | May 24, 2005 |
|  Amended: | February 24, 2009 (added ETF) |
|  Amended: | March 31, 2009 |
|  Amended: | August 11, 2009 |
|  Amended:<br> Amended: | March 30, 2010 (added PES and PESVIT)<br> 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 Boards of Real Estate/Private Credit Funds) |
|  Amended: | February 14, 2024 (Open-End Funds Boards); February 28, 2024 (Boards of Real Estate/Private Credit Funds); March 14, 2024 (PIMCO Managed Accounts Trust and PIMCO Sponsored Interval Funds Boards)<br> (Updated Exhibit A) |

---

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics</u> 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Trust**<br>| **Principal Executive**<br> **Officer**<br>| **Principal Financial**<br> **Officer**<br>| **Principal Accounting**<br> **Officer**<br>|
| &nbsp;&nbsp; PIMCO Funds<br>| Joshua D. Ratner<br>| Bijal Parikh<br>| Bijal Parikh<br>|
| &nbsp;&nbsp; PVIT<br>| Joshua D. Ratner<br>| Bijal Parikh<br>| Bijal Parikh<br>|
| &nbsp;&nbsp; ETF<br>| Joshua D. Ratner<br>| Bijal Parikh<br>| Bijal Parikh<br>|
| &nbsp;&nbsp; PES<br>| Joshua D. Ratner<br>| Bijal Parikh<br>| Bijal Parikh<br>|
| &nbsp;&nbsp; PESVIT<br>| Joshua D. Ratner<br>| Bijal Parikh<br>| Bijal Parikh<br>|
| &nbsp;&nbsp; PIMCO<br> Managed<br> Accounts<br> Trust | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp; PIMCO<br> Sponsored<br> Closed-End<br> Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp; PIMCO<br> Sponsored<br> Interval Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp; PIMCO<br> Sponsored<br> BDCs | John W. Lane | Crystal Porter | Crystal Porter |

---

Note that a listed officer is only a "Covered Person" of the Fund(s) for which he or she serves as a Principal Executive Officer, Principal Financial Officer or Principal Accounting Officer.

------

**Exhibit B** 

<u>PIMCO-Affiliated Service Providers</u>\*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Adviser <br>| Pacific Investment Management Company LLC ("PIMCO")<br>|
| &nbsp;&nbsp; Principal<br> Underwriter\*\* | PIMCO Investments LLC |
| &nbsp;&nbsp; Administrator\*\*\*<br>| PIMCO<br>|

---

\* None of the PIMCO-Affiliated Service Providers are publicly traded companies.

\*\* PIMCO Investments LLC does not serve as the principal underwriter for the Closed-End Funds or the BDC.

\*\*\* Each Fund retains PIMCO to provide administrative services, either under separate administration agreements or under their advisory or management agreements.

------

**Exhibit B** 

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,<u> </u>. I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred.

Date: <br> Signature

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Joshua D. Ratner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Variable Insurance
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: | February 25, 2026<br>|
|  Signature: | /s/ Joshua D. Ratner<br>|
|  Title: | President (Principal Executive Officer)<br>|

---

------

**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 Variable Insurance
Trust;

&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: | February 25, 2026<br>|
|  Signature: | /s/ Bijal Y. Parikh<br>|
|  Title: | Treasurer (Principal Financial & Accounting Officer)<br>|

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**<u>Certification Under Rule 30a-2(b)</u>**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350** 

**(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act)** 

In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the "Report"), the undersigned officers of PIMCO Variable Insurance Trust (the "Registrant") each certify that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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/ Joshua D. Ratner<br>| By: | /s/ Bijal Y. Parikh<br>|
| Name: | Joshua D. Ratner<br>| Name: | Bijal Y. Parikh<br>|
| Title: | President (Principal Executive Officer)<br>| Title: | Treasurer (Principal Financial & Accounting Officer)<br>|
| Date: | February 25, 2026<br>| Date: | February 25, 2026<br>|

---

**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.