# EDGAR Filing Document

**Accession Number:** 0001047304
**File Stem:** 0001193125-25-188831
**Filing Date:** 2025-8
**Character Count:** 4818058
**Document Hash:** 0f12ffc25673fcffa2006a93f432d62b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-188831.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001193125-25-188831

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250827

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08399
- **FILM NUMBER:** 251258998

**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-CSRS

### 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: June 30, 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 Class M

● PIMCO All Asset Portfolio Institutional Class

● PIMCO Balanced Allocation Portfolio Administrative Class

● PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio Administrative Class

● PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio Advisor Class

● PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio Class M

● PIMCO CommodityRealReturn<sup>®</sup> 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 the Registrant.

# Administrative Class

# PIMCO All Asset Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO All Asset Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $25 | 0.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $197591 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $86 |

---

---

| | |
|:---|:---|
| 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-RAE PLUS Fund | 19.4% |
| PIMCO All Asset: Multi-Real Fund | 15.6% |
| PIMCO Low Duration Fund | 10.9% |
| PIMCO Total Return Fund | 7.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 6.2% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.4% |
| PIMCO TRENDS Managed Futures Strategy Fund | 3.8% |
| PIMCO RAE Emerging Markets Fund | 3.5% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 3.4% |
| PIMCO High Yield Fund | 3.4% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO All Asset Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0328TSRSAR_063025

# Advisor Class

# PIMCO All Asset Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO All Asset Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $30 | 0.60%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $197591 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $86 |

---

---

| | |
|:---|:---|
| 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-RAE PLUS Fund | 19.4% |
| PIMCO All Asset: Multi-Real Fund | 15.6% |
| PIMCO Low Duration Fund | 10.9% |
| PIMCO Total Return Fund | 7.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 6.2% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.4% |
| PIMCO TRENDS Managed Futures Strategy Fund | 3.8% |
| PIMCO RAE Emerging Markets Fund | 3.5% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 3.4% |
| PIMCO High Yield Fund | 3.4% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO All Asset Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT1854TSRSAR_063025

# Institutional Class

# PIMCO All Asset Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO All Asset Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $197591 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $86 |

---

---

| | |
|:---|:---|
| 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-RAE PLUS Fund | 19.4% |
| PIMCO All Asset: Multi-Real Fund | 15.6% |
| PIMCO Low Duration Fund | 10.9% |
| PIMCO Total Return Fund | 7.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 6.2% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.4% |
| PIMCO TRENDS Managed Futures Strategy Fund | 3.8% |
| PIMCO RAE Emerging Markets Fund | 3.5% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 3.4% |
| PIMCO High Yield Fund | 3.4% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO All Asset Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT1875TSRSAR_063025

# Class M

# PIMCO All Asset Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO All Asset Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $41 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $197591 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $86 |

---

---

| | |
|:---|:---|
| 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-RAE PLUS Fund | 19.4% |
| PIMCO All Asset: Multi-Real Fund | 15.6% |
| PIMCO Low Duration Fund | 10.9% |
| PIMCO Total Return Fund | 7.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 6.2% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.4% |
| PIMCO TRENDS Managed Futures Strategy Fund | 3.8% |
| PIMCO RAE Emerging Markets Fund | 3.5% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 3.4% |
| PIMCO High Yield Fund | 3.4% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Class M
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO All Asset Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT1855TSRSAR_063025

# Administrative Class

# PIMCO Balanced Allocation Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Balanced Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $43 | 0.83%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $147561 |
| # of Portfolio Holdings | 125 |
| Portfolio Turnover Rate | 132% |
| Total Net Advisory Fees Paid During the Reporting Period | $443 |

---

---

| | |
|:---|:---|
| 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 | 14.0% |
| U.S. Treasury Obligations | 11.2% |
| Corporate Bonds & Notes | 3.6% |
| Asset-Backed Securities | 1.3% |
| Non-Agency Mortgage-Backed Securities | 0.3% |
| Sovereign Issues | 0.2% |
| Short-Term Instruments | 41.6% |
| Affiliated Investments | 28.9% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (1.3%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Balanced Allocation Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2055TSRSAR_063025

# Administrative Class

# PIMCO Global Diversified Allocation Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Global Diversified Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $24 | 0.47%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $166780 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 5% |
| 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 | 95.8% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | 3.6% |
| 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. |

---

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

---

| | |
|:---|:---|
| PIMCO Total Return Fund IV | 15.1% |
| PIMCO Short-Term Fund | 15.0% |
| PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 10.0% |
| PIMCO Investment Grade Credit Bond Fund | 5.0% |
| PIMCO Income Fund | 5.0% |
| PIMCO Real Return Fund | 5.0% |
| PIMCO StocksPLUS<sup>®</sup> Fund | 5.0% |
| PIMCO RAE PLUS EMG Fund | 5.0% |
| PIMCO RAE PLUS Small Fund | 5.0% |
| PIMCO RAE International 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Global Diversified Allocation Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2061TSRSAR_063025

# Advisor Class

# PIMCO Global Diversified Allocation Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Global Diversified Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $29 | 0.57%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $166780 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 5% |
| 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 | 95.8% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | 3.6% |
| 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. |

---

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

---

| | |
|:---|:---|
| PIMCO Total Return Fund IV | 15.1% |
| PIMCO Short-Term Fund | 15.0% |
| PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 10.0% |
| PIMCO Investment Grade Credit Bond Fund | 5.0% |
| PIMCO Income Fund | 5.0% |
| PIMCO Real Return Fund | 5.0% |
| PIMCO StocksPLUS<sup>®</sup> Fund | 5.0% |
| PIMCO RAE PLUS EMG Fund | 5.0% |
| PIMCO RAE PLUS Small Fund | 5.0% |
| PIMCO RAE International 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Global Diversified Allocation Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2082TSRSAR_063025

# Administrative Class

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

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $158 | 3.07%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $385867 |
| # of Portfolio Holdings | 736 |
| Portfolio Turnover Rate | 106% |
| Total Net Advisory Fees Paid During the Reporting Period | $932 |

---

---

| | |
|:---|:---|
| 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 | 101.8% |
| U.S. Government Agencies | 19.5% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 6.9% |
| Non-Agency Mortgage-Backed Securities | 0.6% |
| Other Investments | 0.2% |
| Short-Term Instruments | 60.3% |
| Affiliated Investments | 0.8% |
| Financial Derivative Instruments | (4.1%) |
| Other Assets and Liabilities, Net | (93.7%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

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

June 30, 2025

PVIT1850TSRSAR_063025

# Advisor Class

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

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $163 | 3.17%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $385867 |
| # of Portfolio Holdings | 736 |
| Portfolio Turnover Rate | 106% |
| Total Net Advisory Fees Paid During the Reporting Period | $932 |

---

---

| | |
|:---|:---|
| 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 | 101.8% |
| U.S. Government Agencies | 19.5% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 6.9% |
| Non-Agency Mortgage-Backed Securities | 0.6% |
| Other Investments | 0.2% |
| Short-Term Instruments | 60.3% |
| Affiliated Investments | 0.8% |
| Financial Derivative Instruments | (4.1%) |
| Other Assets and Liabilities, Net | (93.7%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

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

June 30, 2025

PVIT1838TSRSAR_063025

# Institutional Class

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

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $150 | 2.92%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $385867 |
| # of Portfolio Holdings | 736 |
| Portfolio Turnover Rate | 106% |
| Total Net Advisory Fees Paid During the Reporting Period | $932 |

---

---

| | |
|:---|:---|
| 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 | 101.8% |
| U.S. Government Agencies | 19.5% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 6.9% |
| Non-Agency Mortgage-Backed Securities | 0.6% |
| Other Investments | 0.2% |
| Short-Term Instruments | 60.3% |
| Affiliated Investments | 0.8% |
| Financial Derivative Instruments | (4.1%) |
| Other Assets and Liabilities, Net | (93.7%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

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

June 30, 2025

PVIT2050TSRSAR_063025

# Class M

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

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $173 | 3.37%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $385867 |
| # of Portfolio Holdings | 736 |
| Portfolio Turnover Rate | 106% |
| Total Net Advisory Fees Paid During the Reporting Period | $932 |

---

---

| | |
|:---|:---|
| 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 | 101.8% |
| U.S. Government Agencies | 19.5% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 6.9% |
| Non-Agency Mortgage-Backed Securities | 0.6% |
| Other Investments | 0.2% |
| Short-Term Instruments | 60.3% |
| Affiliated Investments | 0.8% |
| Financial Derivative Instruments | (4.1%) |
| Other Assets and Liabilities, Net | (93.7%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Class M
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

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

June 30, 2025

PVIT2105TSRSAR_063025

# Administrative Class

# PIMCO Dynamic Bond Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Dynamic Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $52 | 1.03%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $87303 |
| # of Portfolio Holdings | 654 |
| Portfolio Turnover Rate | 518% |
| Total Net Advisory Fees Paid During the Reporting Period | $234 |

---

---

| | |
|:---|:---|
| 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 | 64.7% |
| Sovereign Issues | 17.4% |
| Corporate Bonds & Notes | 15.0% |
| U.S. Treasury Obligations | 11.9% |
| Asset-Backed Securities | 6.4% |
| Non-Agency Mortgage-Backed Securities | 5.1% |
| Loan Participations and Assignments | 1.2% |
| Municipal Bonds & Notes | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 20.4% |
| Affiliated Investments | 24.8% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (66.8%) |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Dynamic Bond Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2008TSRSAR_063025

# Advisor Class

# PIMCO Dynamic Bond Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Dynamic Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $57 | 1.13%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $87303 |
| # of Portfolio Holdings | 654 |
| Portfolio Turnover Rate | 518% |
| Total Net Advisory Fees Paid During the Reporting Period | $234 |

---

---

| | |
|:---|:---|
| 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 | 64.7% |
| Sovereign Issues | 17.4% |
| Corporate Bonds & Notes | 15.0% |
| U.S. Treasury Obligations | 11.9% |
| Asset-Backed Securities | 6.4% |
| Non-Agency Mortgage-Backed Securities | 5.1% |
| Loan Participations and Assignments | 1.2% |
| Municipal Bonds & Notes | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 20.4% |
| Affiliated Investments | 24.8% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (66.8%) |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Dynamic Bond Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2009TSRSAR_063025

# Institutional Class

# PIMCO Dynamic Bond Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Dynamic Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $45 | 0.88%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $87303 |
| # of Portfolio Holdings | 654 |
| Portfolio Turnover Rate | 518% |
| Total Net Advisory Fees Paid During the Reporting Period | $234 |

---

---

| | |
|:---|:---|
| 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 | 64.7% |
| Sovereign Issues | 17.4% |
| Corporate Bonds & Notes | 15.0% |
| U.S. Treasury Obligations | 11.9% |
| Asset-Backed Securities | 6.4% |
| Non-Agency Mortgage-Backed Securities | 5.1% |
| Loan Participations and Assignments | 1.2% |
| Municipal Bonds & Notes | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 20.4% |
| Affiliated Investments | 24.8% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (66.8%) |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Dynamic Bond Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2007TSRSAR_063025

# Class M

# PIMCO Dynamic Bond Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Dynamic Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $67 | 1.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $87303 |
| # of Portfolio Holdings | 654 |
| Portfolio Turnover Rate | 518% |
| Total Net Advisory Fees Paid During the Reporting Period | $234 |

---

---

| | |
|:---|:---|
| 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 | 64.7% |
| Sovereign Issues | 17.4% |
| Corporate Bonds & Notes | 15.0% |
| U.S. Treasury Obligations | 11.9% |
| Asset-Backed Securities | 6.4% |
| Non-Agency Mortgage-Backed Securities | 5.1% |
| Loan Participations and Assignments | 1.2% |
| Municipal Bonds & Notes | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 20.4% |
| Affiliated Investments | 24.8% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (66.8%) |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Class M
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Dynamic Bond Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2102TSRSAR_063025

# Administrative Class

# PIMCO Emerging Markets Bond Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $62 | 1.22%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $194344 |
| # of Portfolio Holdings | 932 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid During the Reporting Period | $426 |

---

---

| | |
|:---|:---|
| 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>

---

| | |
|:---|:---|
| Mexico | 9.4% |
| Brazil | 8.5% |
| United States | 7.0% |
| Turkey | 6.1% |
| Saudi Arabia | 3.9% |
| Indonesia | 3.7% |
| Argentina | 3.3% |
| Colombia | 3.1% |
| Dominican Republic | 2.8% |
| Chile | 2.6% |
| Peru | 2.5% |
| Other Countries | 48.7% |
| Short-Term Instruments | 1.7% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (0.9%) |
| Other Assets and Liabilities, Net | (2.5%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Emerging Markets Bond Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0333TSRSAR_063025

# Advisor Class

# PIMCO Emerging Markets Bond Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $67 | 1.32%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $194344 |
| # of Portfolio Holdings | 932 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid During the Reporting Period | $426 |

---

---

| | |
|:---|:---|
| 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>

---

| | |
|:---|:---|
| Mexico | 9.4% |
| Brazil | 8.5% |
| United States | 7.0% |
| Turkey | 6.1% |
| Saudi Arabia | 3.9% |
| Indonesia | 3.7% |
| Argentina | 3.3% |
| Colombia | 3.1% |
| Dominican Republic | 2.8% |
| Chile | 2.6% |
| Peru | 2.5% |
| Other Countries | 48.7% |
| Short-Term Instruments | 1.7% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (0.9%) |
| Other Assets and Liabilities, Net | (2.5%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Emerging Markets Bond Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT1880TSRSAR_063025

# Institutional Class

# PIMCO Emerging Markets Bond Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $55 | 1.07%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $194344 |
| # of Portfolio Holdings | 932 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid During the Reporting Period | $426 |

---

---

| | |
|:---|:---|
| 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>

---

| | |
|:---|:---|
| Mexico | 9.4% |
| Brazil | 8.5% |
| United States | 7.0% |
| Turkey | 6.1% |
| Saudi Arabia | 3.9% |
| Indonesia | 3.7% |
| Argentina | 3.3% |
| Colombia | 3.1% |
| Dominican Republic | 2.8% |
| Chile | 2.6% |
| Peru | 2.5% |
| Other Countries | 48.7% |
| Short-Term Instruments | 1.7% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (0.9%) |
| Other Assets and Liabilities, Net | (2.5%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Emerging Markets Bond Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2051TSRSAR_063025

# Class M

# PIMCO Emerging Markets Bond Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $77 | 1.52%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $194344 |
| # of Portfolio Holdings | 932 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid During the Reporting Period | $426 |

---

---

| | |
|:---|:---|
| 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>

---

| | |
|:---|:---|
| Mexico | 9.4% |
| Brazil | 8.5% |
| United States | 7.0% |
| Turkey | 6.1% |
| Saudi Arabia | 3.9% |
| Indonesia | 3.7% |
| Argentina | 3.3% |
| Colombia | 3.1% |
| Dominican Republic | 2.8% |
| Chile | 2.6% |
| Peru | 2.5% |
| Other Countries | 48.7% |
| Short-Term Instruments | 1.7% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (0.9%) |
| Other Assets and Liabilities, Net | (2.5%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Class M
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Emerging Markets Bond Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2106TSRSAR_063025

# Administrative Class

# PIMCO Global Bond Opportunities Portfolio (Unhedged)

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Global Bond Opportunities Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $60 | 1.16%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $132513 |
| # of Portfolio Holdings | 986 |
| Portfolio Turnover Rate | 368% |
| 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?

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

---

| | |
|:---|:---|
| United States | 95.3% |
| Japan | 7.8% |
| France | 7.2% |
| Spain | 6.3% |
| Cayman Islands | 3.4% |
| United Kingdom | 3.3% |
| Ireland | 3.2% |
| Canada | 2.2% |
| Saudi Arabia | 2.0% |
| Brazil | 1.8% |
| Australia | 1.7% |
| Other Countries | 11.8% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (47.4%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

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

June 30, 2025

PVIT0336TSRSAR_063025

# Advisor Class

# PIMCO Global Bond Opportunities Portfolio (Unhedged)

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Global Bond Opportunities Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $65 | 1.26%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $132513 |
| # of Portfolio Holdings | 986 |
| Portfolio Turnover Rate | 368% |
| 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?

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

---

| | |
|:---|:---|
| United States | 95.3% |
| Japan | 7.8% |
| France | 7.2% |
| Spain | 6.3% |
| Cayman Islands | 3.4% |
| United Kingdom | 3.3% |
| Ireland | 3.2% |
| Canada | 2.2% |
| Saudi Arabia | 2.0% |
| Brazil | 1.8% |
| Australia | 1.7% |
| Other Countries | 11.8% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (47.4%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

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

June 30, 2025

PVIT1881TSRSAR_063025

# Institutional Class

# PIMCO Global Bond Opportunities Portfolio (Unhedged)

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Global Bond Opportunities Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | 1.01%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $132513 |
| # of Portfolio Holdings | 986 |
| Portfolio Turnover Rate | 368% |
| 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?

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

---

| | |
|:---|:---|
| United States | 95.3% |
| Japan | 7.8% |
| France | 7.2% |
| Spain | 6.3% |
| Cayman Islands | 3.4% |
| United Kingdom | 3.3% |
| Ireland | 3.2% |
| Canada | 2.2% |
| Saudi Arabia | 2.0% |
| Brazil | 1.8% |
| Australia | 1.7% |
| Other Countries | 11.8% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (47.4%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

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

June 30, 2025

PVIT1876TSRSAR_063025

# Administrative Class

# PIMCO Global Core Bond (Hedged) Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Global Core Bond (Hedged) Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $57 | 1.13%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $81142 |
| # of Portfolio Holdings | 883 |
| Portfolio Turnover Rate | 320% |
| Total Net Advisory Fees Paid During the Reporting Period | $101 |

---

---

| | |
|:---|:---|
| 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 | 86.6% |
| Japan | 7.4% |
| France | 6.3% |
| United Kingdom | 5.5% |
| Spain | 4.6% |
| Canada | 4.4% |
| Cayman Islands | 4.1% |
| Ireland | 3.1% |
| Australia | 3.0% |
| Brazil | 1.9% |
| Malaysia | 1.5% |
| Other Countries | 17.2% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (1.2%) |
| Other Assets and Liabilities, Net | (45.7%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

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

June 30, 2025

PVIT2005TSRSAR_063025

# Administrative Class

# PIMCO Global Managed Asset Allocation Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Global Managed Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $49 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $294237 |
| # of Portfolio Holdings | 616 |
| Portfolio Turnover Rate | 164% |
| Total Net Advisory Fees Paid During the Reporting Period | $1003 |

---

---

| | |
|:---|:---|
| 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 | 16.7% |
| Sovereign Issues | 10.7% |
| Asset-Backed Securities | 8.6% |
| U.S. Treasury Obligations | 5.3% |
| Non-Agency Mortgage-Backed Securities | 2.5% |
| Corporate Bonds & Notes | 0.3% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 66.6% |
| Financial Derivative Instruments | 1.6% |
| Other Assets and Liabilities, Net | (12.6%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

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

June 30, 2025

PVIT1971TSRSAR_063025

# Advisor Class

# PIMCO Global Managed Asset Allocation Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Global Managed Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $54 | 1.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $294237 |
| # of Portfolio Holdings | 616 |
| Portfolio Turnover Rate | 164% |
| Total Net Advisory Fees Paid During the Reporting Period | $1003 |

---

---

| | |
|:---|:---|
| 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 | 16.7% |
| Sovereign Issues | 10.7% |
| Asset-Backed Securities | 8.6% |
| U.S. Treasury Obligations | 5.3% |
| Non-Agency Mortgage-Backed Securities | 2.5% |
| Corporate Bonds & Notes | 0.3% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 66.6% |
| Financial Derivative Instruments | 1.6% |
| Other Assets and Liabilities, Net | (12.6%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

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

June 30, 2025

PVIT1972TSRSAR_063025

# Institutional Class

# PIMCO Global Managed Asset Allocation Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Global Managed Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $42 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $294237 |
| # of Portfolio Holdings | 616 |
| Portfolio Turnover Rate | 164% |
| Total Net Advisory Fees Paid During the Reporting Period | $1003 |

---

---

| | |
|:---|:---|
| 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 | 16.7% |
| Sovereign Issues | 10.7% |
| Asset-Backed Securities | 8.6% |
| U.S. Treasury Obligations | 5.3% |
| Non-Agency Mortgage-Backed Securities | 2.5% |
| Corporate Bonds & Notes | 0.3% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 66.6% |
| Financial Derivative Instruments | 1.6% |
| Other Assets and Liabilities, Net | (12.6%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

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

June 30, 2025

PVIT2053TSRSAR_063025

# Administrative Class

# PIMCO High Yield Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO High Yield Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $41 | 0.81%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $499105 |
| # of Portfolio Holdings | 521 |
| Portfolio Turnover Rate | 29% |
| Total Net Advisory Fees Paid During the Reporting Period | $608 |

---

---

| | |
|:---|:---|
| 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 | 77.4% |
| Loan Participations and Assignments | 6.6% |
| U.S. Treasury Obligations | 3.7% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.2% |
| Affiliated Investments | 7.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 0.9% |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO High Yield Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0337TSRSAR_063025

# Advisor Class

# PIMCO High Yield Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO High Yield Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $46 | 0.91%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $499105 |
| # of Portfolio Holdings | 521 |
| Portfolio Turnover Rate | 29% |
| Total Net Advisory Fees Paid During the Reporting Period | $608 |

---

---

| | |
|:---|:---|
| 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 | 77.4% |
| Loan Participations and Assignments | 6.6% |
| U.S. Treasury Obligations | 3.7% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.2% |
| Affiliated Investments | 7.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 0.9% |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO High Yield Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT1878TSRSAR_063025

# Institutional Class

# PIMCO High Yield Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO High Yield Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $34 | 0.66%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $499105 |
| # of Portfolio Holdings | 521 |
| Portfolio Turnover Rate | 29% |
| Total Net Advisory Fees Paid During the Reporting Period | $608 |

---

---

| | |
|:---|:---|
| 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 | 77.4% |
| Loan Participations and Assignments | 6.6% |
| U.S. Treasury Obligations | 3.7% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.2% |
| Affiliated Investments | 7.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 0.9% |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO High Yield Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0548TSRSAR_063025

# Administrative Class

# PIMCO Income Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Income Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $45 | 0.88%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $957056 |
| # of Portfolio Holdings | 1304 |
| Portfolio Turnover Rate | 288% |
| Total Net Advisory Fees Paid During the Reporting Period | $1072 |

---

---

| | |
|:---|:---|
| 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 | 57.3% |
| Asset-Backed Securities | 32.7% |
| Non-Agency Mortgage-Backed Securities | 18.3% |
| U.S. Treasury Obligations | 13.0% |
| Corporate Bonds & Notes | 10.5% |
| Sovereign Issues | 6.5% |
| Loan Participations and Assignments | 1.7% |
| Preferred Securities | 0.2% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 9.1% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (49.5%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Income Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2164TSRSAR_063025

# Advisor Class

# PIMCO Income Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Income Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $50 | 0.98%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $957056 |
| # of Portfolio Holdings | 1304 |
| Portfolio Turnover Rate | 288% |
| Total Net Advisory Fees Paid During the Reporting Period | $1072 |

---

---

| | |
|:---|:---|
| 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 | 57.3% |
| Asset-Backed Securities | 32.7% |
| Non-Agency Mortgage-Backed Securities | 18.3% |
| U.S. Treasury Obligations | 13.0% |
| Corporate Bonds & Notes | 10.5% |
| Sovereign Issues | 6.5% |
| Loan Participations and Assignments | 1.7% |
| Preferred Securities | 0.2% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 9.1% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (49.5%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Income Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2166TSRSAR_063025

# Institutional Class

# PIMCO Income Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Income Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $37 | 0.73%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $957056 |
| # of Portfolio Holdings | 1304 |
| Portfolio Turnover Rate | 288% |
| Total Net Advisory Fees Paid During the Reporting Period | $1072 |

---

---

| | |
|:---|:---|
| 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 | 57.3% |
| Asset-Backed Securities | 32.7% |
| Non-Agency Mortgage-Backed Securities | 18.3% |
| U.S. Treasury Obligations | 13.0% |
| Corporate Bonds & Notes | 10.5% |
| Sovereign Issues | 6.5% |
| Loan Participations and Assignments | 1.7% |
| Preferred Securities | 0.2% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 9.1% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (49.5%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Income Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2165TSRSAR_063025

# Administrative Class

# PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-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 June 30, 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 | $53 | 1.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $531268 |
| # of Portfolio Holdings | 1182 |
| Portfolio Turnover Rate | 352% |
| Total Net Advisory Fees Paid During the Reporting Period | $648 |

---

---

| | |
|:---|:---|
| 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 | 73.6% |
| Japan | 9.9% |
| Canada | 6.8% |
| France | 6.3% |
| Spain | 5.9% |
| United Kingdom | 5.7% |
| Cayman Islands | 4.3% |
| Ireland | 3.4% |
| Australia | 3.1% |
| South Korea | 2.2% |
| Saudi Arabia | 2.1% |
| Other Countries | 14.6% |
| Short-Term Instruments | 1.1% |
| Affiliated Investments | 0.6% |
| Financial Derivative Instruments | (1.2%) |
| Other Assets and Liabilities, Net | (38.4%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO International Bond Portfolio (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0335TSRSAR_063025

# Advisor Class

# PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-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 June 30, 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 | $58 | 1.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $531268 |
| # of Portfolio Holdings | 1182 |
| Portfolio Turnover Rate | 352% |
| Total Net Advisory Fees Paid During the Reporting Period | $648 |

---

---

| | |
|:---|:---|
| 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 | 73.6% |
| Japan | 9.9% |
| Canada | 6.8% |
| France | 6.3% |
| Spain | 5.9% |
| United Kingdom | 5.7% |
| Cayman Islands | 4.3% |
| Ireland | 3.4% |
| Australia | 3.1% |
| South Korea | 2.2% |
| Saudi Arabia | 2.1% |
| Other Countries | 14.6% |
| Short-Term Instruments | 1.1% |
| Affiliated Investments | 0.6% |
| Financial Derivative Instruments | (1.2%) |
| Other Assets and Liabilities, Net | (38.4%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO International Bond Portfolio (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2101TSRSAR_063025

# Institutional Class

# PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-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 June 30, 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 | $45 | 0.90%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $531268 |
| # of Portfolio Holdings | 1182 |
| Portfolio Turnover Rate | 352% |
| Total Net Advisory Fees Paid During the Reporting Period | $648 |

---

---

| | |
|:---|:---|
| 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 | 73.6% |
| Japan | 9.9% |
| Canada | 6.8% |
| France | 6.3% |
| Spain | 5.9% |
| United Kingdom | 5.7% |
| Cayman Islands | 4.3% |
| Ireland | 3.4% |
| Australia | 3.1% |
| South Korea | 2.2% |
| Saudi Arabia | 2.1% |
| Other Countries | 14.6% |
| Short-Term Instruments | 1.1% |
| Affiliated Investments | 0.6% |
| Financial Derivative Instruments | (1.2%) |
| Other Assets and Liabilities, Net | (38.4%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO International Bond Portfolio (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0595TSRSAR_063025

# Administrative Class

# PIMCO International Bond Portfolio (Unhedged)

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $60 | 1.14%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $33755 |
| # of Portfolio Holdings | 825 |
| Portfolio Turnover Rate | 339% |
| Total Net Advisory Fees Paid During the Reporting Period | $28 |

---

---

| | |
|:---|:---|
| 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 | 51.7% |
| Japan | 5.3% |
| Spain | 4.3% |
| Canada | 3.8% |
| France | 3.8% |
| United Kingdom | 2.4% |
| Cayman Islands | 1.9% |
| Australia | 1.7% |
| Saudi Arabia | 1.5% |
| Brazil | 1.5% |
| Other Countries | 9.6% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 5.4% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | 6.6% |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO International Bond Portfolio (Unhedged)
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT1856TSRSAR_063025

# Advisor Class

# PIMCO International Bond Portfolio (Unhedged)

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $65 | 1.24%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $33755 |
| # of Portfolio Holdings | 825 |
| Portfolio Turnover Rate | 339% |
| Total Net Advisory Fees Paid During the Reporting Period | $28 |

---

---

| | |
|:---|:---|
| 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 | 51.7% |
| Japan | 5.3% |
| Spain | 4.3% |
| Canada | 3.8% |
| France | 3.8% |
| United Kingdom | 2.4% |
| Cayman Islands | 1.9% |
| Australia | 1.7% |
| Saudi Arabia | 1.5% |
| Brazil | 1.5% |
| Other Countries | 9.6% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 5.4% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | 6.6% |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO International Bond Portfolio (Unhedged)
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT1946TSRSAR_063025

# Institutional Class

# PIMCO International Bond Portfolio (Unhedged)

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | 0.99%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $33755 |
| # of Portfolio Holdings | 825 |
| Portfolio Turnover Rate | 339% |
| Total Net Advisory Fees Paid During the Reporting Period | $28 |

---

---

| | |
|:---|:---|
| 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 | 51.7% |
| Japan | 5.3% |
| Spain | 4.3% |
| Canada | 3.8% |
| France | 3.8% |
| United Kingdom | 2.4% |
| Cayman Islands | 1.9% |
| Australia | 1.7% |
| Saudi Arabia | 1.5% |
| Brazil | 1.5% |
| Other Countries | 9.6% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 5.4% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | 6.6% |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO International Bond Portfolio (Unhedged)
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT2052TSRSAR_063025

# Administrative Class

# PIMCO Long-Term U.S. Government Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-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 June 30, 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 | $122 | 2.43%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $433226 |
| # of Portfolio Holdings | 281 |
| Portfolio Turnover Rate | 90% |
| Total Net Advisory Fees Paid During the Reporting Period | $475 |

---

---

| | |
|:---|:---|
| 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 | 130.8% |
| U.S. Government Agencies | 18.2% |
| Non-Agency Mortgage-Backed Securities | 3.8% |
| Asset-Backed Securities | 0.6% |
| Other Investments | 0.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (53.3%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Long-Term U.S. Government Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0341TSRSAR_063025

# Advisor Class

# PIMCO Long-Term U.S. Government Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-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 June 30, 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 | $127 | 2.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $433226 |
| # of Portfolio Holdings | 281 |
| Portfolio Turnover Rate | 90% |
| Total Net Advisory Fees Paid During the Reporting Period | $475 |

---

---

| | |
|:---|:---|
| 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 | 130.8% |
| U.S. Government Agencies | 18.2% |
| Non-Agency Mortgage-Backed Securities | 3.8% |
| Asset-Backed Securities | 0.6% |
| Other Investments | 0.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (53.3%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Long-Term U.S. Government Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT1957TSRSAR_063025

# Institutional Class

# PIMCO Long-Term U.S. Government Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-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 June 30, 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 | $115 | 2.28%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $433226 |
| # of Portfolio Holdings | 281 |
| Portfolio Turnover Rate | 90% |
| Total Net Advisory Fees Paid During the Reporting Period | $475 |

---

---

| | |
|:---|:---|
| 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 | 130.8% |
| U.S. Government Agencies | 18.2% |
| Non-Agency Mortgage-Backed Securities | 3.8% |
| Asset-Backed Securities | 0.6% |
| Other Investments | 0.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (53.3%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Long-Term U.S. Government Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0596TSRSAR_063025

# Administrative Class

# PIMCO Low Duration Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $34 | 0.67%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1340932 |
| # of Portfolio Holdings | 741 |
| Portfolio Turnover Rate | 186% |
| Total Net Advisory Fees Paid During the Reporting Period | $1680 |

---

---

| | |
|:---|:---|
| 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 | 43.3% |
| U.S. Treasury Obligations | 17.9% |
| Corporate Bonds & Notes | 15.7% |
| Asset-Backed Securities | 8.9% |
| Non-Agency Mortgage-Backed Securities | 3.5% |
| Sovereign Issues | 3.2% |
| Short-Term Instruments | 18.6% |
| Affiliated Investments | 11.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (22.0%) |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Low Duration Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0340TSRSAR_063025

# Advisor Class

# PIMCO Low Duration Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $39 | 0.77%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1340932 |
| # of Portfolio Holdings | 741 |
| Portfolio Turnover Rate | 186% |
| Total Net Advisory Fees Paid During the Reporting Period | $1680 |

---

---

| | |
|:---|:---|
| 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 | 43.3% |
| U.S. Treasury Obligations | 17.9% |
| Corporate Bonds & Notes | 15.7% |
| Asset-Backed Securities | 8.9% |
| Non-Agency Mortgage-Backed Securities | 3.5% |
| Sovereign Issues | 3.2% |
| Short-Term Instruments | 18.6% |
| Affiliated Investments | 11.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (22.0%) |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Low Duration Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT1879TSRSAR_063025

# Institutional Class

# PIMCO Low Duration Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $26 | 0.52%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1340932 |
| # of Portfolio Holdings | 741 |
| Portfolio Turnover Rate | 186% |
| Total Net Advisory Fees Paid During the Reporting Period | $1680 |

---

---

| | |
|:---|:---|
| 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 | 43.3% |
| U.S. Treasury Obligations | 17.9% |
| Corporate Bonds & Notes | 15.7% |
| Asset-Backed Securities | 8.9% |
| Non-Agency Mortgage-Backed Securities | 3.5% |
| Sovereign Issues | 3.2% |
| Short-Term Instruments | 18.6% |
| Affiliated Investments | 11.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (22.0%) |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Low Duration Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0599TSRSAR_063025

# Administrative Class

# PIMCO Real Return Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Real Return Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $65 | 1.28%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1388621 |
| # of Portfolio Holdings | 719 |
| Portfolio Turnover Rate | 98% |
| Total Net Advisory Fees Paid During the Reporting Period | $1709 |

---

---

| | |
|:---|:---|
| 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 | 93.0% |
| U.S. Government Agencies | 20.0% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 4.3% |
| Non-Agency Mortgage-Backed Securities | 1.0% |
| Other Investments | 0.2% |
| Short-Term Instruments | 38.3% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (64.7%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Real Return Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0343TSRSAR_063025

# Advisor Class

# PIMCO Real Return Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Real Return Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $70 | 1.38%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1388621 |
| # of Portfolio Holdings | 719 |
| Portfolio Turnover Rate | 98% |
| Total Net Advisory Fees Paid During the Reporting Period | $1709 |

---

---

| | |
|:---|:---|
| 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 | 93.0% |
| U.S. Government Agencies | 20.0% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 4.3% |
| Non-Agency Mortgage-Backed Securities | 1.0% |
| Other Investments | 0.2% |
| Short-Term Instruments | 38.3% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (64.7%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Real Return Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT1840TSRSAR_063025

# Institutional Class

# PIMCO Real Return Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Real Return Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $57 | 1.13%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1388621 |
| # of Portfolio Holdings | 719 |
| Portfolio Turnover Rate | 98% |
| Total Net Advisory Fees Paid During the Reporting Period | $1709 |

---

---

| | |
|:---|:---|
| 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 | 93.0% |
| U.S. Government Agencies | 20.0% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 4.3% |
| Non-Agency Mortgage-Backed Securities | 1.0% |
| Other Investments | 0.2% |
| Short-Term Instruments | 38.3% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (64.7%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Real Return Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0593TSRSAR_063025

# Administrative Class

# PIMCO Short-Term Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Short-Term Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $36 | 0.71%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $632107 |
| # of Portfolio Holdings | 593 |
| Portfolio Turnover Rate | 59% |
| Total Net Advisory Fees Paid During the Reporting Period | $766 |

---

---

| | |
|:---|:---|
| 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 | 45.9% |
| Asset-Backed Securities | 18.8% |
| U.S. Government Agencies | 17.7% |
| Non-Agency Mortgage-Backed Securities | 6.5% |
| U.S. Treasury Obligations | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Sovereign Issues | 0.2% |
| Short-Term Instruments | 12.6% |
| Affiliated Investments | 4.5% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (7.1%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Short-Term Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0339TSRSAR_063025

# Advisor Class

# PIMCO Short-Term Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Short-Term Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $41 | 0.81%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $632107 |
| # of Portfolio Holdings | 593 |
| Portfolio Turnover Rate | 59% |
| Total Net Advisory Fees Paid During the Reporting Period | $766 |

---

---

| | |
|:---|:---|
| 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 | 45.9% |
| Asset-Backed Securities | 18.8% |
| U.S. Government Agencies | 17.7% |
| Non-Agency Mortgage-Backed Securities | 6.5% |
| U.S. Treasury Obligations | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Sovereign Issues | 0.2% |
| Short-Term Instruments | 12.6% |
| Affiliated Investments | 4.5% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (7.1%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Short-Term Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT1956TSRSAR_063025

# Institutional Class

# PIMCO Short-Term Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Short-Term Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $28 | 0.56%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $632107 |
| # of Portfolio Holdings | 593 |
| Portfolio Turnover Rate | 59% |
| Total Net Advisory Fees Paid During the Reporting Period | $766 |

---

---

| | |
|:---|:---|
| 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 | 45.9% |
| Asset-Backed Securities | 18.8% |
| U.S. Government Agencies | 17.7% |
| Non-Agency Mortgage-Backed Securities | 6.5% |
| U.S. Treasury Obligations | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Sovereign Issues | 0.2% |
| Short-Term Instruments | 12.6% |
| Affiliated Investments | 4.5% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (7.1%) |
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Short-Term Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0549TSRSAR_063025

# Administrative Class

# PIMCO Total Return Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $37 | 0.73%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $4447557 |
| # of Portfolio Holdings | 1609 |
| Portfolio Turnover Rate | 257% |
| Total Net Advisory Fees Paid During the Reporting Period | $5449 |

---

---

| | |
|:---|:---|
| 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 | 47.9% |
| Corporate Bonds & Notes | 38.0% |
| U.S. Treasury Obligations | 17.4% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| Asset-Backed Securities | 9.1% |
| Sovereign Issues | 7.9% |
| Municipal Bonds & Notes | 0.6% |
| Loan Participations and Assignments | 0.6% |
| Preferred Securities | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.7% |
| Affiliated Investments | 4.0% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (35.8%) |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Administrative Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Total Return Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0331TSRSAR_063025

# Advisor Class

# PIMCO Total Return Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $42 | 0.83%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $4447557 |
| # of Portfolio Holdings | 1609 |
| Portfolio Turnover Rate | 257% |
| Total Net Advisory Fees Paid During the Reporting Period | $5449 |

---

---

| | |
|:---|:---|
| 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 | 47.9% |
| Corporate Bonds & Notes | 38.0% |
| U.S. Treasury Obligations | 17.4% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| Asset-Backed Securities | 9.1% |
| Sovereign Issues | 7.9% |
| Municipal Bonds & Notes | 0.6% |
| Loan Participations and Assignments | 0.6% |
| Preferred Securities | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.7% |
| Affiliated Investments | 4.0% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (35.8%) |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Advisor Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Total Return Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT1839TSRSAR_063025

# Institutional Class

# PIMCO Total Return Portfolio

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g43371i7d65ec1d5da782d67fdc.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 | $29 | 0.58%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $4447557 |
| # of Portfolio Holdings | 1609 |
| Portfolio Turnover Rate | 257% |
| Total Net Advisory Fees Paid During the Reporting Period | $5449 |

---

---

| | |
|:---|:---|
| 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 | 47.9% |
| Corporate Bonds & Notes | 38.0% |
| U.S. Treasury Obligations | 17.4% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| Asset-Backed Securities | 9.1% |
| Sovereign Issues | 7.9% |
| Municipal Bonds & Notes | 0.6% |
| Loan Participations and Assignments | 0.6% |
| Preferred Securities | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.7% |
| Affiliated Investments | 4.0% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (35.8%) |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/pvit](g43371i3227fd49d166824674d7.jpg)

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.** 

# Institutional Class
![Image](g43371i521bbcaeb46e690d0f4c.jpg)

# PIMCO Total Return Portfolio
Semi-Annual Shareholder Report \|

June 30, 2025

PVIT0597TSRSAR_063025

------

**Item 2.** **Code of Ethics.** <br>

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

**Item 3.** **Audit Committee Financial Expert.** <br>

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

**Item 4.** **Principal Accountant Fees and Services.** <br>

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

**Item 6.** **Investments.** <br>

The information required by this Item 6 is included as part of the semiannual 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' Financial Statements and Financial Highlights.

● PIMCO All Asset Portfolio

● PIMCO Balanced Allocation Portfolio

● PIMCO CommodityRealReturn<sup>®</sup> 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 to the Registrant.

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![LOGO](g81486g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO All Asset Portfolio

------

#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO All Asset Portfolio](#tx81486_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx81486_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx81486_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx81486_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx81486_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx81486_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx81486_7) | 12 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx81486_8) | 25 |
| &nbsp;&nbsp; [Glossary](#tx81486_9) | 29 |
| &nbsp;&nbsp; [Distribution Information](#tx81486_10) | 30 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx81486_11) | 31 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx81486_12) | 32 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx81486_13) | 33 |

---

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 Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (collectively, "Underlying PIMCO Funds"). The cost of investing in these Funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified 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 go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

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

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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.

---

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

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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:

Portfolio Name   <u>PortfolioInception</u>     <u>InstitutionalClass</u>     <u>Class M</u>     <u>AdministrativeClass</u>     <u>AdvisorClass</u>     <u>DiversificationStatus</u>   <br> <u> PIMCO All Asset Portfolio</u>     <u>04/30/03</u>       <u>01/31/06</u>       <u>04/30/04</u>       <u>04/30/03</u>       <u>04/30/04</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 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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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<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** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | $8.95 | $0.22 | $0.36 | $0.58 | $(0.23) | $0.00 | $(0.23) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.91 | 0.44 | 0.38 | 0.82 | (0.53) | 0.00 | (0.53) |
| Class M |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 9.15 | 0.20 | 0.38 | 0.58 | (0.21) | 0.00 | (0.21) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.99 | 0.37 | 0.41 | 0.78 | (0.48) | 0.00 | (0.48) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 8.79 | 0.21 | 0.35 | 0.56 | (0.22) | 0.00 | (0.22) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.79 | 0.39 | 0.40 | 0.79 | (0.51) | 0.00 | (0.51) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 8.94 | 0.21 | 0.37 | 0.58 | (0.22) | 0.00 | (0.22) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.92 | 0.39 | 0.40 | 0.79 | (0.50) | 0.00 | (0.50) |

---

---

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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.

<sup>(f)</sup> Includes in-kind purchases and sales of underlying funds.

---

| | | |
|:---|:---|:---|
| **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/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>** | **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** |
| $9.30 | 6.54% | $11080 | 0.345 | %\* | 0.435 | %\* | 0.345 | %\* | 0.435 | %\* | 4.88 | %\* | 25% |
| 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 |
| 11.20 | 8.17 | 14097 | 0.325 |  | 0.425 |  | 0.325 |  | 0.425 |  | 4.22 |  | 141 <sup>(f)</sup> |
| 9.52 | 6.41 | 1800 | 0.795 | \* | 0.885 | \* | 0.795 | \* | 0.885 | \* | 4.44 | \* | 25 |
| 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 |
| 11.29 | 7.74 | 71618 | 0.775 |  | 0.875 |  | 0.775 |  | 0.875 |  | 3.57 |  | 141 <sup>(f)</sup> |
| 9.13 | 6.48 | 56345 | 0.495 | \* | 0.585 | \* | 0.495 | \* | 0.585 | \* | 4.71 | \* | 25 |
| 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 |
| 11.07 | 8.01 | 381112 | 0.475 |  | 0.575 |  | 0.475 |  | 0.575 |  | 3.85 |  | 141 <sup>(f)</sup> |
| 9.30 | 6.55 | 128366 | 0.595 | \* | 0.685 | \* | 0.595 | \* | 0.685 | \* | 4.63 | \* | 25 |
| 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 |
| 11.21 | 7.91 | 167756 | 0.575 |  | 0.675 |  | 0.575 |  | 0.675 |  | 3.78 |  | 141 <sup>(f)</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO All Asset Portfolio June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (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 | $197752 |
|  Cash | 35 |
|  Receivable for Portfolio shares sold | 139 |
|  Dividends receivable from Affiliates | 351 |
|  Reimbursement receivable from PIMCO | 14 |
|  **Total Assets** | 198291 |
|  **Liabilities:** |  |
|  Payable for investments in Affiliates purchased | $398 |
|  Payable for Portfolio shares redeemed | 203 |
|  Accrued investment advisory fees | 27 |
|  Accrued supervisory and administrative fees | 39 |
|  Accrued distribution fees | 26 |
|  Accrued servicing fees | 7 |
|  **Total Liabilities** | 700 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $197591 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $278430 |
|  Distributable earnings (accumulated loss) | (80839) |
|  **Net Assets** | $197591 |
|  **Net Assets:** |  |
|  Institutional Class | $11080 |
|  Class M | 1800 |
|  Administrative Class | 56345 |
|  Advisor Class | 128366 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 1191 |
|  Class M | 189 |
|  Administrative Class | 6169 |
|  Advisor Class | 13803 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.30 |
|  Class M | 9.52 |
|  Administrative Class | 9.13 |
|  Advisor Class | 9.30 |
|  Cost of investments in Affiliates | $185454 |

---

---

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

---

------

Statement of Operations PIMCO All Asset Portfolio

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $1 |
|  Dividends from Investments in Affiliates | 5036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 5037 |
|  **Expenses:** |  |
|  Investment advisory fees | 169 |
|  Supervisory and administrative fees | 241 |
|  Distribution and/or servicing fees - Class M | 4 |
|  Distribution and/or servicing fees - Administrative Class | 42 |
|  Distribution and/or servicing fees - Advisor Class | 155 |
|  Trustee fees | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 534 |
|  **Net Investment Income (Loss)** | 4503 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in Affiliates | (913) |
|  **Net Realized Gain (Loss)** | (913) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in Affiliates | 8660 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 8660 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $12250 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO All Asset Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $4503 | $12377 |
|  Net realized gain (loss) | (913) | (8287) |
|  Net change in unrealized appreciation (depreciation) | 8660 | 5707 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 12250 | 9797 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (273) | (690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (40) | (2102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1407) | (4154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (3031) | (8555) |
|  **Total Distributions<sup>(a)</sup>** | (4751) | (15501) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (6841) | (71103) |
|  **Total Increase (Decrease) in Net Assets** | 658 | (76807) |
|  **Net Assets:** |  |  |
|  Beginning of period | 196933 | 273740 |
|  End of period | $197591 | $196933 |

---

---

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

---

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

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

---

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

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------

Schedule of Investments PIMCO All Asset Portfolio June 30, 2025 (Unaudited)

#### (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 | 3434652 | $— | 38399 |
|  PIMCO All Asset: Multi-Real Fund | 3542495 |  | 30891 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 1146639 |  | 8760 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 1995932 |  | 12255 |
|  PIMCO Extended Duration Fund | 173169 |  | 2198 |
|  PIMCO High Yield Fund | 817230 |  | 6628 |
|  PIMCO High Yield Spectrum Fund | 169403 |  | 1576 |
|  PIMCO Income Fund | 230767 |  | 2485 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 674382 |  | 6703 |
|  PIMCO Investment Grade Credit Bond Fund | 131377 |  | 1194 |
|  PIMCO Long Duration Total Return Fund | 346244 |  | 2465 |
|  PIMCO Long-Term Real Return Fund | 116703 |  | 1353 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO Long-Term U.S. Government Fund | 236926 | $— | 3293 |
|  PIMCO Low Duration Fund | 2308233 |  | 21536 |
|  PIMCO RAE Emerging Markets Fund | 599845 |  | 6880 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 822292 |  | 6348 |
|  PIMCO RAE International Fund | 319437 |  | 2802 |
|  PIMCO RAE PLUS EMG Fund | 237091 |  | 1778 |
|  PIMCO RAE PLUS International Fund | 219888 |  | 1759 |
|  PIMCO RAE U.S. Fund | 135142 |  | 1874 |
|  PIMCO RAE U.S. Small Fund | 183645 |  | 1967 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 838054 |  | 6285 |
|  PIMCO Real Return Fund | 159735 |  | 1644 |
|  PIMCO RealEstateRealReturn Strategy Fund | 110169 |  | 2887 |
|  PIMCO Total Return Fund | 1734232 |  | 15053 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 787153 |  | 7557 |
| Total Mutual Funds (Cost $184,272) | Total Mutual Funds (Cost $184,272) |  | 196570 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% |
|  PIMCO Government Money Market Fund |  |  |  |
|  4.480% (a) (b) | 1182110 | $— | 1182 |
| Total Short-Term Instruments<br>(Cost $1,182) | Total Short-Term Instruments<br>(Cost $1,182) |  | 1182 |
| Total Investments in Affiliates<br>(Cost $185,454) | Total Investments in Affiliates<br>(Cost $185,454) |  | 197752 |
| Total Investments 100.1%<br>(Cost $185,454) | Total Investments 100.1%<br>(Cost $185,454) | $— | 197752 |
| Other Assets and Liabilities, net (0.1)% | Other Assets and Liabilities, net (0.1)% |  | (161) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 197591 |

---

#### 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 June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Affiliates, at Value |  |  |  |  |
|  Mutual Funds | $196570 | $0 | $0 | $196570 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | 1182 | 0 | 0 | 1182 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197752 | $&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;197752 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</sub> |

---

------

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 Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (collectively, "Underlying PIMCO Funds").

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

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 new 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)

---

| | |
|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

June 30, 2025 (Unaudited)

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, 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

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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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

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

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

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on,

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| **14** | **PIMCO VARIABLE INSURANCE TRUST** |

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among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. 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 an Underlying PIMCO Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by an Underlying PIMCO Fund may differ from the value that would be realized if the securities were sold. An Underlying PIMCO Fund's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

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

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

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

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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

(a) 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

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| **16** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 June 30, 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>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $37402 | $1714 | $(4497) | $96 | $3684 | $38399 | $1309 | $0 |
|  PIMCO All Asset: Multi-Real Fund | 30113 | 12330 | (12062) | (547) | 1057 | 30891 | 987 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 5691 | 2774 | (263) | (8) | 566 | 8760 | 252 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 7899 | 4060 | (659) | (11) | 966 | 12255 | 347 | 0 |
|  PIMCO Extended Duration Fund | 2715 | 701 | (1222) | (53) | 57 | 2198 | 41 | 0 |
|  PIMCO Government Money Market Fund | 1179 | 17086 | (17083) | 0 | 0 | 1182 | 22 | 0 |
|  PIMCO High Yield Fund | 7765 | 939 | (2143) | 3 | 64 | 6628 | 201 | 0 |
|  PIMCO High Yield Spectrum Fund | 0 | 1582 | (19) | 0 | 13 | 1576 | 36 | 0 |
|  PIMCO Income Fund | 2549 | 634 | (755) | (3) | 60 | 2485 | 78 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 9780 | 286 | (3351) | 97 | (109) | 6703 | 173 | 0 |
|  PIMCO Investment Grade Credit Bond Fund | 1203 | 28 | (63) | (2) | 28 | 1194 | 28 | 0 |
|  PIMCO Long Duration Total Return Fund | 3028 | 553 | (1163) | (7) | 54 | 2465 | 65 | 0 |
|  PIMCO Long-Term Real Return Fund | 1717 | 359 | (705) | (41) | 23 | 1353 | 50 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 4078 | 962 | (1798) | (67) | 118 | 3293 | 70 | 0 |
|  PIMCO Low Duration Fund | 23126 | 11373 | (13138) | 17 | 158 | 21536 | 449 | 0 |
|  PIMCO RAE Emerging Markets Fund | 6528 | 541 | (983) | (71) | 865 | 6880 | 0 | 0 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 6689 | 375 | (801) | (23) | 108 | 6348 | 97 | 0 |
|  PIMCO RAE International Fund | 2241 | 476 | (336) | (8) | 429 | 2802 | 0 | 0 |
|  PIMCO RAE PLUS EMG Fund | 1659 | 56 | (95) | 2 | 156 | 1778 | 57 | 0 |
|  PIMCO RAE PLUS International Fund | 1549 | 62 | (91) | (11) | 250 | 1759 | 61 | 0 |
|  PIMCO RAE U.S. Fund | 2481 | 0 | (717) | (77) | 187 | 1874 | 0 | 0 |
|  PIMCO RAE U.S. Small Fund | 1715 | 652 | (278) | (34) | (88) | 1967 | 0 | 0 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 6894 | 543 | (1168) | (36) | 52 | 6285 | 273 | 0 |
|  PIMCO Real Return Fund | 2636 | 75 | (1139) | 11 | 61 | 1644 | 48 | 0 |
|  PIMCO RealEstateRealReturn Strategy Fund | 2630 | 421 | (177) | (11) | 24 | 2887 | 46 | 0 |
|  PIMCO Total Return Fund | 16299 | 5410 | (6993) | (53) | 390 | 15053 | 346 | 0 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 7625 | 1535 | (1014) | (76) | (513) | 7557 | 0 | 0 |
|  **Totals** | $197191 | $65527 | $(72713) | $(913) | $8660 | $197752 | $5036 | $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. 

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

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Notes to Financial Statements (Cont.)

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 June 30, 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.

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 because of a change 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, or 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

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| **18** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 or bankruptcy proceedings, 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 factors affecting securities markets generally or particular industries.

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.

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 regulation 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.

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, 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 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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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 markets, differing 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, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Portfolio's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately traded 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, inefficiencies resulting from erratic growth, the unavailability of consistently-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 event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

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

Smaller Company Risk is the risk that the value of securities issued by a smaller company may go up or down, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. 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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June 30, 2025 (Unaudited)

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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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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, 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. 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. 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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| **22** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **23** |

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Notes to Financial Statements (Cont.)

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; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other

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| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 June 30, 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 June 30, 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 June 30, 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;301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 |

---

---

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

---

The waivers are reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of June 30, 2025, the amount waived and/or reimbursed was $83,100.

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

---

------

Notes to Financial Statements (Cont.)

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 June 30, 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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55631 |

---

---

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

---

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>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | 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 | 182 | $1670 | 180 | $1647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 2 | 21 | 255 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 520 | 4632 | 982 | 8895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 640 | 5836 | 540 | 4940 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 30 | 273 | 76 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 4 | 40 | 229 | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 157 | 1406 | 466 | 4154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 332 | 3031 | 943 | 8555 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (221) | (2019) | (179) | (1633) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (6) | (58) | (5451) | (50467) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1058) | (9404) | (2539) | (22987) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12269) | (3216) | (29376) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (776) | $(6841) | (7714) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71103) |

---

---

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

---

As of June 30, 2025, three persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 56% of the Portfolio.

13. REGULATORY AND LITIGATION MATTERS

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

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

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

14. FEDERAL INCOME TAX MATTERS

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

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains

---

| | |
|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

June 30, 2025 (Unaudited)

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 June 30, 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.

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

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

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

The IRS issued in September 2016 proposed regulations that would have generally treated the Portfolio's income inclusion (under Subpart F

of the Code) with respect to the Commodity Subsidiary as qualifying income only if there were a distribution during the same taxable year out of the earnings and profits of the Commodity Subsidiary attributable to such income inclusion. In March 2019, the IRS issued final regulations (so modifying the proposed regulations) providing that (i) it will not rule on the determination of whether a financial instrument or position is a security under the Act; (ii) any earnings and profits paid out in the same taxable year as earned by a controlled foreign corporation to 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

---

------

Notes to Financial Statements (Cont.) June 30, 2025 (Unaudited)

As of its last fiscal year ended December 31, 2024, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Short-Term | Long-Term |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25865 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55159 |

---

---

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

---

As of June 30, 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>(1)</sup> |
| $185454 | $13398 | $(1100) | $12298 |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation (depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | |
|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

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

---

| | |
|:---|:---|
|  Currency Abbreviations: | Currency Abbreviations: |
| USD (or $) | United States Dollar |
|  Other Abbreviations: | Other Abbreviations: |
| TBA | To-Be-Announced |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **29** |

---

------

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 June 30, 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 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) |
|  March 2025 | $0.1189 | $0.0000 | $0.0000 | $0.1189 |
|  June 2025 | $0.1111 | $0.0000 | $0.0000 | $0.1111 |
| 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) |
|  March 2025 | $0.1109 | $0.0000 | $0.0000 | $0.1109 |
|  June 2025 | $0.1006 | $0.0000 | $0.0000 | $0.1006 |
| 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) |
|  March 2025 | $0.1163 | $0.0000 | $0.0000 | $0.1163 |
|  June 2025 | $0.1077 | $0.0000 | $0.0000 | $0.1077 |
| 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) |
|  March 2025 | $0.1145 | $0.0000 | $0.0000 | $0.1145 |
|  June 2025 | $0.1054 | $0.0000 | $0.0000 | $0.1054 |

---

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

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

---

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

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

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

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

---

------

#### 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.

------

#### pimco.com/pvit
![LOGO](g81486g06y60.jpg)

PVITAALASSETFSTMSAR_063025

------

![LOGO](g113358g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO Balanced Allocation Portfolio

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Balanced Allocation Portfolio](#tx113358_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx113358_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx113358_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx113358_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx113358_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx113358_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx113358_7) | 16 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx113358_8) | 30 |
| &nbsp;&nbsp; [Glossary](#tx113358_10) | 34 |
| &nbsp;&nbsp; [Distribution Information](#tx113358_11) | 35 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx113358_13) | 36 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx113358_14) | 37 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx113358_15) | 38 |

---

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.)

------

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

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

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

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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.

---

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

---

------

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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>3</sub> |

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

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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

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------

Financial Highlights PIMCO Balanced Allocation Portfolio

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year 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; 01/01/2025 - 06/30/2025+ | $9.11 | $0.17 | $0.58 | $0.75 | $(0.19) | $0.00 | $(0.19) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.18 | 0.04 | 0.96 | 1.00 | (0.10) | (0.75) | (0.85) |

---

---

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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/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>** | **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** |
| $9.67 | 8.35% | $147561 | 0.83 | %\* | 0.88 | %\* | 0.82 | %\* | 0.87 | %\* | 3.69 | %\* | 132% |
| 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 |
| 10.33 | 11.12 | 88098 | 0.84 |  | 0.87 |  | 0.83 |  | 0.86 |  | 0.38 |  | 497 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

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------

Statement of Assets and Liabilities PIMCO Balanced Allocation Portfolio June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (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\* | $106557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 42661 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1 |
|  Cash | 1675 |
|  Deposits with counterparty | 5802 |
|  Foreign currency, at value | 30 |
|  Receivable for TBA investments sold | 6080 |
|  Interest and/or dividends receivable | 222 |
|  Dividends receivable from Affiliates | 172 |
|  Reimbursement receivable from PIMCO | 6 |
|  **Total Assets** | 163510 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2 |
|  Payable for investments in Affiliates purchased | 178 |
|  Payable for TBA investments purchased | 14332 |
|  Deposits from counterparty | 1147 |
|  Payable for Portfolio shares redeemed | 155 |
|  Accrued investment advisory fees | 76 |
|  Accrued supervisory and administrative fees | 6 |
|  Accrued servicing fees | 17 |
|  **Total Liabilities** | 15949 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $147561 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $150985 |
|  Distributable earnings (accumulated loss) | (3424) |
|  **Net Assets** | $147561 |
|  **Net Assets:** |  |
|  Administrative Class | $147561 |
|  **Shares Issued and Outstanding:** |  |
|  Administrative Class | 15257 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Administrative Class | $9.67 |
|  Cost of investments in securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109636 |
|  Cost of investments in Affiliates | $43822 |
|  Cost of foreign currency held | $34 |
|  Cost or premiums of financial derivative instruments, net | $136 |
|  \* Includes repurchase agreements of: | $61400 |

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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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| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $2181 |
|  Dividends from Investments in Affiliates | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 3269 |
|  **Expenses:** |  |
|  Investment advisory fees | 479 |
|  Supervisory and administrative fees | 37 |
|  Distribution and/or servicing fees - Administrative Class | 109 |
|  Trustee fees | 4 |
|  Interest expense | 4 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 596 |
|  **Net Investment Income (Loss)** | 2673 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (980) |
|  Investments in Affiliates | (4) |
|  Exchange-traded or centrally cleared financial derivative instruments | 5511 |
|  Over the counter financial derivative instruments | (2) |
|  Foreign currency | 1 |
|  **Net Realized Gain (Loss)** | 4526 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 1432 |
|  Investments in Affiliates | 339 |
|  Exchange-traded or centrally cleared financial derivative instruments | 2906 |
|  Over the counter financial derivative instruments | (3) |
|  Foreign currency assets and liabilities | 2 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 4676 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11875 |

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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 | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

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------

Statements of Changes in Net Assets PIMCO Balanced Allocation Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $2673 | $6560 |
|  Net realized gain (loss) | 4526 | 12816 |
|  Net change in unrealized appreciation (depreciation) | 4676 | (5581) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 11875 | 13795 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (3000) | (7000) |
|  **Total Distributions<sup>(a)</sup>** | (3000) | (7000) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (10999) | (20945) |
|  **Total Increase (Decrease) in Net Assets** | (2124) | (14150) |
|  **Net Assets:** |  |  |
|  Beginning of period | 149685 | 163835 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147561 | $&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.  |

---

\* 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 June 30, 2025 (Unaudited)

#### (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 72.2% | INVESTMENTS IN SECURITIES 72.2% | INVESTMENTS IN SECURITIES 72.2% |
| CORPORATE BONDS & NOTES 3.6% | CORPORATE BONDS & NOTES 3.6% | CORPORATE BONDS & NOTES 3.6% |
| 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 | 311 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.658% due 03/11/2027 •  | 200 | 196 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.972% due 05/16/2029 •  | 200 | 202 |
|  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 | 85 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  4.850% due 03/29/2029 | 100 | 101 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  4.500% due 01/30/2026 | 100 | 100 |
|  Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC |
|  3.500% due 09/19/2029 | 100 | 96 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.850% due 04/05/2029 | 200 | 196 |
|  Credit Suisse AG AT1 Claim | 400 | 48 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.035% due 05/28/2032 •  | 200 | 180 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.691% due 06/05/2028 •  | 400 | 394 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.583% due 06/19/2029 •  | 200 | 200 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.782% due 02/01/2028 •  | 300 | 298 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.375% due 10/01/2031 | 300 | 254 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.757% due 09/13/2026 | 200 | 196 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.367% 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 | 195 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.100% due 12/15/2029 | 100 | 95 |
|  4.000% due 07/15/2029 | 100 | 99 |
|  Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
|  3.900% due 10/15/2029 | 100 | 95 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.196% due 06/17/2027 •  | 100 | 99 |
|  4.150% due 01/24/2029 | 200 | 199 |
|  |  | 4149 |
| INDUSTRIALS 0.7% | INDUSTRIALS 0.7% | INDUSTRIALS 0.7% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.750% due 06/15/2029 | 57 | 55 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.500% due 08/15/2033 | 146 | 132 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 225 | 209 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.187% due 11/15/2036 | 100 | 83 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 12/01/2029 | 100 | 95 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.900% due 07/15/2026 | 100 | 99 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 300 | 288 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  4.450% due 01/29/2026 | 100 | 100 |
|  |  | 1061 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.550% due 07/15/2028 | 100 | 100 |
|  Total Corporate Bonds & Notes (Cost $5,482) | Total Corporate Bonds & Notes (Cost $5,482) | 5310 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 14.0% | U.S. GOVERNMENT AGENCIES 14.0% | U.S. GOVERNMENT AGENCIES 14.0% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.864% due 11/25/2046 •  | 83 | 81 |
|  4.914% due 07/25/2046 •  | 28 | 28 |
|  4.934% due 09/25/2046 •  | 30 | 30 |
|  7.018% due 05/01/2038 •  | 49 | 51 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  3.500% due 09/01/2047 | 45 | 42 |
|  4.000% due 08/01/2047 | 122 | 116 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 06/01/2051 - 09/01/2052 | 6019 | 4996 |
|  3.000% due 01/01/2052 | 995 | 862 |
|  3.500% due 11/01/2045 - 09/01/2046 | 130 | 120 |
|  4.000% due 08/01/2042 - 02/01/2053 | 1643 | 1551 |
|  4.500% due 07/01/2053 - 12/01/2053 | 1994 | 1911 |
|  5.000% due 02/01/2053 | 2395 | 2360 |
|  6.500% due 02/01/2054 | 79 | 82 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 07/01/2055 | 2600 | 2250 |
|  4.000% due 08/01/2055 | 5200 | 4835 |
|  4.500% due 08/01/2055 | 1400 | 1339 |
|  Total U.S. Government Agencies (Cost $20,219) | Total U.S. Government Agencies (Cost $20,219) | 20654 |
| U.S. TREASURY OBLIGATIONS 11.2% | U.S. TREASURY OBLIGATIONS 11.2% | U.S. TREASURY OBLIGATIONS 11.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.750% due 08/15/2041 | 1100 | 731 |
|  1.875% due 02/15/2041 | 600 | 413 |
|  2.000% due 11/15/2041 | 2000 | 1376 |
|  2.250% due 05/15/2041 | 3400 | 2470 |
|  2.375% due 02/15/2042 | 200 | 146 |
|  2.375% due 05/15/2051 | 2200 | 1396 |
|  4.125% due 08/15/2044 | 1300 | 1191 |
|  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 | 1565 | 1552 |
|  2.125% due 01/15/2035 | 813 | 827 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.375% due 09/30/2027 | 100 | 93 |
|  0.500% due 10/31/2027 | 100 | 93 |
|  0.625% due 11/30/2027 | 300 | 279 |
|  0.750% due 01/31/2028 | 1400 | 1299 |
|  3.500% due 09/30/2029 | 2000 | 1980 |
|  4.000% due 06/30/2028 | 1800 | 1816 |
|  4.125% due 10/31/2027 | 900 | 908 |
|  Total U.S. Treasury Obligations (Cost $19,850) | Total U.S. Treasury Obligations (Cost $19,850) | 16570 |
| 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 |
|  4.746% due 08/27/2036 **~** | 69 | 66 |
|  BANK | BANK | BANK |
|  4.165% due 05/15/2061 **~** | 58 | 58 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.135% due 07/25/2037 **~** | 30 | 27 |
|  Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust |
|  6.500% due 10/25/2036 | 24 | 21 |
|  Grifonas Finance PLC | Grifonas Finance PLC | Grifonas Finance PLC |
|  2.669% due 08/28/2039 •  | 12 | 14 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.834% due 07/25/2047 •  | 176 | 171 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  3.912% due 09/09/2032 | 100 | 89 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $450) | Total Non-Agency Mortgage-Backed Securities (Cost $450) | 446 |
| ASSET-BACKED SECURITIES 1.3% | ASSET-BACKED SECURITIES 1.3% | ASSET-BACKED SECURITIES 1.3% |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.144% due 09/17/2039 •  | 176 | 177 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HOME EQUITY OTHER 1.0% | HOME EQUITY OTHER 1.0% | HOME EQUITY OTHER 1.0% |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.684% due 10/25/2037 •  | 72 | 72 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.634% due 06/25/2047 •  | 93 | 82 |
|  4.894% due 05/25/2037 •  | 444 | 415 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.734% due 10/25/2036 •  | 344 | 138 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.214% due 07/25/2045 •  | 46 | 46 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  5.019% due 05/25/2035 •  | 88 | 87 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  5.484% due 06/25/2035 •  | 155 | 152 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.564% due 10/25/2036 •  | 115 | 102 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  5.199% due 08/25/2035 •  | 71 | 70 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.779% due 07/25/2036 •  | 502 | 288 |
|  |  | 1452 |
| OTHER ABS 0.2% | OTHER ABS 0.2% | OTHER ABS 0.2% |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.170% due 02/27/2068 •  | 38 | 38 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.318% due 10/15/2029 •  | 19 | 19 |
|  Vibrant CLO Ltd. | Vibrant CLO Ltd. | Vibrant CLO Ltd. |
|  5.651% due 07/20/2032 •  | 176 | 177 |
|  |  | 234 |
|  Total Asset-Backed Securities (Cost $1,937) | Total Asset-Backed Securities (Cost $1,937) | 1863 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 300 | 314 |
|  Total Sovereign Issues (Cost $298) | Total Sovereign Issues (Cost $298) | 314 |
| SHORT-TERM INSTRUMENTS 41.6% | SHORT-TERM INSTRUMENTS 41.6% | SHORT-TERM INSTRUMENTS 41.6% |
| REPURCHASE AGREEMENTS (c) 41.6% | REPURCHASE AGREEMENTS (c) 41.6% | REPURCHASE AGREEMENTS (c) 41.6% |
|  |  | 61400 |
|  Total Short-Term Instruments (Cost $61,400) | Total Short-Term Instruments (Cost $61,400) | 61400 |
| Total Investments in Securities (Cost $109,636) | Total Investments in Securities (Cost $109,636) | 106557 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 28.9% | INVESTMENTS IN AFFILIATES 28.9% | INVESTMENTS IN AFFILIATES 28.9% |
| MUTUAL FUNDS (b) 10.2% | MUTUAL FUNDS (b) 10.2% | MUTUAL FUNDS (b) 10.2% |
|  PIMCO Income Fund | 1399909 | 15077 |
| Total Mutual Funds (Cost $16,265) | Total Mutual Funds (Cost $16,265) | 15077 |
| SHORT-TERM INSTRUMENTS 18.7% | SHORT-TERM INSTRUMENTS 18.7% | SHORT-TERM INSTRUMENTS 18.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.7% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2832870 | 27584 |
| Total Short-Term Instruments<br>(Cost $27,557) | Total Short-Term Instruments<br>(Cost $27,557) | 27584 |
| Total Investments in Affiliates<br>(Cost $43,822) | Total Investments in Affiliates<br>(Cost $43,822) | 42661 |
| Total Investments 101.1%<br>(Cost $153,458) | Total Investments 101.1%<br>(Cost $153,458) | 149218 |
|  Financial Derivative Instruments (d)(e) 0.2%<br> (Cost or Premiums, net $136) |  | 267 |
| Other Assets and Liabilities, net (1.3)% | Other Assets and Liabilities, net (1.3)% | (1924) |
| Net Assets 100.0% | Net Assets 100.0% | 147561 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 11

------

Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.)

#### 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.

(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> |
| BOS | 4.440% | 06/30/2025 | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61400 | U.S. Treasury Notes 3.625% due 03/31/2028 | $(62726) | $61400 | $61408 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62726) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61408 |

---

#### 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 June 30, 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 | $61408 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62726) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1318) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61408 | $&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. 

&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 |
|  E-Mini S&P 500 Index September Futures  | 09/2025 | 165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51593 | $1563 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Mini MSCI EAFE Index September Futures  | 09/2025 | 275 | 36873 | 189 | 19 | 0 |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 12 | 2496 | 9 | 1 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 67 | 7303 | 79 | 8 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 40 | 4485 | 77 | 13 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 8 | 953 | 29 | 11 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946 | $299 | $0 |
| 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 Ultra Long-Term Bond September Futures  | 09/2025 | 34 | $(3885) | $(99) | $0 | $(17) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $1847 | $299 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |

---

12 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620% | Annual | 11/30/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177 | $6 | $(29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | $0 | $(3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 02/14/2030 | 2100 | 33 | (46) | (13) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 | 1100 | 0 | (29) | (29) | 0 | (4) |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 02/15/2035 | 1100 | 0 | (22) | (22) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 | 600 | 97 | 3 | 100 | 0 | (5) |
|  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;136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) | $13 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |

---

#### 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 June 30, 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> |  | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | 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;304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $(19) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) |

---

Cash of $5,802 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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 $5 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 |
|  BOA | 07/2025 | 36 | $41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  BRC | 07/2025 | 206 | 5 | 0 | 0 |
|  | 07/2025 | $10 | 424 | 0 | 0 |
|  DUB | 07/2025 | 42 | 36 | 1 | 0 |
|  | 08/2025 | 36 | $42 | 0 | (1) |
|  MBC | 07/2025 | 19 | 14 | 0 | 0 |
|  | 07/2025 | $14 | 19 | 0 | 0 |
|  | 08/2025 | 19 | $14 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $1 | $(2) |

---

#### 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 June 30, 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> |
|  BOA | $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) |
|  DUB | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  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;(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;(2) |  |  |  |

---

<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. 

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO Balanced Allocation 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 June 30, 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 | $271 | $0 | $33 | $304 |
|  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 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | $1 | $33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 |
|  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 | $17 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 19 | 19 |
|  | $0 | $0 | $0 | $0 | $36 | $36 |
|  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;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $38 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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 | $5355 | $0 | $93 | $5448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 54 | 0 | 0 | 9 | 63 |
|  | $0 | $54 | $5355 | $0 | $102 | $5511 |
|  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) |
|  | $0 | $54 | $5355 | $(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5509 |
|  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 | $2932 | $0 | $117 | $3049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (20) | 0 | 0 | (123) | (143) |
|  | $0 | $(20) | $2932 | $0 | $(6) | $2906 |
|  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 | $(3) | $0 | $(3) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $(6) | $2903 |

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14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

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June 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 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>06/30/2025 |
|  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 | $4149 | $0 | $4149 |
| &nbsp;&nbsp; Industrials | 0 | 1061 | 0 | 1061 |
| &nbsp;&nbsp; Utilities | 0 | 100 | 0 | 100 |
|  U.S. Government Agencies | 0 | 20654 | 0 | 20654 |
|  U.S. Treasury Obligations | 0 | 16570 | 0 | 16570 |
|  Non-Agency Mortgage-Backed Securities | 0 | 446 | 0 | 446 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 177 | 0 | 177 |
| &nbsp;&nbsp; Home Equity Other | 0 | 1452 | 0 | 1452 |
| &nbsp;&nbsp; Other ABS | 0 | 234 | 0 | 234 |
|  Sovereign Issues | 0 | 314 | 0 | 314 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 61400 | 0 | 61400 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106557 |
|  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 | 15077 | 0 | 0 | 15077 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $27584 | $0 | $0 | $27584 |
|  | $42661 | $0 | $0 | $42661 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42661 | $106557 | $0 | $149218 |
|  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 | 266 | 33 | 0 | 299 |
|  Over the counter | 0 | 1 | 0 | 1 |
|  | $266 | $34 | $0 | $300 |
|  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 | (36) | 0 | (36) |
|  Over the counter | 0 | (2) | 0 | (2) |
|  | $0 | $(38) | $0 | $(38) |
|  Total Financial Derivative Instruments | $266 | $(4) | $0 | $262 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149480 |

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There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 new 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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June 30, 2025 (Unaudited)

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, the rule governing fund naming conventions (the "Names Rule"). In general,

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

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Notes to Financial Statements (Cont.)

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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or

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|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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.

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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **19** |

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Notes to Financial Statements (Cont.)

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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June 30, 2025 (Unaudited)

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 June 30, 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>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Income Fund | $14280 | $454 | $0 | $0 | $343 | $15077 | $456 | $0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 28064 | 74828 | (75300) | (4) | (4) | 27584 | 632 | 0 |
|  **Totals** | $42344 | $75282 | $(75300) | $(4) | $339 | $42661 | $1088 | $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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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.

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 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. 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. 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.

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| **22** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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

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

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5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians (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) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **23** |

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Notes to Financial Statements (Cont.)

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 June 30, 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.

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(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

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| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in the Portfolio include risks from direct

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

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Notes to Financial Statements (Cont.)

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 risk 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 because of a change 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, or 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 factors affecting securities markets generally or particular industries.

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.

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

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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 markets, differing 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 event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

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Notes to Financial Statements (Cont.)

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, 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. 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. 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

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| | |
|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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.

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,

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **29** |

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Notes to Financial Statements (Cont.)

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<br>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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| | | |
|:---|:---|:---|
|  | Distribution Fee | Servicing Fee |
|  **Administrative Class** | – | 0.15% |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(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

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

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June 30, 2025 (Unaudited)

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 June 30, 2025, the amount waived and/or reimbursed was $1,647.

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 June 30, 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 |
| $0 | $0 | $1 | $1 |

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

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(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 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 June 30, 2025, the amount waived and/or reimbursed was $35,986.

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.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

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Notes to Financial Statements (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 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;89738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52994 |

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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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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>06/30/2025**<br>(Unaudited) | **Six Months Ended<br>06/30/2025**<br>(Unaudited) | 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 | 42 | $375 | 14 | $123 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 322 | 3000 | 769 | 7000 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1546) | (14374) | (3089) | (28068) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (1182) | $(10999) | (2306) | $(20945) |

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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 June 30, 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.

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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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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|:---|:---|
| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

As of its last fiscal year ended December 31, 2024, 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 |
| $5082 | $2416 |

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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 June 30, 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>(1)</sup> |
| $153594 | $2745 | $(5262) | $(2517) |

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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> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

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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. | BRC | Barclays Bank PLC | MBC | HSBC Bank Plc |
| BOS | BofA Securities, Inc. | DUB | Deutsche Bank AG |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| CAD | Canadian Dollar | TRY | Turkish New Lira | USD (or $) | United States Dollar |
| EUR | Euro |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| OTC | Over the Counter |  |  |  |  |
|  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: |  |  |  |  |
| ABS | Asset-Backed Security | CMBS | Collateralized Mortgage-Backed Security | OIS | Overnight Index Swap |
| CLO | Collateralized Loan Obligation | MSCI | Morgan Stanley Capital International | TBA | To-Be-Announced |

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| | |
|:---|:---|
| **34** | **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 June 30, 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

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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) |
|  March 2025 | $0.0942 | $0.0000 | $0.0000 | $0.0942 |
|  June 2025 | $0.0981 | $0.0000 | $0.0000 | $0.0981 |

---

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

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

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

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **37** |

---

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **38** | **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](g113358g06y60.jpg)

PVITBALALLFSTMSAR_063025

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![LOGO](g29798g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

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

------

#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio](#tx29798_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (Consolidated) (N-CSR Item 7)](#tx29798_2) | 6 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx29798_3) | 8 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx29798_4) | 9 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx29798_5) | 10 |
| &nbsp;&nbsp; [Consolidated Statement of Cash Flows (N-CSR Item 7)](#tx29798_5a) | 11 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments (N-CSR Item 6)](#tx29798_6) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx29798_7) | 31 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx29798_8) | 49 |
| &nbsp;&nbsp; [Glossary](#tx29798_9) | 54 |
| &nbsp;&nbsp; [Distribution Information](#tx29798_10) | 55 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx29798_12) | 56 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx29798_13) | 57 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx29798_14) | 58 |

---

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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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** |

---

------

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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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 weather, disease, embargoes, and international economic, political and regulatory developments. These notes also are subject to risks, such as credit, market and interest rate risks, that in general affect the values of debt securities. In addition, these notes are often leveraged, increasing the volatility of each note's market value relative to changes in the underlying commodity, commodity futures contract or commodity index. Therefore, at maturity of the note, the Portfolio may receive more or less principal than it originally invested. The Portfolio might receive interest payments on the note that are more or less than the stated coupon interest payments. The Portfolio may also gain exposure to the commodity markets indirectly by investing in its Subsidiary, which will primarily invest in different commodity-linked derivative instruments than the Portfolio, including swap agreements, commodity options, futures and options on futures.

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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>3</sub> |

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Important Information About the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

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

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

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

Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. 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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

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Financial Highlights PIMCO CommodityRealReturn<sup>®</sup><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^: | **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; 01/01/2025 - 06/30/2025+ | $5.42 | $0.12 | $0.28 | $0.40 | $(0.10) | $0.00 | $(0.10) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 6.39 | 0.07 | (0.07) | 0.00 | (0.36) | 0.00 | (0.36) |
| Class M |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 5.38 | 0.10 | 0.27 | 0.37 | (0.08) | 0.00 | (0.08) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 6.37 | 0.04 | (0.06) | (0.02) | (0.34) | 0.00 | (0.34) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 5.45 | 0.11 | 0.28 | 0.39 | (0.09) | 0.00 | (0.09) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 6.41 | 0.05 | (0.06) | (0.01) | (0.35) | 0.00 | (0.35) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 5.56 | 0.11 | 0.28 | 0.39 | (0.09) | 0.00 | (0.09) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 6.49 | 0.05 | (0.06) | (0.01) | (0.35) | 0.00 | (0.35) |

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

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+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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/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** | **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** |
| $5.72 | 7.30% | $14155 | 2.92 | %\* | 3.10 | %\* | 0.75 | %\* | 0.93 | %\* | 4.35 | %\* | 106% |
| 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 |
| 6.03 | 1.50 | 2976 | 1.09 |  | 1.23 |  | 0.74 |  | 0.88 |  | 1.28 |  | 250 |
| 5.67 | 6.96 | 488 | 3.37 | \* | 3.55 | \* | 1.20 | \* | 1.38 | \* | 3.61 | \* | 106 |
| 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 |
| 6.01 | 1.08 | 384 | 1.54 |  | 1.68 |  | 1.19 |  | 1.33 |  | 0.69 |  | 250 |
| 5.75 | 7.19 | 237133 | 3.07 | \* | 3.25 | \* | 0.90 | \* | 1.08 | \* | 3.94 | \* | 106 |
| 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 |
| 6.05 | 1.35 | 223298 | 1.24 |  | 1.38 |  | 0.89 |  | 1.03 |  | 1.02 |  | 250 |
| 5.86 | 6.99 | 134091 | 3.17 | \* | 3.35 | \* | 1.00 | \* | 1.18 | \* | 3.85 | \* | 106 |
| 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 |
| 6.13 | 1.23 | 111152 | 1.34 |  | 1.48 |  | 0.99 |  | 1.13 |  | 0.91 |  | 250 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

---

------

Consolidated Statement of Assets and Liabilities PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio June 30, 2025 (Unaudited)

(Amounts in thousands<sup>†</sup>, except per share amounts)

---

| | |
|:---|:---|
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $760101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 3032 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1402 |
|  Cash | 182 |
|  Deposits with counterparty | 3469 |
|  Foreign currency, at value | 1511 |
|  Receivable for investments sold | 143225 |
|  Receivable for investments sold on a delayed-delivery basis | 429 |
|  Receivable for TBA investments sold | 61973 |
|  Receivable for Portfolio shares sold | 1066 |
|  Interest and/or dividends receivable | 1393 |
|  Dividends receivable from Affiliates | 5 |
|  Reimbursement receivable from PIMCO | 56 |
|  Other assets | 9 |
|  **Total Assets** | 978801 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | $335012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 10438 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 17130 |
|  Payable for investments purchased | 134042 |
|  Payable for investments in Affiliates purchased | 5 |
|  Payable for investments purchased on a delayed-delivery basis | 1500 |
|  Payable for TBA investments purchased | 93092 |
|  Deposits from counterparty | 284 |
|  Payable for Portfolio shares redeemed | 234 |
|  Accrued investment advisory fees | 191 |
|  Accrued supervisory and administrative fees | 94 |
|  Accrued distribution fees | 27 |
|  Accrued servicing fees | 29 |
|  **Total Liabilities** | 592934 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |
|  **Net Assets** | $385867 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $439597 |
|  Distributable earnings (accumulated loss) | (53730) |
|  **Net Assets** | $385867 |
|  **Net Assets:** |  |
|  Institutional Class | $14155 |
|  Class M | 488 |
|  Administrative Class | 237133 |
|  Advisor Class | 134091 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 2476 |
|  Class M | 86 |
|  Administrative Class | 41270 |
|  Advisor Class | 22863 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $5.72 |
|  Class M | 5.67 |
|  Administrative Class | 5.75 |
|  Advisor Class | 5.86 |
|  Cost of investments in securities | $757843 |
|  Cost of investments in Affiliates | $3032 |
|  Cost of foreign currency held | $1489 |
|  Proceeds received on short sales | $10283 |
|  Cost or premiums of financial derivative instruments, net | $235 |
|  \* Includes repurchase agreements of: | $210346 |

---

---

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

---

------

Consolidated Statement of Operations PIMCO CommodityRealReturn<sup>®</sup><sup></sup>Strategy Portfolio

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $13278 |
|  Dividends from Investments in Affiliates | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 13348 |
|  **Expenses:** |  |
|  Investment advisory fees | 1176 |
|  Supervisory and administrative fees | 575 |
|  Distribution and/or servicing fees - Class M | 1 |
|  Distribution and/or servicing fees - Administrative Class | 175 |
|  Distribution and/or servicing fees - Advisor Class | 167 |
|  Trustee fees | 10 |
|  Interest expense | 4135 |
|  Miscellaneous expense | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 6241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (346) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 5895 |
|  **Net Investment Income (Loss)** | 7453 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (27) |
|  Investments in Affiliates | (27) |
|  Exchange-traded or centrally cleared financial derivative instruments | (3881) |
|  Over the counter financial derivative instruments | 25246 |
|  Short sales | (15) |
|  Foreign currency | 4 |
|  **Net Realized Gain (Loss)** | 21300 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 14010 |
|  Exchange-traded or centrally cleared financial derivative instruments | 1648 |
|  Over the counter financial derivative instruments | (18662) |
|  Foreign currency assets and liabilities | (240) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (3244) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $25509 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Consolidated Statements of Changes in Net Assets PIMCO CommodityRealReturn<sup>®</sup><sup></sup>Strategy Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $7453 | $10565 |
|  Net realized gain (loss) | 21300 | (1592) |
|  Net change in unrealized appreciation (depreciation) | (3244) | 6376 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 25509 | 15349 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (227) | (165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (7) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (3733) | (5188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (2035) | (2775) |
|  **Total Distributions<sup>(a)</sup>** | (6002) | (8137) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 2896 | (38759) |
|  **Total Increase (Decrease) in Net Assets** | 22403 | (31547) |
|  **Net Assets:** |  |  |
|  Beginning of period | 363464 | 395011 |
|  End of period | $385867 | $363464 |

---

---

| | |
|:---|:---|
| <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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

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

---

------

Consolidated Statement of Cash Flows PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $25509 |
|  **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 | (581705) |
|  Proceeds from sales of long-term securities | 537898 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | (92025) |
| (Increase) decrease in deposits with counterparty | (1125) |
| (Increase) decrease in receivable for investments sold | (30009) |
| (Increase) decrease in interest and/or dividends receivable | (64) |
| (Increase) decrease in dividends receivable from Affiliates | 9 |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | (2149) |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 25111 |
| (Increase) decrease in reimbursement receivable from PIMCO | (7) |
| (Increase) decrease in other assets | (1) |
|  Increase (decrease) in payable for investments purchased | 61207 |
|  Increase (decrease) in deposits from counterparty | (2780) |
|  Increase (decrease) in accrued investment advisory fees | 6 |
|  Increase (decrease) in accrued supervisory and administrative fees | 3 |
|  Proceeds from (Payments on) short sales transactions, net | 10268 |
|  Proceeds from (Payments on) foreign currency transactions | (30) |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 3881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (25246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Short sales | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (4) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (14010) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (1648) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 18662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | 240 |
|  Net amortization (accretion) on investments | (1528) |
|  **Net Cash Provided by (Used for) Operating Activities** | (69468) |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 56489 |
|  Payments on shares redeemed | (60633) |
|  Cash distributions paid\* | 0 |
|  Proceeds from reverse repurchase agreements | 1595 |
|  Payments on reverse repurchase agreements | (10403) |
|  Proceeds from sale-buyback transactions | 2431745 |
|  Payments on sale-buyback transactions | (2350522) |
|  **Net Cash Received from (Used for) Financing Activities** | 68271 |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | (1197) |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 2890 |
|  End of year | $1693 |
|  \* Reinvestment of distributions | $6002 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $4667 |

---

---

| | |
|:---|:---|
| <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 period, 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 | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 197.0% | INVESTMENTS IN SECURITIES 197.0% | INVESTMENTS IN SECURITIES 197.0% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  0.650% due 01/14/2028 •  | 100 | 114 |
|  7.750% due 03/01/2029 •  | 100 | 133 |
|  Total Corporate Bonds & Notes (Cost $208) | Total Corporate Bonds & Notes (Cost $208) | 247 |
| U.S. GOVERNMENT AGENCIES 19.5% | U.S. GOVERNMENT AGENCIES 19.5% | U.S. GOVERNMENT AGENCIES 19.5% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.770% due 05/25/2042 •  | 1 | 1 |
|  5.255% due 03/25/2055 •  | 1807 | 1809 |
|  5.335% due 06/25/2055 •  | 1887 | 1896 |
|  5.505% due 12/25/2053 •  | 1149 | 1152 |
|  5.524% due 07/25/2055 •  | 1700 | 1704 |
|  5.697% due 10/01/2044 •  | 1 | 1 |
|  6.309% due 01/01/2036 •  | 8 | 8 |
|  6.405% due 11/01/2035 •  | 3 | 3 |
|  6.782% due 05/25/2035 ~ | 5 | 5 |
|  7.037% due 11/01/2034 •  | 4 | 4 |
|  7.529% due 07/01/2035 •  | 3 | 3 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  4.814% due 07/15/2044 •  | 104 | 102 |
|  4.868% due 09/15/2042 •  | 211 | 208 |
|  5.245% due 11/25/2054 •  | 1793 | 1789 |
|  5.255% due 04/25/2055 •  | 1622 | 1619 |
|  5.305% due 02/25/2055 •  | 1688 | 1691 |
|  5.455% due 03/25/2055 •  | 977 | 978 |
|  5.505% due 02/25/2055 •  | 1677 | 1682 |
|  5.599% due 02/25/2045 •  | 17 | 16 |
|  6.430% due 01/01/2034 •  | 1 | 1 |
|  6.564% due 07/01/2036 •  | 31 | 31 |
|  6.901% due 10/01/2036 •  | 11 | 11 |
|  7.195% due 09/01/2036 •  | 10 | 10 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.500% due 12/20/2052 - 06/20/2055 | 19872 | 18120 |
|  5.461% due 08/20/2068 •  | 288 | 290 |
|  5.592% due 04/20/2067 •  | 149 | 151 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  3.500% due 07/01/2055 | 2680 | 2437 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.510% due 11/01/2027 | 17 | 17 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 07/01/2055 -08/01/2055 | 11028 | 10255 |
|  4.500% due 08/01/2055 | 13900 | 13291 |
|  5.500% due 08/01/2055 | 3300 | 3297 |
|  6.000% due 08/01/2055 | 9500 | 9645 |
|  6.500% due 08/01/2055 | 2900 | 2990 |
|  Total U.S. Government Agencies<br>(Cost $74,376) | Total U.S. Government Agencies<br>(Cost $74,376) | 75217 |
| U.S. TREASURY OBLIGATIONS 101.8% | U.S. TREASURY OBLIGATIONS 101.8% | U.S. TREASURY OBLIGATIONS 101.8% |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.125% due 07/15/2026 (f) | 44320 | 43941 |
|  0.125% due 10/15/2026 | 6726 | 6650 |
|  0.125% due 04/15/2027 (f)(h) | 21585 | 21136 |
|  0.125% due 01/15/2030 (f) | 20072 | 18948 |
|  0.125% due 07/15/2030 (j) | 1226 | 1152 |
|  0.250% due 07/15/2029 (f) | 18057 | 17345 |
|  0.375% due 07/15/2025 | 3111 | 3110 |
|  0.375% due 01/15/2027 (f) | 21658 | 21364 |
|  0.375% due 07/15/2027 (f) | 16758 | 16534 |
|  0.500% due 01/15/2028 (f) | 26303 | 25818 |
|  0.625% due 07/15/2032 | 110 | 103 |
|  0.625% due 02/15/2043 (j) | 209 | 156 |
|  0.750% due 07/15/2028 | 5725 | 5656 |
|  0.875% due 01/15/2029 (f) | 18801 | 18513 |
|  1.000% due 02/15/2046 | 2843 | 2156 |
|  1.250% due 04/15/2028 (f) | 32082 | 32028 |
|  1.375% due 07/15/2033 | 2324 | 2257 |
|  1.375% due 02/15/2044 (j) | 138 | 116 |
|  1.625% due 10/15/2027 (f) | 26800 | 27138 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.625% due 10/15/2029 (f) | $— | 31704 | 32103 |
|  1.625% due 04/15/2030 |  | 21564 | 21726 |
|  1.750% due 01/15/2028 |  | 1796 | 1819 |
|  1.750% due 01/15/2034 |  | 2296 | 2277 |
|  1.875% due 07/15/2034 (f) |  | 5213 | 5220 |
|  2.125% due 04/15/2029 (f) |  | 28518 | 29292 |
|  2.125% due 01/15/2035 (f) |  | 2439 | 2481 |
|  2.125% due 02/15/2040 (j) |  | 341 | 337 |
|  2.125% due 02/15/2054 (j) |  | 105 | 96 |
|  2.375% due 10/15/2028 (f) |  | 28799 | 29879 |
|  2.500% due 01/15/2029 (j) |  | 2450 | 2550 |
|  3.875% due 04/15/2029 (j) |  | 882 | 963 |
|  Total U.S. Treasury Obligations<br>(Cost $389,903) | Total U.S. Treasury Obligations<br>(Cost $389,903) | Total U.S. Treasury Obligations<br>(Cost $389,903) | 392864 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.914% due 07/25/2037 •  |  | 104 | 93 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.442% due 06/25/2035 ~ |  | 9 | 8 |
|  5.545% due 11/25/2035 ~ |  | 5 | 4 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.235% due 07/25/2036 ~ |  | 14 | 12 |
|  4.847% due 03/25/2035 ~ |  | 18 | 16 |
|  7.105% due 01/25/2035 ~ |  | 26 | 27 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.783% due 09/25/2037 ~ |  | 83 | 77 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.627% due 12/20/2046 •  |  | 465 | 407 |
|  4.674% due 06/25/2036 •  |  | 261 | 245 |
|  5.000% due 07/25/2035 |  | 35 | 19 |
|  6.000% due 02/25/2037 |  | 118 | 46 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.029% due 10/20/2035 ~ |  | 618 | 585 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  4.591% due 09/29/2036 •  |  | 36 | 36 |
|  5.154% due 10/26/2036 ~ |  | 23 | 21 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.308% due 06/13/2045 •  |  | 58 | 79 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.876% due 06/25/2034 ~ | $— | 2 | 2 |
|  6.000% due 02/25/2037 |  | 37 | 13 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.794% due 09/25/2046 •  |  | 60 | 56 |
|  4.974% due 11/25/2045 •  |  | 3 | 3 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  6.922% due 01/25/2035 ~ |  | 4 | 4 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.912% 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 |
|  5.373% due 11/25/2035 ~ |  | 3 | 3 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.875% due 02/25/2035 ~ |  | 10 | 10 |
|  6.739% due 07/25/2035 ~ |  | 3 | 4 |
|  6.830% due 08/25/2035 ~ |  | 9 | 9 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  6.043% 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 |
|  5.166% due 09/15/2030 •  |  | 6 | 6 |
|  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 ~ |  | 404 | 388 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  5.397% due 10/25/2037 ~ |  | 19 | 15 |
|  5.759% due 09/25/2045 •  |  | 37 | 31 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.834% due 05/25/2035 •  |  | 47 | 28 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.832% due 07/20/2036 •  |  | 37 | 32 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.799% due 01/25/2035 •  |  | 5 | 4 |
|  6.525% due 02/25/2034 ~ |  | 2 | 2 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.854% due 04/25/2036 •  |  | 2 | 2 |
|  5.092% due 10/19/2034 •  |  | 3 | 3 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.135% due 12/25/2035 ~ | 22 | 21 |
|  5.169% due 05/25/2047 •  | 80 | 70 |
|  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 $2,479) | Total Non-Agency Mortgage-Backed Securities (Cost $2,479) | 2407 |
| ASSET-BACKED SECURITIES 7.7% | ASSET-BACKED SECURITIES 7.7% | ASSET-BACKED SECURITIES 7.7% |
| CMBS OTHER 0.5% | CMBS OTHER 0.5% | CMBS OTHER 0.5% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.754% due 01/15/2037 •  | 688 | 689 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.853% due 01/17/2037 •  | 491 | 493 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.468% due 06/19/2037 •  | 661 | 661 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.964% due 02/15/2039 •  | 353 | 354 |
|  |  | 2197 |
| HOME EQUITY OTHER 1.0% | HOME EQUITY OTHER 1.0% | HOME EQUITY OTHER 1.0% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.714% due 10/25/2036 •  | 579 | 533 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.914% due 05/25/2035 •  | 49 | 44 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.734% due 07/25/2036 •  | 205 | 184 |
|  4.754% due 05/25/2036 •  | 542 | 130 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.684% due 10/25/2037 •  | 429 | 434 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.894% due 12/25/2036 •  | 33 | 22 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.934% due 03/25/2037 •  | 72 | 71 |
|  5.634% due 10/25/2035 •  | 6 | 6 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.624% due 11/25/2037 •  | 363 | 345 |
|  5.174% due 08/25/2047 •  | 76 | 74 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.554% due 07/25/2037 •  | 7 | 5 |
|  4.654% due 07/25/2037 •  | 31 | 20 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.534% due 05/25/2037 •  | 13 | 13 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.704% due 10/25/2036 •  | 72 | 66 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  6.720% due 03/25/2046 þ | 35 | 19 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.504% due 12/25/2036 •  | 40 | 20 |
|  5.409% due 03/25/2035 •  | 62 | 59 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.109% due 02/25/2036 •  | 173 | 169 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.644% due 10/25/2036 •  | 8 | 8 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.674% due 08/25/2036 •  | 456 | 183 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.734% due 10/25/2036 •  | 159 | 52 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.000% due 02/25/2037 ~ | 41 | 23 |
|  6.410% due 11/25/2036 | 661 | 145 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.199% due 02/25/2035 •  | 62 | 60 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.534% due 09/25/2037 •  | 877 | 355 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.894% due 06/25/2036 •  | 125 | 123 |
|  4.929% due 04/25/2036 •  | 22 | 22 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.744% due 09/25/2037 •  | 69 | 67 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.734% due 07/25/2036 •  | 263 | 103 |
|  4.754% due 07/25/2036 •  | 127 | 42 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.634% due 06/25/2037 •  | 501 | 340 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.939% due 04/25/2035 •  | 8 | 8 |
|  |  | 3745 |
| WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.929% due 10/25/2036 •  | 400 | 393 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.574% due 07/25/2036 •  | 212 | 67 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.702% due 06/25/2036 þ | 72 | 71 |
|  4.754% due 05/25/2036 •  | 61 | 52 |
|  6.734% due 12/25/2037 •  | 287 | 280 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.874% due 10/25/2036 •  | 3656 | 1214 |
|  4.934% due 05/25/2036 •  | 412 | 212 |
|  |  | 2289 |
| OTHER ABS 5.6% | OTHER ABS 5.6% | OTHER ABS 5.6% |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.293% due 11/15/2037 •  | 1000 | 1178 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.614% due 04/22/2031 •  | 133 | 134 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.521% due 01/20/2031 •  | 185 | 185 |
|  Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC |
|  2.899% due 10/15/2031 •  | 312 | 366 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.979% due 01/15/2031 •  | 400 | 472 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.893% due 11/15/2031 •  | 453 | 534 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.259% due 07/20/2032 •  | 1973 | 1974 |
|  CIFC European Funding CLO DAC | CIFC European Funding CLO DAC | CIFC European Funding CLO DAC |
|  3.329% due 01/15/2034 •  | 1000 | 1178 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  2.605% due 09/15/2031 •  | 269 | 317 |
|  2.929% due 10/15/2031 •  | 511 | 602 |
|  Dryden CLO Ltd. | Dryden CLO Ltd. | Dryden CLO Ltd. |
|  5.530% due 01/17/2033 •  | 386 | 386 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.003% due 05/15/2034 •  | 288 | 339 |
|  3.216% due 10/18/2034 •  | 1900 | 2228 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.418% due 04/15/2029 •  | 91 | 91 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.412% due 07/25/2034 •  | 500 | 501 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Elmwood CLO Ltd. | Elmwood CLO Ltd. | Elmwood CLO Ltd. | Elmwood CLO Ltd. |
|  5.463% due 04/22/2035 « | $| 1500 | 1500 |
|  Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC |
|  2.811% due 04/24/2034 •  | EUR | 498 | 586 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  2.916% due 10/20/2031 •  |  | 358 | 422 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.588% due 04/15/2031 •  | $| 331 | 332 |
|  5.601% due 01/20/2031 •  |  | 44 | 44 |
|  5.648% due 10/15/2031 •  |  | 175 | 175 |
|  Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC |
|  3.029% due 01/15/2032 •  | EUR | 693 | 814 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.319% due 10/19/2034 •  | $| 1600 | 1598 |
|  5.514% due 07/27/2031 •  |  | 548 | 549 |
|  OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC |
|  2.976% due 10/20/2031 •  | EUR | 147 | 173 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.999% due 10/15/2031 •  |  | 197 | 231 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.175% due 10/25/2064 •  | $| 208 | 208 |
|  St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC |
|  3.138% due 10/25/2035 •  | EUR | 500 | 587 |
|  Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. |
|  5.528% due 04/15/2031 •  | $| 451 | 451 |
|  Tikehau CLO DAC | Tikehau CLO DAC | Tikehau CLO DAC | Tikehau CLO DAC |
|  3.179% due 10/15/2031 •  | EUR | 630 | 743 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.578% due 09/07/2030 •  | $| 96 | 96 |
|  5.664% due 04/20/2032 •  |  | 482 | 482 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.399% due 07/20/2032 •  |  | 1682 | 1680 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.498% due 06/07/2030 •  |  | 89 | 89 |
|  Voya Euro CLO DAC | Voya Euro CLO DAC | Voya Euro CLO DAC | Voya Euro CLO DAC |
|  3.239% due 07/15/2035 •  | EUR | 400 | 471 |
|  |  |  | 21716 |
|  Total Asset-Backed Securities<br>(Cost $30,758) | Total Asset-Backed Securities<br>(Cost $30,758) | Total Asset-Backed Securities<br>(Cost $30,758) | 29947 |
| SOVEREIGN ISSUES 6.9% | SOVEREIGN ISSUES 6.9% | SOVEREIGN ISSUES 6.9% | SOVEREIGN ISSUES 6.9% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (b) | BRL | 1400 | 258 |
|  0.000% due 10/01/2025 (b) |  | 29800 | 5291 |
|  0.000% due 04/01/2026 (b) |  | 15300 | 2537 |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  4.250% due 12/01/2026 (c) | CAD | 1116 | 862 |
|  France Government International Bond | France Government International Bond | France Government International Bond | France Government International Bond |
|  0.100% due 03/01/2026 (c) | EUR | 2803 | 3282 |
|  0.100% due 07/25/2031 (c) |  | 3174 | 3570 |
|  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) |  | 743 | 852 |
|  1.800% due 05/15/2036 (c) |  | 310 | 365 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 03/10/2028 (c) | 379669 | 2730 |
|  0.100% due 03/10/2029 (c) | 942614 | 6808 |
|  Mexican Udibonos | Mexican Udibonos | Mexican Udibonos |
|  4.000% due 08/24/2034 (c) | 867 | 43 |
|  Total Sovereign Issues (Cost $27,303) | Total Sovereign Issues (Cost $27,303) | 26598 |
|  | **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 | 234 |
|  Total Preferred Securities (Cost $230) | Total Preferred Securities (Cost $230) | 234 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 60.3% | SHORT-TERM INSTRUMENTS 60.3% | SHORT-TERM INSTRUMENTS 60.3% |
| REPURCHASE AGREEMENTS (e) 54.5% | REPURCHASE AGREEMENTS (e) 54.5% | REPURCHASE AGREEMENTS (e) 54.5% |
|  |  | 210346 |
| U.S. TREASURY BILLS 5.8% | U.S. TREASURY BILLS 5.8% | U.S. TREASURY BILLS 5.8% |
|  4.290% due 07/03/2025 - 10/21/2025 (a)(b)(j) | 22324 | 22241 |
| Total Short-Term Instruments<br>(Cost $232,586) | Total Short-Term Instruments<br>(Cost $232,586) | 232587 |
| Total Investments in Securities<br>(Cost $757,843) | Total Investments in Securities<br>(Cost $757,843) | 760101 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 0.8% | INVESTMENTS IN AFFILIATES 0.8% | INVESTMENTS IN AFFILIATES 0.8% |
| SHORT-TERM INSTRUMENTS 0.8% | SHORT-TERM INSTRUMENTS 0.8% | SHORT-TERM INSTRUMENTS 0.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.8% |
|  PIMCO Short-Term Floating NAV Portfolio III | 311408 | 3032 |
| Total Short-Term Instruments<br>(Cost $3,032) | Total Short-Term Instruments<br>(Cost $3,032) | 3032 |
| Total Investments in Affiliates<br>(Cost $3,032) | Total Investments in Affiliates<br>(Cost $3,032) | 3032 |
| Total Investments 197.8%<br>(Cost $760,875) | Total Investments 197.8%<br>(Cost $760,875) | 763133 |
|  Financial Derivative<br>Instruments (g)(i) (4.1)%<br> (Cost or Premiums, net $235) |  | (15636) |
| Other Assets and Liabilities, net (93.7)% | Other Assets and Liabilities, net (93.7)% | (361630) |
| Net Assets 100.0% | Net Assets 100.0% | 385867 |

---

#### 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 | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 | 4.440% | 06/30/2025 | 07/01/2025 | $11700 | U.S. Treasury Notes 3.625% due 03/31/2028 | $(11953) | $11700 | $11701 |
|  | 4.450 | 06/30/2025 | 07/01/2025 | 67600 | U.S. Treasury Notes 4.375% due 11/30/2028 | (69101) | 67600 | 67608 |
| BPS | 4.430 | 07/01/2025 | 07/02/2025 | 67600 | U.S. Treasury Notes 0.375% due 07/31/2027 | (68984) | 67600 | 67600 |
| DEU | 4.410 | 06/30/2025 | 07/01/2025 | 4646 | U.S. Treasury Inflation Protected Securities<br>0.125% due 07/15/2026 | (4646) | 4646 | 4647 |
|  | 4.420 | 07/01/2025 | 07/02/2025 | 100 | U.S. Treasury Bonds 3.250% due 05/15/2042 | (102) | 100 | 100 |
|  | 4.470 | 06/30/2025 | 07/01/2025 | 100 | U.S. Treasury Inflation Protected Securities<br>0.375% due 07/15/2027 | (102) | 100 | 100 |
|  | 4.470 | 07/01/2025 | 07/02/2025 | 58600 | U.S. Treasury Bonds 2.000% due 11/15/2041 | (59844) | 58600 | 58600 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214732) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210356 |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> |
|  BPG | 4.450% | 06/18/2025 | 07/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162697) | $(162958) |
|  | 4.500 | 07/01/2025 | 07/02/2025 | (143125) | (143125) |
|  GSC | 4.450 | 06/04/2025 | 07/02/2025 | (17460) | (17518) |
|  | 4.450 | 06/23/2025 | 07/28/2025 | (10204) | (10214) |
|  TDM | 4.440 | 06/16/2025 | 07/14/2025 | (409) | (410) |
|  | 4.470 | 06/24/2025 | 07/01/2025 | (786) | (787) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335012) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (2.7)% | U.S. Government Agencies (2.7)% | U.S. Government Agencies (2.7)% | U.S. Government Agencies (2.7)% | U.S. Government Agencies (2.7)% | U.S. Government Agencies (2.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ginnie Mae, TBA | 3.500% | 07/01/2055 | $11480 | $(10283) | $(10438) |
|  Total Short Sales (2.7)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10283) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10438) |

---

#### 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 June 30, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $79309 | $(81054) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1745) |
|  BPS | 67600 | 0 | 0 | 67600 | (68984) | (1384) |
|  DEU | 63447 | 0 | 0 | 63447 | (64694) | (1247) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BPG | 0 | 0 | (306083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306267 | 184 |
|  BPS | 0 | 0 | 0 | 0 | (280) | (280) |
|  GSC | 0 | 0 | (27732) | (27732) | 27788 | 56 |
|  TDM | 0 | 0 | (1197) | (1197) | 1199 | 2 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335012) |  |  |  |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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<br>Than<br>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 | $(787) | $(334225) | $0 | $0 | $(335012) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(787) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334225) | $&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;(335012) |
|  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  | $(335012) |

---

(f) Securities with an aggregate market value of $335,254 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(184257) at a weighted average interest rate of 4.359%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Payable for sale-buyback transactions includes $(638) 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

#### WRITTEN OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - NYMEX Natural Gas August 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400 | 07/28/2025 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $(1) | $(2) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&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 |
|  3-Month EURIBOR September Futures  | 09/2026 | 267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77185 | $173 | $12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
|  Arabica Coffee December Futures  | 12/2025 | 2 | 221 | (52) | 0 | (2) |
|  Australia Government 10-Year Bond September Futures  | 09/2025 | 67 | 5054 | 41 | 0 | (23) |
|  Brent Crude December Futures  | 10/2025 | 23 | 1493 | 23 | 0 | (2) |
|  Brent Crude December Futures  | 10/2026 | 15 | 974 | 23 | 0 | (3) |
|  Brent Crude February Futures  | 12/2025 | 8 | 518 | 9 | 0 | (1) |
|  Brent Crude January Futures  | 11/2025 | 13 | 842 | (9) | 0 | (1) |
|  Brent Crude June Futures  | 04/2026 | 3 | 194 | 7 | 0 | 0 |
|  Brent Crude October Futures  | 08/2025 | 4 | 263 | 16 | 0 | 0 |
|  Brent Crude September Futures  | 07/2025 | 2 | 133 | 0 | 0 | 0 |
|  California Carbon Allowance December Futures  | 12/2025 | 120 | 3407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) | 37 | 0 |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 292 | 8804 | (402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | 0 |
|  Cocoa September Futures  | 09/2025 | 3 | 270 | (12) | 2 | 0 |
|  Copper August Futures  | 08/2025 | 9 | 2229 | 35 | 35 | 0 |
|  Copper July Futures  | 07/2025 | 4 | 995 | 42 | 42 | 0 |
|  Cotton No. 2 December Futures  | 12/2025 | 3 | 102 | 1 | 0 | (2) |
|  Euro-Bobl September Futures  | 09/2025 | 31 | 4297 | (20) | 3 | (9) |
|  Euro-BTP September Futures  | 09/2025 | 88 | 12543 | 37 | 20 | (24) |
|  European Climate Exchange December Futures  | 12/2025 | 7 | 569 | (36) | 5 | (16) |
|  Gas Oil December Futures  | 12/2025 | 38 | 2393 | 23 | 0 | (2) |
|  Gold 100 oz. December Futures  | 12/2025 | 2 | 673 | (19) | 4 | 0 |
|  Hard Red Winter Wheat September Futures  | 09/2025 | 47 | 1238 | (45) | 0 | (16) |
|  Henry Hub Natural Gas April Futures  | 03/2030 | 3 | 23 | (3) | 0 | 0 |
|  Henry Hub Natural Gas April Futures  | 03/2031 | 1 | 8 | (1) | 0 | 0 |
|  Henry Hub Natural Gas August Futures  | 07/2030 | 3 | 25 | 0 | 0 | 0 |
|  Henry Hub Natural Gas August Futures  | 07/2031 | 1 | 9 | 0 | 0 | 0 |
|  Henry Hub Natural Gas December Futures  | 11/2030 | 3 | 31 | 6 | 0 | 0 |
|  Henry Hub Natural Gas December Futures  | 11/2031 | 1 | 10 | 2 | 0 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2030 | 3 | 32 | 7 | 0 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2031 | 1 | 10 | 2 | 0 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2029 | 3 | 34 | 9 | 0 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2030 | 1 | 11 | 3 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  Henry Hub Natural Gas July Futures  | 06/2030 | 3 | $25 | $(1) | $0 | $0 |
|  Henry Hub Natural Gas July Futures  | 06/2031 | 1 | 8 | 0 | 0 | 0 |
|  Henry Hub Natural Gas June Futures  | 05/2030 | 3 | 24 | (2) | 0 | 0 |
|  Henry Hub Natural Gas June Futures  | 05/2031 | 1 | 8 | 0 | 0 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2030 | 3 | 27 | 1 | 0 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2031 | 1 | 9 | 0 | 0 | 0 |
|  Henry Hub Natural Gas May Futures  | 04/2030 | 3 | 22 | (3) | 0 | 0 |
|  Henry Hub Natural Gas May Futures  | 04/2031 | 1 | 8 | (1) | 0 | 0 |
|  Henry Hub Natural Gas November Futures  | 10/2030 | 3 | 28 | 2 | 0 | 0 |
|  Henry Hub Natural Gas November Futures  | 10/2031 | 1 | 9 | 1 | 0 | 0 |
|  Henry Hub Natural Gas October Futures  | 09/2030 | 3 | 26 | 0 | 0 | 0 |
|  Henry Hub Natural Gas October Futures  | 09/2031 | 1 | 9 | 0 | 0 | 0 |
|  Henry Hub Natural Gas September Futures  | 08/2030 | 3 | 25 | 0 | 0 | 0 |
|  Henry Hub Natural Gas September Futures  | 08/2031 | 1 | 9 | 0 | 0 | 0 |
|  Iron Ore August Futures  | 08/2025 | 14 | 132 | 1 | 0 | 0 |
|  Iron Ore September Futures  | 09/2025 | 67 | 628 | (11) | 0 | (1) |
|  Live Cattle October Futures  | 10/2025 | 11 | 925 | (1) | 2 | 0 |
|  Mont Belvieu Ethane (OPIS) February Futures  | 02/2026 | 1 | 11 | 0 | 0 | 0 |
|  Mont Belvieu Ethane (OPIS) January Futures  | 01/2026 | 1 | 11 | 0 | 0 | 0 |
|  Natural Gas April Futures  | 03/2027 | 6 | 209 | 8 | 0 | (3) |
|  Natural Gas August Futures  | 07/2025 | 3 | 104 | (1) | 0 | (1) |
|  Natural Gas December Futures  | 11/2025 | 49 | 2234 | (119) | 0 | (120) |
|  Natural Gas May Futures  | 04/2026 | 3 | 114 | (4) | 0 | (5) |
|  Natural Gas November Futures  | 10/2025 | 13 | 518 | (28) | 0 | (33) |
|  New York Harbor December Futures  | 11/2025 | 3 | 276 | (8) | 2 | 0 |
|  Nickel September Futures  | 09/2025 | 2 | 182 | (5) | 0 | (5) |
|  Palladium September Futures  | 09/2025 | 1 | 111 | 3 | 0 | (5) |
|  Platinum October Futures  | 10/2025 | 4 | 269 | 36 | 0 | (2) |
|  RBOB Gasoline August Futures  | 07/2025 | 4 | 348 | (9) | 0 | 0 |
|  RBOB Gasoline September Futures  | 08/2025 | 5 | 429 | (19) | 1 | 0 |
|  Silver September Futures  | 09/2025 | 1 | 181 | (4) | 0 | (1) |
|  Soybean Meal December Futures  | 12/2025 | 67 | 1938 | (107) | 5 | 0 |
|  Soybean November Futures  | 11/2025 | 21 | 1078 | (16) | 2 | 0 |
|  Soybean Oil January Futures  | 01/2026 | 3 | 95 | (2) | 0 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 24 | 2616 | 0 | 0 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 97 | 11084 | 246 | 47 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 128 | 15248 | 647 | 156 | 0 |
|  WTI Crude December Futures  | 11/2025 | 13 | 801 | (18) | 0 | (1) |
|  WTI Crude December Futures  | 11/2026 | 15 | 922 | (61) | 0 | (2) |
|  WTI Crude February Futures  | 01/2026 | 11 | 675 | 13 | 0 | (1) |
|  WTI Crude January Futures  | 12/2025 | 12 | 737 | (33) | 0 | (1) |
|  WTI Crude March Futures  | 02/2026 | 12 | 736 | (16) | 0 | (1) |
|  |  |  |  | $242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318) |
| &nbsp;&nbsp; **SHORT FUTURES CONTRACTS** | &nbsp;&nbsp; **SHORT FUTURES CONTRACTS** | &nbsp;&nbsp; **SHORT FUTURES CONTRACTS** | &nbsp;&nbsp; **SHORT FUTURES CONTRACTS** | &nbsp;&nbsp; **SHORT FUTURES CONTRACTS** | &nbsp;&nbsp; **SHORT FUTURES CONTRACTS** | &nbsp;&nbsp; **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 EURIBOR September Futures  | 09/2025 | 267 | $(77142) | $(131) | $20 | $(4) |
|  Aluminum September Futures  | 09/2025 | 3 | (195) | (8) | 0 | (8) |
|  Arabica Coffee September Futures  | 09/2025 | 2 | (225) | 58 | 3 | 0 |
|  Brent Crude April Futures  | 02/2026 | 5 | (324) | 15 | 1 | 0 |
|  Brent Crude December Futures  | 10/2027 | 16 | (1049) | (11) | 3 | 0 |
|  Brent Crude July Futures  | 05/2026 | 2 | (129) | (2) | 0 | 0 |
|  Brent Crude March Futures  | 01/2026 | 4 | (259) | 1 | 0 | 0 |
|  Brent Crude May Futures  | 03/2026 | 7 | (453) | 18 | 1 | 0 |
|  Brent Crude November Futures  | 09/2025 | 6 | (392) | (16) | 1 | 0 |
|  Copper August Futures  | 08/2025 | 4 | (506) | (6) | 4 | 0 |
|  Copper September Futures  | 09/2025 | 24 | (3050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | 24 | 0 |
|  Corn December Futures  | 12/2026 | 15 | (343) | 5 | 0 | (1) |
|  Corn September Futures  | 09/2025 | 102 | (2087) | 101 | 12 | 0 |
|  Euro-Bund September Futures  | 09/2025 | 68 | (10425) | 82 | 30 | (2) |
|  Euro-Buxl 30-Year Bond September Futures  | 09/2025 | 11 | (1539) | 29 | 5 | 0 |
|  Euro-Oat September Futures  | 09/2025 | 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18964) | 143 | 41 | (9) |
|  Euro-Schatz September Futures  | 09/2025 | 56 | (7075) | 12 | 6 | (2) |
|  Gas Oil August Futures  | 08/2025 | 11 | (727) | 85 | 0 | (2) |
|  Gas Oil July Futures  | 07/2025 | 7 | (474) | (37) | 0 | (1) |
|  Gas Oil June Futures  | 06/2026 | 18 | (1111) | 10 | 3 | 0 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 17 | $(468) | $39 | $6 | $0 |
|  Henry Hub Natural Gas April Futures  | 03/2026 | 1 | (10) | (1) | 1 | 0 |
|  Henry Hub Natural Gas August Futures  | 07/2026 | 1 | (11) | (2) | 0 | 0 |
|  Henry Hub Natural Gas December Futures  | 11/2026 | 1 | (12) | (3) | 0 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2026 | 2 | (23) | (2) | 1 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2025 | 2 | (24) | (3) | 1 | 0 |
|  Henry Hub Natural Gas July Futures  | 06/2026 | 1 | (10) | (1) | 0 | 0 |
|  Henry Hub Natural Gas June Futures  | 05/2026 | 1 | (10) | (1) | 0 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2026 | 1 | (10) | (1) | 1 | 0 |
|  Henry Hub Natural Gas May Futures  | 04/2026 | 1 | (10) | (1) | 0 | 0 |
|  Henry Hub Natural Gas November Futures  | 10/2026 | 1 | (11) | (2) | 0 | 0 |
|  Henry Hub Natural Gas October Futures  | 09/2026 | 1 | (11) | (2) | 0 | 0 |
|  Henry Hub Natural Gas September Futures  | 08/2026 | 1 | (10) | (1) | 0 | 0 |
|  Lead September Futures  | 09/2025 | 1 | (51) | (1) | 0 | (1) |
|  Lean Hogs October Futures  | 10/2025 | 19 | (702) | 7 | 17 | 0 |
|  Natural Gas April Futures  | 03/2026 | 3 | (115) | 4 | 5 | 0 |
|  Natural Gas January Futures  | 12/2025 | 59 | (2863) | 182 | 143 | 0 |
|  Natural Gas January Futures  | 12/2026 | 6 | (301) | (8) | 6 | 0 |
|  Natural Gas September Futures  | 08/2025 | 13 | (454) | 29 | 27 | 0 |
|  New York Harbor August Futures  | 07/2025 | 4 | (382) | 7 | 0 | (5) |
|  RBOB Gasoline October Futures  | 09/2025 | 5 | (397) | (21) | 0 | 0 |
|  SNG KEROS vs. SNG GA August Futures  | 08/2025 | 3 | 4 | 2 | 0 | 0 |
|  SNG KEROS vs. SNG GA February Futures  | 02/2026 | 1 | 0 | 0 | 0 | 0 |
|  SNG KEROS vs. SNG GA January Futures  | 01/2026 | 1 | 0 | 0 | 0 | 0 |
|  SNG KEROS vs. SNG GA March Futures  | 03/2026 | 1 | 0 | 0 | 0 | 0 |
|  SNG KEROS vs. SNG GA September Futures  | 09/2025 | 2 | 2 | 1 | 0 | 0 |
|  Soybean Meal January Futures  | 01/2026 | 12 | (351) | 14 | 0 | (1) |
|  Soybean Oil December Futures  | 12/2025 | 6 | (190) | (15) | 0 | (1) |
|  Sugar No. 11 March Futures  | 02/2026 | 20 | (379) | 22 | 10 | 0 |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 355 | (73848) | (218) | 0 | (17) |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 39 | (4373) | (4) | 0 | (3) |
|  U.S. Treasury Long-Term Bond September Futures  | 09/2025 | 218 | (25172) | (905) | 0 | (218) |
|  UK Natural Gas August Futures  | 08/2025 | 5 | (167) | 17 | 8 | 0 |
|  Wheat December Futures  | 12/2025 | 9 | (252) | 9 | 1 | 0 |
|  Wheat September Futures  | 09/2025 | 43 | (1157) | 28 | 5 | 0 |
|  WTI Crude April Futures  | 03/2026 | 5 | (307) | 26 | 0 | 0 |
|  WTI Crude August Futures  | 07/2025 | 10 | (651) | 16 | 4 | 0 |
|  WTI Crude December Futures  | 11/2025 | 2 | (123) | (7) | 0 | 0 |
|  WTI Crude December Futures  | 11/2027 | 15 | (927) | (17) | 2 | 0 |
|  WTI Crude June Futures  | 05/2026 | 13 | (797) | 16 | 1 | 0 |
|  WTI Crude June Futures  | 06/2026 | 6 | (368) | 7 | 1 | 0 |
|  WTI Crude May Futures  | 04/2026 | 6 | (368) | 22 | 1 | 0 |
|  WTI Crude November Futures  | 10/2025 | 6 | (372) | 7 | 1 | 0 |
|  WTI Crude November Futures  | 11/2026 | 1 | (61) | (2) | 0 | 0 |
|  WTI Crude October Futures  | 09/2025 | 6 | (377) | (15) | 1 | 0 |
|  WTI Crude September Futures  | 08/2025 | 28 | (1788) | 9 | 6 | 0 |
|  Zinc September Futures  | 09/2025 | 3 | (206) | (5) | 0 | (5) |
|  |  |  |  | $(532) | $403 | $(280) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(598) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 17900 | $(325) | $102 | $(223) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | 195330 | 5 | 11 | 16 | 1 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 640000 | (27) | 58 | 31 | 3 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 309000 | 27 | 38 | 65 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $5220 | (9) | 13 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | 1500 | (104) | 34 | (70) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) | 36 | (72) | 1 | 0 |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 700 | (1) | (10) | (11) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 1550 | 69 | (23) | 46 | 0 | (5) |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2052 | 8670 | (64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243) | 0 | (69) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 1850 | 445 | 169 | 614 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.237% | Semi-Annual | 11/21/2053 | $1400 | $350 | $126 | $476 | $0 | $(8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 6700 | 506 | 755 | 1261 | 0 | (46) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 2300 | 61 | 111 | 172 | 0 | (18) |
| Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.120 | Annual | 09/03/2027 | 13000 | 0 | (38) | (38) | 5 | 0 |
| Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 39330 | (1787) | 282 | (1505) | 0 | (80) |
| Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 900 | 426 | 104 | 530 | 3 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 950 | 449 | 109 | 558 | 3 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 1800 | 850 | 207 | 1057 | 5 | 0 |
| Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 8990 | 701 | 400 | 1101 | 34 | 0 |
| Receive | CPTFEMU | 3.000 | Maturity | 05/15/2027 | 1100 | 23 | (4) | 19 | 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 | 5 | 5 | 1 | 0 |
| Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 130 | (28) | 0 | (28) | 0 | 0 |
| Receive | CPTFEMU | 2.720 | Maturity | 06/15/2032 | 140 | (1) | (4) | (5) | 0 | 0 |
| Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 3500 | (1) | (29) | (30) | 4 | 0 |
| Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 | 1200 | (2) | (6) | (8) | 2 | 0 |
| Pay | CPTFEMU | 2.487 | Maturity | 05/15/2037 | 80 | (3) | 3 | 0 | 0 | 0 |
| Pay | CPTFEMU | 1.945 | Maturity | 11/15/2048 | 100 | (23) | 6 | (17) | 0 | 0 |
| Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 200 | (9) | 16 | 7 | 0 | 0 |
| Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 700 | (28) | 54 | 26 | 1 | 0 |
| Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 200 | (8) | 15 | 7 | 0 | 0 |
| Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 230 | (19) | 18 | (1) | 0 | 0 |
| Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 700 | 22 | 51 | 73 | 0 | 0 |
| Pay | CPTFEMU | 2.680 | Maturity | 04/15/2053 | 600 | 46 | 42 | 88 | 0 | 0 |
| Pay | CPTFEMU | 2.720 | Maturity | 04/15/2053 | 400 | 34 | 27 | 61 | 0 | 0 |
| Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 300 | 32 | 21 | 53 | 0 | 0 |
| Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 | 200 | 16 | 14 | 30 | 0 | 0 |
| Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 | 400 | 40 | 27 | 67 | 0 | (1) |
| Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 | $3100 | 0 | (13) | (13) | 0 | 0 |
| Pay | CPURNSA | 2.820 | Maturity | 02/05/2026 | 1800 | 0 | (5) | (5) | 0 | 0 |
| Pay | CPURNSA | 2.842 | Maturity | 02/13/2026 | 2000 | 0 | (6) | (6) | 0 | 0 |
| Pay | CPURNSA | 3.042 | Maturity | 02/21/2026 | 2000 | 0 | (1) | (1) | 0 | 0 |
| Pay | CPURNSA | 3.323 | Maturity | 04/23/2026 | 400 | 0 | 2 | 2 | 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 | 4 | 4 | 0 | 0 |
| Pay | CPURNSA | 2.101 | Maturity | 07/20/2027 | 1800 | (215) | (45) | (260) | 0 | (1) |
| Pay | CPURNSA | 2.080 | Maturity | 07/25/2027 | 1300 | (158) | (33) | (191) | 0 | (1) |
| Pay | CPURNSA | 2.122 | Maturity | 08/01/2027 | 1900 | (223) | (48) | (271) | 0 | (1) |
| 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) | (16) | (90) | 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) | (34) | (197) | 0 | (1) |
| Pay | CPURNSA | 2.335 | Maturity | 02/05/2028 | 2010 | (184) | (44) | (228) | 0 | 0 |
| Pay | CPURNSA | 2.352 | Maturity | 05/09/2028 | 630 | (55) | (13) | (68) | 0 | 0 |
| Pay | CPURNSA | 2.360 | Maturity | 05/09/2028 | 950 | (83) | (19) | (102) | 0 | 0 |
| Pay | CPURNSA | 2.364 | Maturity | 05/10/2028 | 960 | (83) | (20) | (103) | 0 | 0 |
| Pay | CPURNSA | 2.370 | Maturity | 06/06/2028 | 1800 | (158) | (37) | (195) | 0 | (1) |
| Receive | CPURNSA | 2.573 | Maturity | 08/26/2028 | 1100 | 68 | 19 | 87 | 0 | 0 |
| Receive | CPURNSA | 2.645 | Maturity | 09/10/2028 | 500 | 27 | 8 | 35 | 0 | 0 |
| Pay | CPURNSA | 2.165 | Maturity | 04/16/2029 | 1100 | (127) | (21) | (148) | 0 | (1) |
| Pay | CPURNSA | 1.954 | Maturity | 06/03/2029 | 400 | (54) | (8) | (62) | 0 | 0 |
| Pay | CPURNSA | 1.997 | Maturity | 07/25/2029 | 2800 | (359) | (55) | (414) | 0 | (1) |
| Receive | CPURNSA | 2.311 | Maturity | 02/24/2031 | 8300 | 896 | 119 | 1015 | 4 | 0 |
| Pay | FRCPXTOB | 1.910 | Maturity | 01/15/2038 | 390 | (47) | 24 | (23) | 1 | 0 |
| Pay | UKRPI | 3.500 | Maturity | 08/15/2034 | 1600 | 9 | 32 | 41 | 11 | 0 |
| Pay | UKRPI | 3.466 | Maturity | 09/15/2034 | 700 | 0 | 14 | 14 | 4 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248) |

---

#### 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 June 30, 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;861 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(856) |

---

(h) Securities with an aggregate market value of $3,218 and cash of $3,271 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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 $1 and liability of $(8) for closed futures is outstanding at period end. 

---

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

---

------

June 30, 2025 (Unaudited)

&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 |
|  AZD | 07/2025 | 1914 | $266 | $0 | $(2) |
|  | 07/2025 | 175 | 205 | 0 | (1) |
|  | 07/2025 | $2181 | 3357 | 29 | 0 |
|  | 07/2025 | 262 | 435 | 3 | 0 |
|  | 08/2025 | 3357 | $2182 | 0 | (29) |
|  | 08/2025 | 5090 | 710 | 0 | (4) |
|  | 08/2025 | 435 | 262 | 0 | (3) |
|  | 08/2025 | $205 | 175 | 1 | 0 |
|  BOA | 07/2025 | 270 | $176 | 0 | (2) |
|  | 07/2025 | 16657 | 18940 | 0 | (682) |
|  | 07/2025 | 299260 | 219 | 0 | (2) |
|  | 07/2025 | $203 | 3314013 | 1 | 0 |
|  | 07/2025 | 101 | 130 | 1 | 0 |
|  | 08/2025 | 1452 | $203 | 0 | (1) |
|  | 08/2025 | 130 | 101 | 0 | (1) |
|  | 08/2025 | 83 | 2 | 0 | 0 |
|  BPS | 07/2025 | 1392 | 255 | 0 | (1) |
|  | 07/2025 | 605 | 60 | 0 | 0 |
|  | 07/2025 | 575 | 60 | 0 | (1) |
|  | 07/2025 | 227 | 7 | 0 | 0 |
|  | 07/2025 | 16617 | 511 | 0 | (61) |
|  | 07/2025 | $250 | 1391 | 6 | 0 |
|  | 07/2025 | 205 | 181 | 8 | 0 |
|  | 07/2025 | 560 | 9129677 | 3 | 0 |
|  | 07/2025 | 40 | 1310 | 0 | 0 |
|  | 07/2025 | 139 | 4149 | 3 | 0 |
|  | 08/2025 | 2812 | $394 | 0 | (1) |
|  | 08/2025 | 13814 | 424 | 0 | (56) |
|  | 08/2025 | $286 | 24884 | 3 | 0 |
|  | 08/2025 | 628 | 18568 | 17 | 0 |
|  | 10/2025 | 10600 | $1768 | 0 | (138) |
|  BRC | 07/2025 | 32 | 37 | 0 | (1) |
|  | 07/2025 | 856 | 1165 | 0 | (10) |
|  | 07/2025 | 2169 | 623 | 0 | (21) |
|  | 07/2025 | 35009 | 26 | 0 | 0 |
|  | 07/2025 | 131 | 13 | 0 | 0 |
|  | 07/2025 | $309 | 1043 | 1 | 0 |
|  | 07/2025 | 19 | 71 | 1 | 0 |
|  | 07/2025 | 404 | 7310 | 8 | 0 |
|  | 08/2025 | 1165 | 856 | 10 | 0 |
|  BSH | 07/2025 | 9380 | $1702 | 0 | (24) |
|  | 07/2025 | $1719 | 9380 | 8 | 0 |
|  | 08/2025 | 1702 | 9452 | 24 | 0 |
|  CBK | 07/2025 | 4430 | $812 | 0 | (4) |
|  | 07/2025 | 2556948 | 1865 | 0 | (26) |
|  | 07/2025 | 11899 | 358 | 0 | (9) |
|  | 07/2025 | 28753 | 884 | 0 | (106) |
|  | 07/2025 | $763 | 4430 | 52 | 0 |
|  | 07/2025 | 196 | 3199171 | 1 | 0 |
|  | 07/2025 | 263 | 7803 | 5 | 0 |
|  | 08/2025 | 609 | $85 | 0 | (1) |
|  | 08/2025 | 33069 | 1019 | 0 | (131) |
|  | 08/2025 | $2144 | 184770 | 8 | (1) |
|  | 09/2025 | 1143 | $60 | 0 | (1) |
|  DUB | 07/2025 | 1053 | 304 | 0 | (9) |
|  | 07/2025 | 40909 | 30 | 0 | 0 |
|  | 07/2025 | 13 | 10 | 0 | 0 |
|  | 07/2025 | $19471 | 16784 | 299 | 0 |
|  | 07/2025 | 31 | 497956 | 0 | 0 |
|  | 07/2025 | 65 | 1934 | 2 | 0 |
|  | 08/2025 | 16747 | $19471 | 0 | (299) |
|  | 08/2025 | $994 | 85742 | 5 | 0 |
|  | 08/2025 | 403 | 12834 | 43 | 0 |
|  | 09/2025 | 16 | $1 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 | 07/2025 | 3087 | $1992 | $0 | $(40) |
|  | 07/2025 | 13823 | 2525 | 0 | (19) |
|  | 07/2025 | 737 | 895 | 0 | (34) |
|  | 07/2025 | 974 | 135 | 0 | (1) |
|  | 07/2025 | 1105315 | 7705 | 29 | 0 |
|  | 07/2025 | 34 | 26 | 0 | 0 |
|  | 07/2025 | $2418 | 13822 | 127 | 0 |
|  | 07/2025 | 919 | 736 | 8 | 0 |
|  | 07/2025 | 4337 | 631234 | 47 | 0 |
|  | 07/2025 | 573 | 2113 | 13 | 0 |
|  | 07/2025 | 82 | 104 | 0 | 0 |
|  | 08/2025 | 733 | $919 | 0 | (8) |
|  | 08/2025 | 2968 | 415 | 0 | (1) |
|  | 08/2025 | 628913 | 4337 | 0 | (47) |
|  | 08/2025 | 120 | 94 | 0 | 0 |
|  | 08/2025 | $475 | 41065 | 3 | 0 |
|  | 09/2025 | 614 | 3443 | 10 | 0 |
|  | 09/2025 | 667 | 12984 | 20 | 0 |
|  GLM | 07/2025 | 24038 | $4103 | 0 | (321) |
|  | 07/2025 | 2831 | 87 | 0 | (10) |
|  | 07/2025 | $4395 | 24038 | 29 | 0 |
|  | 07/2025 | 46 | 757392 | 0 | 0 |
|  | 07/2025 | 32 | 40 | 0 | 0 |
|  | 07/2025 | 13 | 413 | 2 | 0 |
|  | 08/2025 | 40 | $32 | 0 | 0 |
|  | 09/2025 | $1063 | 5988 | 22 | 0 |
|  | 10/2025 | 18800 | $3086 | 0 | (295) |
|  | 04/2026 | 5900 | 1001 | 0 | (14) |
|  IND | 07/2025 | $61 | 576 | 0 | 0 |
|  | 08/2025 | 574 | $61 | 0 | 0 |
|  JPM | 07/2025 | 11280 | 2067 | 0 | (9) |
|  | 07/2025 | 1844 | 256 | 0 | (2) |
|  | 07/2025 | 198985 | 145 | 0 | (2) |
|  | 07/2025 | 435 | 259 | 0 | (6) |
|  | 07/2025 | 895 | 697 | 0 | (7) |
|  | 07/2025 | 7035 | 211 | 0 | (6) |
|  | 07/2025 | 16820 | 517 | 0 | (62) |
|  | 07/2025 | $2020 | 11280 | 57 | 0 |
|  | 07/2025 | 1234 | 4572 | 34 | 0 |
|  | 07/2025 | 66 | 85 | 1 | 0 |
|  | 07/2025 | 116 | 2073 | 1 | 0 |
|  | 08/2025 | 4754 | $663 | 0 | (4) |
|  | 08/2025 | 85 | 66 | 0 | 0 |
|  | 08/2025 | 26202 | 801 | 0 | (110) |
|  | 08/2025 | $320 | 27754 | 3 | 0 |
|  | 04/2026 | 9400 | $1586 | 0 | (31) |
|  MBC | 07/2025 | 5833 | 4247 | 0 | (36) |
|  | 07/2025 | 884 | 123 | 0 | (1) |
|  | 07/2025 | 276 | 315 | 0 | (10) |
|  | 07/2025 | 50485 | 351 | 1 | 0 |
|  | 07/2025 | 2151 | 1677 | 0 | (15) |
|  | 07/2025 | 5973 | 180 | 0 | (3) |
|  | 07/2025 | 8106 | 249 | 0 | (30) |
|  | 07/2025 | $4245 | 5835 | 40 | 0 |
|  | 07/2025 | 203 | 175 | 3 | 0 |
|  | 07/2025 | 56 | 916729 | 0 | 0 |
|  | 07/2025 | 145 | 544 | 6 | 0 |
|  | 07/2025 | 1753 | 2267 | 30 | 0 |
|  | 07/2025 | 10 | 302 | 0 | 0 |
|  | 08/2025 | 5825 | $4245 | 0 | (40) |
|  | 08/2025 | 3988 | 555 | 0 | (4) |
|  | 08/2025 | 2262 | 1753 | 0 | (30) |
|  | 08/2025 | 22613 | 724 | 0 | (62) |
|  MYI | 07/2025 | 24969 | 173 | 0 | (1) |
|  | 07/2025 | $1456 | 212270 | 18 | 0 |
|  | 07/2025 | 177 | 1789 | 0 | 0 |
|  | 07/2025 | 3 | 11 | 0 | 0 |
|  | 08/2025 | 3025 | $423 | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 08/2025 | 211490 | $1456 | $0 | $(18) |
|  | 08/2025 | 1789 | 177 | 0 | 0 |
|  | 10/2025 | 400 | 65 | 0 | (7) |
|  NGF | 07/2025 | $556 | 9065131 | 3 | 0 |
|  SCX | 07/2025 | 16 | $5 | 0 | 0 |
|  | 07/2025 | 888 | 30 | 0 | 0 |
|  | 07/2025 | $216 | 3522431 | 1 | 0 |
|  | 07/2025 | 16 | 2365 | 0 | 0 |
|  | 07/2025 | 350 | 451 | 5 | 0 |
|  | 07/2025 | 136 | 4042 | 3 | 0 |
|  | 08/2025 | 5212 | $730 | 0 | (1) |
|  | 08/2025 | 2356 | 16 | 0 | 0 |
|  | 08/2025 | 450 | 350 | 0 | (5) |
|  | 08/2025 | 4518 | 138 | 0 | (19) |
|  | 08/2025 | $335 | 28769 | 0 | 0 |
|  SOG | 07/2025 | 2427 | 350346 | 6 | 0 |
|  | 07/2025 | 19 | 186 | 0 | 0 |
|  | 08/2025 | 349061 | $2427 | 0 | (6) |
|  | 08/2025 | 186 | 19 | 0 | 0 |
|  | 08/2025 | $2 | 166 | 0 | 0 |
|  SSB | 07/2025 | 1160 | 856 | 16 | 0 |
|  UAG | 07/2025 | 159 | $44 | 0 | (3) |
|  | 07/2025 | 16292 | 113 | 0 | (1) |
|  | 07/2025 | 34937 | 26 | 0 | 0 |
|  | 07/2025 | 1239 | 122 | 0 | (1) |
|  | 07/2025 | 948 | 29 | 0 | (1) |
|  | 07/2025 | $26 | 34954 | 0 | 0 |
|  | 08/2025 | 319 | 2313 | 6 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2953) |

---

#### 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;(33) |

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#### 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) | $(14) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 1400 | (12) | (9) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 12500 | (113) | (112) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 12500 | (113) | (88) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 5000 | (46) | (55) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 5000 | (46) | (29) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307) |
|  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;(340) |

---

#### SWAP AGREEMENTS:

#### COMMODITY FORWARD SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive | Underlying Reference Commodity | Fixed Price<br>Per Unit | Payment<br>Frequency | Maturity<br>Date | # of<br>Units | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| Counterparty | Pay/Receive | Underlying Reference Commodity | Fixed Price<br>Per Unit | Payment<br>Frequency | Maturity<br>Date | # of<br>Units | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | NAPGASFO Index | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375 | Maturity | 09/30/2025 | 3000 | $0 | $(2) | $0 | $(2) |
|  | Receive | NAPGASFO Index | 7.860 | Maturity | 12/31/2025 | 6000 | 0 | (10) | 0 | (10) |
|  |  |  |  |  |  |  | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 21

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

#### 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 | $15 | $(1) | $1 | $0 | $0 |
| GST | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 5 | 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 |
|  BPS | Receive | BCOMF1NTC Index  | 17434 | 0.120% | Monthly | 03/16/2026 | $2220 | $0 | $0 | $0 | $0 |
|  | Receive | BCOMF1TC Index<sup>(8)</sup> | 140482 | 4.375% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 03/16/2026 | 15790 | 0 | (549) | 0 | (549) |
|  | Receive | BCOMTR Index  | 147245 | 4.355% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 03/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38350 | (52) | (1286) | 0 | (1338) |
|  CBK | Receive | BCOMF1TC Index  | 421 | 4.375% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 05/15/2026 | 54 | 0 | (2) | 0 | (2) |
|  | Receive | BCOMTR Index  | 7319 | 4.355% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 05/15/2026 | 1906 | 0 | (67) | 0 | (67) |
|  | Receive | CIXBSTR3 Index<sup>(9)</sup> | 118366 | 4.385% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 05/15/2026 | 33866 | 0 | (1197) | 0 | (1197) |
|  CIB | Receive | BCOMTR Index  | 11132 | 4.355% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 06/15/2026 | 2899 | 0 | (101) | 0 | (101) |
|  GST | Pay | SPGCINP Index  | 721 | (0.070%) | Monthly | 01/15/2026 | 149 | 0 | (4) | 0 | (4) |
|  | Receive | BCOMF1NTC Index  | 1176 | 4.435% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 419 | 0 | 0 | 0 | 0 |
|  | Receive | BCOMF1TC Index<sup>(10)</sup> | 102940 | 4.375% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 42868 | 0 | (1491) | 0 | (1491) |
|  | Receive | BCOMTR Index  | 19697 | 4.365% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 5130 | 0 | (179) | 0 | (179) |
|  | Receive | CMDSKEWLS Index<sup>(11)</sup> | 11165 | 0.250% | Monthly | 04/15/2026 | 4471 | 0 | (94) | 0 | (94) |
|  JPM | Receive | JMABFNJ2 Index  | 35936 | 0.000% | Monthly | 01/30/2026 | 3662 | 0 | 0 | 0 | 0 |
|  | Receive | BCOMF1TC Index<sup>(12)</sup> | 21991 | 4.385% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 07/15/2026 | 4790 | 0 | (167) | 0 | (167) |
|  | Receive | JMABNIC5 Index<sup>(13)</sup> | 61603 | 0.000% | Monthly | 07/15/2026 | 11410 | 0 | (366) | 0 | (366) |
|  MAC | Receive | BCOMTR Index  | 12979 | 4.365% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/17/2026 | 3381 | 0 | (118) | 0 | (118) |
|  | Receive | PIMCODB Index<sup>(14)</sup> | 200698 | 0.000% | Monthly | 08/17/2026 | 39831 | 0 | (1259) | 0 | (1259) |
|  MEI | Receive | BCOMTR Index  | 36 | 4.355% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 | 9 | 0 | 0 | 0 | 0 |
|  | Receive | BCOMTR2 Index<sup>(15)</sup> | 292026 | 4.355% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 | 57435 | 0 | (2037) | 0 | (2037) |
|  MYC | Receive | BCOMTR1 Index | 208517 | 4.345% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 10/15/2026 | 54309 | 0 | (1894) | 0 | (1894) |
|  | Receive | BCOMTR1 Index<sup>(16)</sup>  | 102417 | 4.385% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 10/15/2026 | 77419 | 0 | (2702) | 0 | (2702) |
|  RBC | Receive | RBCAEC0T Index<sup>(17)</sup> | 50266 | 4.355% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 11/16/2026 | 4452 | 0 | (154) | 0 | (154) |
|  SOG | Receive | BCOMTR Index  | 10441 | 4.335% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 12/15/2026 | 2719 | 0 | (95) | 0 | (95) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13762) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13814) |

---

22 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Shares | **Financing**<br> **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**<br> **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 | 4.570% | Maturity | 07/28/2025 | $&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;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

#### VOLATILITY SWAPS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Volatility | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Volatility | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  JPM | Pay<br> GOLDLNPM Index<sup>(6)</sup> | 4.203% | Maturity | 10/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10168 | $0 | $106 | $106 | $0 |
|  | Pay<br> GOLDLNPM Index<sup>(6)</sup> | 6.325 | Maturity | 04/10/2026 | 4453 | 0 | 151 | 151 | 0 |
|  |  |  |  |  |  | $0 | $257 | $257 | $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;(54) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13467) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13837) |

---

#### 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 June 30, 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> |
|  AZD | $33 | $0 | $0 | $33 | $(39) | $0 | $0 | $(39) | $(6) | $0 | $(6) |
|  BOA | 2 | 0 | 0 | 2 | (688) | 0 | 0 | (688) | (686) | 370 | (316) |
|  BPS | 40 | 0 | 0 | 40 | (258) | 0 | (1899) | (2157) | (2117) | 1655 | (462) |
|  BRC | 20 | 0 | 0 | 20 | (32) | (23) | 0 | (55) | (35) | 0 | (35) |
|  BSH | 32 | 0 | 0 | 32 | (24) | 0 | 0 | (24) | 8 | 0 | 8 |
|  CBK | 66 | 0 | 0 | 66 | (279) | 0 | (1266) | (1545) | (1479) | 1428 | (51) |
|  CIB | 0 | 0 | 0 | 0 | 0 | 0 | (101) | (101) | (101) | 0 | (101) |
|  DUB | 349 | 0 | 0 | 349 | (308) | 0 | 0 | (308) | 41 | 0 | 41 |
|  FAR | 257 | 0 | 0 | 257 | (150) | 0 | 0 | (150) | 107 | 0 | 107 |
|  GLM | 53 | 0 | 0 | 53 | (640) | (317) | 0 | (957) | (904) | 296 | (608) |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (1768) | (1768) | (1768) | 1537 | (231) |
|  JPM | 96 | 0 | 257 | 353 | (239) | 0 | (533) | (772) | (419) | 260 | (159) |
|  MAC | 0 | 0 | 0 | 0 | 0 | 0 | (1377) | (1377) | (1377) | 1218 | (159) |
|  MBC | 80 | 0 | 0 | 80 | (231) | 0 | 0 | (231) | (151) | 0 | (151) |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (2037) | (2037) | (2037) | 1792 | (245) |
|  MYC | 0 | 0 | 57 | 57 | 0 | 0 | (4607) | (4607) | (4550) | 3600 | (950) |
|  MYI | 18 | 0 | 0 | 18 | (28) | 0 | 0 | (28) | (10) | 0 | (10) |
|  NGF | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  RBC | 0 | 0 | 0 | 0 | 0 | 0 | (154) | (154) | (154) | 0 | (154) |
|  SAL | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  SCX | 9 | 0 | 0 | 9 | (25) | 0 | 0 | (25) | (16) | 0 | (16) |
|  SOG | 6 | 0 | 0 | 6 | (6) | 0 | (95) | (101) | (95) | 0 | (95) |
|  SSB | 16 | 0 | 0 | 16 | 0 | 0 | 0 | 0 | 16 | 0 | 16 |
|  UAG | 6 | 0 | 0 | 6 | (6) | 0 | 0 | (6) | 0 | 0 | 0 |
|  Total Over the Counter | $1086 | $0 | $316 | $1402 | $(2953) | $(340) | $(13837) | $(17130) |  |  |  |

---

(j) Securities with an aggregate market value of $12,156 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **23** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

<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 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>(8)</sup> The following table represents the individual positions within the total return swap as of June 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Aluminum September 2025 Futures | 4.1% | $649 |
|  Arabica Coffee September 2025 Futures | 2.7 | 425 |
|  Brent Crude November 2025 Futures | 6.5 | 1028 |
|  Copper September 2025 Futures | 6.2 | 984 |
|  Corn September 2025 Futures | 4.8 | 759 |
|  Cotton No. 02 December 2025 Futures | 1.5 | 241 |
|  Gas Oil November 2025 Futures | 2.5 | 396 |
|  Gold 100 oz. December 2025 Futures | 17.2 | 2724 |
|  Hard Red Winter Wheat September 2025 Futures | 1.7 | 264 |
|  Lead September 2025 Futures | 0.9 | 146 |
|  Lean Hogs October 2025 Futures | 1.9 | 306 |
|  Live Cattle October 2025 Futures | 3.7 | 583 |
|  New York Harbor ULSD September 2025 Futures | 2.0 | 319 |
|  Nickel September 2025 Futures | 2.3 | 359 |
|  NYMEX — Natural Gas September 2025 Futures | 8.6 | 1352 |
|  RBOB Gasoline September 2025 Futures | 2.1 | 326 |
|  Silver September 2025 Futures | 5.1 | 800 |
|  Soybean Meal December 2025 Futures | 3.2 | 508 |
|  Soybean Oil December 2025 Futures | 4.1 | 650 |
|  Soybeans November 2025 Futures | 5.9 | 928 |
|  Sugar No. 11 October 2025 Futures | 2.4 | 377 |
|  Wheat September 2025 Futures | 2.7 | 424 |
|  WTI Crude September 2025 Futures | 5.8 | 914 |
|  Zinc September 2025 Futures | 2.1 | 328 |
|  Total Long Futures Contracts |  | $15790 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15790 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(9)</sup> The following table represents the individual positions within the total return swap as of June 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Aluminum September 2025 Futures | 4.1% | $1387 |
|  Arabica Coffee September 2025 Futures | 2.7 | 910 |
|  Brent Crude September 2025 Futures | 6.6 | 2248 |
|  Copper September 2025 Futures | 6.2 | 2104 |
|  Corn September 2025 Futures | 4.8 | 1624 |
|  Cotton No. 02 December 2025 Futures | 1.5 | 516 |
|  Gas Oil September 2025 Futures | 2.5 | 863 |
|  Gold 100 oz. August 2025 Futures | 16.9 | 5730 |
|  Hard Red Winter Wheat September 2025 Futures | 1.7 | 564 |
|  Lead September 2025 Futures | 0.9 | 312 |
|  Lean Hogs August 2025 Futures | 2.2 | 761 |
|  Live Cattle August 2025 Futures | 3.7 | 1269 |
|  New York Harbor ULSD September 2025 Futures | 2.0 | 683 |
|  Nickel September 2025 Futures | 2.3 | 767 |
|  NYMEX — Natural Gas September 2025 Futures | 8.5 | 2891 |
|  RBOB Gasoline September 2025 Futures | 2.1 | 697 |
|  Silver September 2025 Futures | 5.1 | 1711 |
|  Soybean Meal December 2025 Futures | 3.2 | 1087 |
|  Soybean Oil December 2025 Futures | 4.1 | 1390 |
|  Soybeans November 2025 Futures | 5.9 | 1985 |
|  Sugar No. 11 October 2025 Futures | 2.4 | 806 |
|  Wheat September 2025 Futures | 2.7 | 906 |
|  WTI Crude September 2025 Futures | 5.8 | 1953 |
|  Zinc September 2025 Futures | 2.1 | 702 |
|  Total Long Futures Contracts |  | $33866 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33866 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

<sup>(10)</sup> The following table represents the individual positions within the total return swap as of June 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Aluminum September 2025 Futures | 4.1% | $1761 |
|  Arabica Coffee September 2025 Futures | 2.7 | 1155 |
|  Brent Crude November 2025 Futures | 6.5 | 2791 |
|  Copper September 2025 Futures | 6.2 | 2671 |
|  Corn September 2025 Futures | 4.8 | 2061 |
|  Cotton No. 02 December 2025 Futures | 1.5 | 656 |
|  Gas Oil November 2025 Futures | 2.5 | 1074 |
|  Gold 100 oz. December 2025 Futures | 17.2 | 7396 |
|  Hard Red Winter Wheat September 2025 Futures | 1.7 | 716 |
|  Lead September 2025 Futures | 0.9 | 397 |
|  Lean Hogs October 2025 Futures | 1.9 | 830 |
|  Live Cattle October 2025 Futures | 3.7 | 1583 |
|  New York Harbor ULSD September 2025 Futures | 2.0 | 867 |
|  Nickel September 2025 Futures | 2.3 | 974 |
|  NYMEX — Natural Gas September 2025 Futures | 8.6 | 3670 |
|  RBOB Gasoline September 2025 Futures | 2.1 | 885 |
|  Silver September 2025 Futures | 5.1 | 2172 |
|  Soybean Meal December 2025 Futures | 3.2 | 1380 |
|  Soybean Oil December 2025 Futures | 4.1 | 1765 |
|  Soybeans November 2025 Futures | 5.9 | 2520 |
|  Sugar No. 11 October 2025 Futures | 2.4 | 1023 |
|  Wheat September 2025 Futures | 2.7 | 1150 |
|  WTI Crude September 2025 Futures | 5.8 | 2480 |
|  Zinc September 2025 Futures | 2.1 | 891 |
|  Total Long Futures Contracts |  | $42868 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42868 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(11)</sup> The following table represents the individual positions within the total return swap as of June 30, 2025: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* | Referenced Commodity — Short Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Corn September 2025 Futures | 14.8% | $663 | Aluminum August 2025 Futures | (23.3)% | $(1041) |
|  Gold 100 oz. August 2025 Futures | 45.1 | 2017 | Copper September 2025 Futures | (12.3) | (552) |
|  Live Cattle August 2025 Futures | 7.7 | 345 | Cotton No. 02 December 2025 Futures | (11.5) | (513) |
|  RBOB Gasoline August 2025 Futures | 7.1 | 319 | Lead August 2025 Futures | (1.8) | (82) |
|  Silver September 2025 Futures | 24.1 | 1075 | Nickel August 2025 Futures | (4.5) | (201) |
|  |  |  | NYMEX — Natural Gas August 2025 Futures | (9.1) | (409) |
|  |  |  | Sugar No. 11 October 2025 Futures | (14.8) | (661) |
|  |  |  | Wheat September 2025 Futures | (10.7) | (479) |
|  |  |  | Zinc August 2025 Futures | (11.9) | (531) |
|  Total Long Futures Contracts |  | $4419 | Total Short Futures Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4469) |
|  Cash | 101.1% | $4521 |  |  |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8940 |  |  |  |
|  Total Notional Amount |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4471 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

<sup>(12)</sup> The following table represents the individual positions within the total return swap as of June 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Aluminum September 2025 Futures | 4.1% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 |
|  Arabica Coffee September 2025 Futures | 2.7 | 129 |
|  Brent Crude November 2025 Futures | 6.5 | 312 |
|  Copper September 2025 Futures | 6.2 | 298 |
|  Corn September 2025 Futures | 4.8 | 230 |
|  Cotton No. 02 December 2025 Futures | 1.5 | 73 |
|  Gas Oil November 2025 Futures | 2.5 | 120 |
|  Gold 100 oz. December 2025 Futures | 17.2 | 826 |
|  Hard Red Winter Wheat September 2025 Futures | 1.7 | 80 |
|  Lead September 2025 Futures | 0.9 | 44 |
|  Lean Hogs October 2025 Futures | 1.9 | 93 |
|  Live Cattle October 2025 Futures | 3.7 | 177 |
|  New York Harbor ULSD September 2025 Futures | 2.0 | 97 |
|  Nickel September 2025 Futures | 2.3 | 109 |
|  NYMEX — Natural Gas September 2025 Futures | 8.6 | 410 |
|  RBOB Gasoline September 2025 Futures | 2.1 | 99 |
|  Silver September 2025 Futures | 5.1 | 243 |
|  Soybean Meal December 2025 Futures | 3.2 | 154 |
|  Soybean Oil December 2025 Futures | 4.1 | 197 |
|  Soybeans November 2025 Futures | 5.9 | 282 |
|  Sugar No. 11 October 2025 Futures | 2.4 | 114 |
|  Wheat September 2025 Futures | 2.7 | 129 |
|  WTI Crude September 2025 Futures | 5.8 | 277 |
|  Zinc September 2025 Futures | 2.1 | 100 |
|  Total Long Futures Contracts |  | $4790 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 |

---

\* 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 June 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Brent Crude December 2025 Futures | 16.0% | $1821 |
|  Cotton No. 02 December 2025 Futures | 1.7 | 194 |
|  Gas Oil November 2025 Futures | 2.8 | 324 |
|  Gold 100 oz. August 2025 Futures | 18.9 | 2151 |
|  Live Cattle August 2025 Futures | 6.9 | 783 |
|  LME — Copper August 2025 Futures | 7.9 | 904 |
|  New York Harbor ULSD November 2025 Futures | 4.4 | 508 |
|  Nickel August 2025 Futures | 3.6 | 415 |
|  RBOB Gasoline November 2025 Futures | 4.5 | 510 |
|  Silver September 2025 Futures | 5.6 | 642 |
|  Soybean Meal December 2025 Futures | 11.0 | 1256 |
|  Soybeans November 2025 Futures | 14.0 | 1599 |
|  Sugar No. 11 October 2025 Futures | 2.7 | 303 |
|  Total Long Futures Contracts |  | $11410 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11410 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

<sup>(14)</sup> The following table represents the individual positions within the total return swap as of June 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Aluminum December 2025 Futures | 4.1% | $1616 |
|  Arabica Coffee December 2025 Futures | 6.1 | 2445 |
|  Brent Crude February 2026 Futures | 3.1 | 1253 |
|  Cocoa December 2025 Futures | 1.7 | 669 |
|  Corn September 2025 Futures | 4.2 | 1685 |
|  Cotton No. 02 December 2025 Futures | 2.1 | 819 |
|  Gas Oil February 2026 Futures | 4.3 | 1705 |
|  Gold 100 oz. December 2025 Futures | 21.7 | 8640 |
|  Lean Hogs December 2025 Futures | 2.3 | 897 |
|  Live Cattle December 2025 Futures | 1.3 | 526 |
|  Live Cattle October 2025 Futures | 4.4 | 1745 |
|  New York Harbor ULSD February 2026 Futures | 5.8 | 2314 |
|  Nickel December 2025 Futures | 1.8 | 728 |
|  NYMEX — Natural Gas December 2025 Futures | 2.1 | 844 |
|  RBOB Gasoline February 2026 Futures | 5.6 | 2220 |
|  Silver December 2025 Futures | 2.8 | 1112 |
|  Silver September 2025 Futures | 9.1 | 3637 |
|  Soybean Oil December 2025 Futures | 1.5 | 595 |
|  Soybeans January 2026 Futures | 0.2 | 86 |
|  Wheat December 2025 Futures | 0.1 | 57 |
|  WTI Crude February 2026 Futures | 3.1 | 1231 |
|  Total Long Futures Contracts |  | $34824 |
|  Cash | 12.6% | $5007 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39831 |

---

\* 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 June 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Aluminum September 2025 Futures | 4.1% | $2352 |
|  Arabica Coffee September 2025 Futures | 2.7 | 1543 |
|  Brent Crude September 2025 Futures | 6.6 | 3813 |
|  Copper September 2025 Futures | 6.2 | 3568 |
|  Corn September 2025 Futures | 4.8 | 2754 |
|  Cotton No. 02 December 2025 Futures | 1.5 | 876 |
|  Gas Oil September 2025 Futures | 2.5 | 1464 |
|  Gold 100 oz. August 2025 Futures | 16.9 | 9718 |
|  Hard Red Winter Wheat September 2025 Futures | 1.7 | 957 |
|  Lead September 2025 Futures | 0.9 | 530 |
|  Lean Hogs August 2025 Futures | 2.2 | 1290 |
|  Live Cattle August 2025 Futures | 3.7 | 2152 |
|  New York Harbor ULSD September 2025 Futures | 2.0 | 1158 |
|  Nickel September 2025 Futures | 2.3 | 1301 |
|  NYMEX — Natural Gas September 2025 Futures | 8.5 | 4903 |
|  RBOB Gasoline September 2025 Futures | 2.1 | 1182 |
|  Silver September 2025 Futures | 5.1 | 2901 |
|  Soybean Meal December 2025 Futures | 3.2 | 1843 |
|  Soybean Oil December 2025 Futures | 4.1 | 2357 |
|  Soybeans November 2025 Futures | 5.9 | 3367 |
|  Sugar No. 11 October 2025 Futures | 2.4 | 1367 |
|  Wheat September 2025 Futures | 2.7 | 1536 |
|  WTI Crude September 2025 Futures | 5.8 | 3313 |
|  Zinc September 2025 Futures | 2.1 | 1190 |
|  Total Long Futures Contracts |  | $57435 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57435 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)

<sup>(16)</sup> The following table represents the individual positions within the total return swap as of June 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Aluminum September 2025 Futures | 4.1% | $3171 |
|  Arabica Coffee September 2025 Futures | 2.7 | 2080 |
|  Brent Crude September 2025 Futures | 6.6 | 5140 |
|  Copper September 2025 Futures | 6.2 | 4809 |
|  Corn September 2025 Futures | 4.8 | 3712 |
|  Cotton No. 02 December 2025 Futures | 1.5 | 1180 |
|  Gas Oil September 2025 Futures | 2.5 | 1974 |
|  Gold 100 oz. August 2025 Futures | 16.9 | 13099 |
|  Hard Red Winter Wheat September 2025 Futures | 1.7 | 1290 |
|  Lead September 2025 Futures | 0.9 | 714 |
|  Lean Hogs August 2025 Futures | 2.2 | 1739 |
|  Live Cattle August 2025 Futures | 3.7 | 2901 |
|  New York Harbor ULSD September 2025 Futures | 2.0 | 1561 |
|  Nickel September 2025 Futures | 2.3 | 1754 |
|  NYMEX — Natural Gas September 2025 Futures | 8.5 | 6609 |
|  RBOB Gasoline September 2025 Futures | 2.1 | 1593 |
|  Silver September 2025 Futures | 5.1 | 3910 |
|  Soybean Meal December 2025 Futures | 3.2 | 2485 |
|  Soybean Oil December 2025 Futures | 4.1 | 3178 |
|  Soybeans November 2025 Futures | 5.9 | 4538 |
|  Sugar No. 11 October 2025 Futures | 2.4 | 1843 |
|  Wheat September 2025 Futures | 2.7 | 2070 |
|  WTI Crude September 2025 Futures | 5.8 | 4465 |
|  Zinc September 2025 Futures | 2.1 | 1604 |
|  Total Long Futures Contracts |  | $77419 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77419 |

---

\* 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 June 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Aluminum September 2025 Futures | 4.1% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
|  Arabica Coffee September 2025 Futures | 2.7 | 120 |
|  Brent Crude September 2025 Futures | 6.6 | 296 |
|  Copper September 2025 Futures | 6.2 | 276 |
|  Corn September 2025 Futures | 4.8 | 213 |
|  Cotton No. 02 December 2025 Futures | 1.5 | 68 |
|  Gas Oil September 2025 Futures | 2.5 | 113 |
|  Gold 100 oz. August 2025 Futures | 16.9 | 753 |
|  Hard Red Winter Wheat September 2025 Futures | 1.7 | 74 |
|  Lead September 2025 Futures | 0.9 | 41 |
|  Lean Hogs August 2025 Futures | 2.2 | 100 |
|  Live Cattle August 2025 Futures | 3.7 | 167 |
|  New York Harbor ULSD September 2025 Futures | 2.0 | 90 |
|  Nickel September 2025 Futures | 2.3 | 101 |
|  NYMEX — Natural Gas September 2025 Futures | 8.5 | 380 |
|  RBOB Gasoline September 2025 Futures | 2.1 | 92 |
|  Silver September 2025 Futures | 5.1 | 225 |
|  Soybean Meal December 2025 Futures | 3.2 | 143 |
|  Soybean Oil December 2025 Futures | 4.1 | 183 |
|  Soybeans November 2025 Futures | 5.9 | 261 |
|  Sugar No. 11 October 2025 Futures | 2.4 | 106 |
|  Wheat September 2025 Futures | 2.7 | 119 |
|  WTI Crude September 2025 Futures | 5.8 | 257 |
|  Zinc September 2025 Futures | 2.1 | 92 |
|  Total Long Futures Contracts |  | $4452 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

#### 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 June 30, 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  | $521 | $0 | $0 | $0 | $340 | $861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 87 | 87 |
|  | $521 | $0 | $0 | $0 | $427 | $948 |
|  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 | $1086 | $0 | $1086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 257 | 2 | 0 | 0 | 57 | 316 |
|  | $257 | $2 | $0 | $1086 | $57 | $1402 |
|  | $778 | $2 | $0 | $1086 | $484 | $2350 |
|  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  | $2 | $0 | $0 | $0 | $0 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 253 | 0 | 0 | 0 | 353 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 248 | 248 |
|  | $255 | $0 | $0 | $0 | $601 | $856 |
|  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 | $2953 | $0 | $2953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 340 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 13826 | 0 | 0 | 0 | 11 | 13837 |
|  | $13826 | $0 | $0 | $2953 | $351 | $17130 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14081 | $&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;2953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17986 |
| <br> The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended June 30, 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 | $49 | $0 | $0 | $0 | $0 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 103 | 0 | 0 | 0 | 0 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (3712) | 0 | 0 | 0 | (160) | (3872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 0 | 0 | 0 | (161) | (161) |
|  | $(3560) | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321) | $(3881) |
|  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 | $(2113) | $0 | $(2113) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | 0 | 281 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 26600 | 1 | 0 | 0 | 477 | 27078 |
|  | $26600 | $1 | $0 | $(2113) | $758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25246 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23040 | $&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;(2113) | $437 | $21365 |
|  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 | $14 | $0 | $0 | $0 | $0 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 1 | 0 | 0 | 0 | 0 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 330 | 0 | 0 | 0 | (420) | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 0 | 0 | 0 | 1723 | 1723 |
|  | $345 | $0 | $0 | $0 | $1303 | $1648 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $(3288) | $0 | $(3288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | 0 | (138) | (138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | (15602) | 1 | 0 | 0 | 365 | (15236) |
|  | $(15602) | $1 | $0 | $(3288) | $227 | $(18662) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15257) | $&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;(3288) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17014) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 29

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) June 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value |  |  |  |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | $0 | $247 | $0 | $247 |
|  U.S. Government Agencies | 0 | 75217 | 0 | 75217 |
|  U.S. Treasury Obligations | 0 | 392864 | 0 | 392864 |
|  Non-Agency Mortgage-Backed Securities | 0 | 2407 | 0 | 2407 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; CMBS Other | 0 | 2197 | 0 | 2197 |
| &nbsp;&nbsp; Home Equity Other | 0 | 3745 | 0 | 3745 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2289 | 0 | 2289 |
| &nbsp;&nbsp; Other ABS | 0 | 20216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 21716 |
|  Sovereign Issues | 0 | 26598 | 0 | 26598 |
|  Preferred Securities |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 234 | 0 | 234 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 210346 | 0 | 210346 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 22241 | 0 | 22241 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758601 | $1500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760101 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value |  |  |  |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032 | $0 | $0 | $3032 |
|  Total Investments | $3032 | $758601 | $1500 | $763133 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 | $(10438) | $0 | $(10438) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |  |
|  Exchange-traded or centrally cleared | 657 | 290 | 0 | 947 |
|  Over the counter | 0 | 1402 | 0 | 1402 |
|  | $657 | $1692 | $0 | $2349 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |  |  |
|  Exchange-traded or centrally cleared | (362) | (486) | 0 | (848) |
|  Over the counter | 0 | (17130) | 0 | (17130) |
|  | $(362) | $(17616) | $0 | $(17978) |
|  Total Financial Derivative Instruments | $295 | $(15924) | $0 | $(15629) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737066 |

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There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

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| | | |
|:---|:---|:---|
| **30** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Notes to Financial Statements June 30, 2025 (Unaudited)

1. ORGANIZATION

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

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 new 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 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 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 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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

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Notes to Financial Statements (Cont.)

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 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 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

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

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June 30, 2025 (Unaudited)

that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

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

(e) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("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 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. The

ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

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Notes to Financial Statements (Cont.)

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 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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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

(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' 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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

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Notes to Financial Statements (Cont.)

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 June 30, 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>06/30/2025 | 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;237971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235101) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | $&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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| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

(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 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.

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

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

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exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

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

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

the Consolidated Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. The Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets,

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **39** |

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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 June 30, 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.

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

the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of

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an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

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.

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

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Notes to Financial Statements (Cont.)

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.

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

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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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts

received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where 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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Volatility Swap Agreements are also known as forward volatility agreements and volatility swaps, and are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. For example, the Portfolio may enter into a volatility swap in order to take the position that the referenced instrument's volatility will increase over a particular period of time. If the referenced instrument's volatility does increase over the specified time, the Portfolio will receive payment from its counterparty based upon the amount by which the referenced instrument's realized volatility level exceeds a volatility level agreed upon by the parties. If the referenced instrument's volatility does not increase over the specified time, the Portfolio will make a payment to the counterparty based upon the amount by which the referenced instrument's realized volatility level falls below the volatility level agreed upon by the parties. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the referenced instrument and the strike multiplied by the notional amount. As a receiver of the realized price volatility, the Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, the Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike. Payments on a volatility swap will be greater if they are based upon the mathematical square of volatility (i.e., the measured volatility multiplied by itself, which is referred to as "variance"). This type of volatility swap is frequently referred to as a variance swap.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Under certain conditions, generally in a market where the value of both commodity-linked derivative instruments and fixed income securities are declining, the Portfolio may experience substantial losses. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change 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, or 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 factors affecting securities markets generally or particular industries.

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.

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

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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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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 the 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 markets, differing 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 event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

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

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Notes to Financial Statements (Cont.)

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.

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 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 or inflation expectations 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.

(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, 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.

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

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

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

Cyber Security Risk As the use of 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. 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

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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.

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

9. FEES AND EXPENSES

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

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly

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supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

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

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| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Class M | Administrative<br>Class | Advisor<br>Class |
| 0.49% | 0.25% | 0.25% | 0.25% | 0.25% |

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

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

(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(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 June 30, 2025, the amount waived and/or reimbursed was $2,958.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **49** |

---

------

Notes to Financial Statements (Cont.)

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 June 30, 2025 were (amounts in thousands<sup>†</sup>):

---

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

---

---

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

---

(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 June 30, 2025, the amount waived and/or reimbursed was $343,240. 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 June 30, 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;568933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5661 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13342 |

---

---

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

---

---

| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

June 30, 2025 (Unaudited)

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>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | 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 | 832 | $4822 | 1174 | $6329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 6 | 34 | 13 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 6180 | 35846 | 7079 | 38521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 2781 | 16640 | 2536 | 14108 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 39 | 227 | 30 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 1 | 7 | 2 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 646 | 3733 | 951 | 5188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 345 | 2035 | 498 | 2775 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (239) | (1359) | (514) | (2760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (7) | (41) | (32) | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (7070) | (40764) | (11487) | (62594) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (3095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18284) | (7258) | (40396) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 419 | $2896 | (7008) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38759) |

---

---

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

---

As of June 30, 2025, one person owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 20% 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 25.0% 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 June 30, 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.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **51** |

---

------

Notes to Financial Statements (Cont.)

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 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 constitute qualifying income.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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.

---

| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

June 30, 2025 (Unaudited)

As of its last fiscal year ended December 31, 2024, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Short-Term | Long-Term |
| $31113 | $35096 |

---

---

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

---

As of June 30, 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>(1)</sup> |
| $750827 | $12650 | $(23729) | $(11079) |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **53** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | 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. |
| BPG | BNP Paribas Securities Corp. | GSC | Goldman Sachs & Co. LLC | RBC | Royal Bank of Canada |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | SAL | Citigroup Global Markets, Inc. |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | 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. | MAC | Macquarie Bank Limited | SSB | State Street Bank and Trust Co. |
| CIB | Canadian Imperial Bank of Commerce | MBC | HSBC Bank Plc | TDM | TD Securities (USA) LLC |
| DEU | Deutsche Bank Securities, Inc. | MEI | Merrill Lynch International | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | 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 | 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 |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: |
| NYMEX | New York Mercantile Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: |
| BCOMF1NTC | Bloomberg Commodity Index 1-Month Forward Total Return Custom Index | CPALEMU | Euro Area All Items Non-Seasonally Adjusted Index | OPIS | Oil Price Information Service |
| BCOMF1TC | Bloomberg Commodity Index 1-Month Forward Total Return | CPTFEMU | Eurozone HICP ex-Tobacco Index | PIMCODB | PIMCO Custom Commodity Basket |
| BCOMTR | Bloomberg Commodity Index Total Return | CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | RBCAEC0T | Custom Commodity Forward Index |
| BCOMTR1 | Bloomberg Custom Commodity Index | FRCPXTOB | France Consumer Price ex-Tobacco Index | SNG GA | Singapore Gasoil (Platts) |
| BCOMTR2 | Bloomberg Custom Commodity Index | GOLDLNPM | London Gold Market Fixing Ltd. PM | SNG KEROS | Singapore Jet Kerosene (Platts) |
| Bobl | Bundesobligation, the German word for federal government bond | JMABFNJ2 | J.P. Morgan Custom Commodity Index | SOFR | Secured Overnight Financing Rate |
| Brent | Brent Crude | JMABNIC5 | J.P. Morgan Custom Commodity Index | SONIO | Sterling Overnight Interbank Average Rate |
| CIXBSTR3 | Custom Commodity Index | MUTKCALM | Tokyo Overnight Average Rate | SPGCINP | S&P GSCI Industrial Metals ER |
| CMBX | Commercial Mortgage-Backed Index | NAPGASFO | Naphtha Fuel Oil Spread | UKRPI | United Kingdom Retail Prices Index |
| CMDSKEWLS | CBEO SKEW Index is an index derived from the price of S&P 500 tail risk |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | oz. | Ounce |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | EURIBOR | Euro Interbank Offered Rate | RBOB | Reformulated Blendstock for Oxygenate Blending |
| CLO | Collateralized Loan Obligation | Oat | Obligations Assimilables du Trésor | TBA | To-Be-Announced |
| CMBS | Collateralized Mortgage-Backed Security | OIS | Overnight Index Swap | WTI | West Texas Intermediate |

---

---

| | |
|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

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 June 30, 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

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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) |
|  March 2025 | $0.0133 | $0.0000 | $0.0000 | $0.0133 |
|  June 2025 | $0.0824 | $0.0000 | $0.0000 | $0.0824 |
| 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) |
|  March 2025 | $0.0085 | $0.0000 | $0.0000 | $0.0085 |
|  June 2025 | $0.0760 | $0.0000 | $0.0000 | $0.0760 |
| 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) |
|  March 2025 | $0.0116 | $0.0000 | $0.0000 | $0.0116 |
|  June 2025 | $0.0803 | $0.0000 | $0.0000 | $0.0803 |
| 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) |
|  March 2025 | $0.0105 | $0.0000 | $0.0000 | $0.0105 |
|  June 2025 | $0.0787 | $0.0000 | $0.0000 | $0.0787 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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.

---

| | |
|:---|:---|
| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **57** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **58** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

#### 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.

------

#### pimco.com/pvit
![LOGO](g29798g06y60.jpg)

PVITCOMRTRNFSTMSAR_063025

------

![LOGO](g924417g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO Dynamic Bond Portfolio

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Dynamic Bond Portfolio](#tx924417_1a) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx924417_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx924417_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx924417_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx924417_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx924417_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx924417_7) | 23 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx924417_8) | 40 |
| &nbsp;&nbsp; [Glossary](#tx924417_9) | 43 |
| &nbsp;&nbsp; [Distribution Information](#tx924417_10) | 44 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx924417_12) | 45 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx924417_13) | 46 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx924417_14) | 47 |

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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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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.

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

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

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Financial Highlights PIMCO Dynamic Bond Portfolio

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **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** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | $8.73 | $0.21 | $0.14 | $0.35 | $(0.28) | $0.00 | $(0.28) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.39 | 0.31 | 0.19 | 0.50 | (0.30) | 0.00 | (0.30) |
| Class M |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 8.73 | 0.19 | 0.14 | 0.33 | (0.26) | 0.00 | (0.26) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.39 | 0.25 | 0.21 | 0.46 | (0.26) | 0.00 | (0.26) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 8.73 | 0.20 | 0.14 | 0.34 | (0.27) | 0.00 | (0.27) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.39 | 0.29 | 0.20 | 0.49 | (0.29) | 0.00 | (0.29) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 8.73 | 0.20 | 0.14 | 0.34 | (0.27) | 0.00 | (0.27) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.39 | 0.28 | 0.20 | 0.48 | (0.28) | 0.00 | (0.28) |

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

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+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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/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** | **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<br>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** |
| $8.80 | 4.03% | $48744 | 0.88 | %\* | 0.88 | %\* | 0.86 | %\* | 0.86 | %\* | 4.87 | %\* | 518% |
| 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 |
| 10.59 | 4.97 | 25246 | 0.87 |  | 0.87 |  | 0.85 |  | 0.85 |  | 2.99 |  | 463 |
| 8.80 | 3.80 | 182 | 1.33 | \* | 1.33 | \* | 1.31 | \* | 1.31 | \* | 4.40 | \* | 518 |
| 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 |
| 10.59 | 4.49 | 403 | 1.32 |  | 1.32 |  | 1.30 |  | 1.30 |  | 2.45 |  | 463 |
| 8.80 | 3.95 | 28011 | 1.03 | \* | 1.03 | \* | 1.01 | \* | 1.01 | \* | 4.72 | \* | 518 |
| 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 |
| 10.59 | 4.81 | 182643 | 1.02 |  | 1.02 |  | 1.00 |  | 1.00 |  | 2.78 |  | 463 |
| 8.80 | 3.90 | 10366 | 1.13 | \* | 1.13 | \* | 1.11 | \* | 1.11 | \* | 4.62 | \* | 518 |
| 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 |
| 10.59 | 4.70 | 14270 | 1.12 |  | 1.12 |  | 1.10 |  | 1.10 |  | 2.73 |  | 463 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

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Statement of Assets and Liabilities PIMCO Dynamic Bond Portfolio June 30, 2025 (Unaudited)

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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\* | $124242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 21657 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 918 |
|  Cash | 668 |
|  Deposits with counterparty | 1714 |
|  Foreign currency, at value | 1538 |
|  Receivable for investments sold | 1600 |
|  Receivable for investments sold on a delayed-delivery basis | 1 |
|  Receivable for TBA investments sold | 94448 |
|  Receivable for Portfolio shares sold | 70 |
|  Interest and/or dividends receivable | 623 |
|  Dividends receivable from Affiliates | 71 |
|  Other assets | 4 |
|  **Total Assets** | 247685 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $1929 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1099 |
|  Payable for investments purchased | 7506 |
|  Payable for investments in Affiliates purchased | 73 |
|  Payable for investments purchased on a delayed-delivery basis | 1739 |
|  Payable for TBA investments purchased | 147255 |
|  Deposits from counterparty | 466 |
|  Payable for Portfolio shares redeemed | 7 |
|  Accrued investment advisory fees | 38 |
|  Accrued supervisory and administrative fees | 21 |
|  Accrued distribution fees | 2 |
|  Accrued servicing fees | 3 |
|  Foreign capital gains tax payable | 2 |
|  **Total Liabilities** | 160382 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $87303 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $88583 |
|  Distributable earnings (accumulated loss) | (1280) |
|  **Net Assets** | $87303 |
|  **Net Assets:** |  |
|  Institutional Class | $48744 |
|  Class M | 182 |
|  Administrative Class | 28011 |
|  Advisor Class | 10366 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 5538 |
|  Class M | 21 |
|  Administrative Class | 3182 |
|  Advisor Class | 1178 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $8.80 |
|  Class M | 8.80 |
|  Administrative Class | 8.80 |
|  Advisor Class | 8.80 |
|  Cost of investments in securities | $125863 |
|  Cost of investments in Affiliates | $21643 |
|  Cost of foreign currency held | $1528 |
|  Proceeds received on short sales | $1913 |
|  Cost or premiums of financial derivative instruments, net | $898 |
|  \* Includes repurchase agreements of: | $8200 |

---

---

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

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) | Six Months Ended June 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $2027 |
|  Dividends | 2 |
|  Dividends from Investments in Affiliates | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 2440 |
|  **Expenses:** |  |
|  Investment advisory fees | 234 |
|  Supervisory and administrative fees | 127 |
|  Distribution and/or servicing fees - Administrative Class | 20 |
|  Distribution and/or servicing fees - Advisor Class | 13 |
|  Trustee fees | 2 |
|  Interest expense | 8 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 404 |
|  **Net Investment Income (Loss)** | 2036 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (214) |
|  Investments in Affiliates | (3) |
|  Exchange-traded or centrally cleared financial derivative instruments | 341 |
|  Over the counter financial derivative instruments | (22) |
|  Foreign currency | 40 |
|  **Net Realized Gain (Loss)** | 142 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 2836 |
|  Investments in Affiliates | 1 |
|  Exchange-traded or centrally cleared financial derivative instruments | (563) |
|  Over the counter financial derivative instruments | (1123) |
|  Foreign currency assets and liabilities | 17 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 1168 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $3346 |
|  \* Foreign tax withholdings | $2 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Dynamic Bond Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $2036 | $4132 |
|  Net realized gain (loss) | 142 | 87 |
|  Net change in unrealized appreciation (depreciation) | 1168 | 318 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 3346 | 4537 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1519) | (2303) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (5) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (849) | (1209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (319) | (501) |
|  **Total Distributions<sup>(a)</sup>** | (2692) | (4021) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (1055) | 3780 |
|  **Total Increase (Decrease) in Net Assets** | (401) | 4296 |
|  **Net Assets:** |  |  |
|  Beginning of period | 87704 | 83408 |
|  End of period | $87303 | $87704 |

---

---

| | |
|:---|:---|
| <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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 Dynamic Bond Portfolio June 30, 2025 (Unaudited)

#### (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 142.3% | INVESTMENTS IN SECURITIES 142.3% | INVESTMENTS IN SECURITIES 142.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.2% |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  6.577% (TSFR1M + 2.250%)<br>due 02/06/2031 ~ | 99 | 99 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  6.312% (TSFR1M + 2.000%)<br>due 08/08/2027 ~ | 38 | 38 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.548% (TSFR3M + 2.250%)<br>due 12/15/2031 ~ | 183 | 184 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  8.006% (TSFR3M + 3.750%)<br>due 05/19/2031 ~ | 423 | 419 |
|  MI Windows & Doors LLC | MI Windows & Doors LLC | MI Windows & Doors LLC |
|  7.327% (TSFR1M + 3.000%)<br>due 03/28/2031 ~ | 99 | 99 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.780% (TSFR3M + 4.500%)<br>due 07/01/2031 ~ | 100 | 96 |
|  Twitter, Inc. | Twitter, Inc. | Twitter, Inc. |
|  9.500% due 10/26/2029 | 100 | 98 |
|  Total Loan Participations and Assignments<br>(Cost $1,038) | Total Loan Participations and Assignments<br>(Cost $1,038) | 1033 |
| CORPORATE BONDS & NOTES 15.0% | CORPORATE BONDS & NOTES 15.0% | CORPORATE BONDS & NOTES 15.0% |
| BANKING & FINANCE 9.2% | BANKING & FINANCE 9.2% | BANKING & FINANCE 9.2% |
|  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 | 179 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  3.046% due 02/23/2027 ~ | 100 | 118 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 40 | 38 |
|  4.950% due 01/15/2028 | 100 | 101 |
|  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 | 129 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 300 | 300 |
|  7.437% due 11/02/2033 •  | 200 | 227 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 | 50 | 51 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  6.250% due 04/18/2034 | 100 | 103 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  | 200 | 189 |
|  5.786% due 01/13/2033 •  | 200 | 208 |
|  BPCE SA | BPCE SA | BPCE SA |
|  7.003% due 10/19/2034 •  | 250 | 275 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 200 | 212 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  6.183% due 01/30/2036 •  | 100 | 102 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.500% due 10/05/2026 | 300 | 305 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  6.119% due 07/14/2026 •  | 400 | 400 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 100 | 103 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.625% due 04/29/2030 | 100 | 99 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 200 | 202 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.615% due 03/15/2028 •  | 100 | 99 |
|  3.691% due 06/05/2028 •  | 400 | 394 |
|  4.937% due 04/23/2028 •  | 100 | 101 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.550% due 03/19/2035 •  | 200 | 205 |
|  Jane Street Group | Jane Street Group | Jane Street Group |
|  6.750% due 05/01/2033 | 100 | 103 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.947% due 02/24/2028 •  | 200 | 195 |
|  5.299% due 07/24/2029 •  | 200 | 205 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  5.110% due 12/08/2026 | 250 | 253 |
|  Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. |
|  3.250% due 11/12/2025 | 63 | 74 |
|  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 | 205 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.123% due 02/01/2029 •  | 200 | 204 |
|  5.230% due 01/15/2031 •  | 200 | 205 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.302% due 03/08/2029 •  | 500 | 497 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.892% due 05/18/2029 •  | 200 | 202 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.454% due 01/15/2032 | 200 | 207 |
|  Thames SSNM | Thames SSNM | Thames SSNM |
|  9.750% due 10/10/2027 « | 5 | 6 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  6.327% due 12/22/2027 •  | 250 | 257 |
|  7.750% due 03/01/2029 •  | 200 | 265 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.950% due 02/15/2030 | 200 | 201 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  1.000% due 02/02/2027 | 100 | 115 |
|  3.584% due 05/22/2028 •  | 200 | 197 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.254% due 12/11/2026 | 200 | 203 |
|  |  | 8043 |
| INDUSTRIALS 4.4% | INDUSTRIALS 4.4% | INDUSTRIALS 4.4% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.950% due 03/15/2031 | 200 | 205 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 194 | 194 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.000% due 04/15/2030 | 239 | 227 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.950% due 10/15/2033 | 200 | 207 |
|  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 | 205 |
|  Coty, Inc. | Coty, Inc. | Coty, Inc. |
|  5.000% due 04/15/2026 | 74 | 74 |
|  Exela Intermediate LLC  | Exela Intermediate LLC  | Exela Intermediate LLC  |
|  11.500% due 04/15/2026  | 195 | 10 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 100 | 120 |
|  Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
|  6.125% due 06/04/2031 | 100 | 139 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  8.750% due 05/15/2030 | 100 | 105 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.750% due 05/01/2029 | 100 | 96 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.900% due 06/23/2028 | 200 | 201 |
|  International Distribution Services PLC | International Distribution Services PLC | International Distribution Services PLC |
|  7.375% due 09/14/2030 | 100 | 144 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.625% due 06/15/2028 | 100 | 102 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 500 | 480 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  5.950% due 01/28/2031 | 100 | 91 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  3.875% due 04/15/2030 | 300 | 291 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 5 | 8 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  4.375% due 07/03/2036 | 100 | 90 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (d) | 1 | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.875% due 04/15/2029 | 40 | 41 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.625% due 04/15/2029 | 300 | 291 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 11/01/2033 | 100 | 88 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  5.250% due 05/15/2029 | 100 | 133 |
|  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 | 201 |
|  |  | 3850 |
| UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% |
|  BP Capital Markets BV | BP Capital Markets BV | BP Capital Markets BV |
|  3.360% due 09/12/2031 | 200 | 238 |
|  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 | 102 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 100 | 128 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  4.700% due 05/15/2032 | 100 | 100 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.150% due 01/01/2026 | 200 | 198 |
|  4.200% due 03/01/2029 | 200 | 195 |
|  6.150% due 01/15/2033 | 100 | 103 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.950% due 04/15/2027 | 100 | 98 |
|  |  | 1213 |
|  Total Corporate Bonds & Notes (Cost $13,112) | Total Corporate Bonds & Notes (Cost $13,112) | 13106 |
| 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 | 92 |
|  Total Municipal Bonds & Notes (Cost $132) | Total Municipal Bonds & Notes (Cost $132) | 92 |
| U.S. GOVERNMENT AGENCIES 64.7% | U.S. GOVERNMENT AGENCIES 64.7% | U.S. GOVERNMENT AGENCIES 64.7% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  1.732% due 07/15/2047 •(a) | 342 | 40 |
|  2.000% due 01/25/2051 (a) | 927 | 93 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.000% due 11/20/2050 - 03/20/2051 •  | 204 | 185 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  5.000% due 02/01/2053 | 340 | 335 |
|  6.000% due 04/01/2055 | 593 | 610 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 07/01/2055 | 2500 | 2164 |
|  3.500% due 08/01/2055 | 2100 | 1890 |
|  4.000% due 07/01/2055 | 4300 | 3999 |
|  4.500% due 08/01/2055 | 3700 | 3538 |
|  5.000% due 08/01/2055 | 24500 | 23998 |
|  5.500% due 08/01/2055 | 3400 | 3397 |
|  6.000% due 08/01/2055 | 14200 | 14417 |
|  6.500% due 08/01/2055 | 1800 | 1856 |
|  Total U.S. Government Agencies<br>(Cost $55,736) | Total U.S. Government Agencies<br>(Cost $55,736) | 56522 |
| U.S. TREASURY OBLIGATIONS 11.9% | U.S. TREASURY OBLIGATIONS 11.9% | U.S. TREASURY OBLIGATIONS 11.9% |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.625% due 07/15/2032 | 1766 | 1648 |
|  1.125% due 01/15/2033 | 1831 | 1750 |
|  1.750% due 01/15/2034 | 417 | 414 |
|  1.875% due 07/15/2034 | 1840 | 1843 |
|  2.375% due 01/15/2027 | 16 | 16 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.500% due 02/28/2026 (h)(j) | 1000 | 976 |
|  4.250% due 11/15/2034 | 3700 | 3713 |
|  Total U.S. Treasury Obligations (Cost $10,273) | Total U.S. Treasury Obligations (Cost $10,273) | 10360 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 11

------

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.1% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.854% due 06/25/2037 •  | 301 | 291 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.752% due 02/20/2047 •  | 248 | 239 |
|  4.812% due 07/20/2036 •  | 200 | 199 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.442% due 06/25/2035 ~ | 18 | 17 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  5.250% due 06/26/2036 | 305 | 110 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.257% due 11/25/2034 ~ | 244 | 217 |
|  7.486% due 01/25/2035 ~ | 2 | 2 |
|  CBA Commercial Small Balance Commercial Mortgage | CBA Commercial Small Balance Commercial Mortgage | CBA Commercial Small Balance Commercial Mortgage |
|  4.934% due 06/25/2038 •  | 342 | 275 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.612% due 02/20/2047 •  | 124 | 99 |
|  5.500% due 04/25/2035 | 404 | 279 |
|  6.000% due 02/25/2037 | 273 | 108 |
|  6.500% due 11/25/2037 | 371 | 165 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.180% due 02/20/2036 ~ | 138 | 123 |
|  Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust |
|  5.094% due 08/25/2037 •  | 236 | 192 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.622% due 10/19/2036 •  | 268 | 242 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.355% due 01/25/2036 ~ | 94 | 46 |
|  5.138% due 06/25/2036 ~ | 60 | 48 |
|  5.876% due 06/25/2034 ~ | 36 | 36 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  4.892% due 11/25/2037 ~ | 350 | 137 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  8.000% due 01/25/2035 | 195 | 201 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  5.252% due 11/19/2034 •  | 14 | 13 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.453% due 08/25/2037 ~ | 164 | 116 |
|  5.297% due 10/25/2034 ~ | 11 | 10 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.884% due 08/25/2046 •  | 183 | 187 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  10.000% due 05/25/2042 •  | 121 | 101 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  4.500% due 05/25/2058 ~ | 136 | 134 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  6.199% due 09/25/2037 ~ | 517 | 344 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.684% due 06/25/2037 •  | 11 | 10 |
|  5.999% due 06/25/2037 •  | 108 | 93 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 293 | 282 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.894% due 04/25/2045 •  | 15 | 15 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.884% due 09/25/2035 •  | 166 | 144 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $5,293) | Total Non-Agency Mortgage-Backed Securities (Cost $5,293) | 4475 |
| ASSET-BACKED SECURITIES 6.4% | ASSET-BACKED SECURITIES 6.4% | ASSET-BACKED SECURITIES 6.4% |
| CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.776% due 11/15/2036 •  | 155 | 156 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.509% due 10/16/2036 •  | 100 | 99 |
|  |  | 255 |
| HOME EQUITY OTHER 4.3% | HOME EQUITY OTHER 4.3% | HOME EQUITY OTHER 4.3% |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.419% due 07/25/2036 | 205 | 196 |
|  4.694% due 12/25/2036 •  | 189 | 174 |
|  4.714% due 06/25/2047 •  | 283 | 254 |
|  4.794% due 11/25/2047 •  | 14 | 18 |
|  4.854% due 05/25/2047 •  | 909 | 803 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  5.985% due 06/25/2036 **~** | 855 | 191 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.834% due 11/25/2036 •  | 676 | 315 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.654% due 12/25/2036 •  | 1699 | 425 |
|  4.874% due 12/25/2036 •  | 478 | 114 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.574% due 11/25/2036 •  | 130 | 62 |
|  4.584% due 10/25/2036 •  | 318 | 165 |
|  4.684% due 07/25/2036 •  | 208 | 189 |
|  4.734% due 07/25/2036 •  | 579 | 211 |
|  Morgan Stanley Capital, Inc. Trust | Morgan Stanley Capital, Inc. Trust | Morgan Stanley Capital, Inc. Trust |
|  4.794% due 03/25/2036 •  | 10 | 8 |
|  5.014% due 01/25/2036 •  | 92 | 90 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  5.234% due 02/25/2037•  | 1738 | 486 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.199% due 02/25/2034 •  | 60 | 60 |
|  |  | 3761 |
| 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 |
|  5.094% due 08/25/2035 •  | 329 | 245 |
| OTHER ABS 1.5% | OTHER ABS 1.5% | OTHER ABS 1.5% |
|  Belle Haven ABS CDO Ltd. | Belle Haven ABS CDO Ltd. | Belle Haven ABS CDO Ltd. |
|  7.860% due 11/03/2044 •  | 475 | 124 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.489% due 07/20/2032 •  | 322 | 322 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.653% due 10/15/2030 •  | 72 | 72 |
|  Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. |
|  4.806% due 09/07/2039 •  | 216 | 130 |
|  4.826% due 09/07/2039 •  | 1162 | 703 |
|  Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. |
|  5.220% due 10/02/2039 •  | 56 | 1 |
|  |  | 1352 |
|  Total Asset-Backed Securities (Cost $8,017) | Total Asset-Backed Securities (Cost $8,017) | 5613 |
| SOVEREIGN ISSUES 17.4% | SOVEREIGN ISSUES 17.4% | SOVEREIGN ISSUES 17.4% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (d) | 17073 | 3031 |
|  Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
|  1.000% due 04/28/2028 | 3191400 | 705 |
|  1.000% due 09/18/2030 | 2216300 | 469 |
|  Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond |
|  10.750% due 06/01/2036 | 11900 | 207 |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  21.954% due 03/04/2028 | 6700 | 133 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.375% due 03/12/2029 | 400 | 408 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  2.000% due 12/20/2044 | 100000 | 658 |
|  2.200% due 03/20/2064 | 49000 | 274 |
|  2.300% due 12/20/2054 | 60000 | 375 |
|  Mexican Udibonos | Mexican Udibonos | Mexican Udibonos |
|  2.750% due 11/27/2031 (e) | 1275 | 60 |
|  3.000% due 12/03/2026 (e) | 8076 | 422 |
|  4.000% due 11/30/2028 (e) | 1190 | 62 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  6.350% due 02/09/2035 | 200 | 205 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | 1400 | 374 |
|  6.150% due 08/12/2032 | 4600 | 1343 |
|  6.850% due 08/12/2035 | 100 | 29 |
|  6.900% due 08/12/2037 | 1400 | 403 |
|  6.950% due 08/12/2031 | 4721 | 1449 |
|  7.300% due 08/12/2033 | 2900 | 893 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  4.850% due 09/30/2029 | 200 | 193 |
|  7.000% due 02/28/2031 | 21800 | 1133 |
|  8.000% due 01/31/2030 | 11500 | 639 |
|  8.250% due 03/31/2032 | 3500 | 189 |
|  8.500% due 01/31/2037 | 9100 | 447 |
|  8.875% due 02/28/2035 | 7400 | 390 |
|  9.000% due 01/31/2040 | 8200 | 401 |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  1.750% due 07/13/2030 | 100 | 101 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond |
|  7.625% due 05/15/2034 | 200 | 205 |
|  Total Sovereign Issues (Cost $14,425) | Total Sovereign Issues (Cost $14,425) | 15198 |
|  | **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% |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  10.250% ~ | 250 | 45 |
|  Total Preferred Securities (Cost $53) | Total Preferred Securities (Cost $53) | 45 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 20.4% | SHORT-TERM INSTRUMENTS 20.4% | SHORT-TERM INSTRUMENTS 20.4% |
| COMMERCIAL PAPER 2.9% | COMMERCIAL PAPER 2.9% | COMMERCIAL PAPER 2.9% |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.630% due 07/07/2025 | 250 | 250 |
|  Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
|  4.670% due 07/16/2025 | 250 | 249 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.900% due 08/06/2025 (b) | 250 | 249 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.690% due 07/10/2025 | 250 | 250 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  5.030% due 07/24/2025 | 250 | 249 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  4.920% due 07/14/2025 | 250 | 250 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  4.590% due 07/01/2025 | 250 | 250 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.600% due 07/28/2025 | 250 | 249 |
|  NXP BV | NXP BV | NXP BV |
|  4.600% due 07/01/2025 | 250 | 250 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  4.660% due 07/15/2025 | 250 | 249 |
|  |  | 2495 |
| REPURCHASE AGREEMENTS (f) 9.4% | REPURCHASE AGREEMENTS (f) 9.4% | REPURCHASE AGREEMENTS (f) 9.4% |
|  |  | 8200 |
| 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 | 269 |
| U.S. TREASURY BILLS 7.8% | U.S. TREASURY BILLS 7.8% | U.S. TREASURY BILLS 7.8% |
|  4.334% due 08/07/2025 - 10/21/2025 (c)(d) | 6900 | 6834 |
| Total Short-Term Instruments (Cost $17,784) | Total Short-Term Instruments (Cost $17,784) | 17798 |
| Total Investments in Securities<br>(Cost $125,863) | Total Investments in Securities<br>(Cost $125,863) | 124242 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 24.8% | INVESTMENTS IN AFFILIATES 24.8% | INVESTMENTS IN AFFILIATES 24.8% |
| SHORT-TERM INSTRUMENTS 24.8% | SHORT-TERM INSTRUMENTS 24.8% | SHORT-TERM INSTRUMENTS 24.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 24.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 24.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 24.8% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2224243 | 21657 |
| Total Short-Term Instruments<br>(Cost $21,643) | Total Short-Term Instruments<br>(Cost $21,643) | 21657 |
| Total Investments in Affiliates<br>(Cost $21,643) | Total Investments in Affiliates<br>(Cost $21,643) | 21657 |
| Total Investments 167.1%<br>(Cost $147,506) | Total Investments 167.1%<br>(Cost $147,506) | 145899 |
|  Financial Derivative<br>Instruments (g)(i) (0.3)%<br> (Cost or Premiums, net $898) | Financial Derivative<br>Instruments (g)(i) (0.3)%<br> (Cost or Premiums, net $898) | (292) |
| Other Assets and Liabilities, net (66.8)% | Other Assets and Liabilities, net (66.8)% | (58304) |
| Net Assets 100.0% | Net Assets 100.0% | 87303 |

---

12 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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) 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> |
| DEU | 4.420% | 07/01/2025 | 07/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | U.S. Treasury Bonds 4.750% due 11/15/2043 | $(4281) | $4200 | $4200 |
| FICC STR | 4.400 | 06/30/2025 | 07/01/2025 | 4000 | U.S. Treasury Notes 4.000% due 12/15/2027 | (4080) | 4000 | 4000 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8361) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ginnie Mae, TBA | 4.000% | 07/01/2055 | $200 | $(182) | $(186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | (1731) | (1743) |
|  Total Short Sales (2.2)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1913) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1929) |

---

#### 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 June 30, 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 | $4200 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4281) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) |
|  FICC STR | 4000 | 0 | 0 | 4000 | (4080) | (80) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | $&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. 

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 August Futures | 110.750 | 07/25/2025 | 1 | $1 | 0 | 0 |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 113.250 | 07/25/2025 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 0 | 0 |
|  Put - EUREX Euro-Bund July 2025 Futures | 129.000 | 07/25/2025 | 1 | 1 | 0 | (1) |
|  Call - EUREX Euro-Bund July 2025 Futures | 132.500 | 07/25/2025 | 1 | 1 | (1) | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 13

------

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

#### 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 August Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.500 | 07/25/2025 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $(1) | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 109.000 | 07/25/2025 | 3 | 3 | (1) | 0 |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 110.250 | 07/25/2025 | 1 | 1 | 0 | 0 |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.500 | 07/25/2025 | 3 | 3 | (1) | (2) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.750 | 07/25/2025 | 1 | 1 | 0 | 0 |
|  Call - CBOT U.S. Treasury 10-Year Note August Futures | 112.000 | 07/25/2025 | 1 | 1 | (1) | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $(3) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### 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) | $1 | $0 |
|  3-Month SOFR Active Contract June Futures  | 09/2025 | 10 | 2392 | (16) | 0 | 0 |
|  3-Month SOFR Active Contract June Futures  | 09/2026 | 10 | 2421 | 2 | 1 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 10 | 2415 | (3) | 1 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 10 | 2400 | (13) | 0 | 0 |
|  Canada Government 10-Year Bond September Futures  | 09/2025 | 8 | 717 | 7 | 1 | 0 |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 33 | 6865 | 26 | 2 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34880 | 336 | 42 | 0 |
|  United Kingdom Long Gilt September Futures  | 09/2025 | 6 | 766 | 13 | 1 | (3) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### 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 September Futures  | 09/2025 | 5 | $(693) | $3 | $1 | $(1) |
|  Euro-Bund September Futures  | 09/2025 | 7 | (1073) | 8 | 3 | 0 |
|  Euro-Schatz September Futures  | 09/2025 | 6 | (758) | 1 | 1 | 0 |
|  Japan Government 10-Year Bond September Futures  | 09/2025 | 4 | (3862) | (12) | 5 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 24 | (2691) | (38) | 0 | (8) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13255) | (318) | 0 | (56) |
|  U.S. Treasury Long-Term Bond September Futures  | 09/2025 | 5 | (577) | (16) | 0 | (5) |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 38 | (4527) | (192) | 0 | (51) |
|  |  |  |  | $(564) | $10 | $(121) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) |

---

#### 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>June 30, 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>June 30, 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 | 0.303% | $100 | $2 | $(1) | $1 | $0 | $0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 5 | (1) | 4 | 0 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.321 | 50 | 0 | 0 | 0 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.241 | 100 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  | $&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;5 | $&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;(63) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $&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;(3) |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | $30 | $0 | $30 | $1 | $0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 9800 | 171 | 49 | 220 | 5 | 0 |
|  CDX.iTraxx Crossover 43 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 180 | 16 | 4 | 20 | 1 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&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 | 3.500% | Annual | 03/19/2030 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/10/2026 | $— | 9000 | 10 | 2 | 12 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 06/20/2028 |  | 4790 | 166 | 30 | 196 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 910 | 2 | (12) | (10) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 |  | 200 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 |  | 2400 | 0 | (2) | (2) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.589 | Annual | 10/31/2030 |  | 5000 | 0 | (7) | (7) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 |  | 1600 | 0 | (3) | (3) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 |  | 1400 | 0 | (3) | (3) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 |  | 400 | 0 | (1) | (1) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 |  | 300 | 0 | (2) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 |  | 200 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 |  | 1100 | 0 | (8) | (8) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 |  | 500 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 |  | 1100 | 0 | (10) | (10) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 |  | 700 | 0 | (7) | (7) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 |  | 300 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 |  | 1400 | (2) | (13) | (15) | 0 | (3) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 |  | 3700 | (1) | (56) | (57) | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 |  | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 100 | 0 | (2) | (2) | 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 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 100 | 0 | (2) | (2) | 0 | 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 |  | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 07/14/2044 |  | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 |  | 700 | 146 | 123 | 269 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.999 | Annual | 07/03/2053 |  | 60 | 3 | 18 | 21 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.842 | Annual | 09/19/2053 |  | 200 | 66 | 10 | 76 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.874 | Annual | 09/19/2053 |  | 300 | 97 | 15 | 112 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.060 | Semi-Annual | 10/27/2053 |  | 100 | 6 | 31 | 37 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 |  | 1400 | 198 | (32) | 166 | 0 | (11) |
|  Pay | 1-Year BRL-CDI | 10.768 | Maturity | 01/04/2027 | BRL | 21300 | 0 | (188) | (188) | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 11.496 | Maturity | 01/04/2027 |  | 2300 | 0 | (14) | (14) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 11.566 | Maturity | 01/04/2027 |  | 12700 | 0 | (76) | (76) | 3 | 0 |
|  Receive | 1-Year BRL-CDI | 11.691 | Maturity | 01/04/2027 |  | 23700 | 0 | 133 | 133 | 0 | (5) |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 8300 | 0 | (4) | (4) | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 14.020 | Maturity | 01/04/2027 |  | 11100 | 0 | 2 | 2 | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 13.175 | Maturity | 01/02/2029 |  | 10600 | 0 | 8 | 8 | 10 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 900 | 0 | 1 | 1 | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 |  | 41000 | 9 | 41 | 50 | 37 | 0 |
|  Receive | 1-Year BRL-CDI | 13.545 | Maturity | 01/02/2029 |  | 12400 | 0 | (25) | (25) | 0 | (11) |
|  Pay | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | AUD | 1700 | 19 | 21 | 40 | 0 | (3) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.500 | Quarterly | 04/28/2028 | COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739300 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.750 | Quarterly | 09/18/2030 |  | 1728700 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 | EUR | 80 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 |  | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive<sup>(6)</sup> | 3-Month EUR-EURIBOR | 2.576 | Annual | 07/09/2035 |  | 1700 | 0 | 4 | 4 | 4 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 | AUD | 6300 | 46 | 113 | 159 | 0 | (9) |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | EUR | 100 | (1) | (2) | (3) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 200 | (1) | (5) | (6) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 200 | (2) | (4) | (6) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 500 | (7) | 6 | (1) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 100 | 0 | (4) | (4) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  Pay | 6-Month EUR-EURIBOR | 2.460% | Annual | 03/13/2035 | EUR | 100 | $0 | $(1) | $(1) | $0 | $0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.415 | Annual | 07/09/2035 |  | 1700 | 0 | (5) | (5) | 0 | (5) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 3160 | (135) | 14 | (121) | 0 | (6) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 1010 | 83 | 41 | 124 | 4 | 0 |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | (14) | (21) | (35) | 0 | (2) |
|  |  |  |  |  |  |  | $444 | $224 | $668 | $65 | $(111) |
|  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;605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) |

---

#### 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 June 30, 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 | 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;59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242) |

---

(h) Securities with an aggregate market value of $468 and cash of $1,714 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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.

&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 |
|  AZD | 07/2025 | 576 | $374 | $0 | $(5) |
|  | 07/2025 | 1595 | 221 | 0 | (2) |
|  | 07/2025 | $22 | 37 | 0 | 0 |
|  | 08/2025 | 2415 | $336 | 0 | (3) |
|  | 08/2025 | 37 | 22 | 0 | 0 |
|  | 08/2025 | $374 | 576 | 5 | 0 |
|  BOA | 07/2025 | 1374 | $23 | 0 | 0 |
|  | 07/2025 | 963 | 1095 | 0 | (39) |
|  | 07/2025 | 346704 | 21 | 0 | 0 |
|  | 07/2025 | $7 | 26 | 0 | 0 |
|  | 07/2025 | 137 | 186622 | 1 | 0 |
|  | 07/2025 | 19 | 24 | 0 | 0 |
|  | 08/2025 | 726 | $101 | 0 | 0 |
|  | 08/2025 | 24 | 19 | 0 | 0 |
|  | 08/2025 | 41 | 1 | 0 | 0 |
|  | 08/2025 | $122 | 869 | 0 | 0 |
|  | 08/2025 | 419 | 7944 | 3 | 0 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 07/2025 | 2235 | $390 | $0 | $(21) |
|  | 07/2025 | 5866515 | 360 | 0 | (2) |
|  | 07/2025 | 44485 | 520 | 1 | 0 |
|  | 07/2025 | 102 | 28 | 0 | (1) |
|  | 07/2025 | 81 | 2 | 0 | 0 |
|  | 07/2025 | 7273 | 224 | 0 | (27) |
|  | 07/2025 | $410 | 2235 | 2 | 0 |
|  | 07/2025 | 333 | 5436478 | 2 | 0 |
|  | 07/2025 | 250 | 343427 | 4 | 0 |
|  | 07/2025 | 30 | 989 | 1 | 0 |
|  | 07/2025 | 490 | 14573 | 10 | 0 |
|  | 08/2025 | 726 | $102 | 0 | 0 |
|  | 08/2025 | 5902 | 181 | 0 | (24) |
|  | 08/2025 | $656 | 4687 | 1 | 0 |
|  | 08/2025 | 21 | 1812 | 0 | 0 |
|  | 08/2025 | 284 | 5408 | 3 | 0 |
|  | 08/2025 | 62 | 2032 | 9 | 0 |
|  | 09/2025 | 251 | 908 | 5 | 0 |
|  | 10/2025 | 6400 | $1072 | 0 | (79) |
|  BRC | 07/2025 | 120 | 137 | 0 | (4) |
|  | 07/2025 | 200 | 270 | 0 | (4) |
|  | 07/2025 | 1415804 | 87 | 0 | (1) |
|  | 07/2025 | 53 | 14 | 0 | (1) |
|  | 07/2025 | $251 | 388 | 5 | 0 |
|  | 07/2025 | 639 | 470 | 6 | 0 |
|  | 07/2025 | 101 | 137727 | 1 | 0 |
|  | 07/2025 | 80 | 2605 | 0 | 0 |
|  | 07/2025 | 478 | 19566 | 6 | 0 |
|  | 07/2025 | 17324 | $958 | 0 | (19) |
|  | 08/2025 | 470 | 640 | 0 | (6) |
|  | 08/2025 | $1253 | 52203 | 15 | 0 |
|  | 09/2025 | 663 | $182 | 0 | (5) |
|  BSH | 07/2025 | $43 | 153 | 1 | 0 |
|  | 08/2025 | 334 | 1183 | 0 | (1) |
|  | 09/2025 | 1652 | $451 | 0 | (14) |
|  | 09/2025 | $60 | 218 | 1 | 0 |
|  | 11/2025 | 1965 | $536 | 0 | (17) |
|  | 12/2025 | 1187 | 334 | 1 | 0 |
|  CBK | 07/2025 | 165 | 108 | 0 | (1) |
|  | 07/2025 | 3420 | 627 | 0 | (3) |
|  | 07/2025 | 674655 | 492 | 0 | (7) |
|  | 07/2025 | 51 | 14 | 0 | (1) |
|  | 07/2025 | 320 | 34 | 0 | 0 |
|  | 07/2025 | 8 | 6 | 0 | 0 |
|  | 07/2025 | 4240 | 128 | 0 | (3) |
|  | 07/2025 | 12840 | 395 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) |
|  | 07/2025 | $589 | 3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | 0 |
|  | 07/2025 | 349 | 478 | 2 | 0 |
|  | 07/2025 | 44 | 710802 | 0 | 0 |
|  | 07/2025 | 12 | 16263 | 0 | 0 |
|  | 07/2025 | 334 | 1192 | 2 | 0 |
|  | 07/2025 | 270 | 347 | 3 | 0 |
|  | 07/2025 | 8 | 267 | 0 | 0 |
|  | 07/2025 | 929 | 27611 | 22 | 0 |
|  | 08/2025 | 508 | $71 | 0 | (1) |
|  | 08/2025 | 4297 | 1170 | 0 | (41) |
|  | 08/2025 | 13712 | 421 | 0 | (56) |
|  | 08/2025 | $360 | 2604 | 6 | 0 |
|  | 08/2025 | 482 | 41489 | 1 | 0 |
|  | 09/2025 | 4385 | $1198 | 0 | (37) |
|  | 09/2025 | $72 | 259 | 1 | 0 |
|  | 01/2026 | 153 | $43 | 0 | 0 |
|  | 02/2026 | 678 | 185 | 0 | (6) |
|  DUB | 07/2025 | $481 | 415 | 8 | 0 |
|  | 07/2025 | 35 | 1029 | 1 | 0 |
|  | 08/2025 | 414 | $481 | 0 | (7) |
|  | 08/2025 | $228 | 19660 | 0 | 0 |
|  FAR | 07/2025 | 7744 | $1402 | 0 | (23) |
|  | 07/2025 | 89 | 109 | 0 | (3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  | 07/2025 | 811 | $113 | $0 | $(1) |
|  | 07/2025 | 31958 | 223 | 1 | 0 |
|  | 07/2025 | 6 | 5 | 0 | 0 |
|  | 07/2025 | $228 | 353 | 5 | 0 |
|  | 07/2025 | 1394 | 7744 | 32 | 0 |
|  | 07/2025 | 193 | 28165 | 2 | 0 |
|  | 07/2025 | 99 | 364 | 2 | 0 |
|  | 07/2025 | 15 | 19 | 0 | 0 |
|  | 08/2025 | 766 | $107 | 0 | 0 |
|  | 08/2025 | 28062 | 194 | 0 | (2) |
|  | 08/2025 | 19 | 15 | 0 | 0 |
|  | 08/2025 | $36 | 28 | 0 | 0 |
|  | 08/2025 | 35 | 2990 | 0 | 0 |
|  | 09/2025 | 6017 | $309 | 0 | (9) |
|  | 09/2025 | $1402 | 7862 | 23 | 0 |
|  | 09/2025 | 0 | 1 | 0 | 0 |
|  | 11/2025 | 2228 | $607 | 0 | (20) |
|  GLM | 07/2025 | 1604 | 25 | 0 | (2) |
|  | 07/2025 | 82691 | 5 | 0 | 0 |
|  | 07/2025 | 669 | 187 | 0 | (2) |
|  | 07/2025 | 3315 | 102 | 0 | (12) |
|  | 07/2025 | $10 | 168278 | 0 | 0 |
|  | 07/2025 | 6 | 7 | 0 | 0 |
|  | 07/2025 | 18775 | $1048 | 0 | (11) |
|  | 08/2025 | 7 | 6 | 0 | 0 |
|  | 09/2025 | 536 | 9 | 0 | 0 |
|  | 09/2025 | 534 | 146 | 0 | (5) |
|  | 10/2025 | 10673 | 1755 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165) |
|  IND | 07/2025 | $34 | 320 | 0 | 0 |
|  | 08/2025 | 320 | $34 | 0 | 0 |
|  JPM | 07/2025 | 3522 | 645 | 0 | (3) |
|  | 07/2025 | 1537 | 213 | 0 | (2) |
|  | 07/2025 | 372580 | 273 | 0 | (3) |
|  | 07/2025 | 37 | 22 | 0 | (1) |
|  | 07/2025 | 573 | 153 | 0 | (6) |
|  | 07/2025 | 265 | 206 | 0 | (2) |
|  | 07/2025 | 7363 | 226 | 0 | (27) |
|  | 07/2025 | $621 | 3522 | 27 | 0 |
|  | 07/2025 | 379 | 515723 | 3 | 0 |
|  | 07/2025 | 177 | 656 | 5 | 0 |
|  | 07/2025 | 12 | 16 | 0 | 0 |
|  | 07/2025 | 82 | 2442 | 2 | 0 |
|  | 07/2025 | 6607 | $370 | 0 | (3) |
|  | 08/2025 | 2136 | 374 | 0 | (16) |
|  | 08/2025 | 2232 | 310 | 0 | (3) |
|  | 08/2025 | 16 | 12 | 0 | 0 |
|  | 08/2025 | 23802 | 727 | 0 | (100) |
|  | 08/2025 | $131 | 936 | 0 | 0 |
|  | 08/2025 | 23 | 2021 | 0 | 0 |
|  MBC | 07/2025 | 615 | $448 | 0 | (4) |
|  | 07/2025 | 737 | 102 | 0 | (1) |
|  | 07/2025 | 70 | 80 | 0 | (2) |
|  | 07/2025 | 1932 | 13 | 0 | 0 |
|  | 07/2025 | 410 | 109 | 0 | (4) |
|  | 07/2025 | 636 | 496 | 0 | (4) |
|  | 07/2025 | 2128 | 64 | 0 | (1) |
|  | 07/2025 | 17997 | 605 | 0 | (13) |
|  | 07/2025 | $100 | 137 | 1 | 0 |
|  | 07/2025 | 109 | 89 | 3 | 0 |
|  | 07/2025 | 855 | 738 | 14 | 0 |
|  | 07/2025 | 102 | 75 | 1 | 0 |
|  | 07/2025 | 9 | 141302 | 0 | 0 |
|  | 07/2025 | 321 | 416 | 6 | 0 |
|  | 07/2025 | 92 | 2994 | 0 | 0 |
|  | 07/2025 | 626 | 18536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 0 |
|  | 08/2025 | 137 | $100 | 0 | (1) |
|  | 08/2025 | 5083 | 708 | 0 | (5) |
|  | 08/2025 | 415 | 321 | 0 | (6) |
|  | 08/2025 | 6455 | 200 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
|  | 08/2025 | $787 | 5651 | 5 | 0 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  MYI | 07/2025 | 722 | $5 | $0 | $0 |
|  | 07/2025 | $61 | 8914 | 1 | 0 |
|  | 07/2025 | 1 | 2 | 0 | 0 |
|  | 08/2025 | 781 | $109 | 0 | 0 |
|  | 08/2025 | 8882 | 61 | 0 | (1) |
|  NGF | 07/2025 | $124 | 2014142 | 1 | 0 |
|  | 08/2025 | 13 | 527 | 0 | 0 |
|  SCX | 07/2025 | 1429447 | $88 | 0 | (1) |
|  | 07/2025 | 18800 | 132 | 2 | 0 |
|  | 07/2025 | 1616 | 451 | 0 | (5) |
|  | 07/2025 | $48 | 782641 | 0 | 0 |
|  | 07/2025 | 519 | 44496 | 0 | 0 |
|  | 07/2025 | 85 | 305 | 1 | 0 |
|  | 07/2025 | 64 | 83 | 1 | 0 |
|  | 07/2025 | 1150 | 33723 | 11 | 0 |
|  | 08/2025 | 1346 | $188 | 0 | 0 |
|  | 08/2025 | 44587 | 519 | 0 | 0 |
|  | 08/2025 | 83 | 64 | 0 | (1) |
|  | 08/2025 | 1926 | 59 | 0 | (8) |
|  | 08/2025 | $419 | 3031 | 6 | 0 |
|  | 08/2025 | 102 | 8787 | 0 | 0 |
|  SOG | 07/2025 | 108 | 15632 | 0 | 0 |
|  | 08/2025 | 15575 | $108 | 0 | 0 |
|  | 08/2025 | $0 | 12 | 0 | 0 |
|  SSB | 07/2025 | 345 | $467 | 0 | (6) |
|  | 11/2025 | 195 | 53 | 0 | (2) |
|  UAG | 07/2025 | 1423085 | 88 | 0 | 0 |
|  | 07/2025 | 137510 | 101 | 0 | 0 |
|  | 07/2025 | 339 | 10 | 0 | 0 |
|  | 07/2025 | $88 | 1422714 | 0 | 0 |
|  | 07/2025 | 101 | 137443 | 0 | 0 |
|  | 08/2025 | 241 | 1750 | 4 | 0 |
|  | 09/2025 | 1352 | $70 | 0 | (2) |
|  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;340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(998) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.470% | 06/04/2035 | 300 | $27 | $28 |
| 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 | 76 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.255 | 08/16/2039 | 1000 | 96 | 120 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750 | 10/30/2025 | 17100 | 92 | 59 |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750 | 08/01/2025 | 15300 | 93 | 13 |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.808 | 07/31/2034 | 500 | 44 | 34 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.808 | 07/31/2034 | 500 | 44 | 51 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.800 | 07/12/2034 | 1000 | 86 | 68 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.800 | 07/12/2034 | 1000 | 86 | 103 |
|  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;691 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850% | 07/16/2025 | 100 | $0 | $0 |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 100 | 0 | 0 |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 07/16/2025 | 200 | (1) | 0 |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $0 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 19

------

Schedule of Investments PIMCO Dynamic Bond 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 |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.770% | 07/09/2025 | 100 | $0 | $(1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.120 | 07/09/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.637 | 07/18/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.037 | 07/18/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.700 | 07/21/2025 | 200 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.050 | 07/21/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.555 | 07/24/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.905 | 07/24/2025 | 100 | 0 | 0 |
| CBK Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.380 | 07/03/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.640 | 07/03/2025 | 100 | 0 | 0 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 17100 | (35) | (10) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 17100 | (57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.750 | 08/01/2025 | 15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | 0 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.250 | 08/01/2025 | 15300 | (58) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.750 | 07/03/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.100 | 07/03/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.790 | 07/09/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.140 | 07/09/2025 | 100 | 0 | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.653 | 07/14/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.053 | 07/14/2025 | 100 | 0 | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.725 | 07/03/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.075 | 07/03/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.669 | 07/07/2025 | 100 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.019 | 07/07/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.697 | 07/16/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.097 | 07/16/2025 | 100 | 0 | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.545 | 07/28/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.895 | 07/28/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193) | $(44) |
|  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;(194) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |

---

#### 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;336 | $(91) | $65 | $0 | $(26) |
| MYC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 398 | (108) | 77 | 0 | (31) |
|  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;(199) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) |

---

#### 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 June 30, 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 | $5 | $0 | $0 | $5 | $(10) | $0 | $0 | $(10) | $(5) | $0 | $(5) |
|  BOA | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | (39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | 0 | (43) | 211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 211 |
|  BPS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | 0 | 0 | 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) |
|  BRC | 33 | 0 | 0 | 33 | (40) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | (66) | (33) | 0 | (33) |
|  BSH | 3 | 0 | 0 | 3 | (32) | 0 | 0 | (32) | (29) | 0 | (29) |
|  CBK | 77 | 0 | 0 | 77 | (203) | 0 | 0 | (203) | (126) | 0 | (126) |
|  DUB | 9 | 59 | 0 | 68 | (7) | (34) | 0 | (41) | 27 | 0 | 27 |
|  FAR | 65 | 13 | 0 | 78 | (58) | (4) | 0 | (62) | 16 | 0 | 16 |
|  GLM | 0 | 0 | 0 | 0 | (197) | 0 | 0 | (197) | (197) | 0 | (197) |
|  JPM | 37 | 85 | 0 | 122 | (166) | 0 | 0 | (166) | (44) | 0 | (44) |
|  MBC | 42 | 0 | 0 | 42 | (66) | 0 | 0 | (66) | (24) | 0 | (24) |
|  MYC | 0 | 171 | 0 | 171 | 0 | (2) | (31) | (33) | 138 | 84 | 222 |
|  MYI | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>** |
|  NGF | $1 | $0 | $0 | $1 | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  SCX | 21 | 0 | 0 | 21 | (15) | 0 | 0 | (15) | 6 | 0 | 6 |
|  SSB | 0 | 0 | 0 | 0 | (8) | 0 | 0 | (8) | (8) | 0 | (8) |
|  UAG | 4 | 0 | 0 | 4 | (2) | 0 | 0 | (2) | 2 | 0 | 2 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(998) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1099) |  |  |  |

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(j) Securities with an aggregate market value of $84 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 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 June 30, 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; 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 | $59 | $59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 65 | 72 |
|  | $0 | $7 | $0 | $0 | $124 | $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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | $0 | $340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 578 | 578 |
|  | $0 | $0 | $0 | $340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | $918 |
|  | $0 | $7 | $0 | $340 | $702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 |
|  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 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 124 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 111 | 114 |
|  | $0 | $3 | $0 | $0 | $239 | $242 |
|  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 | $998 | $0 | $998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 44 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 57 | 0 | 0 | 0 | 57 |
|  | $0 | $57 | $0 | $998 | $44 | $1099 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | $0 | $998 | $283 | $1341 |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 21

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Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) June 30, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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  | $&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 | $14 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 434 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (11) | 0 | 0 | (96) | (107) |
|  | $0 | $(11) | $0 | $0 | $352 | $341 |
|  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 | $(75) | $0 | $(75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 43 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 10 | 0 | 0 | 0 | 10 |
|  | $0 | $10 | $0 | $(75) | $43 | $(22) |
|  | $0 | $(1) | $0 | $(75) | $395 | $319 |
|  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 | (403) | (403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 56 | 0 | 0 | (217) | (161) |
|  | $0 | $56 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(619) | $(563) |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1151) | $0 | $(1151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1 | 0 | 0 | 34 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (5) | 0 | 0 | 0 | (5) |
|  | $0 | $(4) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1151) | $32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1123) |
|  | $0 | $52 | $0 | $(1151) | $(587) | $(1686) |

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#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  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 | $1033 | $0 | $1033 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 8037 | 6 | 8043 |
| &nbsp;&nbsp; Industrials | 0 | 3850 | 0 | 3850 |
| &nbsp;&nbsp; Utilities | 0 | 1213 | 0 | 1213 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; West Virginia | 0 | 92 | 0 | 92 |
|  U.S. Government Agencies | 0 | 56522 | 0 | 56522 |
|  U.S. Treasury Obligations | 0 | 10360 | 0 | 10360 |
|  Non-Agency Mortgage-Backed Securities | 0 | 4475 | 0 | 4475 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 255 | 0 | 255 |
| &nbsp;&nbsp; Home Equity Other | 0 | 3761 | 0 | 3761 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 245 | 0 | 245 |
| &nbsp;&nbsp; Other ABS | 0 | 1352 | 0 | 1352 |
|  Sovereign Issues | 0 | 15198 | 0 | 15198 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 45 | 0 | 45 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 2495 | 0 | 2495 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 8200 | 0 | 8200 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 269 | 0 | 269 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 6834 | 0 | 6834 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124242 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21657 | $0 | $0 | $21657 |
|  Total Investments | $21657 | $124236 | $6 | $145899 |
|  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 | $(1929) | $0 | $(1929) |
|  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 | 12 | 119 | 0 | 131 |
|  Over the counter | 0 | 918 | 0 | 918 |
|  | $12 | $1037 | $0 | $1049 |
|  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 | (5) | (237) | 0 | (242) |
|  Over the counter | 0 | (1042) | (57) | (1099) |
|  | $(5) | $(1279) | $(57) | $(1341) |
|  Total Financial Derivative Instruments | $7 | $(242) | $(57) | $(292) |
|  Totals | $21664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143678 |

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There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

Notes to Financial Statements June 30, 2025 (Unaudited)

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 new 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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 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 June 30, 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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| | |
|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

June 30, 2025 (Unaudited)

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, 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 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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

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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.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

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

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 flows and market-based yield spreads for each

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

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Notes to Financial Statements (Cont.)

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 June 30, 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>06/30/2025 | 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;36510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29401) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | $&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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June 30, 2025 (Unaudited)

(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 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **29** |

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Notes to Financial Statements (Cont.)

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.

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

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

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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.

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(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 to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(c) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a

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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 June 30, 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.

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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.

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(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

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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).

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

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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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed

rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Small Portfolio Risk is the risk that a smaller portfolio may not achieve investment or trading efficiencies 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 because of a change 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

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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, or 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 factors affecting securities markets generally or particular industries.

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.

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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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 markets, differing 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)

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or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

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

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

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

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Portfolio's sensitivity to interest rate 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, 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. 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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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. 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 Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

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| | |
|:---|:---|
| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

June 30, 2025 (Unaudited)

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 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):

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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% |

---

(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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **39** |

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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% |  |

---

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

to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(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 June 30, 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 June 30, 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.

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| | |
|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 June 30, 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;518948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7483 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826 |

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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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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>06/30/2025<br>(Unaudited) | Six Months Ended<br>06/30/2025<br>(Unaudited) | 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 | 117 | $1020 | 189 | $1642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 0 | 1 | 2 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 390 | 3426 | 1207 | 10507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 108 | 943 | 156 | 1360 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 173 | 1519 | 265 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 1 | 5 | 1 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 97 | 849 | 139 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 36 | 319 | 58 | 501 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1969) | (340) | (2955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 0 | (4) | (5) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (622) | (5443) | (1011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (197) | (1721) | (230) | (2004) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (122) | $(1055) | 431 | $3780 |

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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 June 30, 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.

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,

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **41** |

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Notes to Financial Statements (Cont.) June 30, 2025 (Unaudited)

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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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 its last fiscal year ended December 31, 2024, 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 |
| $0 | $339 |

---

---

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

---

As of June 30, 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>(1)</sup> |
| $146491 | $4316 | $(6379) | $(2063) |

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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> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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| | |
|:---|:---|
| **42** | **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. | FICC STR | Fixed Income Clearing Corp. - State Street FICC Repo | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GLM | Goldman Sachs Bank USA | RBC | Royal Bank of Canada |
| BRC | Barclays Bank PLC | GST | Goldman Sachs International | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | IND | Crédit Agricole Corporate and Investment Bank S.A. | SOG | Societe Generale Paris |
| CBK | Citibank N.A. | JPM | JP Morgan Chase Bank N.A. | SSB | State Street Bank and Trust Co. |
| DEU | Deutsche Bank Securities, Inc. | 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 | GBP | British Pound | PEN | Peruvian New Sol |
| BRL | Brazilian Real | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CAD | Canadian Dollar | ILS | Israeli Shekel | SEK | Swedish Krona |
| CHF | Swiss Franc | INR | Indian Rupee | SGD | Singapore Dollar |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | THB | Thai Baht |
| COP | Colombian Peso | KRW | South Korean Won | TRY | Turkish New Lira |
| DOP | Dominican Peso | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EGP | Egyptian Pound | NGN | Nigerian Naira | USD (or $) | United States Dollar |
| EUR | Euro | NZD | New Zealand Dollar | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | EUREX | Eurex Exchange | OTC | Over the Counter |
| CBOT | Chicago Board of Trade |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| ABX.HE | Asset-Backed Securities Index - Home Equity | CDX.IG | Credit Derivatives Index - Investment Grade | SONIO | Sterling Overnight Interbank Average Rate |
| Bobl | Bundesobligation, the German word for federal government bond | IBR | Indicador Bancario de Referencia | TSFR1M | Term SOFR 1-Month |
| CAONREPO | Canadian Overnight Repo Rate Average | SOFR | Secured Overnight Financing Rate | TSFR3M | Term SOFR 3-Month |
| CDX.HY | Credit Derivatives Index - High Yield |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CDO | Collateralized Debt Obligation | EURIBOR | Euro Interbank Offered Rate |
| BBR | Bank Bill Rate | CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap |
| BBSW | Bank Bill Swap Reference Rate | CMBS | Collateralized Mortgage-Backed Security | TBA | To-Be-Announced |
| BRL-CDI | Brazil Interbank Deposit Rate | DAC | Designated Activity Company |  |  |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 June 30, 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

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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) |
|  January 2025 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |
|  February 2025 | $0.0306 | $0.0000 | $0.0000 | $0.0306 |
|  March 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  April 2025 | $0.0382 | $0.0000 | $0.0000 | $0.0382 |
|  May 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  June 2025 | $0.0347 | $0.0000 | $0.0000 | $0.0347 |
| 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) |
|  January 2025 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  February 2025 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
|  March 2025 | $0.0325 | $0.0000 | $0.0000 | $0.0325 |
|  April 2025 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |
|  May 2025 | $0.0335 | $0.0000 | $0.0000 | $0.0335 |
|  June 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
| 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) |
|  January 2025 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
|  February 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  March 2025 | $0.0346 | $0.0000 | $0.0000 | $0.0346 |
|  April 2025 | $0.0371 | $0.0000 | $0.0000 | $0.0371 |
|  May 2025 | $0.0358 | $0.0000 | $0.0000 | $0.0358 |
|  June 2025 | $0.0337 | $0.0000 | $0.0000 | $0.0337 |
| 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) |
|  January 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  February 2025 | $0.0289 | $0.0000 | $0.0000 | $0.0289 |
|  March 2025 | $0.0339 | $0.0000 | $0.0000 | $0.0339 |
|  April 2025 | $0.0364 | $0.0000 | $0.0000 | $0.0364 |
|  May 2025 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
|  June 2025 | $0.0330 | $0.0000 | $0.0000 | $0.0330 |

---

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

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

---

| | |
|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **47** |

---

------

#### 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.

------

#### pimco.com/pvit
![LOGO](g924417g06y60.jpg)

PVITDYNBONDFSTMSAR_063025

------

![LOGO](g46571g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO Emerging Markets Bond Portfolio

------

#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Emerging Markets Bond Portfolio](#tx46571_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx46571_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx46571_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx46571_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx46571_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx46571_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx46571_7) | 30 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx46571_8) | 47 |
| &nbsp;&nbsp; [Glossary](#tx46571_10) | 50 |
| &nbsp;&nbsp; [Distribution Information](#tx46571_13) | 51 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx46571_14) | 52 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx46571_15) | 53 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx46571_12) | 54 |

---

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.)

------

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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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

---

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

---

------

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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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 |

---

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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>3</sub> |

---

------

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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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; 01/01/2025 - 06/30/2025+ | $10.64 | $0.39 | $0.22 | $0.61 | $(0.40) | $0.00 | $(0.40) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 13.19 | 0.55 | 0.30 | 0.85 | (0.60) | 0.00 | (0.60) |
| Class M |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 10.64 | 0.36 | 0.23 | 0.59 | (0.38) | 0.00 | (0.38) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 13.19 | 0.49 | 0.31 | 0.80 | (0.55) | 0.00 | (0.55) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 10.64 | 0.38 | 0.22 | 0.60 | (0.39) | 0.00 | (0.39) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 13.19 | 0.53 | 0.30 | 0.83 | (0.58) | 0.00 | (0.58) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 10.64 | 0.37 | 0.23 | 0.60 | (0.39) | 0.00 | (0.39) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 13.19 | 0.51 | 0.31 | 0.82 | (0.57) | 0.00 | (0.57) |

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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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------

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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/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** | **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** |
| $10.85 | 5.86% | $56213 | 1.07 | %\* | 1.07 | %\* | 0.86 | %\* | 0.86 | %\* | 7.34 | %\* | 35% |
| 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 |
| 13.44 | 6.87 | 54693 | 0.95 |  | 0.95 |  | 0.85 |  | 0.85 |  | 4.26 |  | 106 |
| 10.85 | 5.62 | 445 | 1.52 | \* | 1.52 | \* | 1.31 | \* | 1.31 | \* | 6.89 | \* | 35 |
| 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 |
| 13.44 | 6.38 | 764 | 1.40 |  | 1.40 |  | 1.30 |  | 1.30 |  | 3.82 |  | 106 |
| 10.85 | 5.78 | 97171 | 1.22 | \* | 1.22 | \* | 1.01 | \* | 1.01 | \* | 7.19 | \* | 35 |
| 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 |
| 13.44 | 6.71 | 154896 | 1.10 |  | 1.10 |  | 1.00 |  | 1.00 |  | 4.12 |  | 106 |
| 10.85 | 5.73 | 40515 | 1.32 | \* | 1.32 | \* | 1.11 | \* | 1.11 | \* | 7.09 | \* | 35 |
| 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 |
| 13.44 | 6.60 | 47639 | 1.20 |  | 1.20 |  | 1.10 |  | 1.10 |  | 4.02 |  | 106 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO Emerging Markets Bond Portfolio June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $200764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 101 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1156 |
|  Cash | 639 |
|  Deposits with counterparty | 2611 |
|  Foreign currency, at value | 1076 |
|  Receivable for investments sold | 1242 |
|  Receivable for TBA investments sold | 5630 |
|  Receivable for Portfolio shares sold | 334 |
|  Interest and/or dividends receivable | 3049 |
|  Dividends receivable from Affiliates | 5 |
|  **Total Assets** | 216803 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $7504 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2906 |
|  Payable for investments purchased | 2821 |
|  Payable for investments in Affiliates purchased | 5 |
|  Payable for TBA investments purchased | 8815 |
|  Deposits from counterparty | 30 |
|  Payable for Portfolio shares redeemed | 109 |
|  Accrued investment advisory fees | 68 |
|  Accrued supervisory and administrative fees | 61 |
|  Accrued distribution fees | 8 |
|  Accrued servicing fees | 12 |
|  Foreign capital gains tax payable | 8 |
|  **Total Liabilities** | 22459 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $194344 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $240760 |
|  Distributable earnings (accumulated loss) | (46416) |
|  **Net Assets** | $194344 |
|  **Net Assets:** |  |
|  Institutional Class | $56213 |
|  Class M | 445 |
|  Administrative Class | 97171 |
|  Advisor Class | 40515 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 5179 |
|  Class M | 41 |
|  Administrative Class | 8953 |
|  Advisor Class | 3733 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $10.85 |
|  Class M | 10.85 |
|  Administrative Class | 10.85 |
|  Advisor Class | 10.85 |
|  Cost of investments in securities | $209922 |
|  Cost of investments in Affiliates | $101 |
|  Cost of foreign currency held | $1045 |
|  Cost or premiums of financial derivative instruments, net | $(49) |

---

---

| | |
|:---|:---|
| <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 Emerging Markets Bond Portfolio (Unaudited)

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $7856 |
|  Dividends, net of foreign taxes\* | 16 |
|  Dividends from Investments in Affiliates | 29 |
|  Miscellaneous income | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 7945 |
|  **Expenses:** |  |
|  Investment advisory fees | 426 |
|  Supervisory and administrative fees | 378 |
|  Distribution and/or servicing fees - Class M | 1 |
|  Distribution and/or servicing fees - Administrative Class | 72 |
|  Distribution and/or servicing fees - Advisor Class | 49 |
|  Trustee fees | 5 |
|  Interest expense | 197 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1127 |
|  **Net Investment Income (Loss)** | 6818 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2490) |
|  Investments in Affiliates | 1 |
|  Exchange-traded or centrally cleared financial derivative instruments | 87 |
|  Over the counter financial derivative instruments | (922) |
|  Foreign currency | (9) |
|  **Net Realized Gain (Loss)** | (3333) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 9532 |
|  Exchange-traded or centrally cleared financial derivative instruments | 1233 |
|  Over the counter financial derivative instruments | (3441) |
|  Foreign currency assets and liabilities | 46 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 7370 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $10855 |
|  \* Foreign tax withholdings | $13 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Emerging Markets Bond Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $6818 | $12946 |
|  Net realized gain (loss) | (3333) | (12784) |
|  Net change in unrealized appreciation (depreciation) | 7370 | 14043 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 10855 | 14205 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2072) | (3553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (15) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (3572) | (6452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1450) | (2603) |
|  **Total Distributions<sup>(a)</sup>** | (7109) | (12634) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions<sup>\*</sup> | (1440) | (8520) |
|  **Total Increase (Decrease) in Net Assets** | 2306 | (6949) |
|  **Net Assets:** |  |  |
|  Beginning of period | 192038 | 198987 |
|  End of period | $194344 | $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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 June 30, 2025 (Unaudited)

#### (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 103.3% | INVESTMENTS IN SECURITIES 103.3% | INVESTMENTS IN SECURITIES 103.3% |
| ALBANIA 0.1% | ALBANIA 0.1% | ALBANIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Albania Government International Bond | Albania Government International Bond | Albania Government International Bond |
|  3.500% due 11/23/2031 | 200 | 228 |
|  Total Albania (Cost $224) |  | 228 |
| ANGOLA 0.5% | ANGOLA 0.5% | ANGOLA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Angolan Government International Bond | Angolan Government International Bond | Angolan Government International Bond |
|  8.250% due 05/09/2028 | 200 | 189 |
|  8.750% due 04/14/2032 | 400 | 354 |
|  9.375% due 05/08/2048 | 200 | 159 |
|  9.500% due 11/12/2025 | 300 | 301 |
|  Total Angola (Cost $997) |  | 1003 |
| ARGENTINA 3.3% | ARGENTINA 3.3% | ARGENTINA 3.3% |
| SOVEREIGN ISSUES 3.3% | SOVEREIGN ISSUES 3.3% | SOVEREIGN ISSUES 3.3% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 | 946 | 752 |
|  1.000% due 07/09/2029 | 404 | 337 |
|  3.500% due 07/09/2041 | 3727 | 2320 |
|  4.125% due 07/09/2035 (l) | 1576 | 1061 |
|  4.125% due 07/09/2046 | 303 | 199 |
|  5.000% due 01/09/2038 (l) | 2292 | 1633 |
|  Provincia de Buenos Aires | Provincia de Buenos Aires | Provincia de Buenos Aires |
|  6.625% due 09/01/2037 | 135 | 97 |
|  Total Argentina (Cost $5,142) |  | 6399 |
| 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 Bond | Republic of Armenia International Bond | Republic of Armenia International Bond |
|  3.600% due 02/02/2031 | 500 | 433 |
|  3.950% due 09/26/2029 | 300 | 276 |
|  Total Armenia (Cost $790) |  | 709 |
| AZERBAIJAN 0.7% | AZERBAIJAN 0.7% | AZERBAIJAN 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 1400 | 1420 |
|  Total Azerbaijan (Cost $1,410) |  | 1420 |
| BAHRAIN 0.3% | BAHRAIN 0.3% | BAHRAIN 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Bahrain Government International Bond | Bahrain Government International Bond | Bahrain Government International Bond |
|  4.250% due 01/25/2028 | 300 | 289 |
|  7.500% due 09/20/2047 | 300 | 295 |
|  Total Bahrain (Cost $581) |  | 584 |
| BERMUDA 0.2% | BERMUDA 0.2% | BERMUDA 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Star Energy Geothermal Darajat | Star Energy Geothermal Darajat | Star Energy Geothermal Darajat |
|  4.850% due 10/14/2038 | 400 | 381 |
|  Total Bermuda (Cost $400) |  | 381 |
| BRAZIL 8.5% | BRAZIL 8.5% | BRAZIL 8.5% |
| CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 | 16000 | 855 |
|  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 | 1285 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CSN Inova Ventures | CSN Inova Ventures | CSN Inova Ventures |
|  6.750% due 01/28/2028 | 500 | 473 |
|  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 ^(b)(c) | 314 | 88 |
|  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 ^(b)(c) | 149 | 120 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 | 200 | 197 |
|  Vale SA | Vale SA | Vale SA |
|  0.000% due 12/29/2049 ~(j) | 10380 | 655 |
|  |  | 3673 |
| SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% |
|  Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond |
|  4.750% due 01/14/2050 | 513 | 363 |
|  7.125% due 05/13/2054 | 400 | 384 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (f) | 63600 | 11291 |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
|  6.000% due 08/15/2050 | 4522 | 743 |
|  |  | 12781 |
|  Total Brazil (Cost $16,591) |  | 16454 |
| BULGARIA 0.5% | BULGARIA 0.5% | BULGARIA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Bulgaria Government International Bond | Bulgaria Government International Bond | Bulgaria Government International Bond |
|  3.625% due 09/05/2032 | 400 | 488 |
|  5.000% due 03/05/2037 | 400 | 392 |
|  Total Bulgaria (Cost $843) |  | 880 |
| CAMEROON 0.3% | CAMEROON 0.3% | CAMEROON 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Cameroon International Bond | Republic of Cameroon International Bond | Republic of Cameroon International Bond |
|  5.950% due 07/07/2032 | 550 | 508 |
|  9.500% due 11/19/2025 | 67 | 66 |
|  Total Cameroon (Cost $669) |  | 574 |
| 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 | 300 |
|  Total Canada (Cost $300) |  | 300 |
| CAYMAN ISLANDS 1.6% | CAYMAN ISLANDS 1.6% | CAYMAN ISLANDS 1.6% |
| CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% |
|  Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. |
|  0.000% due 06/05/2034 (f) | 444 | 353 |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  4.875% due 02/14/2035 | 1400 | 1372 |
|  ICD Funding Ltd. | ICD Funding Ltd. | ICD Funding Ltd. |
|  3.223% due 04/28/2026 | 200 | 197 |
|  Interoceanica Finance Ltd. | Interoceanica Finance Ltd. | Interoceanica Finance Ltd. |
|  0.000% due 11/30/2025 (f) | 13 | 13 |
|  0.000% due 05/15/2030 (f) | 422 | 347 |
|  7.860% due 05/15/2030 | 185 | 192 |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |
|  5.875% due 07/05/2034 | 80 | 81 |
|  Poinsettia Finance Ltd. | Poinsettia Finance Ltd. | Poinsettia Finance Ltd. |
|  6.625% due 06/17/2031 | 529 | 495 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2025 ^(b)(c) | 31 | 4 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 ^(b)(c) | 31 | 4 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 ^(b)(c) | 62 | $8 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 ^(b)(c) | 93 | 12 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 ^(b)(c) | 94 | 12 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 ^(b)(c) | 44 | 5 |
|  Total Cayman Islands (Cost $3,082) | Total Cayman Islands (Cost $3,082) | 3095 |
| CHILE 2.6% | CHILE 2.6% | CHILE 2.6% |
| CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% |
|  Banco del Estado de Chile | Banco del Estado de Chile | Banco del Estado de Chile |
|  7.950% due 05/02/2029 •(j)(k) | 300 | 312 |
|  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 | 204 |
|  4.250% due 07/17/2042 | 200 | 159 |
|  4.875% due 11/04/2044 | 600 | 502 |
|  5.125% due 02/02/2033 | 300 | 292 |
|  6.300% due 09/08/2053 | 300 | 295 |
|  6.330% due 01/13/2035 | 300 | 312 |
|  6.780% due 01/13/2055 | 300 | 308 |
|  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 | 118 |
|  3.830% due 09/14/2061 | 200 | 128 |
|  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 | 190 |
|  Empresa Nacional del Petroleo | Empresa Nacional del Petroleo | Empresa Nacional del Petroleo |
|  5.950% due 07/30/2034 | 200 | 203 |
|  6.150% due 05/10/2033 | 200 | 206 |
|  Engie Energia Chile SA | Engie Energia Chile SA | Engie Energia Chile SA |
|  6.375% due 04/17/2034 | 200 | 208 |
|  GNL Quintero SA | GNL Quintero SA | GNL Quintero SA |
|  4.634% due 07/31/2029 | 318 | 315 |
|  |  | 3752 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  3.100% due 05/07/2041 (l) | 300 | 224 |
|  3.250% due 09/21/2071 | 800 | 487 |
|  4.340% due 03/07/2042 | 600 | 521 |
|  5.650% due 01/13/2037 | 200 | 207 |
|  |  | 1439 |
|  Total Chile (Cost $5,949) |  | 5191 |
| COLOMBIA 3.1% | COLOMBIA 3.1% | COLOMBIA 3.1% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  Banco Davivienda SA | Banco Davivienda SA | Banco Davivienda SA |
|  8.125% due 07/02/2035 •(a)(k) | 400 | 402 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  5.875% due 05/28/2045 | 400 | 277 |
|  6.875% due 04/29/2030 | 200 | 198 |
|  7.750% due 02/01/2032 | 500 | 492 |
|  8.375% due 01/19/2036 | 400 | 386 |
|  |  | 1755 |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
|  4.125% due 05/15/2051 | 1200 | 686 |
|  5.000% due 06/15/2045 | 1300 | 880 |
|  5.200% due 05/15/2049 | 500 | 336 |
|  6.125% due 01/18/2041 | 400 | 327 |
|  7.500% due 02/02/2034 | 500 | 499 |
|  8.000% due 11/14/2035 | 300 | 302 |
|  8.375% due 11/07/2054 | 300 | 286 |
|  8.500% due 04/25/2035 | 500 | 520 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</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)** |
|  8.750% due 11/14/2053 | $— | 400 | 397 |
|  |  |  | 4233 |
|  Total Colombia (Cost $6,732) |  |  | 5988 |
| CZECH REPUBLIC 0.3% | CZECH REPUBLIC 0.3% | CZECH REPUBLIC 0.3% | CZECH REPUBLIC 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS |
|  5.250% due 01/10/2031 (a) |  | 100 | 120 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 |  | 300 | 384 |
|  Total Czech Republic (Cost $452) |  |  | 504 |
| DOMINICAN REPUBLIC 2.8% | DOMINICAN REPUBLIC 2.8% | DOMINICAN REPUBLIC 2.8% | DOMINICAN REPUBLIC 2.8% |
| SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% |
|  Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes |
|  13.000% due 12/05/2025 |  | 28400 | 476 |
|  13.000% due 01/30/2026 |  | 3100 | 52 |
|  Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond |
|  4.875% due 09/23/2032 | $— | 700 | 648 |
|  5.300% due 01/21/2041 |  | 200 | 173 |
|  5.500% due 02/22/2029 |  | 200 | 200 |
|  5.875% due 01/30/2060 |  | 600 | 505 |
|  6.000% due 07/19/2028 |  | 200 | 203 |
|  6.000% due 02/22/2033 |  | 500 | 495 |
|  6.500% due 02/15/2048 |  | 300 | 285 |
|  6.600% due 06/01/2036 |  | 150 | 151 |
|  6.950% due 03/15/2037 |  | 400 | 407 |
|  7.150% due 02/24/2055 |  | 400 | 400 |
|  8.625% due 04/20/2027 |  | 200 | 208 |
|  10.500% due 03/15/2037 |  | 8000 | 137 |
|  10.750% due 06/01/2036 |  | 20100 | 349 |
|  11.250% due 09/15/2035 |  | 12800 | 229 |
|  13.625% due 02/10/2034 |  | 23800 | 482 |
|  Total Dominican Republic (Cost $5,594) | Total Dominican Republic (Cost $5,594) | Total Dominican Republic (Cost $5,594) | 5400 |
| ECUADOR 1.3% | ECUADOR 1.3% | ECUADOR 1.3% | ECUADOR 1.3% |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Ecuador Government International Bond | Ecuador Government International Bond | Ecuador Government International Bond | Ecuador Government International Bond |
|  0.000% due 07/31/2030 (f) | $— | 749 | 545 |
|  5.000% due 07/31/2040 |  | 495 | 312 |
|  5.500% due 07/31/2035 |  | 1507 | 1101 |
|  6.900% due 07/31/2030 |  | 692 | 602 |
|  Ecuador Social Bond SARL | Ecuador Social Bond SARL | Ecuador Social Bond SARL | Ecuador Social Bond SARL |
|  0.000% due 01/30/2035 (f) |  | 43 | 31 |
|  Total Ecuador (Cost $2,185) |  |  | 2591 |
| EGYPT 2.1% | EGYPT 2.1% | EGYPT 2.1% | EGYPT 2.1% |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  4.750% due 04/16/2026 |  | 300 | 356 |
|  6.375% due 04/11/2031 |  | 900 | 986 |
|  7.300% due 09/30/2033 | $— | 300 | 267 |
|  7.625% due 05/29/2032 |  | 1300 | 1206 |
|  8.500% due 01/31/2047 |  | 200 | 162 |
|  8.625% due 02/04/2030 |  | 400 | 405 |
|  8.875% due 05/29/2050 |  | 400 | 334 |
|  9.450% due 02/04/2033 |  | 400 | 405 |
|  Total Egypt (Cost $3,521) |  |  | 4121 |
| EL SALVADOR 0.4% | EL SALVADOR 0.4% | EL SALVADOR 0.4% | EL SALVADOR 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  El Salvador Government International Bond | El Salvador Government International Bond | El Salvador Government International Bond | El Salvador Government International Bond |
|  8.250% due 04/10/2032 | $— | 30 | 31 |
|  9.250% due 04/17/2030 |  | 300 | 318 |
|  9.650% due 11/21/2054 |  | 500 | 516 |
|  Total El Salvador (Cost $799) |  |  | 865 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| GERMANY 0.6% | GERMANY 0.6% | GERMANY 0.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  6.673% (EUR006M + 4.500%) due 04/26/2032 ~ | 1000 | 1157 |
|  Total Germany (Cost $1,048) |  | 1157 |
| GHANA 0.6% | GHANA 0.6% | GHANA 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Ghana Government International Bond | Ghana Government International Bond | Ghana Government International Bond |
|  0.000% due 07/03/2026 (f) | 72 | 70 |
|  1.500% due 01/03/2037 | 700 | 322 |
|  5.000% due 07/03/2029 | 822 | 773 |
|  Total Ghana (Cost $1,090) |  | 1165 |
| GUATEMALA 0.6% | GUATEMALA 0.6% | GUATEMALA 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Guatemala Government International Bond | Guatemala Government International Bond | Guatemala Government International Bond |
|  4.650% due 10/07/2041 | 200 | 159 |
|  4.875% due 02/13/2028 | 410 | 406 |
|  6.050% due 08/06/2031 | 200 | 204 |
|  6.125% due 06/01/2050 | 300 | 273 |
|  6.600% due 06/13/2036 | 200 | 203 |
|  Total Guatemala (Cost $1,300) |  | 1245 |
| 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 | 343 |
|  5.050% due 01/27/2027 | 300 | 289 |
|  Total Hong Kong (Cost $564) |  | 632 |
| HUNGARY 2.1% | HUNGARY 2.1% | HUNGARY 2.1% |
| 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 | 211 |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
|  2.125% due 09/22/2031 | 250 | 208 |
|  5.250% due 06/16/2029 | 500 | 505 |
|  5.375% due 09/26/2030 | 300 | 303 |
|  5.500% due 06/16/2034 | 200 | 197 |
|  5.500% due 03/26/2036 | 600 | 579 |
|  6.000% due 09/26/2035 | 200 | 201 |
|  6.250% due 09/22/2032 | 200 | 209 |
|  6.750% due 09/25/2052 | 400 | 408 |
|  6.750% due 09/23/2055 | 300 | 303 |
|  7.625% due 03/29/2041 | 100 | 113 |
|  Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt |
|  6.125% due 12/04/2027 | 400 | 410 |
|  MFB Magyar Fejlesztesi Bank Zrt | MFB Magyar Fejlesztesi Bank Zrt | MFB Magyar Fejlesztesi Bank Zrt |
|  6.500% due 06/29/2028 | 500 | 518 |
|  |  | 3954 |
|  Total Hungary (Cost $4,116) |  | 4165 |
| 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 | 139 | 118 |
|  IIFL Finance Ltd. | IIFL Finance Ltd. | IIFL Finance Ltd. |
|  8.750% due 07/24/2028 | 300 | 302 |
|  |  | 420 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 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 | 471 |
|  Total India (Cost $938) |  | 891 |
| INDONESIA 3.7% | INDONESIA 3.7% | INDONESIA 3.7% |
| CORPORATE BONDS & NOTES 3.0% | CORPORATE BONDS & NOTES 3.0% | CORPORATE BONDS & NOTES 3.0% |
|  Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
|  5.315% due 04/14/2032 | 400 | 401 |
|  Indonesia Asahan Aluminium PT | Indonesia Asahan Aluminium PT | Indonesia Asahan Aluminium PT |
|  5.450% due 05/15/2030 | 800 | 815 |
|  Pertamina Hulu Energi PT | Pertamina Hulu Energi PT | Pertamina Hulu Energi PT |
|  5.250% due 05/21/2030 | 500 | 505 |
|  Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
|  1.400% due 02/09/2026 | 500 | 491 |
|  6.000% due 05/03/2042 | 500 | 494 |
|  6.450% due 05/30/2044 | 1500 | 1540 |
|  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 | 564 |
|  4.125% due 05/15/2027 | 200 | 198 |
|  4.375% due 02/05/2050 | 200 | 152 |
|  5.250% due 05/15/2047 | 400 | 347 |
|  6.250% due 01/25/2049 | 400 | 395 |
|  |  | 5902 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
|  3.875% due 01/15/2033 | 300 | 361 |
|  4.125% due 01/15/2037 | 300 | 358 |
|  5.650% due 01/11/2053 | 200 | 198 |
|  6.750% due 01/15/2044 | 300 | 336 |
|  Perusahaan Penerbit SBSN Indonesia | Perusahaan Penerbit SBSN Indonesia | Perusahaan Penerbit SBSN Indonesia |
|  5.650% due 11/25/2054 | 200 | 197 |
|  |  | 1450 |
|  Total Indonesia (Cost $7,701) |  | 7352 |
| IRELAND 1.1% | IRELAND 1.1% | IRELAND 1.1% |
| 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 | 284 | 262 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  4.103% (EUR006M + 1.750%) due 03/05/2027 «~ | 900 | 1068 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Avenir Issuer Ireland DAC | Avenir Issuer Ireland DAC | Avenir Issuer Ireland DAC |
|  6.000% due 03/22/2027 | 192 | 186 |
|  Republic of Angola Via Avenir Issuer Ireland DAC | Republic of Angola Via Avenir Issuer Ireland DAC | Republic of Angola Via Avenir Issuer Ireland DAC |
|  6.927% due 02/19/2027 | 923 | 870 |
|  |  | 1056 |
|  Total Ireland (Cost $2,319) |  | 2386 |
| 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 | 103 |
|  Total Isle of Man (Cost $103) |  | 103 |
| ISRAEL 0.9% | ISRAEL 0.9% | ISRAEL 0.9% |
| 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 | 202 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  3.750% due 02/22/2032 | 300 | 269 |
|  |  | 471 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.375% due 03/12/2029 | 100 | 102 |
|  5.375% due 02/19/2030 | 500 | 510 |
|  5.625% due 02/19/2035 | 500 | 509 |
|  5.750% due 03/12/2054 | 300 | 279 |
|  |  | 1400 |
|  Total Israel (Cost $1,856) |  | 1871 |
| 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 | 209 |
|  Total Italy (Cost $199) |  | 209 |
| IVORY COAST 1.7% | IVORY COAST 1.7% | IVORY COAST 1.7% |
| 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 |
|  5.403% (EUR006M + 3.050%) due 03/09/2026 «~ | 1000 | 1174 |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond |
|  4.875% due 01/30/2032 | 349 | 369 |
|  5.250% due 03/22/2030 | 263 | 297 |
|  5.750% due 12/31/2032 | 447 | 427 |
|  5.875% due 10/17/2031 | 200 | 223 |
|  6.625% due 03/22/2048 | 200 | 185 |
|  6.875% due 10/17/2040 | 200 | 201 |
|  8.075% due 04/01/2036 | 200 | 193 |
|  8.250% due 01/30/2037 | 200 | 193 |
|  |  | 2088 |
|  Total Ivory Coast (Cost $3,151) |  | 3262 |
| 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 | 172 | 160 |
|  Total Jamaica (Cost $172) |  | 160 |
| JORDAN 0.5% | JORDAN 0.5% | JORDAN 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Jordan Government International Bond | Jordan Government International Bond | Jordan Government International Bond |
|  5.750% due 01/31/2027 | 200 | 199 |
|  7.375% due 10/10/2047 | 300 | 266 |
|  7.500% due 01/13/2029 | 200 | 206 |
|  7.750% due 01/15/2028 | 200 | 207 |
|  Total Jordan (Cost $919) |  | 878 |
| KAZAKHSTAN 0.8% | KAZAKHSTAN 0.8% | KAZAKHSTAN 0.8% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  5.750% due 04/19/2047 | 500 | 436 |
|  6.375% due 10/24/2048 | 200 | 185 |
|  Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. |
|  3.250% due 08/15/2030 | 400 | 356 |
|  |  | 977 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  5.500% due 04/15/2027 | 500 | 507 |
|  Total Kazakhstan (Cost $1,477) |  | 1484 |
| KENYA 0.7% | KENYA 0.7% | KENYA 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Republic of Kenya Government International Bond | Republic of Kenya Government International Bond | Republic of Kenya Government International Bond |
|  6.300% due 01/23/2034 | 200 | 162 |
|  7.250% due 02/28/2028 | 400 | 394 |
|  9.500% due 03/05/2036 | 200 | 189 |
|  9.750% due 02/16/2031 | 600 | 610 |
|  Total Kenya (Cost $1,385) |  | 1355 |
| LATVIA 0.3% | LATVIA 0.3% | LATVIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Latvia Government International Bond | Latvia Government International Bond | Latvia Government International Bond |
|  5.125% due 07/30/2034 | 500 | 501 |
|  Total Latvia (Cost $495) |  | 501 |
| LEBANON 0.1% | LEBANON 0.1% | LEBANON 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Lebanon Government International Bond | Lebanon Government International Bond | Lebanon Government International Bond |
|  8.250% due 05/17/2034 ^(c) | 600 | 115 |
|  Total Lebanon (Cost $38) |  | 115 |
|  | SHARES |  |
| LUXEMBOURG 1.8% | LUXEMBOURG 1.8% | LUXEMBOURG 1.8% |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
|  Foresea Holdings SA « | 9903 | 203 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% |
|  Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL |
|  5.580% due 10/20/2035 | 391 | 392 |
|  5.672% due 10/20/2035 | 200 | 202 |
|  6.010% due 01/20/2033 | 465 | 482 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 123 | 117 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 300 | 304 |
|  6.103% due 08/23/2042 | 300 | 300 |
|  6.129% due 02/23/2038 | 300 | 310 |
|  6.510% due 02/23/2042 | 300 | 311 |
|  Petrorio Luxembourg Holding SARL | Petrorio Luxembourg Holding SARL | Petrorio Luxembourg Holding SARL |
|  6.125% due 06/09/2026 | 300 | 301 |
|  Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA |
|  6.250% due 07/08/2032 (a) | 300 | 298 |
|  Saavi Energia SARL | Saavi Energia SARL | Saavi Energia SARL |
|  8.875% due 02/10/2035 | 300 | 313 |
|  |  | 3330 |
|  Total Luxembourg (Cost $3,375) |  | 3533 |
| 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 Bond | North Macedonia Government International Bond | North Macedonia Government International Bond |
|  6.960% due 03/13/2027 | 500 | 618 |
|  Total Macedonia (Cost $532) |  | 618 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MALAYSIA 0.4% | MALAYSIA 0.4% | MALAYSIA 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  3.404% due 04/28/2061 | 300 | 196 |
|  4.800% due 04/21/2060 | 300 | 258 |
|  5.848% due 04/03/2055 | 400 | 406 |
|  Total Malaysia (Cost $976) |  | 860 |
|  | SHARES |  |
| MEXICO 9.4% | MEXICO 9.4% | MEXICO 9.4% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Desarrolladora Homex SAB de CV «(d) | 17978 | 0 |
|  Hipotecaria Su Casita SA «(d) | 5259 | 0 |
|  |  | 0 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| CORPORATE BONDS & NOTES 3.5% | CORPORATE BONDS & NOTES 3.5% | CORPORATE BONDS & NOTES 3.5% |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  6.625% due 01/24/2032 •(j)(k) | 400 | 371 |
|  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 | 305 |
|  Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad |
|  6.264% due 02/15/2052 | 200 | 174 |
|  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 | 199 | 202 |
|  Industrias Penoles SAB de CV | Industrias Penoles SAB de CV | Industrias Penoles SAB de CV |
|  4.750% due 08/06/2050 | 400 | 306 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.625% due 06/15/2038 | 400 | 313 |
|  6.750% due 09/21/2047 | 460 | 333 |
|  6.950% due 01/28/2060 | 1400 | 1007 |
|  7.690% due 01/23/2050 | 4600 | 3621 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  6.390% due 01/15/2050 | 200 | 167 |
|  |  | 6799 |
| SOVEREIGN ISSUES 5.9% | SOVEREIGN ISSUES 5.9% | SOVEREIGN ISSUES 5.9% |
|  Mexican Udibonos | Mexican Udibonos | Mexican Udibonos |
|  3.000% due 12/03/2026 (i) | 100310 | 5236 |
|  4.000% due 11/30/2028 (i) | 6801 | 355 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  3.750% due 04/19/2071 | 500 | 285 |
|  3.771% due 05/24/2061 | 2044 | 1212 |
|  5.000% due 04/27/2051 (l) | 900 | 700 |
|  5.750% due 10/12/2110 | 1200 | 950 |
|  5.850% due 07/02/2032 (a) | 300 | 304 |
|  6.000% due 05/07/2036 | 200 | 198 |
|  6.350% due 02/09/2035 | 600 | 615 |
|  6.400% due 05/07/2054 | 200 | 185 |
|  6.625% due 01/29/2038 (a) | 300 | 305 |
|  6.875% due 05/13/2037 | 400 | 418 |
|  7.375% due 05/13/2055 | 700 | 724 |
|  |  | 11487 |
|  Total Mexico (Cost $21,706) |  | 18286 |
| MONGOLIA 0.1% | MONGOLIA 0.1% | MONGOLIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Mongolia Government International Bond | Mongolia Government International Bond | Mongolia Government International Bond |
|  7.875% due 06/05/2029 | 200 | 209 |
|  Total Mongolia (Cost $199) |  | 209 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 13

------

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MOROCCO 0.4% | MOROCCO 0.4% | MOROCCO 0.4% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  OCP SA | OCP SA | OCP SA |
|  5.125% due 06/23/2051 | 500 | 380 |
|  6.700% due 03/01/2036 | 200 | 202 |
|  |  | 582 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Morocco Government International Bond | Morocco Government International Bond | Morocco Government International Bond |
|  4.000% due 12/15/2050 | 200 | 136 |
|  Total Morocco (Cost $850) |  | 718 |
| NAMIBIA 0.2% | NAMIBIA 0.2% | NAMIBIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Namibia Government International Bond | Namibia Government International Bond | Namibia Government International Bond |
|  5.250% due 10/29/2025 | 300 | 298 |
|  Total Namibia (Cost $300) |  | 298 |
|  | **SHARES** |  |
| NETHERLANDS 1.4% | NETHERLANDS 1.4% | NETHERLANDS 1.4% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Stichting Administratiekantoor «(d) | 1222 | 0 |
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** |  |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
|  Metinvest BV | Metinvest BV | Metinvest BV |
|  8.500% due 04/23/2026 | 400 | 362 |
|  Mong Duong Finance Holdings BV | Mong Duong Finance Holdings BV | Mong Duong Finance Holdings BV |
|  5.125% due 05/07/2029 | 271 | 265 |
|  NE Property BV | NE Property BV | NE Property BV |
|  1.875% due 10/09/2026 | 400 | 466 |
|  Prosus NV | Prosus NV | Prosus NV |
|  1.539% due 08/03/2028 | 200 | 226 |
|  2.031% due 08/03/2032 | 100 | 105 |
|  3.257% due 01/19/2027 | 200 | 196 |
|  3.680% due 01/21/2030 | 200 | 189 |
|  4.027% due 08/03/2050 | 200 | 134 |
|  Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) |  |  |
|  15.000% due 12/31/2044 (b) | 13 | 8 |
|  Yinson Bergenia Production BV | Yinson Bergenia Production BV | Yinson Bergenia Production BV |
|  8.498% due 01/31/2045 (a) | 400 | 405 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 | 297 | 317 |
|  Total Netherlands (Cost $2,819) |  | 2673 |
| NIGERIA 1.6% | NIGERIA 1.6% | NIGERIA 1.6% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  BOI Finance BV | BOI Finance BV | BOI Finance BV |
|  7.500% due 02/16/2027 | 600 | 721 |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Nigeria Government International Bond | Nigeria Government International Bond | Nigeria Government International Bond |
|  6.500% due 11/28/2027 | 600 | 597 |
|  7.375% due 09/28/2033 | 200 | 179 |
|  7.875% due 02/16/2032 | 600 | 570 |
|  8.250% due 09/28/2051 | 200 | 166 |
|  8.747% due 01/21/2031 | 200 | 202 |
|  9.625% due 06/09/2031 | 200 | 210 |
|  10.375% due 12/09/2034 | 300 | 316 |
|  |  | 2240 |
|  Total Nigeria (Cost $2,948) |  | 2961 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OMAN 1.1% | OMAN 1.1% | OMAN 1.1% |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Oman Government International Bond | Oman Government International Bond | Oman Government International Bond |
|  5.625% due 01/17/2028 | 600 | 614 |
|  6.000% due 08/01/2029 | 600 | 630 |
|  6.500% due 03/08/2047 | 300 | 305 |
|  7.000% due 01/25/2051 | 500 | 532 |
|  Total Oman (Cost $1,948) |  | 2081 |
| PAKISTAN 0.7% | PAKISTAN 0.7% | PAKISTAN 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Pakistan Government International Bond | Pakistan Government International Bond | Pakistan Government International Bond |
|  6.000% due 04/08/2026 | 500 | 493 |
|  6.875% due 12/05/2027 | 400 | 378 |
|  8.250% due 09/30/2025 | 200 | 200 |
|  8.875% due 04/08/2051 | 300 | 247 |
|  Total Pakistan (Cost $1,359) |  | 1318 |
| 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 | 211 |
|  Banco General SA | Banco General SA | Banco General SA |
|  5.250% due 05/07/2031 •(j)(k) | 400 | 361 |
|  |  | 572 |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
|  4.300% due 04/29/2053 | 300 | 194 |
|  4.500% due 04/01/2056 | 900 | 586 |
|  4.500% due 01/19/2063 | 300 | 194 |
|  6.853% due 03/28/2054 | 600 | 551 |
|  7.875% due 03/01/2057 | 200 | 204 |
|  |  | 1729 |
|  Total Panama (Cost $2,932) |  | 2301 |
| PARAGUAY 0.6% | PARAGUAY 0.6% | PARAGUAY 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond |
|  4.700% due 03/27/2027 | 143 | 143 |
|  6.100% due 08/11/2044 | 200 | 193 |
|  6.650% due 03/04/2055 | 200 | 200 |
|  7.900% due 02/09/2031 | 3116000 | 378 |
|  8.500% due 03/04/2035 | 1502000 | 184 |
|  Total Paraguay (Cost $1,159) |  | 1098 |
| 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 | 518 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 « | 1700 | 501 |
|  10.100% due 12/15/2043 | 1700 | 510 |
|  InRetail Consumer | InRetail Consumer | InRetail Consumer |
|  3.250% due 03/22/2028 | 500 | 475 |
|  Kallpa Generacion SA | Kallpa Generacion SA | Kallpa Generacion SA |
|  5.875% due 01/30/2032 | 200 | 205 |
|  Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC |
|  5.746% due 10/03/2034 | 300 | 297 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  4.750% due 06/19/2032 | 600 | 466 |
|  5.625% due 06/19/2047 | 700 | 443 |
|  |  | 3415 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  3.230% due 07/28/2121 | 200 | 108 |
|  3.300% due 03/11/2041 | 200 | 149 |
|  5.500% due 03/30/2036 | 300 | 300 |
|  5.875% due 08/08/2054 | 370 | 358 |
|  6.200% due 06/30/2055 | 300 | 302 |
|  6.900% due 08/12/2037 | 200 | 57 |
|  6.950% due 08/12/2031 | 561 | 172 |
|  |  | 1446 |
|  Total Peru (Cost $5,081) |  | 4861 |
| PHILIPPINES 1.5% | PHILIPPINES 1.5% | PHILIPPINES 1.5% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. |
|  8.125% due 12/02/2029 •(j) | 500 | 495 |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Philippines Government International Bond | Philippines Government International Bond | Philippines Government International Bond |
|  2.650% due 12/10/2045 | 200 | 130 |
|  2.950% due 05/05/2045 | 400 | 274 |
|  3.700% due 03/01/2041 | 1000 | 813 |
|  9.500% due 02/02/2030 | 900 | 1087 |
|  |  | 2304 |
|  Total Philippines (Cost $3,262) |  | 2799 |
| POLAND 1.4% | POLAND 1.4% | POLAND 1.4% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  6.000% due 01/30/2035 | 200 | 206 |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
|  5.750% due 07/09/2034 | 400 | 412 |
|  6.250% due 10/31/2028 | 200 | 211 |
|  6.250% due 07/09/2054 | 400 | 398 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.875% due 02/12/2030 | 200 | 204 |
|  5.375% due 02/12/2035 | 400 | 408 |
|  5.500% due 04/04/2053 | 650 | 607 |
|  5.500% due 03/18/2054 | 400 | 372 |
|  |  | 2612 |
|  Total Poland (Cost $2,824) |  | 2818 |
| QATAR 1.4% | QATAR 1.4% | QATAR 1.4% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. |
|  6.067% due 12/31/2033 | 74 | 77 |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  3.125% due 07/12/2041 | 600 | 444 |
|  3.300% due 07/12/2051 | 1400 | 946 |
|  |  | 1467 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Qatar Government International Bond | Qatar Government International Bond | Qatar Government International Bond |
|  4.400% due 04/16/2050 | 200 | 169 |
|  4.817% due 03/14/2049 | 800 | 719 |
|  5.103% due 04/23/2048 | 200 | 189 |
|  |  | 1077 |
|  Total Qatar (Cost $2,952) |  | 2544 |
| ROMANIA 1.3% | ROMANIA 1.3% | ROMANIA 1.3% |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  2.625% due 12/02/2040 | 300 | 220 |
|  2.750% due 04/14/2041 | 100 | 74 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.875% due 04/13/2042 |  | 400 | 294 |
|  5.250% due 03/10/2030 |  | 500 | 602 |
|  5.250% due 05/30/2032 |  | 100 | 116 |
|  5.625% due 05/30/2037 |  | 500 | 555 |
|  6.375% due 09/18/2033 |  | 300 | 364 |
|  7.625% due 01/17/2053 | $— | 300 | 304 |
|  Total Romania (Cost $2,670) |  |  | 2529 |
| RUSSIA 0.1% | RUSSIA 0.1% | RUSSIA 0.1% | RUSSIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Russia Government International Bond | Russia Government International Bond | Russia Government International Bond | Russia Government International Bond |
|  5.625% due 04/04/2042 | $— | 300 | 210 |
|  Total Russia (Cost $294) |  |  | 210 |
| SAUDI ARABIA 3.9% | SAUDI ARABIA 3.9% | SAUDI ARABIA 3.9% | SAUDI ARABIA 3.9% |
| CORPORATE BONDS & NOTES 1.2% | 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. | Saudi Arabian Oil Co. |
|  3.500% due 11/24/2070 | $— | 300 | 180 |
|  4.250% due 04/16/2039 |  | 1000 | 872 |
|  5.250% due 07/17/2034 |  | 400 | 405 |
|  5.875% due 07/17/2064 |  | 400 | 366 |
|  6.375% due 06/02/2055 |  | 500 | 500 |
|  |  |  | 2323 |
| SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.450% due 02/02/2061 |  | 200 | 124 |
|  3.750% due 01/21/2055 |  | 400 | 274 |
|  4.500% due 10/26/2046 (l) |  | 4000 | 3300 |
|  5.000% due 01/16/2034 (l) |  | 600 | 602 |
|  5.375% due 01/13/2031 |  | 500 | 519 |
|  5.625% due 01/13/2035 |  | 500 | 522 |
|  |  |  | 5341 |
|  Total Saudi Arabia (Cost $8,963) | Total Saudi Arabia (Cost $8,963) | Total Saudi Arabia (Cost $8,963) | 7664 |
| SENEGAL 0.5% | SENEGAL 0.5% | SENEGAL 0.5% | SENEGAL 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Senegal Government International Bond | Senegal Government International Bond | Senegal Government International Bond | Senegal Government International Bond |
|  4.750% due 03/13/2028 |  | 100 | 93 |
|  5.375% due 06/08/2037 |  | 200 | 147 |
|  6.250% due 05/23/2033 | $— | 300 | 198 |
|  7.750% due 06/10/2031 |  | 800 | 588 |
|  Total Senegal (Cost $1,419) |  |  | 1026 |
| SERBIA 0.5% | SERBIA 0.5% | SERBIA 0.5% | SERBIA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  1.650% due 03/03/2033 |  | 500 | 484 |
|  6.000% due 06/12/2034 | $— | 400 | 404 |
|  Total Serbia (Cost $988) |  |  | 888 |
| SINGAPORE 0.2% | SINGAPORE 0.2% | SINGAPORE 0.2% | SINGAPORE 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 06/15/2029 | $— | 100 | 101 |
|  Yinson Production Financial Services Pte. Ltd. | 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 | 208 |
|  Total Singapore (Cost $300) |  |  | 309 |
| SLOVENIA 0.4% | SLOVENIA 0.4% | SLOVENIA 0.4% | SLOVENIA 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Slovenia Government International Bond | Slovenia Government International Bond | Slovenia Government International Bond | Slovenia Government International Bond |
|  5.000% due 09/19/2033 | $— | 700 | 710 |
|  Total Slovenia (Cost $695) |  |  | 710 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOUTH AFRICA 2.4% | SOUTH AFRICA 2.4% | SOUTH AFRICA 2.4% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. |
|  8.450% due 08/10/2028 | 500 | 527 |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  8.750% due 05/03/2029 | 500 | 495 |
|  |  | 1022 |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  4.850% due 09/30/2029 | 400 | 386 |
|  5.000% due 10/12/2046 | 300 | 210 |
|  5.750% due 09/30/2049 | 600 | 452 |
|  5.875% due 04/20/2032 | 200 | 196 |
|  7.100% due 11/19/2036 | 300 | 298 |
|  7.300% due 04/20/2052 | 300 | 271 |
|  7.950% due 11/19/2054 | 300 | 287 |
|  8.500% due 01/31/2037 | 3900 | 192 |
|  8.875% due 02/28/2035 | 25300 | 1334 |
|  |  | 3626 |
|  Total South Africa (Cost $4,874) |  | 4648 |
| SOUTH KOREA 0.7% | SOUTH KOREA 0.7% | SOUTH KOREA 0.7% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  LG Chem Ltd. | LG Chem Ltd. | LG Chem Ltd. |
|  1.375% due 07/07/2026 (l) | 400 | 387 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  6.500% due 01/17/2033 | 600 | 649 |
|  |  | 1036 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  4.875% due 04/03/2029 | 400 | 407 |
|  Total South Korea (Cost $1,433) |  | 1443 |
| SRI LANKA 0.6% | SRI LANKA 0.6% | SRI LANKA 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Sri Lanka Government International Bond | Sri Lanka Government International Bond | Sri Lanka Government International Bond |
|  3.100% due 01/15/2030 | 259 | 231 |
|  3.350% due 03/15/2033 | 308 | 249 |
|  3.600% due 06/15/2035 | 43 | 30 |
|  3.600% due 05/15/2036 | 238 | 194 |
|  3.600% due 02/15/2038 | 276 | 225 |
|  4.000% due 04/15/2028 | 248 | 234 |
|  Total Sri Lanka (Cost $1,044) | Total Sri Lanka (Cost $1,044) | 1163 |
| SUPRANATIONAL 0.3% | SUPRANATIONAL 0.3% | SUPRANATIONAL 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  African Export-Import Bank | African Export-Import Bank | African Export-Import Bank |
|  2.634% due 05/17/2026 | 600 | 585 |
|  Total Supranational (Cost $600) | Total Supranational (Cost $600) | 585 |
| SWITZERLAND 0.1% | SWITZERLAND 0.1% | SWITZERLAND 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  6.373% due 07/15/2026 •(l) | 250 | 250 |
|  Total Switzerland (Cost $250) | Total Switzerland (Cost $250) | 250 |
| 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% |
|  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 | 182 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Trinidad Generation UnLtd. | Trinidad Generation UnLtd. | Trinidad Generation UnLtd. |
|  7.750% due 06/16/2033 | 200 | 207 |
|  |  | 389 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Trinidad & Tobago Government International Bond | Trinidad & Tobago Government International Bond | Trinidad & Tobago Government International Bond |
|  5.950% due 01/14/2031 | 300 | 301 |
|  Total Trinidad and Tobago (Cost $678) | Total Trinidad and Tobago (Cost $678) | 690 |
| TURKEY 6.1% | TURKEY 6.1% | TURKEY 6.1% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS |
|  7.450% due 01/24/2030 | 400 | 408 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 | 352 | 341 |
|  |  | 749 |
| 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 |
|  5.931% (EUR006M + 3.450%) due 08/11/2026 ~ | 1000 | 1176 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.001% (EUR003M + 3.000%) due 12/15/2028 «~ | 1000 | 1182 |
|  |  | 2358 |
| SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% |
|  Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS |
|  6.750% due 09/01/2030 (a) | 400 | 400 |
|  Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond |
|  4.875% due 04/16/2043 | 700 | 494 |
|  5.750% due 05/11/2047 | 1400 | 1053 |
|  5.875% due 06/26/2031 | 500 | 477 |
|  6.000% due 01/14/2041 | 600 | 496 |
|  6.500% due 01/03/2035 | 200 | 189 |
|  6.875% due 03/17/2036 | 1200 | 1163 |
|  7.125% due 02/12/2032 | 500 | 501 |
|  7.125% due 07/17/2032 | 200 | 201 |
|  7.625% due 05/15/2034 | 1000 | 1026 |
|  9.125% due 07/13/2030 | 700 | 777 |
|  46.872% due 06/16/2027 ~ | 19400 | 485 |
|  49.053% due 05/20/2026 ~ | 1400 | 35 |
|  49.053% due 08/19/2026 ~ | 3300 | 83 |
|  49.053% due 05/17/2028 ~ | 32200 | 785 |
|  Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS |
|  6.875% due 07/03/2028 | 200 | 200 |
|  7.500% due 02/06/2028 | 400 | 409 |
|  |  | 8774 |
|  Total Turkey (Cost $12,463) | Total Turkey (Cost $12,463) | 11881 |
| 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 International Bond | Republic of Uganda Government International Bond | Republic of Uganda Government International Bond |
|  14.375% due 02/03/2033 | 342000 | 86 |
|  15.000% due 06/18/2043 | 662800 | 159 |
|  15.800% due 06/23/2039 | 42000 | 11 |
|  Total Uganda (Cost $244) | Total Uganda (Cost $244) | 256 |
| UKRAINE 0.9% | UKRAINE 0.9% | UKRAINE 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond |
|  0.000% due 02/01/2030 (h) | 118 | 57 |
|  0.000% due 02/01/2034 (h) | 440 | 171 |
|  0.000% due 02/01/2035 (h) | 371 | 176 |
|  0.000% due 02/01/2036 (h) | 153 | 72 |
|  0.000% due 08/01/2041 | 120 | 87 |
|  1.750% due 02/01/2029 | 200 | 124 |
|  1.750% due 02/01/2034 | 1038 | 540 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.750% due 02/01/2035 | $— | 601 | 308 |
|  1.750% due 02/01/2036 |  | 337 | 168 |
|  Total Ukraine (Cost $1,592) | Total Ukraine (Cost $1,592) | Total Ukraine (Cost $1,592) | 1703 |
| UNITED ARAB EMIRATES 2.4% | UNITED ARAB EMIRATES 2.4% | UNITED ARAB EMIRATES 2.4% | UNITED ARAB EMIRATES 2.4% |
| CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% |
|  Abu Dhabi Developmental Holding Co. PJSC | 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 | 372 |
|  5.375% due 05/08/2029 |  | 200 | 206 |
|  5.500% due 05/08/2034 |  | 200 | 208 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  5.125% due 09/11/2054 |  | 1000 | 914 |
|  DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. |
|  3.750% due 02/15/2026 |  | 200 | 199 |
|  DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
|  6.850% due 07/02/2037 |  | 400 | 436 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
|  5.084% due 05/22/2053 |  | 200 | 183 |
|  NBK SPC Ltd. | NBK SPC Ltd. | NBK SPC Ltd. | NBK SPC Ltd. |
|  1.625% due 09/15/2027 •  |  | 700 | 674 |
|  |  |  | 3192 |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond |
|  3.125% due 09/30/2049 |  | 1200 | 820 |
|  3.875% due 04/16/2050 |  | 200 | 156 |
|  5.500% due 04/30/2054 |  | 400 | 399 |
|  Finance Department Government of Sharjah | Finance Department Government of Sharjah | Finance Department Government of Sharjah | Finance Department Government of Sharjah |
|  4.375% due 03/10/2051 |  | 400 | 271 |
|  |  |  | 1646 |
|  Total United Arab Emirates (Cost $5,110) | Total United Arab Emirates (Cost $5,110) | Total United Arab Emirates (Cost $5,110) | 4838 |
| UNITED KINGDOM 2.3% | UNITED KINGDOM 2.3% | UNITED KINGDOM 2.3% | UNITED KINGDOM 2.3% |
| CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  6.250% due 05/02/2034 | $— | 300 | 315 |
|  Azule Energy Finance PLC | Azule Energy Finance PLC | Azule Energy Finance PLC | Azule Energy Finance PLC |
|  8.125% due 01/23/2030 |  | 300 | 297 |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  3.250% due 02/12/2027 |  | 100 | 135 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.041% due 03/13/2028 •  | $— | 200 | 198 |
|  5.210% due 08/11/2028 •  |  | 200 | 203 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.716% due 08/11/2026 •  |  | 200 | 200 |
|  NAK Naftogaz Ukraine via Kondor Finance PLC | 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 | 117 |
|  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 (f) | $— | 2800 | 1993 |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  0.000% due 11/03/2025 «(f) |  | 55500 | 174 |
|  0.000% due 12/01/2025 «(f) |  | 63300 | 197 |
|  Vedanta Resources Finance PLC | Vedanta Resources Finance PLC | Vedanta Resources Finance PLC | Vedanta Resources Finance PLC |
|  9.475% due 07/24/2030 | $— | 200 | 198 |
|  |  |  | 4027 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% |
|  Canada Square Funding PLC | Canada Square Funding PLC | Canada Square Funding PLC | Canada Square Funding PLC |
|  5.161% due 01/17/2059 •  |  | 142 | 196 |
|  Rochester Financing PLC | Rochester Financing PLC | Rochester Financing PLC | Rochester Financing PLC |
|  4.939% due 12/18/2044 •  |  | 117 | 160 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  4.960% due 12/20/2063 •  |  | 64 | 88 |
|  |  |  | 444 |
|  Total United Kingdom (Cost $4,170) | Total United Kingdom (Cost $4,170) | Total United Kingdom (Cost $4,170) | 4471 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UNITED STATES 7.0% | UNITED STATES 7.0% | UNITED STATES 7.0% |
| ASSET-BACKED SECURITIES 1.5% | ASSET-BACKED SECURITIES 1.5% | ASSET-BACKED SECURITIES 1.5% |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.914% due 02/25/2037 •  | 221 | 215 |
|  5.559% due 11/25/2035 •  | 262 | 259 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  3.114% due 01/25/2037 þ | 547 | 151 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  5.199% due 01/25/2035 •  | 69 | 70 |
|  5.229% due 03/25/2034 •  | 268 | 283 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.214% due 09/25/2035 •  | 500 | 456 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  5.334% due 10/25/2037 •  | 108 | 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 |
|  5.074% due 03/25/2037 •  | 1500 | 1408 |
|  |  | 2925 |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Credit Suisse AG AT1 Claim | 200 | 24 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 200 | 193 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 278 | 290 |
|  9.750% due 01/06/2027 | 250 | 259 |
|  Rutas 2 & 7 Finance Ltd. | Rutas 2 & 7 Finance Ltd. | Rutas 2 & 7 Finance Ltd. |
|  0.000% due 09/30/2036 (f) | 537 | 389 |
|  |  | 1155 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.056% due 02/25/2036 ~ | 1 | 1 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.155% due 05/26/2037 ~ | 477 | 427 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.250% due 05/25/2047 ~ | 5 | 4 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.666% due 01/15/2051 ~ | 1000 | 979 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.783% due 09/25/2037 ~ | 10 | 9 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  5.084% due 10/25/2036 •  | 64 | 49 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.784% due 05/25/2036 •  | 112 | 43 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.729% due 01/25/2036 ~ | 1 | 1 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.500% due 11/25/2037 ~ | 53 | 44 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.794% due 02/25/2037 •  | 127 | 120 |
|  5.074% due 07/25/2045 •  | 71 | 56 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.814% due 09/25/2046 •  | 90 | 81 |
|  4.934% due 08/25/2037 •  | 112 | 110 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.075% due 06/25/2036 ~ | 1 | 1 |
|  SG Residential Mortgage Trust | SG Residential Mortgage Trust | SG Residential Mortgage Trust |
|  5.353% due 08/25/2062 | 858 | 857 |
|  SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust |
|  4.979% due 10/25/2037 ~ | 31 | 27 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.257% due 02/25/2037 ~ | 10 | 9 |
|  4.585% due 03/25/2036 ~ | 85 | 77 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.149% due 02/25/2047 •  | 112 | 103 |
|  |  | 2998 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 1.7% | U.S. GOVERNMENT AGENCIES 1.7% | U.S. GOVERNMENT AGENCIES 1.7% |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.000% due 07/01/2048 | 23 | 21 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.500% due 08/01/2055 | 350 | 315 |
|  4.000% due 08/01/2055 | 500 | 465 |
|  4.500% due 08/01/2055 | 750 | 717 |
|  5.000% due 08/01/2055 | 800 | 784 |
|  5.500% due 08/01/2055 | 950 | 949 |
|  |  | 3251 |
| U.S. TREASURY OBLIGATIONS 1.7% | U.S. TREASURY OBLIGATIONS 1.7% | U.S. TREASURY OBLIGATIONS 1.7% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.250% due 05/15/2042 (o) | 100 | 83 |
|  4.625% due 05/15/2054 (o) | 50 | 48 |
|  4.750% due 11/15/2043 (l)(o) | 2700 | 2698 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.375% due 11/30/2030 (o) | 400 | 411 |
|  |  | 3240 |
|  Total United States (Cost $13,662) | Total United States (Cost $13,662) | 13569 |
| URUGUAY 0.2% | URUGUAY 0.2% | URUGUAY 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond |
|  5.100% due 06/18/2050 | 300 | 278 |
|  5.442% due 02/14/2037 | 200 | 205 |
|  Total Uruguay (Cost $481) | Total Uruguay (Cost $481) | 483 |
| UZBEKISTAN 0.6% | UZBEKISTAN 0.6% | UZBEKISTAN 0.6% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |
|  8.950% due 07/24/2029 | 200 | 211 |
|  21.000% due 07/24/2027 | 2980000 | 238 |
|  |  | 449 |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond |
|  3.900% due 10/19/2031 | 400 | 353 |
|  Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC |
|  4.750% due 11/16/2028 | 400 | 367 |
|  |  | 720 |
|  Total Uzbekistan (Cost $1,118) | Total Uzbekistan (Cost $1,118) | 1169 |
| VENEZUELA 0.5% | VENEZUELA 0.5% | VENEZUELA 0.5% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(c) | 150 | 19 |
|  5.500% due 04/12/2037 ^(c) | 3250 | 409 |
|  6.000% due 11/15/2026 ^(c) | 1200 | 153 |
|  |  | 581 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Venezuela Government International Bond | Venezuela Government International Bond | Venezuela Government International Bond |
|  7.650% due 04/21/2035 ^(c) | 100 | 16 |
|  9.250% due 09/15/2027 ^(c) | 1190 | 243 |
|  9.250% due 05/07/2028 ^(c) | 180 | 32 |
|  9.375% due 01/13/2034 ^(c) | 40 | 9 |
|  11.950% due 08/05/2031 ^(c) | 560 | 104 |
|  |  | 404 |
|  Total Venezuela (Cost $2,900) | Total Venezuela (Cost $2,900) | 985 |

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16 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| VIRGIN ISLANDS (BRITISH) 0.2% | VIRGIN ISLANDS (BRITISH) 0.2% | VIRGIN ISLANDS (BRITISH) 0.2% | VIRGIN ISLANDS (BRITISH) 0.2% | VIRGIN ISLANDS (BRITISH) 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Gerdau Trade, Inc. | Gerdau Trade, Inc. | Gerdau Trade, Inc. | Gerdau Trade, Inc. | Gerdau Trade, Inc. |
|  5.750% due 06/09/2035 | $— | 300 | $— | 301 |
|  Total Virgin Islands (British) (Cost $300) | Total Virgin Islands (British) (Cost $300) | Total Virgin Islands (British) (Cost $300) |  | 301 |
| 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% |
| NIGERIA TREASURY BILLS 1.5% | NIGERIA TREASURY BILLS 1.5% | NIGERIA TREASURY BILLS 1.5% | NIGERIA TREASURY BILLS 1.5% | NIGERIA TREASURY BILLS 1.5% |
|  28.863% due 08/19/2025 - 06/29/2026 (e)(f) |  | 5141985 |  | 2956 |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  4.306% due 10/21/2025 (f)(g)(o) | $— | 449 |  | 443 |
| Total Short-Term Instruments (Cost $3,320) | Total Short-Term Instruments (Cost $3,320) | Total Short-Term Instruments (Cost $3,320) |  | 3399 |
| Total Investments in Securities (Cost $209,922) | Total Investments in Securities (Cost $209,922) | Total Investments in Securities (Cost $209,922) |  | 200764 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 10423 | $— | 101 |
| Total Short-Term Instruments<br>(Cost $101) | Total Short-Term Instruments<br>(Cost $101) |  | 101 |
| Total Investments in Affiliates<br>(Cost $101) | Total Investments in Affiliates<br>(Cost $101) |  | 101 |
| Total Investments 103.4%<br>(Cost $210,023) | Total Investments 103.4%<br>(Cost $210,023) | $— | 200865 |
|  Financial Derivative Instruments (m)(n) (0.9)%<br> (Cost or Premiums, net $(49)) |  |  | (1666) |
| Other Assets and Liabilities, net (2.5)% | Other Assets and Liabilities, net (2.5)% |  | (4855) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 194344 |

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

#### 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).

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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) When-issued security.

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

(d) Security did not produce income within the last twelve months.

(e) Coupon represents a weighted average yield to maturity.

(f) Zero coupon security.

(g) Coupon represents a yield to maturity.

(h) Security becomes interest bearing at a future date.

(i) Principal amount of security is adjusted for inflation.

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

(k) 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 | 4.550% | 05/30/2025 | TBD<sup>(2)</sup> | $(361) | $(362) |
|  | 4.580 | 04/24/2025 | TBD<sup>(2)</sup> | (559) | (559) |
|  BRC | 4.550 | 12/20/2024 | TBD<sup>(2)</sup> | (2207) | (2261) |
|  JPS | 4.550 | 06/30/2025 | 07/01/2025 | (900) | (900) |
|  MYI | 4.100 | 12/20/2024 | TBD<sup>(2)</sup> | (1003) | (1025) |
|  | 4.200 | 12/20/2024 | TBD<sup>(2)</sup> | (144) | (147) |
|  NOM | 4.320 | 06/26/2025 | TBD<sup>(2)</sup> | (615) | (615) |
|  | 4.550 | 12/20/2024 | TBD<sup>(2)</sup> | (243) | (249) |
|  SCX | 4.250 | 02/14/2025 | TBD<sup>(2)</sup> | (1363) | (1386) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $(7504) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 17

------

Schedule of Investments PIMCO Emerging Markets 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 June 30, 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 | $(921) | $0 | $(921) | $989 | $68 |
|  BRC | 0 | (2261) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
|  JPS | 0 | (900) | 0 | (900) | 899 | (1) |
|  MYI | 0 | (1172) | 0 | (1172) | 1159 | (13) |
|  NOM | 0 | (864) | 0 | (864) | 950 | 86 |
|  SCX | 0 | (1386) | 0 | (1386) | 1633 | 247 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7504) | $&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 |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(611) | $(611) |
|  Sovereign Issues | 0 | 0 | 0 | (5993) | (5993) |
|  U.S. Treasury Obligations | (900) | 0 | 0 | 0 | (900) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900) | $&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;(6604) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7504) |
|  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  | $(7504) |

---

(l) Securities with an aggregate market value of $8,023 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(8332) at a weighted average interest rate of 4.408%. 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;(m) 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 |
|  Euro-BTP September Futures  | 09/2025 | 2 | $285 | $1 | $0 | $(1) |
|  Euro-Bund September Futures  | 09/2025 | 23 | 3526 | (27) | 1 | (9) |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 28 | 5825 | 21 | 2 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 148 | 16132 | 174 | 20 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31731 | 617 | 88 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 12 | 1430 | 41 | 16 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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-Oat September Futures  | 09/2025 | 25 | $(3647) | $23 | $8 | $(2) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

18 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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 | $(60) | $(3) | $0 | $(2) |
|  CDX.EM-39 5-Year Index | (1.000) | Quarterly | 06/20/2028 | 900 | 56 | (56) | 0 | 0 | (2) |
|  CDX.EM-42 5-Year Index | (1.000) | Quarterly | 12/20/2029 | 1900 | 44 | (16) | 28 | 0 | (3) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### 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-43 5-Year Index | 1.000% | Quarterly | 06/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&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;(2) | $&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 USD-SOFR Compounded-OIS | 1.500% | Semi-Annual | 06/21/2027 | $5700 | $212 | $(461) | $(249) | $2 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 400 | 2 | (31) | (29) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 1500 | (44) | 64 | 20 | 2 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 10709 | (13) | (99) | (112) | 0 | (16) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 3625 | (17) | 55 | 38 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 2920 | (94) | 63 | (31) | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 3300 | (174) | 101 | (73) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 8200 | 230 | (213) | 17 | 0 | (16) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/15/2031 | 200 | 3 | (27) | (24) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.730 | Annual | 08/03/2033 | 200 | (1) | 1 | 0 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 08/07/2033 | 200 | (1) | 1 | 0 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.165 | Annual | 09/27/2033 | 400 | (2) | 17 | 15 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/02/2033 | 300 | (1) | 12 | 11 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.170 | Annual | 10/03/2033 | 400 | (1) | 16 | 15 | 1 | 0 |
|  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) | 13 | 12 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 300 | (1) | 12 | 11 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 | 200 | (1) | 9 | 8 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 | 200 | (1) | 10 | 9 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 | 100 | 0 | 5 | 5 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 680 | (37) | 28 | (9) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2034 | 2900 | (123) | (12) | (135) | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 1500 | 8 | (20) | (12) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 700 | (11) | 9 | (2) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 800 | 58 | (27) | 31 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2036 | 400 | (1) | 0 | (1) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2039 | 100 | 6 | (5) | 1 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2039 | 500 | (2) | 11 | 9 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 | 100 | (1) | (1) | (2) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 | 200 | (1) | (2) | (3) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 1300 | (10) | 113 | 103 | 0 | (10) |
|  Receive | 1-Year BRL-CDI | 11.253 | Maturity | 01/04/2027 | 6400 | 0 | 46 | 46 | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 11.550 | Maturity | 01/04/2027 | 400 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.570 | Maturity | 01/04/2027 | 5700 | 0 | (34) | (34) | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 13.055 | Maturity | 01/04/2027 | 2200 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.818 | Annual | 06/26/2029 | 1100 | 33 | (1) | 32 | 0 | (1) |
|  Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 | 5400 | 8 | 25 | 33 | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.075 | Annual | 04/11/2030 | 5400 | 0 | 13 | 13 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.511 | Semi-Annual | 11/13/2033 | 623400 | 0 | (26) | (26) | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 4.855 | Semi-Annual | 12/18/2033 | 600000 | 0 | (5) | (5) | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.250 | Annual | 04/18/2029 | 12400 | 15 | 0 | 15 | 0 | (2) |
|  Pay | 6-Month CZK-PRIBOR | 3.530 | Annual | 07/15/2029 | 56100 | 0 | 38 | 38 | 0 | (7) |
|  Pay | 6-Month CZK-PRIBOR | 3.080 | Annual | 10/03/2029 | 34000 | 0 | (11) | (11) | 0 | (5) |
|  Receive | 6-Month CZK-PRIBOR | 3.325 | Annual | 05/09/2030 | 51000 | 0 | 34 | 34 | 8 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.363 | Annual | 05/29/2030 | 40900 | 19 | 4 | 23 | 6 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 | 300 | (1) | 22 | 21 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 | 6-Month EUR-EURIBOR | 3.450% | Annual | 10/20/2028 |  | $300 | $(1) | $23 | $22 | $0 | $0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 800 | (1) | 0 | (1) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 |  | 300 | (1) | 29 | 28 | 0 | (1) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 1380 | 41 | 12 | 53 | 3 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 2240 | 185 | 89 | 274 | 8 | 0 |
|  Pay | 6-Month HUF-BBR | 5.955 | Annual | 05/08/2030 |  | 912000 | 0 | (19) | (19) | 5 | 0 |
|  |  |  |  |  |  |  | $278 | $(119) | $159 | $61 | $(93) |
|  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;431 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) |

---

#### 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 June 30, 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 | 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;135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $&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;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) |

---

Cash of $2,309 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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;(n) 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 | 07/2025 | $240 | 369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $0 |
|  | 07/2025 | 28 | 46 | 0 | 0 |
|  | 08/2025 | 369 | $240 | 0 | (3) |
|  | 08/2025 | 1178 | 165 | 0 | 0 |
|  | 08/2025 | 46 | 28 | 0 | 0 |
|  BOA | 07/2025 | 10114 | 169 | 1 | 0 |
|  | 07/2025 | 12920 | 14691 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(528) |
|  | 07/2025 | 4007422 | 246 | 0 | (1) |
|  | 07/2025 | 1700 | 468 | 0 | (12) |
|  | 07/2025 | $85 | 115614 | 1 | 0 |
|  | 08/2025 | 31 | $1 | 0 | 0 |
|  | 08/2025 | $223 | 1593 | 1 | 0 |
|  | 10/2025 | 55 | 204 | 2 | 0 |
|  | 02/2026 | 12625 | $264 | 0 | 0 |
|  BPS | 07/2025 | 5132 | 121 | 0 | (7) |
|  | 07/2025 | 4120 | 127 | 0 | (15) |
|  | 07/2025 | $24 | 392670 | 0 | 0 |
|  | 07/2025 | 45 | 1491 | 1 | 0 |
|  | 08/2025 | 1043 | $146 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 08/2025 | 293 | $13 | $0 | $(1) |
|  | 08/2025 | 4033 | 97 | 0 | (1) |
|  | 08/2025 | 3360 | 103 | 0 | (14) |
|  | 08/2025 | $222 | 1586 | 0 | 0 |
|  | 10/2025 | 28100 | $4692 | 0 | (362) |
|  | 05/2026 | $184 | 56 | 0 | (1) |
|  | 06/2026 | 272 | 83 | 0 | 0 |
|  | 06/2027 | 70 | 21 | 0 | (1) |
|  | 05/2029 | 280 | $964 | 42 | 0 |
|  | 07/2029 | 62 | 214 | 9 | 0 |
|  | 05/2030 | 170 | 585 | 23 | 0 |
|  BRC | 07/2025 | 1195 | 1368 | 0 | (39) |
|  | 07/2025 | 944 | 271 | 0 | (9) |
|  | 07/2025 | 63376 | 1563 | 0 | (22) |
|  | 07/2025 | $442 | 325 | 4 | 0 |
|  | 07/2025 | 134 | 454 | 0 | 0 |
|  | 07/2025 | 2 | 267 | 0 | 0 |
|  | 07/2025 | 12 | 45 | 0 | 0 |
|  | 07/2025 | 787 | 34521 | 73 | 0 |
|  | 07/2025 | 20366 | $1127 | 0 | (22) |
|  | 08/2025 | 2893 | 130 | 0 | (8) |
|  | 08/2025 | 325 | 442 | 0 | (4) |
|  | 08/2025 | $92 | 3843 | 1 | 0 |
|  | 09/2025 | 9 | 33 | 0 | 0 |
|  | 02/2026 | 264 | 12638 | 0 | 0 |
|  BSH | 07/2025 | 476 | 1699 | 4 | 0 |
|  | 09/2025 | 1703 | $476 | 0 | (4) |
|  | 09/2025 | $6 | 21 | 0 | 0 |
|  | 11/2025 | 109 | 401 | 4 | 0 |
|  CBK | 07/2025 | 9876 | $1810 | 0 | (8) |
|  | 07/2025 | 264913 | 193 | 0 | (3) |
|  | 07/2025 | 953 | 262 | 0 | (7) |
|  | 07/2025 | 7548 | 232 | 0 | (28) |
|  | 07/2025 | $1701 | 9876 | 116 | 0 |
|  | 07/2025 | 103 | 88 | 1 | 0 |
|  | 07/2025 | 44 | 710721 | 0 | 0 |
|  | 07/2025 | 58 | 79277 | 1 | 0 |
|  | 07/2025 | 4 | 16 | 0 | 0 |
|  | 07/2025 | 65 | 2177 | 2 | 0 |
|  | 07/2025 | 420 | 12477 | 10 | 0 |
|  | 08/2025 | 523 | $6 | 0 | 0 |
|  | 08/2025 | 7576 | 232 | 0 | (31) |
|  | 08/2025 | $163 | 1180 | 3 | 0 |
|  | 08/2025 | 27 | 2360 | 0 | 0 |
|  | 08/2025 | 13 | 48 | 0 | 0 |
|  | 09/2025 | 1 | 466 | 0 | 0 |
|  | 09/2025 | 109 | 402 | 5 | 0 |
|  | 12/2025 | 438 | 24993 | 33 | 0 |
|  DUB | 07/2025 | 458 | $132 | 0 | (4) |
|  | 07/2025 | 11616 | 88 | 0 | (2) |
|  | 07/2025 | $16211 | 13974 | 249 | 0 |
|  | 07/2025 | 251 | 131721 | 0 | 0 |
|  | 08/2025 | 13944 | $16211 | 0 | (249) |
|  | 08/2025 | 260 | 3 | 0 | 0 |
|  | 09/2025 | $7 | 3775 | 0 | 0 |
|  | 09/2025 | 7 | 142 | 0 | 0 |
|  | 10/2025 | 1404 | $25 | 0 | (2) |
|  | 11/2025 | 20332 | 69 | 0 | (2) |
|  | 12/2025 | 253318 | 68 | 0 | (1) |
|  | 12/2025 | $206 | 11225 | 6 | 0 |
|  | 12/2025 | 57 | 30456 | 0 | (1) |
|  FAR | 07/2025 | 369 | $238 | 0 | (5) |
|  | 07/2025 | 16704 | 2922 | 0 | (153) |
|  | 07/2025 | 92 | 111 | 0 | (4) |
|  | 07/2025 | 84209 | 579 | 0 | (6) |
|  | 07/2025 | 77 | 21 | 0 | 0 |
|  | 07/2025 | $3050 | 16704 | 24 | 0 |
|  | 07/2025 | 115 | 92 | 1 | 0 |
|  | 07/2025 | 1028 | 147452 | 0 | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  | 08/2025 | 91 | $115 | $0 | $(1) |
|  | 08/2025 | 1101 | 154 | 0 | (1) |
|  | 08/2025 | $579 | 83899 | 6 | 0 |
|  | 09/2025 | 4971 | $886 | 0 | (15) |
|  | 09/2025 | 118772 | 6100 | 0 | (179) |
|  | 09/2025 | $0 | 1 | 0 | 0 |
|  GLM | 07/2025 | 65815 | $1111 | 14 | 0 |
|  | 07/2025 | 1061 | 33 | 0 | (4) |
|  | 07/2025 | $10 | 168262 | 0 | 0 |
|  | 07/2025 | 74 | 315 | 0 | 0 |
|  | 08/2025 | 775 | $13 | 0 | 0 |
|  | 08/2025 | 44217 | 122 | 0 | (8) |
|  | 09/2025 | 36300 | 573 | 2 | (25) |
|  | 09/2025 | $1076 | 69430 | 66 | 0 |
|  | 09/2025 | 6 | 311 | 0 | 0 |
|  | 09/2025 | 1 | 523 | 0 | 0 |
|  | 10/2025 | 35500 | $5827 | 0 | (558) |
|  | 11/2025 | 7125 | 118 | 3 | 0 |
|  JPM | 07/2025 | 1944 | 356 | 0 | (2) |
|  | 07/2025 | 22060 | 16 | 0 | 0 |
|  | 07/2025 | 46 | 28 | 0 | (1) |
|  | 07/2025 | 443 | 8 | 0 | 0 |
|  | 07/2025 | 139 | 38 | 0 | (1) |
|  | 07/2025 | 27 | 21 | 0 | 0 |
|  | 07/2025 | 929 | 23 | 0 | 0 |
|  | 07/2025 | 4171 | 128 | 0 | (15) |
|  | 07/2025 | $332 | 1944 | 26 | 0 |
|  | 07/2025 | 129 | 484 | 5 | 0 |
|  | 07/2025 | 58 | 1736 | 1 | 0 |
|  | 07/2025 | 5775 | $323 | 0 | (3) |
|  | 08/2025 | 1115 | 156 | 0 | 0 |
|  | 08/2025 | 4912 | 151 | 0 | (20) |
|  | 08/2025 | $222 | 1583 | 1 | 0 |
|  | 08/2025 | 103 | 88 | 1 | 0 |
|  | 11/2025 | 39664 | $134 | 0 | (3) |
|  MBC | 07/2025 | 274 | 199 | 0 | (2) |
|  | 07/2025 | 409 | 7 | 0 | 0 |
|  | 07/2025 | 64 | 50 | 0 | 0 |
|  | 07/2025 | 1950 | 60 | 0 | (7) |
|  | 07/2025 | $199 | 274 | 2 | 0 |
|  | 07/2025 | 161 | 141 | 5 | 0 |
|  | 07/2025 | 45 | 6468 | 0 | 0 |
|  | 07/2025 | 92 | 346 | 4 | 0 |
|  | 07/2025 | 51 | 67 | 1 | 0 |
|  | 07/2025 | 49 | 1620 | 1 | 0 |
|  | 08/2025 | 274 | $199 | 0 | (2) |
|  | 08/2025 | 66 | 51 | 0 | (1) |
|  | 08/2025 | 1862 | 57 | 0 | (8) |
|  | 08/2025 | $122 | 882 | 2 | 0 |
|  | 08/2025 | 21 | 1155 | 2 | 0 |
|  MYI | 07/2025 | 28318 | $194 | 0 | (2) |
|  | 07/2025 | 0 | 0 | 0 | 0 |
|  | 07/2025 | $23 | 3331 | 0 | 0 |
|  | 08/2025 | 1122 | $157 | 0 | (1) |
|  | 08/2025 | $194 | 28213 | 2 | 0 |
|  | 10/2026 | 257 | 460 | 1 | 0 |
|  | 10/2027 | 515 | 947 | 0 | (3) |
|  NGF | 07/2025 | 124 | 2013914 | 1 | 0 |
|  SCX | 07/2025 | 7 | $2 | 0 | 0 |
|  | 07/2025 | 316 | 2 | 0 | 0 |
|  | 07/2025 | $48 | 782543 | 0 | 0 |
|  | 07/2025 | 10 | 13 | 0 | 0 |
|  | 07/2025 | 510 | 15091 | 10 | 0 |
|  | 08/2025 | 1933 | $271 | 0 | 0 |
|  | 08/2025 | 130 | 2 | 0 | 0 |
|  | 08/2025 | 13 | 10 | 0 | 0 |
|  | 08/2025 | 1114 | 34 | 0 | (5) |
|  | 08/2025 | $121 | 876 | 2 | 0 |
|  | 08/2025 | 2 | 314 | 0 | 0 |
|  | 10/2025 | 134 | 234485 | 14 | 0 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 12/2025 | 253325 | $68 | $0 | $(1) |
|  SOG | 07/2025 | 46738 | 324 | 0 | (1) |
|  | 07/2025 | $286 | 14665 | 7 | 0 |
|  | 08/2025 | 2087 | $6 | 0 | 0 |
|  | 08/2025 | $170 | 8833 | 5 | 0 |
|  | 08/2025 | 324 | 46566 | 1 | 0 |
|  SSB | 07/2025 | 325 | $440 | 0 | (6) |
|  | 12/2025 | 2932 | 793 | 0 | (31) |
|  UAG | 07/2025 | 69 | 19 | 0 | (1) |
|  | 07/2025 | 2 | 0 | 0 | 0 |
|  | 07/2025 | $15 | 2173 | 0 | 0 |
|  | 08/2025 | 161 | 1167 | 3 | 0 |
|  | 08/2025 | 66 | 2917 | 5 | 0 |
|  | 11/2025 | 75 | 3525 | 4 | 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;817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2471) |

---

#### PURCHASED OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
|  GST | Put - OTC CDX.IG-44 5-Year Index | Buy | 0.700% | 10/15/2025 | 26500 | $50 | $26 |
|  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;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850% | 10/15/2025 | 42600 | $(51) | $(24) |

---

#### 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) | $(37) |
|  | Call - OTC USD versus TRY |  | 56.500 | 01/12/2026 | 1546 | (62) | (48) |
|  | Call - OTC USD versus TRY |  | 56.750 | 02/03/2026 | 1935 | (69) | (70) |
| GLM | Call - OTC USD versus TRY |  | 42.960 | 09/04/2025 | 477 | (16) | (10) |
| UAG | Put - OTC USD versus TRY |  | 39.750 | 08/11/2025 | 413 | (13) | (1) |
|  | Call - OTC USD versus TRY |  | 51.750 | 08/11/2025 | 413 | (9) | (2) |
|  | Put - OTC USD versus TRY |  | 41.600 | 11/12/2025 | 440 | (17) | (2) |
|  | Call - OTC USD versus TRY |  | 56.900 | 11/12/2025 | 440 | (12) | (8) |
|  |  |  |  |  |  | $(287) | $(178) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) |

---

#### 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>June 30, 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>June 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Oman Government International Bond | (1.000)% | Quarterly | 12/20/2027 | 0.531% | $100 | $3 | $(4) | $0 | $(1) |
|  | Panama Government International Bond | (1.000) | Quarterly | 06/20/2029 | 1.545 | 200 | 5 | (1) | 4 | 0 |
| BPS | Oman Government International Bond | (1.000) | Quarterly | 12/20/2027 | 0.531 | 100 | 3 | (4) | 0 | (1) |
| BRC | Saudi Arabia Government International Bond | (1.000) | Quarterly | 06/20/2034 | 1.021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | (24) | 27 | 3 | 0 |
| GST | Saudi Arabia Government International Bond | (1.000) | Quarterly | 06/20/2034 | 1.021 | 700 | (8) | 9 | 1 | 0 |
| MYC | Saudi Arabia Government International Bond | (1.000) | Quarterly | 06/20/2034 | 1.021 | 1200 | (14) | 15 | 1 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 23

------

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

#### 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>June 30, 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>June 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Brazil Government International Bond | 1.000% | Quarterly | 06/20/2035 | 2.455% | $200 | $(28) | $6 | $0 | $(22) |
|  | Chile Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.152 | 1000 | 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | 4 | 0 |
|  | Chile Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.225 | 100 | 1 | 0 | 1 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.682 | 800 | (21) | 22 | 1 | 0 |
| BPS | Brazil Government International Bond | 1.000 | Quarterly | 12/20/2027 | 0.803 | 200 | (15) | 16 | 1 | 0 |
|  | Chile Government International Bond | 1.000 | Quarterly | 12/20/2027 | 0.288 | 1000 | (5) | 22 | 17 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.291 | 470 | 2 | 0 | 2 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.401 | 1000 | 6 | 0 | 6 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.493 | 300 | 0 | 2 | 2 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | 0.620 | 400 | 1 | 3 | 4 | 0 |
|  | Peru Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.321 | 600 | 4 | 0 | 4 | 0 |
|  | Romania Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.758 | 1025 | 2 | 0 | 2 | 0 |
|  | Serbia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 0.963 | 200 | (18) | 18 | 0 | 0 |
| BRC | Benin Government International Bond | 1.000 | Quarterly | 06/20/2026 | 1.843 | 200 | (7) | 6 | 0 | (1) |
|  | Chile Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.189 | 1000 | 17 | (9) | 8 | 0 |
|  | Cote D'ivoire Government International Bond | 1.000 | Quarterly | 06/20/2026 | 2.201 | 100 | (3) | 2 | 0 | (1) |
|  | Indonesia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.778 | 200 | 1 | 1 | 2 | 0 |
|  | Nigeria Government International Bond | 1.000 | Quarterly | 12/20/2029 | 4.755 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) | 2 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | 58 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | 0 |
|  | Turkiye Government International Bond | 1.000 | Quarterly | 12/20/2029 | 2.724 | 100 | (7) | 0 | 0 | (7) |
| CBK | Benin Government International Bond | 1.000 | Quarterly | 06/20/2026 | 1.843 | 25 | (1) | 1 | 0 | 0 |
|  | Cote D'ivoire Government International Bond | 1.000 | Quarterly | 06/20/2026 | 2.201 | 150 | (5) | 3 | 0 | (2) |
|  | Cote D'ivoire Government International Bond | 1.000 | Quarterly | 06/20/2030 | 3.885 | 100 | (13) | 1 | 0 | (12) |
|  | Peru Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.267 | 600 | 7 | (5) | 2 | 0 |
| DUB | Indonesia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.778 | 300 | 0 | 3 | 3 | 0 |
|  | Nigeria Government International Bond | 1.000 | Quarterly | 12/20/2029 | 4.755 | 200 | (33) | 5 | 0 | (28) |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 | —¨ | 765 | 0 | 4 | 4 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 | —¨ | 1376 | 0 | 8 | 8 | 0 |
|  | Turkiye Government International Bond | 1.000 | Quarterly | 06/20/2030 | 2.863 | 100 | (10) | 2 | 0 | (8) |
| GLM | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.865 | 400 | (3) | 5 | 2 | 0 |
| GST | Indonesia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.778 | 3400 | 8 | 27 | 35 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.425 | 900 | 1 | 2 | 3 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.498 | 200 | 0 | 1 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 0.784 | 100 | (1) | 2 | 1 | 0 |
|  | Peru Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.321 | 1500 | 7 | 3 | 10 | 0 |
|  | Qatar Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.315 | 1100 | 31 | 1 | 32 | 0 |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.684 | 3600 | 53 | 0 | 53 | 0 |
| JPM | Cote D'ivoire Government International Bond | 1.000 | Quarterly | 06/20/2030 | 3.885 | 50 | (6) | 0 | 0 | (6) |
|  | Republic of Poland Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.473 | 100 | 0 | 2 | 2 | 0 |
|  | State Oil Company of Azerbaijan | 5.000 | Quarterly | 06/20/2026 | 1.958 | 100 | 1 | 2 | 3 | 0 |
|  | Turkiye Government International Bond | 1.000 | Quarterly | 12/20/2029 | 2.724 | 500 | (34) | 0 | 0 | (34) |
| MYC | Chile Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.225 | 700 | 4 | 4 | 8 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.538 | 200 | (1) | 3 | 2 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.674 | 100 | (2) | 3 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 0.784 | 500 | (5) | 9 | 4 | 0 |
|  | Nigeria Government International Bond | 1.000 | Quarterly | 06/20/2030 | 4.979 | 20 | (5) | 2 | 0 | (3) |
|  | Panama Government International Bond | 1.000 | Quarterly | 06/20/2030 | 1.880 | 200 | (9) | 1 | 0 | (8) |
|  | Peru Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.321 | 1800 | 3 | 9 | 12 | 0 |
|  | Qatar Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.154 | 300 | 4 | 0 | 4 | 0 |
|  | Turkiye Government International Bond | 1.000 | Quarterly | 12/20/2028 | 2.402 | 1300 | (117) | 60 | 0 | (57) |
|  |  |  |  |  |  |  | $(157) | $230 | $304 | $(231) |
|  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;(192) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233) |

---

24 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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 June 30, 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> |
|  AZD | $3 | $0 | $0 | $3 | $(3) | $0 | $0 | $(3) | $0 | $0 | $0 |
|  BOA | 5 | 0 | 10 | 15 | (541) | (155) | (23) | (719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) |
|  BPS | 75 | 0 | 38 | 113 | (402) | 0 | (1) | (403) | (290) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) |
|  BRC | 78 | 0 | 73 | 151 | (104) | 0 | (51) | (155) | (4) | 0 | (4) |
|  BSH | 8 | 0 | 0 | 8 | (4) | 0 | 0 | (4) | 4 | 0 | 4 |
|  CBK | 171 | 0 | 2 | 173 | (77) | 0 | (14) | (91) | 82 | 0 | 82 |
|  DUB | 255 | 0 | 15 | 270 | (261) | 0 | (36) | (297) | (27) | 0 | (27) |
|  FAR | 31 | 0 | 0 | 31 | (368) | 0 | 0 | (368) | (337) | 282 | (55) |
|  GLM | 85 | 0 | 2 | 87 | (595) | (10) | 0 | (605) | (518) | 273 | (245) |
|  GST | 0 | 26 | 136 | 162 | 0 | (24) | 0 | (24) | 138 | 0 | 138 |
|  JPM | 34 | 0 | 5 | 39 | (45) | 0 | (40) | (85) | (46) | 133 | 87 |
|  MBC | 17 | 0 | 0 | 17 | (20) | 0 | 0 | (20) | (3) | 0 | (3) |
|  MYC | 0 | 0 | 32 | 32 | 0 | 0 | (68) | (68) | (36) | (20) | (56) |
|  MYI | 3 | 0 | 0 | 3 | (6) | 0 | 0 | (6) | (3) | (10) | (13) |
|  NGF | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  SCX | 26 | 0 | 0 | 26 | (6) | 0 | 0 | (6) | 20 | 0 | 20 |
|  SOG | 13 | 0 | 0 | 13 | (1) | 0 | 0 | (1) | 12 | 0 | 12 |
|  SSB | 0 | 0 | 0 | 0 | (37) | 0 | 0 | (37) | (37) | 0 | (37) |
|  UAG | 12 | 0 | 0 | 12 | (1) | (13) | 0 | (14) | (2) | 0 | (2) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2471) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2906) |  |  |  |

---

(o) Securities with an aggregate market value of $1,334 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

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

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 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 | $135 | $135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 61 | 61 |
|  | $0 | $0 | $0 | $0 | $196 | $196 |
|  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 | $817 | $0 | $817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 26 | 0 | 0 | 0 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 313 | 0 | 0 | 0 | 313 |
|  | $0 | $339 | $0 | $817 | $0 | $1156 |
|  | $0 | $339 | $0 | $817 | $196 | $1352 |
|  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 | $12 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 93 | 100 |
|  | $0 | $7 | $0 | $0 | $105 | $112 |
|  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 | $2471 | $0 | $2471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 24 | 0 | 178 | 0 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 233 | 0 | 0 | 0 | 233 |
|  | $0 | $257 | $0 | $2649 | $0 | $2906 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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 | $(69) | $(69) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 151 | 156 |
|  | $0 | $5 | $0 | $0 | $82 | $87 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1068) | $0 | $(1068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 42 | 0 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 104 | 0 | 0 | 0 | 104 |
|  | $0 | $104 | $0 | $(1026) | $0 | $(922) |
|  | $0 | $109 | $0 | $(1026) | $82 | $(835) |
|  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  | $23 | $0 | $0 | $0 | $1268 | $1291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (33) | 0 | 0 | (25) | (58) |
|  | $23 | $(33) | $0 | $0 | $1243 | $1233 |
|  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 | $(3720) | $0 | $(3720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (24) | 0 | 0 | 0 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 26 | 0 | 81 | 0 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 196 | 0 | 0 | 0 | 196 |
|  | $0 | $198 | $0 | $(3639) | $0 | $(3441) |
|  | $23 | $165 | $0 | $(3639) | $1243 | $(2208) |

---

26 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 |
|  Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1003 | 0 | 1003 |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6399 | 0 | 6399 |
|  Armenia | Armenia | Armenia | Armenia | Armenia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 709 | 0 | 709 |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1420 | 0 | 1420 |
|  Bahrain | Bahrain | Bahrain | Bahrain | Bahrain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 584 | 0 | 584 |
|  Bermuda | Bermuda | Bermuda | Bermuda | Bermuda |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 381 | 0 | 381 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3673 | 0 | 3673 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 12781 | 0 | 12781 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 880 | 0 | 880 |
|  Cameroon | Cameroon | Cameroon | Cameroon | Cameroon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 574 | 0 | 574 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 300 | 0 | 300 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3095 | 0 | 3095 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3752 | 0 | 3752 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1439 | 0 | 1439 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1755 | 0 | 1755 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4233 | 0 | 4233 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 504 | 0 | 504 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5400 | 0 | 5400 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2591 | 0 | 2591 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4121 | 0 | 4121 |
|  El Salvador | El Salvador | El Salvador | El Salvador | El Salvador |
| &nbsp;&nbsp; Sovereign Issues | 0 | 865 | 0 | 865 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1157 | 0 | 1157 |
|  Ghana | Ghana | Ghana | Ghana | Ghana |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1165 | 0 | 1165 |
|  Guatemala | Guatemala | Guatemala | Guatemala | Guatemala |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1245 | 0 | 1245 |
|  Hong Kong | Hong Kong | Hong Kong | Hong Kong | Hong Kong |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 632 | 0 | 632 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 211 | 0 | 211 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3954 | 0 | 3954 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 420 | 0 | 420 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 471 | 0 | 471 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5902 | 0 | 5902 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1450 | 0 | 1450 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 262 | 0 | 262 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1068 | 1068 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1056 | 0 | 1056 |
|  Isle of Man | Isle of Man | Isle of Man | Isle of Man | Isle of Man |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 103 | 0 | 103 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 471 | 0 | 471 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp; Sovereign Issues | $0 | $1400 | $0 | $1400 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Sovereign Issues | 0 | 209 | 0 | 209 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1174 | 1174 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2088 | 0 | 2088 |
|  Jamaica | Jamaica | Jamaica | Jamaica | Jamaica |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 160 | 0 | 160 |
|  Jordan | Jordan | Jordan | Jordan | Jordan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 878 | 0 | 878 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 977 | 0 | 977 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 507 | 0 | 507 |
|  Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1355 | 0 | 1355 |
|  Latvia | Latvia | Latvia | Latvia | Latvia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 501 | 0 | 501 |
|  Lebanon | Lebanon | Lebanon | Lebanon | Lebanon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 115 | 0 | 115 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 203 | 203 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3330 | 0 | 3330 |
|  Macedonia | Macedonia | Macedonia | Macedonia | Macedonia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 618 | 0 | 618 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 860 | 0 | 860 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6799 | 0 | 6799 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11487 | 0 | 11487 |
|  Mongolia | Mongolia | Mongolia | Mongolia | Mongolia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 209 | 0 | 209 |
|  Morocco | Morocco | Morocco | Morocco | Morocco |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 582 | 0 | 582 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 136 | 0 | 136 |
|  Namibia | Namibia | Namibia | Namibia | Namibia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 298 | 0 | 298 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2673 | 0 | 2673 |
|  Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 721 | 0 | 721 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2240 | 0 | 2240 |
|  Oman | Oman | Oman | Oman | Oman |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2081 | 0 | 2081 |
|  Pakistan | Pakistan | Pakistan | Pakistan | Pakistan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1318 | 0 | 1318 |
|  Panama | Panama | Panama | Panama | Panama |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 572 | 0 | 572 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1729 | 0 | 1729 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1098 | 0 | 1098 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2914 | 501 | 3415 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1446 | 0 | 1446 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 495 | 0 | 495 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2304 | 0 | 2304 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 206 | 0 | 206 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2612 | 0 | 2612 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1467 | 0 | 1467 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1077 | 0 | 1077 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2529 | 0 | 2529 |
|  Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 210 | 0 | 210 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

---

------

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>06/30/2025** |
|  Saudi Arabia |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $2323 | $0 | $2323 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5341 | 0 | 5341 |
|  Senegal | Senegal | Senegal | Senegal | Senegal |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1026 | 0 | 1026 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 888 | 0 | 888 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 309 | 0 | 309 |
|  Slovenia | Slovenia | Slovenia | Slovenia | Slovenia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 710 | 0 | 710 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1022 | 0 | 1022 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3626 | 0 | 3626 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1036 | 0 | 1036 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 407 | 0 | 407 |
|  Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1163 | 0 | 1163 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 585 | 0 | 585 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 250 | 0 | 250 |
|  Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 389 | 0 | 389 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 301 | 0 | 301 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 749 | 0 | 749 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1176 | 1182 | 2358 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8774 | 0 | 8774 |
|  Uganda | Uganda | Uganda | Uganda | Uganda |
| &nbsp;&nbsp; Sovereign Issues | 0 | 256 | 0 | 256 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1703 | 0 | 1703 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3192 | 0 | 3192 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1646 | 0 | 1646 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3656 | 371 | 4027 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 444 | 0 | 444 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 2925 | 0 | 2925 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1155 | 0 | 1155 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>06/30/2025** |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $0 | $2998 | $0 | $2998 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 3251 | 0 | 3251 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 3240 | 0 | 3240 |
|  Uruguay | Uruguay | Uruguay | Uruguay | Uruguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 483 | 0 | 483 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 449 | 0 | 449 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 720 | 0 | 720 |
|  Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 581 | 0 | 581 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 404 | 0 | 404 |
|  Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 301 | 0 | 301 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 2956 | 0 | 2956 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 443 | 0 | 443 |
|  | $0 | $196265 | $4499 | $200764 |
|  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 | $101 | $0 | $0 | $101 |
|  Total Investments | $101 | $196265 | $4499 | $200865 |
|  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 | 187 | 0 | 196 |
|  Over the counter | 0 | 1144 | 12 | 1156 |
|  | $9 | $1331 | $12 | $1352 |
|  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 | (12) | (100) | 0 | (112) |
|  Over the counter | 0 | (2906) | 0 | (2906) |
|  | $(12) | $(3006) | $0 | $(3018) |
|  Total Financial Derivative Instruments | $(3) | $(1675) | $12 | $(1666) |
|  Totals | $98 | $194590 | $4511 | $199199 |

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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 June 30, 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 06/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>06/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |  |  |  |  |  |  |  |  |
|  Ireland |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | $0 | $970 | $0 | $0 | $0 | $98 | $0 | $0 | $1068 | $98 |
| &nbsp;&nbsp; Sovereign Issues | 287 | 0 | (105) | 2 | 3 | (1) | 0 | (186) | 0 | 0 |
|  Ivory Coast |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | 1034 | 0 | 0 | 1 | 0 | 139 | 0 | 0 | 1174 | 139 |
|  Luxembourg |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 249 | 0 | 0 | 0 | 0 | (46) | 0 | 0 | 203 | (46) |
|  Peru |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 468 | 0 | 0 | 0 | 33 | 0 | 0 | 501 | 33 |
|  Turkey |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | 1058 | 0 | 0 | (1) | 0 | 125 | 0 | 0 | 1182 | 125 |
|  United Kingdom |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 719 | 0 | (404) | 79 | (9) | (14) | 0 | 0 | 371 | (22) |

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| | | |
|:---|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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June 30, 2025 (Unaudited)

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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 06/30/2025** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>06/30/2025<sup>(2)</sup>** |
|  United States |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Asset-Backed Securities | $196 | $0 | $(196) | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
|  | $3543 | $1438 | $(705) | $81 | $(6) | $334 | $0 | $(186) | $4499 | $327 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |  |  |  |  |  |  |  |
|  Over the counter | $0 | $7 | $0 | $0 | $0 | $5 | $0 | $0 | $12 | $5 |
|  Totals | $3543 | $1445 | $(705) | $81 | $(6) | $339 | $0 | $(186) | $4511 | $332 |

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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 06/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 06/30/2025 | 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 |
|  Ireland |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $1068 | Discounted Cash Flow | Discount Rate | 3.327 |  |
|  Ivory Coast |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1174 | Discounted Cash Flow | Discount Rate | 6.258 |  |
|  Luxembourg |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 203 | Indicative Market Quotation | Broker Quote | 20.500 |  |
|  Peru |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 501 | Proxy Pricing | Base Price | 104.175 |  |
|  Turkey |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1182 | Discounted Cash Flow | Discount Rate | 4.706 |  |
|  United Kingdom |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 371 | Other Valuation Techniques<sup>(3)</sup> |  |  |  |
|  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 | 12 | Indicative Market Quotation | Broker Quote | 0.197-0.248 | 0.231 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4511 |  |  |  |  |

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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 June 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(3)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 new 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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June 30, 2025 (Unaudited)

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 June 30, 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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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, 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 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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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June 30, 2025 (Unaudited)

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 in accordance with procedures approved by the Board.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

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Notes to Financial Statements (Cont.)

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.

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 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 basis of quotes obtained from brokers and dealers or Pricing Sources

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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

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Notes to Financial Statements (Cont.)

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.

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 June 30, 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>06/30/2025 | 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;29729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29800) | $&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;101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&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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| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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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.

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.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **37** |

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Notes to Financial Statements (Cont.)

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

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC 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) 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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| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 June 30, 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.

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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 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

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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).

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

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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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate

income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change 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, or the counterparty to a

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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 factors affecting securities markets generally or particular industries.

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.

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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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 markets, differing 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

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conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Portfolio's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, 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 event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Portfolio's sensitivity to interest rate 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, 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. 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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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. 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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8. MASTER NETTING ARRANGEMENTS

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

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

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

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Notes to Financial Statements (Cont.)

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 |
| 0.45% | 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.

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| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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; (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 June 30, 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. The recoverable amounts to PIMCO as of June 30, 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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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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 Porfolio'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 June 30, 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;34783 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34796 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30063 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31525 |

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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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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | 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 | 103 | $1108 | 280 | $2956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 2 | 15 | 3 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 232 | 2478 | 445 | 4724 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 193 | 2072 | 334 | 3553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 1 | 15 | 2 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 333 | 3572 | 607 | 6452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 135 | 1450 | 245 | 2603 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (301) | (3221) | (461) | (4888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (1) | (12) | (5) | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1695) | (18073) | (3620) | (38324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (398) | (4251) | (815) | (8699) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (139) | $(1440) | (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 June 30, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 34% of the Portfolio. One of the shareholders is a related party of the Portfolio and comprises 23% 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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| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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 its last fiscal year ended December 31, 2024, 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 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30940 |

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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 June 30, 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>(1)</sup> |
| $209974 | $10400 | $(20235) | $(9835) |

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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> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **49** |

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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. | GST | Goldman Sachs International | NOM | Nomura Securities International, 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 | JPS | J.P. Morgan Securities LLC | SOG | Societe Generale Paris |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | SSB | State Street Bank and Trust Co. |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | IDR | Indonesian Rupiah | PHP | Philippine Peso |
| AZN | Azerbaijani Manat | ILS | Israeli Shekel | PKR | Pakistani Rupee |
| BRL | Brazilian Real | INR | Indian Rupee | PLN | Polish Zloty |
| CAD | Canadian Dollar | JPY | Japanese Yen | PYG | Paraguayan Guarani |
| CHF | Swiss Franc | KES | Kenyan Schilling | SGD | Singapore Dollar |
| CLP | Chilean Peso | KRW | South Korean Won | THB | Thai Baht |
| CNH | Chinese Renminbi (Offshore) | KWD | Kuwaiti Dinar | TRY | Turkish New Lira |
| CZK | Czech Koruna | KZT | Kazakhstani Tenge | TWD | Taiwanese Dollar |
| DOP | Dominican Peso | MXN | Mexican Peso | UGX | Ugandan Shilling |
| EGP | Egyptian Pound | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| EUR | Euro | NGN | Nigerian Naira | UZS | Uzbekistani Sum |
| GBP | British Pound | NZD | New Zealand Dollar | ZAR | South African Rand |
| HUF | Hungarian Forint | PEN | Peruvian New Sol |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| OTC | Over the Counter |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| CDX.EM | Credit Derivatives Index - Emerging Markets | EUR003M | 3 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
| CDX.IG | Credit Derivatives Index - Investment Grade | EUR006M | 6 Month EUR Swap Rate |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | PIK | Payment-in-Kind |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | PRIBOR | Prague Interbank Offered Rate |
| BRL-CDI | Brazil Interbank Deposit Rate | JSC | Joint Stock Company | TBA | To-Be-Announced |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | Oat | Obligations Assimilables du Trésor | TBD | To-Be-Determined |
| CHILIBOR | Chile Interbank Offered Rate | OIS | Overnight Index Swap | WIBOR | Warsaw Interbank Offered Rate |

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| | |
|:---|:---|
| **50** | **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 June 30, 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) |
|  January 2025 | $0.0748 | $0.0000 | $0.0000 | $0.0748 |
|  February 2025 | $0.0673 | $0.0000 | $0.0000 | $0.0673 |
|  March 2025 | $0.0650 | $0.0000 | $0.0000 | $0.0650 |
|  April 2025 | $0.0662 | $0.0000 | $0.0000 | $0.0662 |
|  May 2025 | $0.0663 | $0.0000 | $0.0000 | $0.0663 |
|  June 2025 | $0.0627 | $0.0000 | $0.0000 | $0.0627 |
| 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) |
|  January 2025 | $0.0706 | $0.0000 | $0.0000 | $0.0706 |
|  February 2025 | $0.0636 | $0.0000 | $0.0000 | $0.0636 |
|  March 2025 | $0.0611 | $0.0000 | $0.0000 | $0.0611 |
|  April 2025 | $0.0623 | $0.0000 | $0.0000 | $0.0623 |
|  May 2025 | $0.0621 | $0.0000 | $0.0000 | $0.0621 |
|  June 2025 | $0.0588 | $0.0000 | $0.0000 | $0.0588 |
| 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) |
|  January 2025 | $0.0734 | $0.0000 | $0.0000 | $0.0734 |
|  February 2025 | $0.0661 | $0.0000 | $0.0000 | $0.0661 |
|  March 2025 | $0.0637 | $0.0000 | $0.0000 | $0.0637 |
|  April 2025 | $0.0649 | $0.0000 | $0.0000 | $0.0649 |
|  May 2025 | $0.0649 | $0.0000 | $0.0000 | $0.0649 |
|  June 2025 | $0.0614 | $0.0000 | $0.0000 | $0.0614 |
| 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) |
|  January 2025 | $0.0725 | $0.0000 | $0.0000 | $0.0725 |
|  February 2025 | $0.0652 | $0.0000 | $0.0000 | $0.0652 |
|  March 2025 | $0.0628 | $0.0000 | $0.0000 | $0.0628 |
|  April 2025 | $0.0640 | $0.0000 | $0.0000 | $0.0640 |
|  May 2025 | $0.0640 | $0.0000 | $0.0000 | $0.0640 |
|  June 2025 | $0.0605 | $0.0000 | $0.0000 | $0.0605 |

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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's net income, yield, earnings or investment performance. 

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **51** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **53** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

#### 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.

------

#### pimco.com/pvit
![LOGO](g46571g06y60.jpg)

PVITEMGMKTSFSTMSAR_063025

------

![LOGO](g44567g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO Global Bond Opportunities Portfolio (Unhedged)

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Global Bond Opportunities Portfolio (Unhedged)](#tx44567_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx44567_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx44567_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx44567_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx44567_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx44567_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx44567_7) | 28 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx44567_8) | 45 |
| &nbsp;&nbsp; [Glossary](#tx44567_10) | 48 |
| &nbsp;&nbsp; [Distribution Information](#tx44567_11) | 49 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx44567_13) | 50 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx44567_14) | 51 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx44567_15) | 52 |

---

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.)

------

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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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

---

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

---

------

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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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 | 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 |

---

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

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>3</sub> |

---

------

Important Information About the PIMCO Global Bond Opportunities Portfolio (Unhedged) (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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

---

------

Financial Highlights PIMCO Global Bond Opportunities Portfolio (Unhedged)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or<br>Period Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year<br>or Period<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | $9.24 | $0.19 | $0.68 | $0.87 | $(0.22) | $0.00 | $0.00 | $(0.22) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.35 | 0.21 | 0.93 | 1.14 | (0.30) | 0.00 | 0.00 | (0.30) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 9.24 | 0.18 | 0.68 | 0.86 | (0.21) | 0.00 | 0.00 | (0.21) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.35 | 0.20 | 0.92 | 1.12 | (0.28) | 0.00 | 0.00 | (0.28) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 9.24 | 0.17 | 0.68 | 0.85 | (0.20) | 0.00 | 0.00 | (0.20) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.35 | 0.19 | 0.92 | 1.11 | (0.27) | 0.00 | 0.00 | (0.27) |

---

---

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 |

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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/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** | **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** |
| $9.89 | 9.46% | $12205 | 1.01 | %\* | 1.01 | %\* | 0.76 | %\* | 0.76 | %\* | 3.97 | %\* | 368% |
| 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 |
| 12.19 | 10.28 | 11120 | 0.78 |  | 0.78 |  | 0.75 |  | 0.75 |  | 1.87 |  | 634 |
| 9.89 | 9.38 | 92796 | 1.16 | \* | 1.16 | \* | 0.91 | \* | 0.91 | \* | 3.83 | \* | 368 |
| 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 |
| 12.19 | 10.12 | 152386 | 0.93 |  | 0.93 |  | 0.90 |  | 0.90 |  | 1.73 |  | 634 |
| 9.89 | 9.33 | 27512 | 1.26 | \* | 1.26 | \* | 1.01 | \* | 1.01 | \* | 3.73 | \* | 368 |
| 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 |
| 12.19 | 10.01 | 23451 | 1.03 |  | 1.03 |  | 1.00 |  | 1.00 |  | 1.63 |  | 634 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

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Statement of Assets and Liabilities PIMCO Global Bond Opportunities Portfolio (Unhedged) June 30, 2025 (Unaudited)

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $195243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 543 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1118 |
|  Cash | 610 |
|  Deposits with counterparty | 4599 |
|  Foreign currency, at value | 1020 |
|  Receivable for investments sold | 20724 |
|  Receivable for investments sold on a delayed-delivery basis | 3 |
|  Receivable for TBA investments sold | 84317 |
|  Receivable for Portfolio shares sold | 113 |
|  Interest and/or dividends receivable | 1142 |
|  Dividends receivable from Affiliates | 2 |
|  **Total Assets** | 309789 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $1919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 18582 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1478 |
|  Payable for investments purchased | 20853 |
|  Payable for investments in Affiliates purchased | 2 |
|  Payable for TBA investments purchased | 132679 |
|  Deposits from counterparty | 360 |
|  Payable for Portfolio shares redeemed | 178 |
|  Accrued investment advisory fees | 26 |
|  Accrued supervisory and administrative fees | 52 |
|  Accrued distribution fees | 5 |
|  Accrued servicing fees | 11 |
|  **Total Liabilities** | 177276 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $132513 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | 138133 |
|  Distributable earnings (accumulated loss) | (5620) |
|  **Net Assets** | $132513 |
|  **Net Assets:** |  |
|  Institutional Class | $12205 |
|  Administrative Class | 92796 |
|  Advisor Class | 27512 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 1234 |
|  Administrative Class | 9383 |
|  Advisor Class | 2782 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.89 |
|  Administrative Class | 9.89 |
|  Advisor Class | 9.89 |
|  Cost of investments in securities | $193955 |
|  Cost of investments in Affiliates | $543 |
|  Cost of foreign currency held | $1008 |
|  Proceeds received on short sales | $18417 |
|  Cost or premiums of financial derivative instruments, net | $3299 |

---

---

| | |
|:---|:---|
| <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)

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) | Six Months Ended June 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest | $3143 |
|  Dividends from Investments in Affiliates | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 3164 |
|  **Expenses:** |  |
|  Investment advisory fees | 159 |
|  Supervisory and administrative fees | 318 |
|  Distribution and/or servicing fees - Administrative Class | 68 |
|  Distribution and/or servicing fees - Advisor Class | 32 |
|  Trustee fees | 3 |
|  Interest expense | 159 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 739 |
|  **Net Investment Income (Loss)** | 2425 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (1422) |
|  Exchange-traded or centrally cleared financial derivative instruments | 296 |
|  Over the counter financial derivative instruments | 1438 |
|  Short sales | (1) |
|  Foreign currency | (434) |
|  **Net Realized Gain (Loss)** | (123) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 8520 |
|  Exchange-traded or centrally cleared financial derivative instruments | 971 |
|  Over the counter financial derivative instruments | (304) |
|  Foreign currency assets and liabilities | 71 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 9258 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $11560 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Global Bond Opportunities Portfolio (Unhedged)

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $2425 | $4186 |
|  Net realized gain (loss) | (123) | (2880) |
|  Net change in unrealized appreciation (depreciation) | 9258 | (1872) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 11560 | (566) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (236) | (258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2015) | (2402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (562) | (599) |
|  Tax basis return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | (889) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 0 | (230) |
|  **Total Distributions<sup>(a)</sup>** | (2813) | (4468) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (5529) | 7416 |
|  **Total Increase (Decrease) in Net Assets** | 3218 | 2382 |
|  **Net Assets:** |  |  |
|  Beginning of period | 129295 | 126913 |
|  End of period | $132513 | $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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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) June 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 147.3% | INVESTMENTS IN SECURITIES 147.3% | INVESTMENTS IN SECURITIES 147.3% |
| ARGENTINA 0.1% | ARGENTINA 0.1% | ARGENTINA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 þ | 60 | 40 |
|  4.125% due 07/09/2035 þ | 44 | 29 |
|  Total Argentina (Cost $59) | Total Argentina (Cost $59) | 69 |
| AUSTRALIA 1.7% | AUSTRALIA 1.7% | AUSTRALIA 1.7% |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Australia Government International Bond | Australia Government International Bond | Australia Government International Bond |
|  1.750% due 06/21/2051 | 50 | 18 |
|  2.500% due 05/21/2030 | 400 | 252 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 400 | 208 |
|  2.000% due 03/08/2033 | 200 | 111 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 500 | 271 |
|  1.750% due 07/20/2034 | 300 | 153 |
|  2.000% due 08/22/2033 | 1200 | 651 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 300 | 151 |
|  2.250% due 09/15/2033 | 500 | 276 |
|  4.250% due 12/20/2032 | 300 | 195 |
|  Total Australia (Cost $2,244) | Total Australia (Cost $2,244) | 2286 |
| 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 10/01/2025 (c) | 13300 | 2361 |
|  Total Brazil (Cost $2,226) | Total Brazil (Cost $2,226) | 2361 |
| CANADA 2.2% | CANADA 2.2% | CANADA 2.2% |
| 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 | 67 | 63 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 | 900 | 930 |
|  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 | 508 |
|  |  | 1618 |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  1.500% due 12/01/2044 (d) | 141 | 102 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 200 | 151 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 600 | 443 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 700 | 514 |
|  4.450% due 09/01/2034 | 200 | 155 |
|  |  | 1365 |
|  Total Canada (Cost $2,892) | Total Canada (Cost $2,892) | 2983 |
| CAYMAN ISLANDS 3.4% | CAYMAN ISLANDS 3.4% | CAYMAN ISLANDS 3.4% |
| ASSET-BACKED SECURITIES 3.0% | ASSET-BACKED SECURITIES 3.0% | ASSET-BACKED SECURITIES 3.0% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.754% due 01/15/2037 •  | 172 | 172 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.779% due 12/16/2036 •  | 193 | 193 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.489% due 07/20/2032 •  | 322 | 322 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.487% due 10/24/2030 •  | 154 | 154 |
|  Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. |
|  5.499% due 04/20/2033 •  | 317 | 317 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.419% due 10/20/2034 •  | 500 | 500 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.768% due 02/17/2039 •  | 230 | 231 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.611% due 04/20/2031 •  | 269 | 269 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.668% due 02/19/2037 •  | 218 | 219 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.508% due 06/15/2031 •  | 335 | 334 |
|  OFSI BSL Ltd. | OFSI BSL Ltd. | OFSI BSL Ltd. |
|  5.539% due 04/20/2034 •  | 500 | 501 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.629% due 04/18/2038 •  | 230 | 230 |
|  5.654% due 11/15/2038 •  | 225 | 225 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.964% due 02/15/2039 •  | 265 | 266 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.491% due 04/17/2030 •  | 52 | 52 |
|  |  | 3985 |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 282 | 268 |
| 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 | 205 |
|  Total Cayman Islands (Cost $4,464) | Total Cayman Islands (Cost $4,464) | 4458 |
| CHILE 0.2% | CHILE 0.2% | CHILE 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  4.850% due 01/22/2029 | 200 | 203 |
|  Total Chile (Cost $200) | Total Chile (Cost $200) | 203 |
| 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 | 543 | 70 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 271 | 35 |
|  Total Denmark (Cost $124) | Total Denmark (Cost $124) | 105 |
| FRANCE 7.2% | FRANCE 7.2% | FRANCE 7.2% |
| 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 | 315 |
| SOVEREIGN ISSUES 7.0% | SOVEREIGN ISSUES 7.0% | SOVEREIGN ISSUES 7.0% |
|  France Government International Bond | France Government International Bond | France Government International Bond |
|  0.750% due 02/25/2028 | 800 | 909 |
|  2.750% due 10/25/2027 | 800 | 957 |
|  2.750% due 02/25/2030 | 4300 | 5118 |
|  UNEDIC ASSEO | UNEDIC ASSEO | UNEDIC ASSEO |
|  0.875% due 05/25/2028 | 2000 | 2265 |
|  |  | 9249 |
|  Total France (Cost $8,495) | Total France (Cost $8,495) | 9564 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| GERMANY 1.3% | GERMANY 1.3% | GERMANY 1.3% |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.035% due 05/28/2032 •  | 150 | 135 |
|  3.547% due 09/18/2031 •  | 200 | 187 |
|  Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
|  0.000% due 12/15/2027 (c) | 1200 | 1345 |
|  Total Germany (Cost $1,544) | Total Germany (Cost $1,544) | 1667 |
| HUNGARY 0.2% | HUNGARY 0.2% | HUNGARY 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
|  6.250% due 09/22/2032 | 200 | 209 |
|  Total Hungary (Cost $199) | Total Hungary (Cost $199) | 209 |
| IRELAND 3.2% | IRELAND 3.2% | IRELAND 3.2% |
| ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% |
|  Accunia European CLO DAC | Accunia European CLO DAC | Accunia European CLO DAC |
|  3.229% due 07/15/2030 •  | 46 | 54 |
|  BBAM European CLO DAC | BBAM European CLO DAC | BBAM European CLO DAC |
|  3.106% due 07/22/2034 •  | 500 | 587 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  2.929% due 10/15/2031 •  | 160 | 188 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.983% due 08/15/2033 •  | 491 | 576 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  0.000% due 01/15/2039 •  | 500 | 589 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  1.040% due 07/15/2031 | 297 | 340 |
|  Hayfin Emerald CLO DAC | Hayfin Emerald CLO DAC | Hayfin Emerald CLO DAC |
|  3.914% due 01/22/2039 •  | 600 | 708 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.929% due 04/15/2031 •  | 243 | 285 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  2.665% due 12/15/2031 •  | 130 | 153 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.151% due 01/24/2035 •  | 600 | 705 |
|  Total Ireland (Cost $3,937) | Total Ireland (Cost $3,937) | 4185 |
| ISRAEL 1.0% | ISRAEL 1.0% | ISRAEL 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.375% due 03/12/2029 | 200 | 204 |
|  5.375% due 02/19/2030 | 700 | 714 |
|  5.500% due 03/12/2034 | 200 | 203 |
|  5.750% due 03/12/2054 | 200 | 186 |
|  Total Israel (Cost $1,284) | Total Israel (Cost $1,284) | 1307 |
| ITALY 0.4% | ITALY 0.4% | ITALY 0.4% |
| 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 | 348 |
| 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 |
|  5.750% due 05/05/2026 | 200 | 202 |
|  Total Italy (Cost $556) | Total Italy (Cost $556) | 550 |
| JAPAN 7.8% | JAPAN 7.8% | JAPAN 7.8% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.520% due 01/13/2028 | 300 | 309 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 11

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% |
|  Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. |
|  2.125% due 09/01/2026 | 500 | 589 |
|  4.000% due 08/28/2027 | 300 | 300 |
|  Japan Finance Organization for Municipalities | Japan Finance Organization for Municipalities | Japan Finance Organization for Municipalities |
|  2.375% due 09/08/2027 | 2300 | 2712 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 03/10/2028 (d) | 194327 | 1397 |
|  0.400% due 06/20/2029 | 110000 | 749 |
|  0.400% due 06/20/2040 | 102500 | 564 |
|  0.700% due 06/20/2051 | 14000 | 61 |
|  1.500% due 09/20/2043 | 29600 | 182 |
|  2.000% due 12/20/2044 | 80000 | 526 |
|  2.200% due 06/20/2054 | 56000 | 342 |
|  2.200% due 03/20/2064 | 60000 | 335 |
|  2.300% due 12/20/2054 | 283000 | 1767 |
|  2.400% due 03/20/2045 | 47000 | 329 |
|  2.400% due 03/20/2055 | 30000 | 191 |
|  |  | 10044 |
|  Total Japan (Cost $10,534) | Total Japan (Cost $10,534) | 10353 |
| 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. |
|  5.399% due 07/20/2032 •  | 420 | 420 |
|  Total Jersey, Channel Islands (Cost $420) | Total Jersey, Channel Islands (Cost $420) | 420 |
| MALAYSIA 0.1% | MALAYSIA 0.1% | MALAYSIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Malaysia Government International Bond | Malaysia Government International Bond | Malaysia Government International Bond |
|  2.632% due 04/15/2031 | 700 | 160 |
|  Total Malaysia (Cost $150) | Total Malaysia (Cost $150) | 160 |
| 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 | 306 |
|  Total Netherlands (Cost $300) | Total Netherlands (Cost $300) | 306 |
| 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 | 192 |
|  Total Norway (Cost $219) | Total Norway (Cost $219) | 192 |
| PERU 1.5% | PERU 1.5% | PERU 1.5% |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  6.900% due 08/12/2037 | 1200 | 345 |
|  7.300% due 08/12/2033 | 4000 | 1232 |
|  7.600% due 08/12/2039 | 1400 | 422 |
|  Total Peru (Cost $1,868) | Total Peru (Cost $1,868) | 1999 |
| POLAND 0.6% | POLAND 0.6% | POLAND 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  3.875% due 02/14/2033 | 200 | 247 |
|  4.875% due 02/12/2030 | 100 | 102 |
|  4.875% due 10/04/2033 | 100 | 100 |
|  5.125% due 09/18/2034 | 200 | 201 |
|  5.375% due 02/12/2035 | 100 | 102 |
|  5.500% due 04/04/2053 | 100 | 93 |
|  Total Poland (Cost $811) | Total Poland (Cost $811) | 845 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 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 | 176 |
|  Total Qatar (Cost $199) | Total Qatar (Cost $199) | 176 |
| ROMANIA 1.0% | ROMANIA 1.0% | ROMANIA 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  1.750% due 07/13/2030 | 200 | 203 |
|  2.000% due 01/28/2032 | 100 | 96 |
|  2.000% due 04/14/2033 | 100 | 90 |
|  2.124% due 07/16/2031 | 100 | 98 |
|  2.750% due 04/14/2041 | 100 | 74 |
|  2.875% due 04/13/2042 | 100 | 74 |
|  5.000% due 09/27/2026 | 300 | 363 |
|  5.250% due 03/10/2030 | 100 | 120 |
|  5.250% due 05/30/2032 | 100 | 116 |
|  5.625% due 05/30/2037 | 100 | 111 |
|  Total Romania (Cost $1,433) | Total Romania (Cost $1,433) | 1345 |
| 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 | 200 | 200 |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.375% due 03/05/2032 | 300 | 352 |
|  3.750% due 03/05/2037 | 100 | 115 |
|  4.750% due 01/18/2028 | 300 | 302 |
|  4.750% due 01/16/2030 | 1100 | 1111 |
|  5.125% due 01/13/2028 | 400 | 407 |
|  5.375% due 01/13/2031 | 200 | 208 |
|  |  | 2495 |
|  Total Saudi Arabia (Cost $2,607) | Total Saudi Arabia (Cost $2,607) | 2695 |
| SERBIA 0.1% | SERBIA 0.1% | SERBIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  1.000% due 09/23/2028 | 100 | 109 |
|  2.050% due 09/23/2036 | 100 | 90 |
|  Total Serbia (Cost $231) | Total Serbia (Cost $231) | 199 |
| SINGAPORE 1.0% | SINGAPORE 1.0% | SINGAPORE 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Singapore Government International Bond | Singapore Government International Bond | Singapore Government International Bond |
|  2.375% due 07/01/2039 | 117 | 93 |
|  2.750% due 03/01/2035 | 580 | 477 |
|  3.250% due 06/01/2054 | 777 | 727 |
|  Total Singapore (Cost $1,106) | Total Singapore (Cost $1,106) | 1297 |
| SOUTH AFRICA 1.6% | SOUTH AFRICA 1.6% | SOUTH AFRICA 1.6% |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  8.000% due 01/31/2030 | 13000 | 722 |
|  8.875% due 02/28/2035 | 26900 | 1419 |
|  Total South Africa (Cost $2,093) | Total South Africa (Cost $2,093) | 2141 |
| SOUTH KOREA 0.5% | SOUTH KOREA 0.5% | SOUTH KOREA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Korea Development Bank | Korea Development Bank | Korea Development Bank |
|  4.000% due 09/08/2025 | 300 | 300 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  5.375% due 11/15/2026 | 300 | 304 |
|  Total South Korea (Cost $599) | Total South Korea (Cost $599) | 604 |
| SPAIN 6.3% | SPAIN 6.3% | SPAIN 6.3% |
| SOVEREIGN ISSUES 6.3% | SOVEREIGN ISSUES 6.3% | SOVEREIGN ISSUES 6.3% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 | 100 | 121 |
|  Spain Government International Bond | Spain Government International Bond | Spain Government International Bond |
|  0.000% due 01/31/2028 (c) | 1650 | 1844 |
|  2.400% due 05/31/2028 | 1050 | 1245 |
|  3.150% due 04/30/2035 | 400 | 471 |
|  3.550% due 10/31/2033 | 3800 | 4660 |
|  Total Spain (Cost $7,496) | Total Spain (Cost $7,496) | 8341 |
| SWITZERLAND 1.0% | SWITZERLAND 1.0% | SWITZERLAND 1.0% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  6.442% due 08/11/2028 •  | 300 | 312 |
|  6.537% due 08/12/2033 •  | 600 | 653 |
|  9.016% due 11/15/2033 •  | 300 | 371 |
|  Total Switzerland (Cost $1,192) | Total Switzerland (Cost $1,192) | 1336 |
| 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 | 200 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond |
|  5.500% due 04/30/2054 | 400 | 399 |
|  Total United Arab Emirates (Cost $592) | Total United Arab Emirates (Cost $592) | 599 |
| UNITED KINGDOM 3.3% | UNITED KINGDOM 3.3% | UNITED KINGDOM 3.3% |
| CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  3.973% due 05/22/2030 •  | 100 | 97 |
|  4.041% due 03/13/2028 •  | 200 | 199 |
|  4.787% due 03/10/2032 •  | 200 | 253 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.892% due 05/18/2029 •  | 400 | 404 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  4.858% due 09/11/2030 •  | 200 | 200 |
|  6.534% due 01/10/2029 •  | 300 | 313 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.608% due 01/12/2028 •  | 200 | 194 |
|  2.678% due 06/29/2032 •  | 300 | 265 |
|  |  | 1925 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.508% due 06/15/2044 •  | 59 | 80 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.308% due 06/13/2045 •  | 87 | 119 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.223% due 07/20/2053 •  | 386 | 532 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  5.029% due 12/20/2066 •  | 496 | 681 |
|  |  | 1412 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  4.375% due 07/31/2054 | 500 | 595 |
|  5.375% due 01/31/2056 | 200 | 279 |
|  |  | 874 |
|  Total United Kingdom (Cost $4,136) | Total United Kingdom (Cost $4,136) | 4211 |

---

12 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| UNITED STATES 95.3% | UNITED STATES 95.3% | UNITED STATES 95.3% |
| ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.334% due 08/25/2035 •  | 343 | 338 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.424% due 07/25/2035 •  | 466 | 447 |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  7.490% due 07/01/2031 þ | 216 | 220 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.834% due 08/25/2034 •  | 53 | 52 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.874% due 06/25/2047 •  | 453 | 438 |
|  5.174% due 08/25/2047 •  | 42 | 41 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  4.554% due 11/25/2036 •  | 12 | 6 |
|  FORT CRE Issuer LLC | FORT CRE Issuer LLC | FORT CRE Issuer LLC |
|  6.152% due 02/23/2039 •  | 3 | 3 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.934% due 05/25/2046 •  | 329 | 316 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.544% due 03/25/2037 •  | 734 | 313 |
|  4.934% due 08/25/2036 •  | 1667 | 831 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.974% due 05/25/2036 •  | 500 | 485 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.294% due 01/25/2037 þ | 454 | 139 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.534% 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 | 102 | 96 |
|  5.526% due 07/15/2053 •  | 25 | 26 |
|  5.754% due 02/16/2055 •  | 160 | 161 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.934% due 11/25/2036 •  | 385 | 364 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  5.374% due 11/25/2033 •  | 7 | 7 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  4.129% due 10/25/2036 •  | 28 | 10 |
|  |  | 4295 |
| CORPORATE BONDS & NOTES 4.3% | CORPORATE BONDS & NOTES 4.3% | CORPORATE BONDS & NOTES 4.3% |
|  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 | 309 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 200 | 199 |
|  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 | 45 | 43 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  2.300% due 02/01/2032 | 200 | 169 |
|  3.500% due 03/01/2042 | 100 | 71 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 150 | 145 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  5.300% due 01/15/2029 | 200 | 202 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.505% due 10/22/2028 •  | 400 | 401 |
|  5.140% due 01/24/2031 •  | 400 | 410 |
|  Kraton Corp. | Kraton Corp. | Kraton Corp. |
|  5.000% due 07/15/2027 | 300 | 304 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.664% due 03/19/2027 ~ | 400 | 472 |
|  5.652% due 04/13/2028 •  | 500 | 511 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.504% due 05/26/2028 •  | 300 | 306 |
|  Organon & Co. | Organon & Co. | Organon & Co. |
|  4.125% due 04/30/2028 | 200 | 193 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.000% due 12/01/2046 | $| 100 | 72 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  5.100% due 02/15/2029 |  | 150 | 153 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.750% due 01/15/2031 | EUR | 100 | 122 |
|  5.125% due 02/13/2031 | $| 150 | 155 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.211% due 12/03/2035 •  |  | 400 | 402 |
|  5.244% due 01/24/2031 •  |  | 500 | 513 |
|  5.499% due 01/23/2035 •  |  | 300 | 308 |
|  |  |  | 5766 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
|  Louisiana Local Government Environmental Facilities & Community Development 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 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 |
|  4.145% due 02/01/2033 |  | 100 | 99 |
|  Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 |
|  5.102% due 04/01/2035 |  | 88 | 90 |
|  |  |  | 189 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.9% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.460% due 09/25/2035 ~ |  | 2 | 2 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.624% due 05/25/2046 •  |  | 83 | 73 |
|  4.644% due 10/25/2046 •  |  | 215 | 109 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  5.985% due 01/25/2069 þ |  | 390 | 392 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.621% due 10/20/2046 ~ |  | 41 | 35 |
|  5.500% due 01/25/2036 |  | 11 | 11 |
|  6.249% due 02/20/2036 ~ |  | 23 | 22 |
|  Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust |
|  3.000% due 11/25/2051 ~ |  | 223 | 190 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.774% due 01/25/2037 •  |  | 85 | 78 |
|  5.250% due 04/26/2037 |  | 284 | 159 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.000% due 05/25/2034 ~ |  | 1 | 1 |
|  4.250% due 05/25/2047 ~ |  | 57 | 51 |
|  5.032% due 08/25/2033 ~ |  | 2 | 2 |
|  6.159% due 10/25/2033 ~ |  | 1 | 1 |
|  6.339% due 11/25/2034 ~ |  | 1 | 1 |
|  6.896% due 05/25/2034 ~ |  | 3 | 3 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.192% due 08/25/2036 ~ |  | 92 | 42 |
|  4.905% due 09/25/2035 ~ |  | 44 | 25 |
|  4.907% due 11/25/2035 ~ |  | 38 | 30 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.120% due 12/26/2046 ~ |  | 30 | 24 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  5.156% due 10/15/2036 •  |  | 119 | 119 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.939% 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 | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.614% due 07/25/2036 •  |  | 151 | 142 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  2.500% due 05/25/2051 ~ |  | 670 | 547 |
|  6.560% due 10/25/2035 •  |  | 76 | 73 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.180% due 09/25/2035 •  |  | 2 | 2 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.627% due 12/20/2046 •  |  | 140 | 122 |
|  4.784% due 05/25/2037 •  |  | 33 | 10 |
|  4.852% due 03/20/2046 •  |  | 43 | 40 |
|  4.852% due 07/20/2046 •  |  | 80 | 68 |
|  4.918% due 11/25/2035 ~ |  | 67 | 63 |
|  4.994% due 02/25/2037 •  |  | 49 | 41 |
|  5.250% due 06/25/2035 |  | 6 | 4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.899% due 11/25/2035 •  | $— | 8 | $— | 7 |
|  6.000% due 04/25/2037 |  | 38 |  | 17 |
|  6.250% due 08/25/2037 |  | 17 |  | 8 |
|  6.439% due 11/25/2035 •  |  | 8 |  | 7 |
|  6.500% due 06/25/2036 |  | 88 |  | 40 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  3.944% due 05/25/2047 ~ |  | 40 |  | 34 |
|  4.894% due 05/25/2035 •  |  | 22 |  | 19 |
|  4.974% due 04/25/2046 •  |  | 900 |  | 259 |
|  5.014% due 04/25/2035 •  |  | 2 |  | 1 |
|  5.034% due 03/25/2035 •  |  | 278 |  | 161 |
|  5.054% due 02/25/2035 •  |  | 167 |  | 154 |
|  5.074% due 03/25/2035 •  |  | 23 |  | 20 |
|  5.094% due 02/25/2035 •  |  | 2 |  | 2 |
|  5.138% due 11/25/2034 ~ |  | 3 |  | 3 |
|  5.194% due 09/25/2034 •  |  | 1 |  | 1 |
|  5.500% due 10/25/2035 |  | 30 |  | 15 |
|  6.248% due 02/20/2036 •  |  | 116 |  | 108 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.500% due 07/25/2056 ~ |  | 70 |  | 58 |
|  6.500% due 07/26/2036 |  | 103 |  | 22 |
|  Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust |
|  6.386% due 10/25/2036 |  | 74 |  | 64 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  3.000% due 04/25/2052 ~ |  | 328 |  | 279 |
|  4.250% due 05/25/2067 ~ |  | 526 |  | 501 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.974% 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 ~ |  | 76 |  | 62 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.857% due 06/25/2034 ~ |  | 1 |  | 1 |
|  5.293% due 09/25/2035 ~ |  | 22 |  | 21 |
|  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 |
|  5.249% due 12/19/2036 •  |  | 48 |  | 43 |
|  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 |
|  4.089% due 09/25/2035 ~ |  | 68 |  | 56 |
|  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 ~ |  | 517 |  | 441 |
|  3.000% due 03/25/2052 ~ |  | 481 |  | 411 |
|  3.000% due 04/25/2052 ~ |  | 500 |  | 427 |
|  3.000% due 05/25/2052 ~ |  | 739 |  | 632 |
|  4.481% due 01/25/2037 ~ |  | 48 |  | 37 |
|  5.875% due 02/25/2035 ~ |  | 1 |  | 1 |
|  5.952% due 11/25/2033 ~ |  | 1 |  | 1 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  5.154% due 04/25/2036 •  |  | 144 |  | 125 |
|  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 |  | 378 |
|  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 |
|  5.869% due 05/25/2034 ~ |  | 109 |  | 106 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.834% due 03/25/2036 •  |  | 44 |  | 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 |
|  4.866% 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 |
|  4.854% due 02/25/2036 •  |  | 17 |  | 17 |
|  6.247% due 02/25/2033 ~ |  | 2 |  | 2 |
|  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 |
|  4.365% due 04/25/2037 ~ |  | 3 |  | 2 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  6.105% due 12/25/2068 þ |  | 330 |  | 332 |
|  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 ~ |  | 186 |  | 179 |
|  2.750% due 11/25/2059 ~ |  | 167 |  | 160 |
|  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 |
|  4.413% due 10/25/2035 ~ |  | 4 |  | 3 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.521% due 11/15/2038 •  |  | 400 |  | 399 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  5.084% due 06/25/2057 •  |  | 53 |  | 52 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.376% due 01/15/2036 •  |  | 500 |  | 486 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  2.500% due 07/25/2051 ~ | 305 | 250 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  6.221% due 11/25/2068 þ | 382 | 384 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.854% due 04/25/2046 •  | 117 | 30 |
|  6.000% due 12/25/2036 | 113 | 95 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. 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 |
|  6.525% due 02/25/2034 ~ | 1 | 1 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.814% due 07/25/2046 •  | 157 | 109 |
|  4.854% due 05/25/2036 •  | 28 | 19 |
|  4.874% due 05/25/2036 •  | 142 | 117 |
|  4.874% due 09/25/2047 •  | 128 | 113 |
|  4.932% due 07/19/2035 •  | 14 | 14 |
|  4.994% due 02/25/2036 •  | 113 | 95 |
|  5.132% due 03/19/2034 •  | 1 | 1 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.714% due 01/25/2036 •  | 61 | 51 |
|  SunTrust Alternative Loan Trust | SunTrust Alternative Loan Trust | SunTrust Alternative Loan Trust |
|  5.084% due 12/25/2035 •  | 108 | 93 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ | 181 | 164 |
|  2.710% due 01/25/2060 ~ | 123 | 119 |
|  2.900% due 10/25/2059 ~ | 557 | 535 |
|  4.435% due 10/27/2064 ~ | 624 | 627 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.775% due 01/25/2037 ~ | 9 | 8 |
|  4.024% due 06/25/2037 ~ | 21 | 18 |
|  4.252% due 12/25/2036 ~ | 12 | 11 |
|  4.351% due 12/25/2036 ~ | 2 | 2 |
|  4.434% due 09/25/2036 ~ | 28 | 24 |
|  4.974% due 12/25/2045 •  | 8 | 8 |
|  5.054% due 01/25/2045 •  | 1 | 1 |
|  5.074% due 01/25/2045 •  | 1 | 1 |
|  5.099% due 02/25/2047 •  | 117 | 107 |
|  5.447% due 07/25/2046 •  | 68 | 61 |
|  5.661% due 02/25/2033 ~ | 15 | 15 |
|  5.782% due 06/25/2033 ~ | 1 | 1 |
|  5.799% due 08/25/2042 •  | 1 | 1 |
|  6.205% 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 |
|  5.339% due 07/25/2046 •  | 28 | 17 |
|  |  | 11764 |
| U.S. GOVERNMENT AGENCIES 67.9% | U.S. GOVERNMENT AGENCIES 67.9% | U.S. GOVERNMENT AGENCIES 67.9% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  3.000% due 03/01/2060 | 145 | 125 |
|  3.500% due 01/01/2059 | 263 | 235 |
|  4.820% due 06/25/2036 •  | 5 | 5 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 07/25/2044 | 6 | 7 |
|  6.009% due 12/01/2034 •  | 1 | 1 |
|  7.037% due 11/01/2034 •  | 5 | 5 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.053% due 01/15/2038 ~(a) | 61 | 3 |
|  3.000% due 03/01/2045 | 139 | 124 |
|  4.700% due 09/25/2031 •  | 3 | 3 |
|  4.814% due 01/15/2038 •  | 61 | 60 |
|  5.245% due 11/25/2054 •  | 566 | 565 |
|  5.255% due 03/25/2055 •  | 466 | 462 |
|  5.599% due 10/25/2044 •  | 10 | 9 |
|  5.705% due 03/25/2055 •  | 737 | 741 |
|  6.000% due 04/15/2036 | 67 | 71 |
|  6.771% due 04/01/2037 •  | 8 | 9 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.000% due 07/20/2046 - 12/20/2052 | 444 | 394 |
|  3.500% due 10/20/2052 - 10/20/2054 | 2266 | 2066 |
|  5.092% due 04/20/2074 •  | 482 | 482 |
|  6.000% due 09/20/2038 | 1 | 1 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.500% due 08/01/2055 | 600 | 510 |
|  3.000% due 08/01/2055 | 3800 | 3361 |
|  3.500% due 07/01/2055 | 5000 | 4546 |
|  6.500% due 07/01/2055 - 08/01/2055 | 4500 | 4612 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 02/01/2051 | 201 | 167 |
|  3.000% due 08/01/2042 - 10/01/2049 | 301 | 262 |
|  3.500% due 10/01/2034 - 07/01/2050 | 302 | 279 |
|  4.000% due 06/01/2050 | 100 | 94 |
|  6.000% due 01/01/2054 - 09/01/2054 | 15645 | 15981 |
|  6.500% due 12/01/2053 | 241 | 249 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 07/01/2055 | 2500 | 2164 |
|  4.000% due 07/01/2055 | 600 | 558 |
|  5.000% due 08/01/2055 | 21200 | 20766 |
|  6.500% due 08/01/2055 | 30100 | 31036 |
|  |  | 89953 |
| U.S. TREASURY OBLIGATIONS 10.9% | U.S. TREASURY OBLIGATIONS 10.9% | U.S. TREASURY OBLIGATIONS 10.9% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2041 (i) | 300 | 206 |
|  2.250% due 08/15/2049 | 400 | 251 |
|  2.375% due 11/15/2049 | 300 | 193 |
|  3.000% due 02/15/2048 | 400 | 297 |
|  3.000% due 08/15/2048 | 175 | 130 |
|  3.375% due 11/15/2048 (i) | 1400 | 1108 |
|  4.125% due 08/15/2044 (e) | 3650 | 3345 |
|  4.500% due 11/15/2054 | 3100 | 2955 |
|  4.625% due 02/15/2055 (e) | 2000 | 1948 |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.125% due 10/15/2025 | 124 | 123 |
|  0.125% due 07/15/2031 | 359 | 330 |
|  0.125% due 01/15/2032 | 116 | 105 |
|  0.625% due 07/15/2032 | 110 | 103 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.125% due 01/15/2033 | $| 861 | $— | 824 |
|  1.750% due 01/15/2028 (g) |  | 2144 |  | 2171 |
|  3.875% due 04/15/2029 |  | 312 |  | 341 |
|  |  |  |  | 14430 |
|  Total United States (Cost $128,105) | Total United States (Cost $128,105) | Total United States (Cost $128,105) |  | 126397 |
| SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% |
| COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.840% due 07/08/2025 |  | 250 |  | 250 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.630% due 07/07/2025 |  | 250 |  | 250 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  4.920% due 07/14/2025 |  | 250 |  | 249 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.720% due 07/14/2025 |  | 250 |  | 250 |
|  |  |  |  | 999 |
| NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% |
|  31.499% due 11/04/2025 - 06/29/2026 (b)(c) | NGN | 1285770 |  | 681 |
| Total Short-Term Instruments<br>(Cost $1,640) | Total Short-Term Instruments<br>(Cost $1,640) | Total Short-Term Instruments<br>(Cost $1,640) |  | 1680 |
| Total Investments in Securities (Cost $193,955) | Total Investments in Securities (Cost $193,955) | Total Investments in Securities (Cost $193,955) |  | 195243 |
|  |  | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% |
|  PIMCO Short-Term Floating NAV Portfolio III | PIMCO Short-Term Floating NAV Portfolio III | 55763 |  | 543 |
| Total Short-Term Instruments<br>(Cost $543) | Total Short-Term Instruments<br>(Cost $543) | Total Short-Term Instruments<br>(Cost $543) |  | 543 |
| Total Investments in Affiliates<br>(Cost $543) | Total Investments in Affiliates<br>(Cost $543) | Total Investments in Affiliates<br>(Cost $543) |  | 543 |
| Total Investments 147.7%<br>(Cost $194,498) | Total Investments 147.7%<br>(Cost $194,498) | Total Investments 147.7%<br>(Cost $194,498) | $— | 195786 |
|  Financial Derivative<br>Instruments (f)(h) (0.3)%<br> (Cost or Premiums, net $3,299) | Financial Derivative<br>Instruments (f)(h) (0.3)%<br> (Cost or Premiums, net $3,299) | Financial Derivative<br>Instruments (f)(h) (0.3)%<br> (Cost or Premiums, net $3,299) |  | (398) |
| Other Assets and Liabilities, net (47.4)% | Other Assets and Liabilities, net (47.4)% | Other Assets and Liabilities, net (47.4)% |  | (62875) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 132513 |

---

#### 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) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

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

---

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

---

------

June 30, 2025 (Unaudited)

#### 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 |
|  JPS | 4.420% | 06/04/2025 | 07/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1913) | $(1919) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1919) |

---

#### 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> |
|  UBS | 4.440% | 06/13/2025 | 08/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(737) | $(738) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(738) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  United States (14.0)% | United States (14.0)% | United States (14.0)% | United States (14.0)% | United States (14.0)% | United States (14.0)% |
| &nbsp;&nbsp; U.S. Government Agencies (14.0)% | &nbsp;&nbsp; U.S. Government Agencies (14.0)% | &nbsp;&nbsp; U.S. Government Agencies (14.0)% | &nbsp;&nbsp; U.S. Government Agencies (14.0)% | &nbsp;&nbsp; U.S. Government Agencies (14.0)% | &nbsp;&nbsp; U.S. Government Agencies (14.0)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 07/01/2040 | $2300 | $(2071) | $(2102) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12200 | (9546) | (9661) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 08/01/2055 | 800 | (658) | (664) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 08/01/2055 | 800 | (716) | (720) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 08/01/2055 | 200 | (191) | (191) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 08/01/2055 | 660 | (656) | (659) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 08/01/2055 | 3600 | (3655) | (3655) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 07/01/2055 | 900 | (924) | (930) |
|  Total Short Sales (14.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18417) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18582) |

---

#### 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 June 30, 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 |
|  JPS | $0 | $(1919) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1919) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  UBS | 0 | 0 | (738) | (738) | 733 | (5) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1919) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(738) |  |  |  |

---

#### 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 | $(1919) | $0 | $0 | $(1919) |
|  Total | $0 | $(1919) | $0 | $0 | $(1919) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | 0 | (738) | 0 | (738) |
|  Total | $0 | $0 | $(738) | $0 | $(738) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1919) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(738) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2657) |
|  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  | $(2657) |

---

(e) Securities with an aggregate market value of $2,681 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(6881) at a weighted average interest rate of 4.423%. 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 $(4) 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;(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - EUREX Euro-Bund July 2025 Futures | EUR 129.000 | 07/25/2025 | 3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $(1) | $(1) |
|  Call - EUREX Euro-Bund July 2025 Futures | 132.500 | 07/25/2025 | 3 | 3 | (2) | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### 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 August Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 07/25/2025 | 2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $(1) | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 109.500 | 07/25/2025 | 4 | 4 | (1) | 0 |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.500 | 07/25/2025 | 6 | 6 | (2) | (3) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(7) | $(5) |

---

#### 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 September Futures  | 09/2025 | 7 | $496 | $2 | $0 | $(1) |
|  Euro-BTP September Futures  | 09/2025 | 55 | 7839 | 23 | 12 | (15) |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 23 | 4785 | 21 | 1 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12644 | 137 | 16 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 55 | 6167 | 104 | 17 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 68 | 7770 | 172 | 33 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| 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 September Futures  | 09/2025 | 110 | $(8298) | $(75) | $38 | $0 |
|  Canada Government 5-Year Bond September Futures  | 09/2025 | 11 | (922) | (6) | 0 | (1) |
|  Canada Government 10-Year Bond September Futures  | 09/2025 | 24 | (2150) | (21) | 0 | (5) |
|  Euro-Bobl September Futures  | 09/2025 | 52 | (7208) | 33 | 15 | (5) |
|  Euro-Bund September Futures  | 09/2025 | 67 | (10272) | 81 | 29 | (2) |
|  Euro-Buxl 30-Year Bond September Futures  | 09/2025 | 2 | (280) | 5 | 1 | 0 |
|  Euro-Oat September Futures  | 09/2025 | 80 | (11670) | 45 | 25 | (5) |
|  Euro-Schatz September Futures  | 09/2025 | 16 | (2021) | 3 | 2 | (1) |
|  Japan Government 10-Year Bond September Futures  | 09/2025 | 30 | (28961) | (87) | 40 | 0 |
|  Short Euro-BTP Italy Government Bond September Futures  | 09/2025 | 47 | (5976) | 10 | 8 | (5) |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 14 | (1668) | (71) | 0 | (19) |
|  |  |  |  | $(83) | $158 | $(43) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |

---

16 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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-43 10-Year Index | (1.000)% | Quarterly | 12/20/2034 | $1800 | $(10) | $(9) | $(19) | $0 | $(2) |
|  CDX.IG-44 10-Year Index | (1.000) | Quarterly | 06/20/2035 | 8300 | (14) | (49) | (63) | 0 | (7) |
|  CDX.iTraxx Main 43 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 3260 | (71) | (12) | (83) | 0 | (3) |
|  CDX.iTraxx Main 43 5-Year Index | (1.000) | Quarterly | 06/20/2035 | 2600 | (6) | (8) | (14) | 0 | (4) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |

---

#### 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-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $9900 | $214 | $12 | $226 | $5 | $0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84400 | 1485 | 410 | 1895 | 47 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 | 03/19/2027 | 2300 | $(15) | $14 | $(1) | $0 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.000 | Annual | 06/17/2027 | 7500 | (27) | (98) | (125) | 0 | (2) |
| Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 13700 | 42 | 139 | 181 | 0 | (1) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2030 | 3400 | (92) | 50 | (42) | 0 | (3) |
| Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 6500 | 27 | 3 | 30 | 5 | (1) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 | 100 | 7 | (1) | 6 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 12/18/2029 | 40000 | 0 | (3) | (3) | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 739200 | (13) | 18 | 5 | 0 | (8) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 356000 | (5) | (19) | (24) | 0 | (5) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 12/18/2034 | 20000 | 1 | (3) | (2) | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 560000 | (60) | (7) | (67) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 190000 | 23 | (19) | 4 | 0 | (3) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 480000 | 262 | 241 | 503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(519) | 0 | (20) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 14800 | (2) | 7 | 5 | 1 | 0 |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 09/18/2029 | 4590 | 21 | (191) | (170) | 0 | (5) |
| Receive<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 09/17/2030 | 600 | (8) | (10) | (18) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.228 | Annual | 08/30/2025 | $4900 | (2) | 20 | 18 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 43 | 0 | 0 | 0 | 0 | 0 |
| 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 | (11) | (1) | 0 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 1300 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 4600 | 1 | 83 | 84 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 3400 | 23 | (16) | 7 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 28150 | 587 | (214) | 373 | 0 | (8) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | 1400 | (10) | 3 | (7) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.981 | Annual | 11/30/2027 | 2400 | 0 | 24 | 24 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 700 | 0 | (10) | (10) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 500 | 0 | (7) | (7) | 0 | (1) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 9009 | (1) | (93) | (94) | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 5960 | 266 | (136) | 130 | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 600 | 11 | (6) | 5 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.695 | Annual | 11/15/2031 | 3400 | (6) | (402) | (408) | 7 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 11/15/2032 | 9160 | (48) | (297) | (345) | 25 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 500 | (2) | 11 | 9 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 2600 | 18 | (28) | (10) | 0 | (10) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 02/15/2035 | 2404 | 1 | (49) | (48) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 13450 | 895 | (386) | 509 | 0 | (50) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 1500 | 82 | (27) | 55 | 0 | (6) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2052 | 1700 | (14) | (34) | (48) | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 1070 | 136 | (5) | 131 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/20/2054 | 100 | (13) | 12 | (1) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 300 | 22 | 0 | 22 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 | 700 | 0 | (1) | (1) | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 200 | 0 | (1) | (1) | 0 | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 |  | $500 | $0 | $(3) | $(3) | $0 | $(4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 |  | 200 | 0 | (3) | (3) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.017 | Annual | 11/15/2054 |  | 600 | 0 | (10) | (10) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 |  | 540 | 0 | (18) | (18) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 |  | 260 | 0 | (9) | (9) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 |  | 800 | 0 | 23 | 23 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 |  | 200 | 0 | 4 | 4 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 |  | 200 | 0 | 4 | 4 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 |  | 200 | 0 | 2 | 2 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 |  | 500 | 0 | 13 | 13 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 |  | 980 | 123 | (6) | 117 | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 |  | 246 | 1 | (2) | (1) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 |  | 142 | (2) | (2) | (4) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 |  | 315 | 0 | (3) | (3) | 0 | (3) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 |  | 84 | (1) | (1) | (2) | 0 | (1) |
| Pay<sup>(5)</sup> | 3-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 |  | 23400 | (125) | (4) | (129) | 0 | (4) |
| Pay | 3-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 |  | 900 | 0 | 9 | 9 | 0 | (1) |
| Pay | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 300 | 2 | 5 | 7 | 0 | (1) |
| Pay | 3-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 |  | 200 | (14) | (86) | (100) | 0 | (1) |
| Pay<sup>(5)</sup> | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2035 |  | 21300 | 0 | 0 | 0 | 0 | 0 |
| Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 |  | 900 | 7 | 20 | 27 | 0 | (1) |
| Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 |  | 1000 | (3) | (20) | (23) | 1 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 06/16/2031 |  | 2500 | 34 | (209) | (175) | 0 | (2) |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/15/2033 |  | 1600 | 28 | (3) | 25 | 0 | (1) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 |  | 2700 | 9 | 57 | 66 | 0 | (4) |
| Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 |  | 5170 | 36 | 74 | 110 | 0 | (1) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 |  | 5900 | (41) | 42 | 1 | 0 | (2) |
| Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 |  | 900 | 0 | (10) | (10) | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 |  | 2000 | 0 | (9) | (9) | 0 | (3) |
| Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 |  | 3200 | 0 | (5) | (5) | 0 | (5) |
| Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 |  | 3800 | 4 | 11 | 15 | 0 | (5) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 1500 | (21) | 18 | (3) | 0 | (2) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 8100 | (272) | (38) | (310) | 0 | (16) |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 |  | 440 | 21 | (40) | (19) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 |  | 100 | 0 | 62 | 62 | 0 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 |  | 2900 | 0 | 146 | 146 | 3 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.270 | Annual | 03/12/2055 |  | 900 | 0 | 40 | 40 | 1 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.282 | Annual | 03/12/2055 |  | 300 | 0 | 13 | 13 | 0 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 1970 | 163 | 78 | 241 | 7 | 0 |
| Pay | 6-Month PLN-WIBOR | 2.585 | Annual | 10/14/2029 |  | 1200 | 0 | (18) | (18) | 0 | 0 |
| Pay | CAONREPO | 3.500 | Annual | 12/18/2025 |  | 4500 | (9) | 31 | 22 | 0 | 0 |
| Pay | CAONREPO | 3.898 | Annual | 06/19/2026 |  | 5400 | (1) | 55 | 54 | 0 | 0 |
| Pay | CAONREPO | 3.925 | Annual | 06/19/2026 |  | 5100 | 0 | 52 | 52 | 0 | 0 |
| Pay | CAONREPO | 3.250 | Semi-Annual | 06/21/2028 |  | 2000 | (9) | 41 | 32 | 1 | 0 |
| Pay | CAONREPO | 1.250 | Semi-Annual | 06/16/2031 |  | 100 | (10) | 4 | (6) | 0 | 0 |
| Pay | CAONREPO | 3.500 | Semi-Annual | 06/19/2034 |  | 900 | 29 | 2 | 31 | 2 | 0 |
| Receive | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 |  | 900 | 9 | (14) | (5) | 0 | (5) |
|  |  |  |  |  |  |  | $1823 | $(1425) | $398 | $66 | $(306) |
|  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;3421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1081) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322) |

---

#### 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 June 30, 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<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | |
|  | 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;237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | $(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(393) |

---

(g) Securities with an aggregate market value of $997 and cash of $4,599 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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. 

---

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

---

------

June 30, 2025 (Unaudited)

<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 liability of $(7) for closed swap agreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be 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 | 07/2025 | 183 | $110 | $0 | $(1) |
|  | 07/2025 | $2093 | 3222 | 28 | 0 |
|  | 07/2025 | 719 | 5179 | 5 | 0 |
|  | 08/2025 | 3222 | $2095 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |
|  | 08/2025 | $1049 | 7539 | 9 | 0 |
|  | 08/2025 | 110 | 183 | 1 | 0 |
|  BOA | 07/2025 | 166 | $108 | 0 | (1) |
|  | 07/2025 | $3545 | 3118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | 0 |
|  | 07/2025 | 203 | 3314013 | 1 | 0 |
|  | 07/2025 | 112 | 144 | 1 | 0 |
|  | 08/2025 | 1452 | $203 | 0 | (1) |
|  | 08/2025 | 28430 | 70 | 0 | 0 |
|  | 08/2025 | 143 | $112 | 0 | (1) |
|  | 08/2025 | 62 | 2 | 0 | 0 |
|  | 08/2025 | $82 | 583 | 0 | 0 |
|  | 08/2025 | 56 | 19155 | 0 | 0 |
|  | 08/2025 | 231 | 4378 | 1 | 0 |
|  BPS | 07/2025 | 1528 | $280 | 0 | (1) |
|  | 07/2025 | 159 | 805 | 0 | (1) |
|  | 07/2025 | 235 | $23 | 0 | 0 |
|  | 07/2025 | 655 | 68 | 0 | (1) |
|  | 07/2025 | 90 | 3 | 0 | 0 |
|  | 07/2025 | 3111 | 77 | 0 | (1) |
|  | 07/2025 | 10499 | 323 | 0 | (38) |
|  | 07/2025 | $273 | 1528 | 9 | 0 |
|  | 07/2025 | 89 | 77 | 2 | 0 |
|  | 07/2025 | 406 | 6625139 | 3 | 0 |
|  | 07/2025 | 20 | 655 | 0 | 0 |
|  | 07/2025 | 93 | 2766 | 2 | 0 |
|  | 08/2025 | 1308 | $181 | 0 | (2) |
|  | 08/2025 | 14544 | 455 | 0 | (51) |
|  | 08/2025 | $583 | 4183 | 3 | 0 |
|  | 08/2025 | 37 | 263 | 0 | 0 |
|  | 08/2025 | 11 | 241 | 1 | 0 |
|  | 08/2025 | 197 | 17087 | 2 | 0 |
|  | 08/2025 | 156 | 2981 | 2 | 0 |
|  | 08/2025 | 268 | 8479 | 27 | 0 |
|  | 10/2025 | 3700 | $608 | 0 | (57) |
|  BRC | 07/2025 | 171 | 868 | 0 | (1) |
|  | 07/2025 | 2764 | $3760 | 0 | (33) |
|  | 07/2025 | 904 | 260 | 0 | (9) |
|  | 07/2025 | 23340 | 17 | 0 | 0 |
|  | 07/2025 | $466 | 409 | 16 | 0 |
|  | 07/2025 | 129 | 435 | 0 | 0 |
|  | 07/2025 | 17 | 2387 | 0 | 0 |
|  | 07/2025 | 367 | 1551 | 1 | 0 |
|  | 07/2025 | 32 | 121 | 1 | 0 |
|  | 07/2025 | 1419 | 58176 | 21 | 0 |
|  | 07/2025 | 89 | 1613 | 2 | 0 |
|  | 07/2025 | 19853 | $1098 | 0 | (22) |
|  | 08/2025 | 581 | 81 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  | 08/2025 | $490 | 3524 | $4 | $0 |
|  | 08/2025 | 107 | 2381 | 7 | 0 |
|  | 08/2025 | 3761 | 2764 | 33 | 0 |
|  | 08/2025 | 595 | 24663 | 6 | 0 |
|  | 12/2025 | 32 | 1497 | 1 | 0 |
|  BSH | 07/2025 | 65 | 427 | 2 | 0 |
|  | 07/2025 | 430 | 1556 | 9 | 0 |
|  | 09/2025 | 305 | 1117 | 10 | 0 |
|  | 11/2025 | 2596 | $706 | 0 | (23) |
|  | 12/2025 | 1561 | 430 | 0 | (9) |
|  CBK | 07/2025 | 469 | 81 | 0 | (5) |
|  | 07/2025 | 948 | 132 | 0 | 0 |
|  | 07/2025 | 172 | 197 | 0 | (6) |
|  | 07/2025 | 2755 | 2 | 0 | 0 |
|  | 07/2025 | 1841 | 499 | 0 | (21) |
|  | 07/2025 | 882 | 27 | 0 | (1) |
|  | 07/2025 | 18281 | 562 | 0 | (68) |
|  | 07/2025 | $86 | 469 | 0 | 0 |
|  | 07/2025 | 1408 | 10088 | 4 | 0 |
|  | 07/2025 | 111 | 97 | 3 | 0 |
|  | 07/2025 | 155 | 114 | 1 | 0 |
|  | 07/2025 | 194 | 3163297 | 1 | 0 |
|  | 07/2025 | 58 | 80359 | 1 | 0 |
|  | 07/2025 | 80 | 286 | 1 | 0 |
|  | 07/2025 | 132 | 3901 | 3 | 0 |
|  | 08/2025 | 1204 | $168 | 0 | (1) |
|  | 08/2025 | 97 | 26 | 0 | (2) |
|  | 08/2025 | 22321 | 685 | 0 | (91) |
|  | 08/2025 | $321 | 2310 | 3 | 0 |
|  | 08/2025 | 349 | 2496 | 1 | 0 |
|  | 08/2025 | 154 | 641506 | 2 | 0 |
|  | 08/2025 | 50 | 2753 | 4 | 0 |
|  | 08/2025 | 1466 | 126330 | 6 | (1) |
|  | 09/2025 | 2690 | $735 | 0 | (23) |
|  | 01/2026 | 20000 | 147 | 6 | 0 |
|  | 02/2026 | 552 | 150 | 0 | (5) |
|  DUB | 07/2025 | 321 | 50 | 0 | 0 |
|  | 07/2025 | 3428 | 3977 | 0 | (61) |
|  | 07/2025 | 439 | 127 | 0 | (4) |
|  | 07/2025 | 27272 | 20 | 0 | 0 |
|  | 07/2025 | $5 | 37 | 0 | 0 |
|  | 07/2025 | 19 | 316890 | 0 | 0 |
|  | 07/2025 | 10 | 5288 | 0 | 0 |
|  | 07/2025 | 59 | 75 | 1 | 0 |
|  | 07/2025 | 90 | 2661 | 2 | 0 |
|  | 08/2025 | 285 | 1448 | 0 | (2) |
|  | 08/2025 | $73 | 520 | 0 | 0 |
|  | 08/2025 | 50 | 320 | 0 | 0 |
|  | 08/2025 | 70 | 3857 | 6 | 0 |
|  | 08/2025 | 3977 | 3420 | 61 | 0 |
|  | 08/2025 | 682 | 58875 | 3 | 0 |
|  | 08/2025 | 87 | 2835 | 12 | 0 |
|  | 09/2025 | 13569 | $25 | 0 | (1) |
|  | 09/2025 | 18 | 1 | 0 | 0 |
|  | 09/2025 | $238 | 123394 | 0 | (6) |
|  | 12/2025 | 127 | 67506 | 0 | (3) |
|  FAR | 07/2025 | 2899 | $1871 | 0 | (38) |
|  | 07/2025 | 16919 | 3063 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |
|  | 07/2025 | 14 | 18 | 0 | 0 |
|  | 07/2025 | 436 | 69 | 0 | 0 |
|  | 07/2025 | 753141 | 5174 | 0 | (56) |
|  | 07/2025 | 23 | 18 | 0 | 0 |
|  | 07/2025 | $2990 | 16919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | 0 |
|  | 07/2025 | 57 | 47 | 2 | 0 |
|  | 07/2025 | 367 | 2634 | 2 | 0 |
|  | 07/2025 | 9181 | 1317050 | 0 | (35) |
|  | 07/2025 | 369 | 1360 | 8 | 0 |
|  | 07/2025 | 513 | 4909 | 6 | 0 |
|  | 07/2025 | 150 | 193 | 1 | 0 |
|  | 08/2025 | 132 | $104 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 08/2025 | $18 | 14 | $0 | $0 |
|  | 08/2025 | 308 | 2205 | 1 | 0 |
|  | 08/2025 | 69 | 435 | 0 | 0 |
|  | 08/2025 | 326 | 28197 | 2 | 0 |
|  | 08/2025 | 5174 | 750372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | 0 |
|  | 09/2025 | 3063 | 17178 | 50 | 0 |
|  | 09/2025 | 776 | 15118 | 23 | 0 |
|  | 11/2025 | 647 | $176 | 0 | (6) |
|  GLM | 07/2025 | 190 | 958 | 0 | (2) |
|  | 07/2025 | 4000 | $123 | 0 | (15) |
|  | 07/2025 | $46 | 748902 | 0 | 0 |
|  | 07/2025 | 35 | 45 | 0 | 0 |
|  | 08/2025 | 34 | 171 | 0 | 0 |
|  | 08/2025 | 45 | $35 | 0 | 0 |
|  | 08/2025 | $186 | 65602 | 7 | 0 |
|  | 09/2025 | 254 | $71 | 0 | (1) |
|  | 09/2025 | $50 | 26138 | 0 | (1) |
|  | 10/2025 | 9600 | $1570 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) |
|  | 12/2025 | 1119 | 24 | 0 | 0 |
|  | 01/2026 | 40000 | 297 | 14 | 0 |
|  IND | 07/2025 | 4260 | 450 | 0 | 0 |
|  | 08/2025 | $450 | 4251 | 0 | 0 |
|  | 08/2025 | 70 | 2296 | 10 | 0 |
|  JPM | 07/2025 | 2635 | $483 | 0 | (2) |
|  | 07/2025 | 33 | 40 | 0 | (1) |
|  | 07/2025 | 1117 | 156 | 0 | 0 |
|  | 07/2025 | 19131 | 133 | 0 | 0 |
|  | 07/2025 | 28953 | 21 | 0 | 0 |
|  | 07/2025 | 1043 | 812 | 0 | (8) |
|  | 07/2025 | 10625 | 327 | 0 | (39) |
|  | 07/2025 | $473 | 2635 | 12 | 0 |
|  | 07/2025 | 692 | 4991 | 6 | 0 |
|  | 07/2025 | 110 | 786 | 0 | 0 |
|  | 07/2025 | 50 | 331 | 2 | 0 |
|  | 07/2025 | 163 | 273 | 4 | 0 |
|  | 07/2025 | 1011 | 3756 | 31 | 0 |
|  | 07/2025 | 73 | 94 | 1 | 0 |
|  | 07/2025 | 6404 | $358 | 0 | (3) |
|  | 08/2025 | 490 | 69 | 0 | 0 |
|  | 08/2025 | 94 | 73 | 0 | (1) |
|  | 08/2025 | 11819 | 363 | 0 | (48) |
|  | 08/2025 | $1174 | 8441 | 9 | 0 |
|  | 08/2025 | 46 | 329 | 0 | 0 |
|  | 08/2025 | 220 | 19057 | 2 | 0 |
|  | 10/2025 | 19350 | 48 | 0 | 0 |
|  MBC | 07/2025 | 157 | $101 | 0 | (2) |
|  | 07/2025 | 20 | 15 | 0 | 0 |
|  | 07/2025 | 547 | 76 | 0 | 0 |
|  | 07/2025 | 383 | 438 | 0 | (13) |
|  | 07/2025 | 647 | 878 | 0 | (10) |
|  | 07/2025 | 40 | 24 | 0 | (1) |
|  | 07/2025 | 2506 | 1954 | 0 | (18) |
|  | 07/2025 | 440 | 13 | 0 | 0 |
|  | 07/2025 | 5840 | 179 | 0 | (22) |
|  | 07/2025 | $15 | 20 | 0 | 0 |
|  | 07/2025 | 332 | 2393 | 3 | 0 |
|  | 07/2025 | 76 | 547 | 0 | 0 |
|  | 07/2025 | 325 | 282 | 8 | 0 |
|  | 07/2025 | 50 | 807493 | 0 | 0 |
|  | 07/2025 | 402 | 57772 | 0 | (1) |
|  | 07/2025 | 249 | 931 | 10 | 0 |
|  | 07/2025 | 1938 | 2506 | 33 | 0 |
|  | 07/2025 | 7 | 201 | 0 | 0 |
|  | 08/2025 | 11119 | $1538 | 0 | (21) |
|  | 08/2025 | 2500 | 1938 | 0 | (33) |
|  | 08/2025 | 11861 | 367 | 0 | (45) |
|  | 08/2025 | $15 | 20 | 0 | 0 |
|  | 08/2025 | 1069 | 7679 | 8 | 0 |
|  | 08/2025 | 76 | 545 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  MYI | 07/2025 | 148 | $21 | $0 | $0 |
|  | 07/2025 | 253265 | 1738 | 0 | (21) |
|  | 07/2025 | 398 | 40 | 0 | 0 |
|  | 07/2025 | $206 | 29752 | 1 | 0 |
|  | 07/2025 | 2 | 7 | 0 | 0 |
|  | 08/2025 | 392 | 2811 | 2 | 0 |
|  | 08/2025 | 21 | 147 | 0 | 0 |
|  | 08/2025 | 1738 | 252334 | 21 | 0 |
|  | 08/2025 | 39 | 398 | 0 | 0 |
|  | 09/2025 | 577 | $406 | 0 | (19) |
|  | 09/2025 | $37 | 18989 | 0 | (1) |
|  | 12/2025 | 2246 | 89 | 0 | (2) |
|  NGF | 07/2025 | $550 | 8963468 | 3 | 0 |
|  RYL | 08/2025 | 1008 | $139 | 0 | (2) |
|  | 08/2025 | 2438 | 76 | 0 | (9) |
|  | 08/2025 | $147 | 1058 | 2 | 0 |
|  SCX | 07/2025 | 7 | $2 | 0 | 0 |
|  | 07/2025 | 2821 | 20 | 0 | 0 |
|  | 07/2025 | 50 | 30 | 0 | 0 |
|  | 07/2025 | 592 | 20 | 0 | 0 |
|  | 07/2025 | $30 | 1623 | 3 | 0 |
|  | 07/2025 | 214 | 3482917 | 1 | 0 |
|  | 07/2025 | 145 | 21000 | 1 | 0 |
|  | 07/2025 | 387 | 499 | 6 | 0 |
|  | 07/2025 | 272 | 8084 | 6 | 0 |
|  | 08/2025 | 664 | $91 | 0 | (2) |
|  | 08/2025 | 498 | 387 | 0 | (6) |
|  | 08/2025 | 3224 | 99 | 0 | (13) |
|  | 08/2025 | $542 | 3873 | 1 | 0 |
|  | 08/2025 | 230 | 19754 | 0 | 0 |
|  | 08/2025 | 20 | 2811 | 0 | 0 |
|  | 08/2025 | 71 | 2240 | 7 | 0 |
|  SOG | 07/2025 | 418007 | $2896 | 0 | (7) |
|  | 07/2025 | $20 | 1026 | 1 | 0 |
|  | 07/2025 | 65 | 285 | 1 | 0 |
|  | 08/2025 | 482 | $67 | 0 | (1) |
|  | 08/2025 | $5 | 1765 | 0 | 0 |
|  | 08/2025 | 1 | 114 | 0 | 0 |
|  | 08/2025 | 2896 | 416473 | 7 | 0 |
|  SSB | 07/2025 | 114 | $156 | 0 | 0 |
|  | 07/2025 | $4618 | 3411 | 64 | 0 |
|  | 08/2025 | 156 | 114 | 0 | 0 |
|  UAG | 07/2025 | 66 | $19 | 0 | (1) |
|  | 07/2025 | 23292 | 17 | 0 | 0 |
|  | 07/2025 | $89 | 83182 | 0 | 0 |
|  | 07/2025 | 134 | 19413 | 1 | 0 |
|  | 07/2025 | 17 | 23303 | 0 | 0 |
|  | 07/2025 | 66 | 675 | 1 | 0 |
|  | 07/2025 | 49 | 216 | 1 | 0 |
|  | 08/2025 | 1975 | 14185 | 14 | 0 |
|  | 09/2025 | 406 | 577 | 19 | 0 |
|  | 12/2025 | 89 | 2246 | 2 | 0 |
|  | 12/2025 | 751 | $16 | 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;1059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1297) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | 24.650 | 03/11/2026 | 198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  | Put - OTC EUR versus HUF | 399.000 | 08/25/2025 | 251 | 1 | 2 |
| BRC | Call - OTC USD versus SEK | 10.200 | 11/26/2025 | 272 | 2 | 1 |
| GLM | Put - OTC EUR versus USD | $1.100 | 12/17/2025 | 33 | 4 | 3 |
| JPM | Put - OTC EUR versus CZK | 24.600 | 12/22/2025 | 561 | 3 | 3 |
|  | Put - OTC EUR versus HUF | 395.000 | 09/29/2025 | 202 | 1 | 1 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| MBC | Put - OTC EUR versus USD | $1.098 | 12/23/2025 | 34 | $4 | $2 |
| MYI | Put - OTC EUR versus CZK | 24.750 | 12/09/2025 | 210 | 1 | 2 |
|  | Put - OTC EUR versus CZK | 24.550 | 12/16/2025 | 508 | 2 | 2 |
|  | Put - OTC EUR versus CZK | 24.700 | 12/16/2025 | 352 | 2 | 2 |
|  | Put - OTC EUR versus USD | $1.110 | 11/24/2025 | 849 | 4 | 2 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |

---

#### 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 |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570% | 08/13/2025 | 7500 | $11 | $0 |
| JPM Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570 | 08/13/2025 | 200 | 0 | 0 |
|  |  |  |  |  |  | $11 | $0 |
|  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;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description |  | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Call - OTC USD versus TRY | TRY | 53.500 | 12/11/2025 | 213 | $(7) | $(6) |
| UAG | Call - OTC USD versus TRY |  | 54.000 | 12/16/2025 | 134 | (4) | (3) |
|  |  |  |  |  |  | $(11) | $(9) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.637% | 07/18/2025 | 500 | $(2) | $(3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.037 | 07/18/2025 | 500 | (2) | 0 |
| BRC Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.350 | 09/25/2025 | 400 | (4) | 0 |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.605 | 07/23/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.955 | 07/23/2025 | 200 | (1) | 0 |
| DUB Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.330 | 09/25/2025 | 400 | (4) | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.653 | 07/14/2025 | 500 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.053 | 07/14/2025 | 500 | (1) | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 07/02/2025 | 500 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 07/02/2025 | 500 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.669 | 07/07/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.019 | 07/07/2025 | 200 | (1) | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.545 | 07/28/2025 | 475 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.895 | 07/28/2025 | 475 | (1) | (1) |
|  |  |  |  |  |  | $(24) | $(12) |
|  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;(35) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |

---

#### 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>June 30, 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>June 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| GST | Korea International Bond | (1.000)% | Quarterly | 06/20/2030 | 0.262% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | $(7) | $(1) | $0 | $(8) |
| MYC | Korea International Bond | (1.000) | Quarterly | 06/20/2030 | 0.262 | 230 | (8) | 0 | 0 | (8) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&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;(16) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 23

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

#### 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>June 30, 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>June 30, 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 | —¨ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | $&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 |

---

#### 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, at Value | Swap Agreements, 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 0.414% 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 | 12/17/2026 | $7429 | JPY | 1100000 | $15 | $1 | $16 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.470% 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 | 09/17/2030 | 2594 |  | 400000 | (25) | 7 | 0 | (18) |
|  GST | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% 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 | 10/15/2026 | 8118 |  | 1285000 | (102) | 3 | 0 | (99) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **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)** | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment**<br> **Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BPS | Pay | 3-Month MYR-KLIBOR | 3.500% | Quarterly | 03/19/2030 | MYR 860 | $(1) | $4 | $3 | $0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/18/2034 | 1030 | (3) | (4) | 0 | (7) |
| GST | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 | 5170 | 1 | 16 | 17 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/20/2033 | 2160 | 13 | (28) | 0 | (15) |
| JPM | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 03/19/2035 | 740 | 1 | (6) | 0 | (5) |
|  |  |  |  |  |  |  | $11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $20 | $(27) |
|  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;(116) | $(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) |

---

#### 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 June 30, 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 | $43 | $0 | $0 | $43 | $(29) | $0 | $0 | $(29) | $14 | $0 | $14 |
|  BOA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | 3 | 0 | 134 | (3) | (3) | 0 | (6) | 128 | 0 | 128 |
|  BPS | 51 | 0 | 3 | 54 | (152) | 0 | (7) | (159) | (105) | 0 | (105) |
|  BRC | 92 | 1 | 0 | 93 | (66) | 0 | 0 | (66) | 27 | 0 | 27 |
|  BSH | 21 | 0 | 0 | 21 | (32) | 0 | 0 | (32) | (11) | 0 | (11) |
|  CBK | 36 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 52 | (224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | (18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191) |
|  DUB | 85 | 0 | 2 | 87 | (77) | 0 | 0 | (77) | 10 | 0 | 10 |
|  FAR | 275 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | (186) | 0 | 0 | (186) | 89 | 0 | 89 |
|  GLM | 21 | 3 | 0 | 24 | (176) | (8) | 0 | (184) | (160) | 0 | (160) |
|  GST | 0 | 0 | 17 | 17 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122) | (122) | (105) | 0 | (105) |
|  IND | 10 | 0 | 0 | 10 | 0 | 0 | 0 | 0 | 10 | 0 | 10 |
|  JPM | 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 0 | 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | 0 | (5) | (107) | (36) | 0 | (36) |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>** |
|  MBC | $62 | $2 | $0 | $64 | $(166) | $0 | $0 | $(166) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (3) | (8) | (11) | (11) | 0 | (11) |
|  MYI | 24 | 8 | 0 | 32 | (43) | 0 | 0 | (43) | (11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | 9 |
|  NGF | 3 | 0 | 0 | 3 | 0 | (3) | 0 | (3) | 0 | 0 | 0 |
|  RYL | 2 | 0 | 0 | 2 | (11) | 0 | 0 | (11) | (9) | 0 | (9) |
|  SCX | 25 | 0 | 0 | 25 | (21) | 0 | 0 | (21) | 4 | 0 | 4 |
|  SOG | 9 | 0 | 0 | 9 | (8) | 0 | 0 | (8) | 1 | 0 | 1 |
|  SSB | 64 | 0 | 0 | 64 | 0 | 0 | 0 | 0 | 64 | 0 | 64 |
|  UAG | 38 | 0 | 0 | 38 | (1) | (3) | 0 | (4) | 34 | 0 | 34 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1297) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1478) |  |  |  |

---

(i) 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 June 30, 2025.

¨ 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> 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 June 30, 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 | $237 | $237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 52 | 0 | 0 | 66 | 118 |
|  | $0 | $52 | $0 | $0 | $303 | $355 |
|  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 | $1059 | $0 | $1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 21 | 0 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 16 | 20 | 38 |
|  | $0 | $2 | $0 | $1096 | $20 | $1118 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 25

------

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest**<br> **Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 16 | 0 | 0 | 313 | 329 |
|  | $0 | $16 | $0 | $0 | $377 | $393 |
|  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 | $1297 | $0 | $1297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 9 | 12 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 16 | 0 | 117 | 27 | 160 |
|  | $0 | $16 | $0 | $1423 | $39 | $1478 |
|  | $&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;1423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871 |

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The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 751 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (42) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424) | (466) |
|  | $0 | $(42) | $0 | $0 | $338 | $296 |
|  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 | $688 | $0 | $688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 29 | (24) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 21 | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 21 | 0 | 598 | 5 | 624 |
|  | $0 | $21 | $0 | $1336 | $81 | $1438 |
|  | $0 | $(21) | $0 | $1336 | $419 | $1734 |
|  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  | (8) | 0 | 0 | 0 | (250) | (258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 336 | 0 | 0 | 891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 |
|  | $(8) | $336 | $0 | $0 | $643 | $971 |
|  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 | $(172) | $0 | $(172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (32) | (133) | (165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (16) | 91 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (16) | 0 | (22) | (4) | (42) |
|  | $0 | $(16) | $0 | $(242) | $(46) | $(304) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242) | $597 | $667 |

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#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 | $69 | $0 | $69 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2361 | 0 | 2361 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1618 | 0 | 1618 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp; Sovereign Issues | $0 | $1365 | $0 | $1365 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 268 | 0 | 268 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 205 | 0 | 205 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 203 | 0 | 203 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 105 | 0 | 105 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $315 | $0 | $315 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9249 | 0 | 9249 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1667 | 0 | 1667 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 209 | 0 | 209 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 4185 | 0 | 4185 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1307 | 0 | 1307 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 348 | 0 | 348 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 202 | 0 | 202 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 309 | 0 | 309 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10044 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10044 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 420 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 160 | 0 | 160 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 306 | 0 | 306 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 192 | 0 | 192 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1999 | 0 | 1999 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 845 | 0 | 845 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 176 | 0 | 176 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1345 | 0 | 1345 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 200 | 0 | 200 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2495 | 0 | 2495 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 199 | 0 | 199 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1297 | 0 | 1297 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2141 | 0 | 2141 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 604 | 0 | 604 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8341 | 0 | 8341 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 1336 | 0 | 1336 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $200 | $0 | $200 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 399 | 0 | 399 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1925 | 0 | 1925 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 1412 | 0 | 1412 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 874 | 0 | 874 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 4295 | 0 | 4295 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5766 | 0 | 5766 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 189 | 0 | 189 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 11764 | 0 | 11764 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 89953 | 0 | 89953 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 14430 | 0 | 14430 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 999 | 0 | 999 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 681 | 0 | 681 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195243 |
|  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 | $543 | $0 | $0 | $543 |
|  Total Investments | $543 | $195243 | $0 | $195786 |
|  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 | $(18582) | $0 | $(18582) |
|  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 | 170 | 185 | 0 | 355 |
|  Over the counter | 0 | 1116 | 2 | 1118 |
|  | $170 | $1301 | $2 | $1473 |
|  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 | (42) | (344) | 0 | (386) |
|  Over the counter | 0 | (1478) | 0 | (1478) |
|  | $(42) | $(1822) | $0 | $(1864) |
|  Total Financial Derivative Instruments | $128 | $(521) | $2 | $(391) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176813 |

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There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

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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 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 new 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

---

| | |
|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

June 30, 2025 (Unaudited)

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 determination of a distribution's tax character will be provided to shareholders when such information is available.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **29** |

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------

Notes to Financial Statements (Cont.)

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, 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 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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 inputs or methodology used for valuing securities are not necessarily an

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

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Notes to Financial Statements (Cont.)

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 markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

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| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, 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 June 30, 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>06/30/2025 | 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;38020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39100) | $&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;543 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

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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.

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.

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 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. 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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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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

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

full faith and credit of the U.S. Government. FHLMC 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) 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

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Notes to Financial Statements (Cont.)

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 to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any

dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

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

During the period ended June 30, 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

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

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

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within

centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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.

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Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(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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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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of

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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 and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

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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 because of a change 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, or 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 factors affecting securities markets generally or particular industries.

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.

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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.

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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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 markets, differing 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, inefficiencies resulting from erratic growth, the unavailability of consistently-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 event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

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receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

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

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

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government

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| | |
|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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. 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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **43** |

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Notes to Financial Statements (Cont.)

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% | 0.50% | 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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| | |
|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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; (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.

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

(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 June 30, 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. The recoverable amounts to PIMCO as of June 30, 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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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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

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Notes to Financial Statements (Cont.)

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 June 30, 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;674121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23268 |

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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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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | 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 | 259 | $2474 | 195 | $1831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1075 | 10240 | 2534 | 23903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 213 | 2024 | 494 | 4655 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 25 | 236 | 37 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 210 | 2015 | 349 | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 59 | 562 | 88 | 829 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (93) | (872) | (174) | (1638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2117) | (20115) | (2402) | (22741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (220) | (2093) | (324) | (3062) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (589) | $(5529) | 797 | $7416 |

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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 June 30, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 36% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

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

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 June 30, 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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|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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 its last fiscal year ended December 31, 2024, 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 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 |

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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 June 30, 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>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9249 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9074) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 |

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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> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **47** |

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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 | NGF | Nomura Global Financial Products, Inc. |
| 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<br>Bank S.A. | 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 | 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 |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC | UBS | UBS Securities LLC |
| FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | NZD | New Zealand Dollar |
| BRL | Brazilian Real | HUF | Hungarian Forint | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CHF | Swiss Franc | ILS | Israeli Shekel | RON | Romanian New Leu |
| CLP | Chilean Peso | INR | Indian Rupee | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | SGD | Singapore Dollar |
| CNY | Chinese Renminbi (Mainland) | KRW | South Korean Won | THB | Thai Baht |
| COP | Colombian Peso | KZT | Kazakhstani Tenge | TRY | Turkish New Lira |
| CZK | Czech Koruna | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| DKK | Danish Krone | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| EGP | Egyptian Pound | NGN | Nigerian Naira | ZAR | South African Rand |
| EUR | Euro | NOK | Norwegian Krone |  |  |
|  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 | MUTKCALM | Tokyo Overnight Average Rate | SOFR | Secured Overnight Financing Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | SIBCSORA | Singapore Overnight Rate Average | SONIO | Sterling Overnight Interbank Average Rate |
| CDX.IG | Credit Derivatives Index - Investment Grade |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | Oat | Obligations Assimilables du Trésor |
| ALT | Alternate Loan Trust | DAC | Designated Activity Company | OIS | Overnight Index Swap |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | TBA | To-Be-Announced |
| BBSW | Bank Bill Swap Reference Rate | KLIBOR | Kuala Lumpur Interbank Offered Rate | WIBOR | Warsaw Interbank Offered Rate |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | KORIBOR | Korea Interbank Offered Rate |  |  |

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| | |
|:---|:---|
| **48** | **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 June 30, 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) |
|  January 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  February 2025 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
|  March 2025 | $0.0345 | $0.0000 | $0.0000 | $0.0345 |
|  April 2025 | $0.0385 | $0.0000 | $0.0000 | $0.0385 |
|  May 2025 | $0.0384 | $0.0000 | $0.0000 | $0.0384 |
|  June 2025 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |
| 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) |
|  January 2025 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  February 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  March 2025 | $0.0334 | $0.0000 | $0.0000 | $0.0334 |
|  April 2025 | $0.0374 | $0.0000 | $0.0000 | $0.0374 |
|  May 2025 | $0.0372 | $0.0000 | $0.0000 | $0.0372 |
|  June 2025 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |
| 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) |
|  January 2025 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  February 2025 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  March 2025 | $0.0326 | $0.0000 | $0.0000 | $0.0326 |
|  April 2025 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |
|  May 2025 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |
|  June 2025 | $0.0356 | $0.0000 | $0.0000 | $0.0356 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **49** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **51** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

#### 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.

------

#### pimco.com/pvit
![LOGO](g44567g06y60.jpg)

PVITGLBLUNHFSTMSAR_063025

------

![LOGO](g946789g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO Global Core Bond (Hedged) Portfolio

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Global Core Bond (Hedged) Portfolio](#tx946789_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx946789_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx946789_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx946789_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx946789_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx946789_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx946789_7) | 28 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx946789_8) | 45 |
| &nbsp;&nbsp; [Glossary](#tx946789_10) | 48 |
| &nbsp;&nbsp; [Distribution Information](#tx946789_13) | 49 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx946789_14) | 50 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx946789_15) | 51 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx946789_12) | 52 |

---

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.)

------

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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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

---

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

---

------

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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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 securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>3</sub> |

---

------

Important Information About the PIMCO Global Core Bond (Hedged) 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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

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------

Financial Highlights PIMCO Global Core Bond (Hedged) Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> | 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<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; 01/01/2025 - 06/30/2025+ | $8.77 | $0.16 | $0.14 | $0.30 | $(0.18) | $0.00 | $0.00 | $(0.18) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 9.93 | 0.20 | 0.57 | 0.77 | (0.62) | 0.00 | 0.00 | (0.62) |

---

---

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 |

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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/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** | **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** |
| $8.89 | 3.42% | $81142 | 1.13 | %\* | 1.13 | %\* | 0.72 | %\* | 0.72 | %\* | 3.71 | %\* | 320% |
| 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 |
| 10.08 | 8.10 | 92145 | 0.78 |  | 0.78 |  | 0.71 |  | 0.71 |  | 1.98 |  | 665 |

---

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

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------

Statement of Assets and Liabilities PIMCO Global Core Bond (Hedged) Portfolio June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $119159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 56 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 557 |
|  Cash | 281 |
|  Deposits with counterparty | 2508 |
|  Foreign currency, at value | 557 |
|  Receivable for investments sold | 9635 |
|  Receivable for TBA investments sold | 64146 |
|  Interest and/or dividends receivable | 708 |
|  Dividends receivable from Affiliates | 2 |
|  **Total Assets** | 197771 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $3026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 2277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 6713 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1479 |
|  Payable for investments purchased | 9683 |
|  Payable for investments in Affiliates purchased | 2 |
|  Payable for TBA investments purchased | 93106 |
|  Payable for Portfolio shares redeemed | 64 |
|  Accrued investment advisory fees | 16 |
|  Accrued supervisory and administrative fees | 20 |
|  Accrued servicing fees | 10 |
|  Foreign capital gains tax payable | 3 |
|  **Total Liabilities** | 116629 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $81142 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $91742 |
|  Distributable earnings (accumulated loss) | (10600) |
|  **Net Assets** | $81142 |
|  **Net Assets:** |  |
|  Administrative Class | $81142 |
|  **Shares Issued and Outstanding:** |  |
|  Administrative Class | 9127 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Administrative Class | $8.89 |
|  Cost of investments in securities | $121613 |
|  Cost of investments in Affiliates | $56 |
|  Cost of foreign currency held | $551 |
|  Proceeds received on short sales | $6653 |
|  Cost or premiums of financial derivative instruments, net | $221 |

---

---

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

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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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| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $1910 |
|  Dividends | 15 |
|  Dividends from Investments in Affiliates | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 1941 |
|  **Expenses:** |  |
|  Investment advisory fees | 101 |
|  Supervisory and administrative fees | 125 |
|  Distribution and/or servicing fees - Administrative Class | 60 |
|  Trustee fees | 2 |
|  Interest expense | 163 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 451 |
|  **Net Investment Income (Loss)** | 1490 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (1588) |
|  Investments in Affiliates | (1) |
|  Exchange-traded or centrally cleared financial derivative instruments | 91 |
|  Over the counter financial derivative instruments | (788) |
|  Foreign currency | (239) |
|  **Net Realized Gain (Loss)** | (2525) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 6009 |
|  Exchange-traded or centrally cleared financial derivative instruments | (307) |
|  Over the counter financial derivative instruments | (1993) |
|  Foreign currency assets and liabilities | 47 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 3756 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2721 |
|  \* Foreign tax withholdings | $2 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Global Core Bond (Hedged) Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $1490 | $2916 |
|  Net realized gain (loss) | (2525) | 194 |
|  Net change in unrealized appreciation (depreciation) | 3756 | (52) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 2721 | 3058 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1643) | (3277) |
|  **Total Distributions<sup>(a)</sup>** | (1643) | (3277) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (4670) | (8898) |
|  **Total Increase (Decrease) in Net Assets** | (3592) | (9117) |
|  **Net Assets:** |  |  |
|  Beginning of period | 84734 | 93851 |
|  End of period | $81142 | $84734 |

---

---

| | |
|:---|:---|
| <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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 Core Bond (Hedged) Portfolio June 30, 2025 (Unaudited)

#### (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 146.8% | INVESTMENTS IN SECURITIES 146.8% | INVESTMENTS IN SECURITIES 146.8% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 þ | 31 | 21 |
|  4.125% due 07/09/2035 þ | 24 | 15 |
|  Total Argentina (Cost $31) | Total Argentina (Cost $31) | 36 |
| AUSTRALIA 3.0% | AUSTRALIA 3.0% | AUSTRALIA 3.0% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.971% due 01/22/2030 | 800 | 830 |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Australia Government International Bond | Australia Government International Bond | Australia Government International Bond |
|  1.750% due 06/21/2051 | 50 | 18 |
|  2.500% due 05/21/2030 | 100 | 63 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 535 | 279 |
|  2.000% due 03/08/2033 | 100 | 55 |
|  4.750% due 09/20/2035 | 500 | 327 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.750% due 07/20/2034 | 100 | 51 |
|  2.000% due 08/22/2033 | 100 | 54 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 200 | 101 |
|  2.250% due 09/15/2033 | 1000 | 552 |
|  4.250% due 12/20/2032 | 200 | 130 |
|  |  | 1630 |
|  Total Australia (Cost $2,363) | Total Australia (Cost $2,363) | 2460 |
| BRAZIL 1.9% | BRAZIL 1.9% | BRAZIL 1.9% |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (d) | 8800 | 1562 |
|  Total Brazil (Cost $1,472) | Total Brazil (Cost $1,472) | 1562 |
| CANADA 4.4% | CANADA 4.4% | CANADA 4.4% |
| CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 67 | 63 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  0.010% due 09/14/2029 | 200 | 212 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 | 600 | 620 |
|  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 |
|  4.851% due 12/14/2026 | 200 | 202 |
|  4.969% due 08/02/2030 •  | 100 | 102 |
|  |  | 1316 |
| SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  1.500% due 12/01/2044 (e) | 141 | 102 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  7.130% due 03/11/2029 | 13500 | 160 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 500 | 379 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 900 | 665 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 1100 | 807 |
|  4.450% due 09/01/2034 | 200 | 155 |
|  |  | 2268 |
|  Total Canada (Cost $3,478) | Total Canada (Cost $3,478) | 3584 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CAYMAN ISLANDS 4.1% | CAYMAN ISLANDS 4.1% | CAYMAN ISLANDS 4.1% |
| ASSET-BACKED SECURITIES 3.5% | ASSET-BACKED SECURITIES 3.5% | ASSET-BACKED SECURITIES 3.5% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.536% due 10/15/2034 •  | 450 | 450 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.571% due 10/20/2031 •  | 129 | 130 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.754% due 01/15/2037 •  | 172 | 172 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.509% due 07/19/2034 •  | 300 | 301 |
|  Brightspire Capital Ltd. | Brightspire Capital Ltd. | Brightspire Capital Ltd. |
|  5.582% due 08/19/2038 •  | 152 | 152 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.634% due 04/22/2030 •  | 35 | 35 |
|  Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. |
|  5.561% due 04/20/2030 •  | 7 | 7 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.853% due 01/17/2037 •  | 246 | 246 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.936% due 11/22/2038 •  | 26 | 25 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.512% due 04/25/2032 •  | 257 | 257 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.629% due 04/18/2038 •  | 92 | 92 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.624% due 08/16/2034 •  | 500 | 501 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.469% due 07/20/2032 •  | 452 | 452 |
|  |  | 2820 |
| 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 | 202 |
| 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 | 205 |
|  Total Cayman Islands (Cost $3,217) | Total Cayman Islands (Cost $3,217) | 3227 |
| CHILE 0.4% | CHILE 0.4% | CHILE 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  3.750% due 01/14/2032 | 300 | 361 |
|  Total Chile (Cost $309) | Total Chile (Cost $309) | 361 |
| 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 | 815 | 105 |
|  1.500% due 10/01/2052 | 1 | 0 |
|  Total Denmark (Cost $124) | Total Denmark (Cost $124) | 107 |
| FRANCE 6.3% | FRANCE 6.3% | FRANCE 6.3% |
| 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 | 312 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 250 | 259 |
|  |  | 571 |
| SOVEREIGN ISSUES 5.6% | SOVEREIGN ISSUES 5.6% | SOVEREIGN ISSUES 5.6% |
|  France Government International Bond | France Government International Bond | France Government International Bond |
|  0.500% due 05/25/2072 | 100 | 32 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.750% due 02/25/2028 |  | 950 | 1080 |
|  0.750% due 05/25/2052 |  | 500 | 281 |
|  2.750% due 10/25/2027 |  | 850 | 1017 |
|  2.750% due 02/25/2030 |  | 1800 | 2142 |
|  |  |  | 4552 |
|  Total France (Cost $5,027) | Total France (Cost $5,027) | Total France (Cost $5,027) | 5123 |
| HUNGARY 0.3% | HUNGARY 0.3% | HUNGARY 0.3% | HUNGARY 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
|  6.250% due 09/22/2032 | $— | 200 | 209 |
|  Total Hungary (Cost $199) | Total Hungary (Cost $199) | Total Hungary (Cost $199) | 209 |
| INDONESIA 0.1% | INDONESIA 0.1% | INDONESIA 0.1% | INDONESIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
|  4.125% due 01/15/2037 |  | 100 | 119 |
|  Total Indonesia (Cost $102) | Total Indonesia (Cost $102) | Total Indonesia (Cost $102) | 119 |
| IRELAND 3.1% | IRELAND 3.1% | IRELAND 3.1% | IRELAND 3.1% |
| ASSET-BACKED SECURITIES 3.1% | ASSET-BACKED SECURITIES 3.1% | ASSET-BACKED SECURITIES 3.1% | ASSET-BACKED SECURITIES 3.1% |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.293% due 11/15/2037 •  |  | 300 | 354 |
|  3.473% due 05/15/2038 •  |  | 450 | 530 |
|  BlueMountain Fuji EUR CLO DAC | BlueMountain Fuji EUR CLO DAC | BlueMountain Fuji EUR CLO DAC | BlueMountain Fuji EUR CLO DAC |
|  2.999% due 01/15/2031 •  |  | 124 | 146 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.059% due 10/15/2031 •  |  | 182 | 214 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  2.929% due 10/15/2031 •  |  | 160 | 188 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.039% due 07/15/2031 •  |  | 186 | 219 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  3.116% due 07/20/2032 •  |  | 272 | 321 |
|  St Paul's CLO | St Paul's CLO | St Paul's CLO | St Paul's CLO |
|  3.113% due 01/17/2032 •  |  | 481 | 565 |
|  Total Ireland (Cost $2,434) | Total Ireland (Cost $2,434) | Total Ireland (Cost $2,434) | 2537 |
| ISRAEL 1.2% | ISRAEL 1.2% | ISRAEL 1.2% | ISRAEL 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  3.800% due 05/13/2060 | $— | 200 | 131 |
|  5.375% due 03/12/2029 |  | 200 | 204 |
|  5.375% due 02/19/2030 |  | 400 | 408 |
|  5.500% due 03/12/2034 |  | 200 | 203 |
|  Total Israel (Cost $1,001) | Total Israel (Cost $1,001) | Total Israel (Cost $1,001) | 946 |
| ITALY 1.2% | ITALY 1.2% | ITALY 1.2% | ITALY 1.2% |
| CORPORATE BONDS & NOTES 0.4% | 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 | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 |  | 100 | 116 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | $— | 200 | 225 |
|  |  |  | 341 |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  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 | 202 |
|  Italy Government International Bond | Italy Government International Bond | Italy Government International Bond | Italy Government International Bond |
|  6.000% due 08/04/2028 |  | 300 | 428 |
|  |  |  | 630 |
|  Total Italy (Cost $1,023) | Total Italy (Cost $1,023) | Total Italy (Cost $1,023) | 971 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 11

------

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| JAPAN 7.4% | JAPAN 7.4% | JAPAN 7.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.520% due 01/13/2028 | 300 | 309 |
| SOVEREIGN ISSUES 7.0% | SOVEREIGN ISSUES 7.0% | SOVEREIGN ISSUES 7.0% |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 01/01/2026 | 130000 | 901 |
|  0.100% due 03/10/2028 (e) | 133670 | 961 |
|  0.400% due 06/20/2029 | 10000 | 68 |
|  0.400% due 06/20/2040 | 73500 | 404 |
|  0.500% due 03/20/2049 | 155000 | 686 |
|  0.700% due 12/20/2048 | 85000 | 400 |
|  0.700% due 06/20/2051 | 11000 | 48 |
|  1.500% due 09/20/2043 | 21300 | 131 |
|  2.000% due 12/20/2044 | 60000 | 395 |
|  2.200% due 06/20/2054 | 16000 | 98 |
|  2.200% due 03/20/2064 | 67000 | 374 |
|  2.300% due 12/20/2054 | 113000 | 705 |
|  2.400% due 03/20/2045 | 45000 | 315 |
|  2.400% due 03/20/2055 | 36000 | 230 |
|  |  | 5716 |
|  Total Japan (Cost $7,378) | Total Japan (Cost $7,378) | 6025 |
| 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. |
|  5.511% due 10/20/2033 •  | 500 | 500 |
|  Total Jersey, Channel Islands (Cost $500) | Total Jersey, Channel Islands (Cost $500) | 500 |
|  | **SHARES** |  |
| LUXEMBOURG 0.7% | LUXEMBOURG 0.7% | LUXEMBOURG 0.7% |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
|  Drillco Holding Lux SA «(f) | 6410 | 131 |
|  Foresea Holdings SA « | 2675 | 55 |
|  |  | 186 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 113 | 108 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.510% due 02/23/2042 | 300 | 311 |
|  |  | 419 |
|  Total Luxembourg (Cost $505) | Total Luxembourg (Cost $505) | 605 |
| MALAYSIA 1.5% | MALAYSIA 1.5% | MALAYSIA 1.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  2.480% due 01/28/2032 | 500 | 436 |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Malaysia Government International Bond | Malaysia Government International Bond | Malaysia Government International Bond |
|  2.632% due 04/15/2031 | 400 | 92 |
|  3.519% due 04/20/2028 | 2831 | 679 |
|  4.762% due 04/07/2037 | 200 | 53 |
|  |  | 824 |
|  Total Malaysia (Cost $1,242) | Total Malaysia (Cost $1,242) | 1260 |
| MEXICO 0.2% | MEXICO 0.2% | MEXICO 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.490% due 05/25/2032 | 100 | 119 |
|  Total Mexico (Cost $109) | Total Mexico (Cost $109) | 119 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NETHERLANDS 1.3% | NETHERLANDS 1.3% | NETHERLANDS 1.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  6.575% due 10/13/2026 •  | 200 | 201 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% |
|  Domi BV | Domi BV | Domi BV |
|  3.023% due 11/15/2052 •  | 218 | 257 |
|  Dutch Property Finance BV | Dutch Property Finance BV | Dutch Property Finance BV |
|  2.811% due 07/28/2058 •  | 303 | 357 |
|  Jubilee Place BV | Jubilee Place BV | Jubilee Place BV |
|  3.263% due 10/17/2057 ~ | 175 | 206 |
|  |  | 820 |
|  Total Netherlands (Cost $1,033) | Total Netherlands (Cost $1,033) | 1021 |
| NEW ZEALAND 0.1% | NEW ZEALAND 0.1% | NEW ZEALAND 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  New Zealand Government International Bond | New Zealand Government International Bond | New Zealand Government International Bond |
|  1.500% due 05/15/2031 | 100 | 53 |
|  Total New Zealand (Cost $69) | Total New Zealand (Cost $69) | 53 |
| 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 | 64 |
|  Total Norway (Cost $73) | Total Norway (Cost $73) | 64 |
| PERU 1.2% | PERU 1.2% | PERU 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.375% due 02/08/2035 | 100 | 100 |
|  7.300% due 08/12/2033 | 2700 | 832 |
|  Total Peru (Cost $869) | Total Peru (Cost $869) | 932 |
| POLAND 1.1% | POLAND 1.1% | POLAND 1.1% |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  3.875% due 02/14/2033 | 200 | 247 |
|  4.625% due 03/18/2029 | 200 | 203 |
|  4.875% due 02/12/2030 | 100 | 102 |
|  4.875% due 10/04/2033 | 100 | 100 |
|  5.125% due 09/18/2034 | 200 | 201 |
|  Total Poland (Cost $811) | Total Poland (Cost $811) | 853 |
| ROMANIA 1.3% | ROMANIA 1.3% | ROMANIA 1.3% |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  1.375% due 12/02/2029 | 90 | 93 |
|  2.000% due 04/14/2033 | 50 | 45 |
|  2.125% due 03/07/2028 | 100 | 114 |
|  2.750% due 04/14/2041 | 150 | 111 |
|  2.875% due 04/13/2042 | 100 | 73 |
|  5.000% due 09/27/2026 | 300 | 363 |
|  5.250% due 03/10/2030 | 100 | 120 |
|  5.625% due 05/30/2037 | 100 | 111 |
|  Total Romania (Cost $1,108) | Total Romania (Cost $1,108) | 1030 |
| SAUDI ARABIA 1.5% | SAUDI ARABIA 1.5% | SAUDI ARABIA 1.5% |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.250% due 10/22/2030 | 200 | 187 |
|  3.375% due 03/05/2032 | 200 | 235 |
|  3.750% due 03/05/2037 | 100 | 115 |
|  4.750% due 01/18/2028 | 200 | 202 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.750% due 01/16/2030 | $— | 200 | 202 |
|  5.375% due 01/13/2031 |  | 300 | 311 |
|  Total Saudi Arabia (Cost $1,200) | Total Saudi Arabia (Cost $1,200) | Total Saudi Arabia (Cost $1,200) | 1252 |
| SERBIA 0.1% | SERBIA 0.1% | SERBIA 0.1% | SERBIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  1.000% due 09/23/2028 |  | 100 | 109 |
|  Total Serbia (Cost $117) | Total Serbia (Cost $117) | Total Serbia (Cost $117) | 109 |
| SINGAPORE 0.9% | SINGAPORE 0.9% | SINGAPORE 0.9% | SINGAPORE 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Singapore Government International Bond | Singapore Government International Bond | Singapore Government International Bond | Singapore Government International Bond |
|  2.375% due 07/01/2039 |  | 123 | 97 |
|  2.750% due 03/01/2035 |  | 310 | 255 |
|  3.250% due 06/01/2054 |  | 426 | 399 |
|  Total Singapore (Cost $634) | Total Singapore (Cost $634) | Total Singapore (Cost $634) | 751 |
| SOUTH AFRICA 0.9% | SOUTH AFRICA 0.9% | SOUTH AFRICA 0.9% | SOUTH AFRICA 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  8.000% due 01/31/2030 |  | 4300 | 239 |
|  8.875% due 02/28/2035 |  | 9100 | 480 |
|  Total South Africa (Cost $719) | Total South Africa (Cost $719) | Total South Africa (Cost $719) | 719 |
| SOUTH KOREA 1.4% | SOUTH KOREA 1.4% | SOUTH KOREA 1.4% | SOUTH KOREA 1.4% |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Korea Government International Bond | Korea Government International Bond | Korea Government International Bond | Korea Government International Bond |
|  1.375% due 06/10/2030 |  | 111630 | 78 |
|  2.375% due 12/10/2028 |  | 326550 | 241 |
|  2.625% due 06/10/2028 |  | 1130790 | 841 |
|  Total South Korea (Cost $1,181) | Total South Korea (Cost $1,181) | Total South Korea (Cost $1,181) | 1160 |
| SPAIN 4.6% | SPAIN 4.6% | SPAIN 4.6% | SPAIN 4.6% |
| SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% |
|  Spain Government International Bond | Spain Government International Bond | Spain Government International Bond | Spain Government International Bond |
|  0.000% due 01/31/2028 (d) |  | 650 | 726 |
|  2.400% due 05/31/2028 |  | 450 | 534 |
|  3.150% due 04/30/2035 |  | 670 | 788 |
|  3.200% due 10/31/2035 |  | 400 | 470 |
|  3.550% due 10/31/2033 |  | 1000 | 1226 |
|  Total Spain (Cost $3,382) | Total Spain (Cost $3,382) | Total Spain (Cost $3,382) | 3744 |
| SWITZERLAND 1.2% | SWITZERLAND 1.2% | SWITZERLAND 1.2% | SWITZERLAND 1.2% |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  4.194% due 04/01/2031 •  | $— | 250 | 245 |
|  4.282% due 01/09/2028 |  | 250 | 249 |
|  5.699% due 02/08/2035 •  |  | 200 | 208 |
|  9.016% due 11/15/2033 •  |  | 250 | 309 |
|  Total Switzerland (Cost $1,012) | Total Switzerland (Cost $1,012) | Total Switzerland (Cost $1,012) | 1011 |
| THAILAND 0.7% | THAILAND 0.7% | THAILAND 0.7% | THAILAND 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Thailand Government International Bond | Thailand Government International Bond | Thailand Government International Bond | Thailand Government International Bond |
|  2.410% due 03/17/2035 |  | 2400 | 79 |
|  2.500% due 11/17/2029 |  | 12780 | 411 |
|  3.775% due 06/25/2032 |  | 1550 | 55 |
|  Total Thailand (Cost $501) | Total Thailand (Cost $501) | Total Thailand (Cost $501) | 545 |

---

12 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| 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 | 296 |
|  5.375% due 05/08/2029 | 200 | 206 |
|  Total United Arab Emirates (Cost $497) | Total United Arab Emirates (Cost $497) | 502 |
| UNITED KINGDOM 5.5% | UNITED KINGDOM 5.5% | UNITED KINGDOM 5.5% |
| CORPORATE BONDS & NOTES 3.3% | CORPORATE BONDS & NOTES 3.3% | CORPORATE BONDS & NOTES 3.3% |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.972% due 05/16/2029 •  | 400 | 404 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.856% due 05/23/2033 •  | 400 | 510 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  2.972% due 02/16/2028 •  | 300 | 293 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.516% due 09/30/2028 •  | 300 | 306 |
|  5.778% due 03/01/2035 •  | 300 | 312 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  0.125% due 11/12/2025 | 100 | 117 |
|  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 | 194 |
|  2.678% due 06/29/2032 •  | 400 | 353 |
|  |  | 2698 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% |
|  Alba PLC | Alba PLC | Alba PLC |
|  4.547% due 11/25/2042 •  | 83 | 113 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.308% (BP0003M + 0.950%) due 06/13/2045 ~ | 129 | 177 |
|  RMAC Securities PLC | RMAC Securities PLC | RMAC Securities PLC |
|  4.528% due 06/12/2044 •  | 122 | 163 |
|  |  | 453 |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  0.625% due 10/22/2050 | 400 | 202 |
|  1.250% due 07/31/2051 | 500 | 300 |
|  1.500% due 07/31/2053 | 100 | 62 |
|  1.750% due 01/22/2049 | 100 | 74 |
|  4.375% due 07/31/2054 | 430 | 512 |
|  5.375% due 01/31/2056 | 100 | 139 |
|  |  | 1289 |
|  Total United Kingdom (Cost $5,079) | Total United Kingdom (Cost $5,079) | 4440 |
| UNITED STATES 86.6% | UNITED STATES 86.6% | UNITED STATES 86.6% |
| ASSET-BACKED SECURITIES 3.6% | ASSET-BACKED SECURITIES 3.6% | ASSET-BACKED SECURITIES 3.6% |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.734% due 07/25/2036 •  | 309 | 83 |
|  4.754% due 05/25/2036 •  | 542 | 130 |
|  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 | 288 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.419% due 07/25/2036 ~ | 2 | 2 |
|  4.574% due 07/25/2037 •  | 35 | 33 |
|  6.309% due 07/25/2035 •  | 635 | 626 |
|  Credit-Based Asset Servicing & Securitization Mortgage Loan Trust | Credit-Based Asset Servicing & Securitization Mortgage Loan Trust | Credit-Based Asset Servicing & Securitization Mortgage Loan Trust |
|  3.277% due 03/25/2037 þ | 204 | 72 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.709% due 07/25/2034 •  | 14 | 14 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  5.334% due 08/25/2037 •  | 3 | 3 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.674% due 04/25/2037 •  | 188 | 127 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  4.854% due 05/25/2037 •  | 84 | 82 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.664% due 10/25/2036 •  | 424 | 220 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.000% due 02/25/2037 ~ | 8 | 8 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  3.464% due 06/20/2031 ~ | 221 | 205 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  5.064% due 02/25/2036 •  | 246 | 230 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.574% due 03/25/2037 •  | 35 | 32 |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.843% due 09/25/2051 þ | 166 | 165 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.294% due 01/25/2037 þ | 363 | 111 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 51 | 48 |
|  5.526% due 07/15/2053 •  | 25 | 25 |
|  5.754% due 02/16/2055 •  | 160 | 161 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  6.159% due 10/25/2034 •  | 232 | 246 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  5.374% due 11/25/2033 •  | 3 | 3 |
|  |  | 2914 |
| CORPORATE BONDS & NOTES 6.5% | CORPORATE BONDS & NOTES 6.5% | CORPORATE BONDS & NOTES 6.5% |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.622% due 03/25/2027 ~ | 200 | 202 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.162% due 01/24/2031 •  | 300 | 308 |
|  5.288% due 04/25/2034 •  | 100 | 102 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 300 | 299 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.388% due 05/01/2031 | 100 | 107 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  5.100% due 02/22/2031 | 100 | 104 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  3.500% due 03/01/2042 | 100 | 71 |
|  6.384% due 10/23/2035 | 100 | 105 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  5.449% due 06/11/2035 •  | 300 | 307 |
|  Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim |
|  | 300 | 36 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 150 | 145 |
|  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 | 100 |
|  5.330% due 07/23/2035 •  | 200 | 202 |
|  5.536% due 01/28/2036 •  | 500 | 513 |
|  5.851% due 04/25/2035 •  | 200 | 210 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.580% due 04/22/2032 •  | 100 | 89 |
|  5.502% due 01/24/2036 •  | 200 | 206 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.955% due 03/21/2035 •  | 100 | 121 |
|  4.654% due 10/18/2030 •  | 300 | 301 |
|  5.587% due 01/18/2036 •  | 200 | 205 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 300 | 286 |
|  Organon & Co. | Organon & Co. | Organon & Co. |
|  2.875% due 04/30/2028 | 100 | 115 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.200% due 03/01/2029 | 100 | 98 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  5.300% due 02/15/2031 | 100 | 103 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.750% due 01/15/2031 | 100 | 122 |
|  5.125% due 02/13/2031 | 100 | 103 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.808% due 07/25/2028 •  | 200 | 202 |
|  5.211% due 12/03/2035 •  | 300 | 301 |
|  |  | 5268 |
| 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 |
|  2.746% due 06/01/2034 | 200 | 173 |
|  Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 |
|  5.169% due 04/01/2041 | 100 | 101 |
|  |  | 274 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  5.985% due 01/25/2069 þ | 390 | 392 |
|  Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust |
|  2.756% due 05/15/2053 | 200 | 185 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.852% due 04/20/2047 •  | 42 | 35 |
|  6.000% due 07/25/2037 | 50 | 42 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.854% due 05/25/2047 •  | 65 | 62 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.676% due 09/15/2036 •  | 400 | 386 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.939% due 07/25/2037 ~ | 4 | 4 |
|  5.078% due 03/25/2037 ~ | 23 | 23 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  2.500% due 05/25/2051 ~ | 455 | 371 |
|  4.832% due 04/25/2037 ~ | 25 | 22 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.978% due 08/25/2035 ~ | 266 | 245 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  6.250% due 09/25/2036 | 34 | 12 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.500% due 07/25/2056 ~ | 70 | 58 |
|  6.276% due 10/15/2037 •  | 200 | 199 |
|  Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust |
|  4.584% due 02/25/2047 •  | 139 | 78 |
|  Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust |
|  6.445% due 02/25/2036 | 37 | 34 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.506% due 07/15/2038 •  | 343 | 343 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  3.000% due 04/25/2052 ~ | 328 | 279 |
|  4.250% due 05/25/2067 ~ | 439 | 417 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.894% due 06/25/2045 •  | 32 | 26 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 ~ | 76 | 62 |
|  3.000% due 09/25/2052 ~ | 498 | 424 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.794% due 12/25/2036 ~ | 5 | 5 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  2.500% due 12/25/2051 ~ | 230 | 188 |
|  3.000% due 01/25/2052 ~ | 517 | 441 |
|  3.000% due 03/25/2052 ~ | 481 | 411 |
|  3.000% due 04/25/2052 ~ | 500 | 427 |
|  3.000% due 05/25/2052 ~ | 739 | 632 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.448% due 03/25/2036 ~ | 90 | 44 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.047% due 05/25/2036 ~ | 60 | 33 |
|  4.882% due 09/25/2035 ~ | 44 | 13 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 93 | 90 |
|  2.750% due 11/25/2059 ~ | 67 | 64 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.521% due 11/15/2038 •  | 300 | 300 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 236 | 201 |
|  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 ~ | 229 | 188 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  6.000% due 06/25/2036 | 43 | 35 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  6.000% due 06/25/2037 | 17 | 13 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.714% due 01/25/2036 •  | 31 | 25 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.710% due 01/25/2060 ~ | 74 | 71 |
|  2.900% due 10/25/2059 ~ | 293 | 282 |
|  4.435% due 10/27/2064 ~ | 446 | 448 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.434% due 09/25/2036 ~ | 14 | 12 |
|  |  | 7638 |
| U.S. GOVERNMENT AGENCIES 54.0% | U.S. GOVERNMENT AGENCIES 54.0% | U.S. GOVERNMENT AGENCIES 54.0% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  3.500% due 01/01/2059 | 75 | 67 |
|  4.820% due 06/25/2036 •  | 2 | 2 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.053% due 01/15/2038 ~ (a) | 40 | 2 |
|  3.000% due 02/01/2046 | 162 | 144 |
|  3.500% due 11/01/2047 - 04/01/2048 | 141 | 129 |
|  4.814% due 01/15/2038 •  | 40 | 40 |
|  5.245% due 11/25/2054 •  | 472 | 471 |
|  5.255% due 03/25/2055 •  | 466 | 462 |
|  5.705% due 03/25/2055 •  | 461 | 463 |
|  6.901% due 09/01/2037 •  | 79 | 82 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.000% due 04/20/2052 - 12/20/2052 | 1685 | 1493 |
|  3.500% due 10/20/2054 | 1289 | 1175 |
|  5.226% due 09/20/2066 •  | 129 | 129 |
|  7.519% due 09/20/2066 ~ | 105 | 107 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.500% due 08/01/2055 | 900 | 765 |
|  3.000% due 08/01/2055 | 1200 | 1061 |
|  3.500% due 07/01/2055 | 2000 | 1819 |
|  6.500% due 08/01/2055 | 1900 | 1947 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 02/01/2051 - 01/01/2052 | 395 | 329 |
|  3.000% due 10/01/2049 | 125 | 108 |
|  3.500% due 10/01/2034 - 07/01/2050 | 169 | 156 |
|  4.000% due 06/01/2050 | 49 | 46 |
|  4.500% due 12/01/2033 | 30 | 29 |
|  6.000% due 12/01/2053 | 367 | 374 |
|  6.500% due 10/01/2053 - 01/01/2054 | 2018 | 2088 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 08/01/2055 | 600 | 498 |
|  3.000% due 07/01/2055 | 900 | 779 |
|  4.000% due 08/01/2055 | 500 | 465 |
|  4.500% due 08/01/2055 | 300 | 287 |
|  5.000% due 08/01/2055 | 8700 | 8522 |
|  5.500% due 08/01/2055 | 700 | 699 |
|  6.000% due 08/01/2055 | 6600 | 6701 |
|  6.500% due 08/01/2055 | 12000 | 12373 |
|  |  | 43812 |
| U.S. TREASURY OBLIGATIONS 12.8% | U.S. TREASURY OBLIGATIONS 12.8% | U.S. TREASURY OBLIGATIONS 12.8% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.625% due 11/15/2050 (j) | 50 | 26 |
|  1.875% due 02/15/2041 (g) | 1700 | 1170 |
|  2.250% due 08/15/2049 | 250 | 157 |
|  2.375% due 11/15/2049 | 525 | 338 |
|  3.000% due 02/15/2048 | 300 | 223 |
|  3.000% due 08/15/2048 | 325 | 241 |
|  3.000% due 02/15/2049 (j) | 250 | 184 |
|  3.375% due 11/15/2048 | 430 | 340 |
|  4.125% due 08/15/2044 (g) | 750 | 687 |
|  4.500% due 11/15/2054 (g) | 2400 | 2288 |
|  4.625% due 02/15/2055 (g) | 1200 | 1169 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 07/15/2031 | 479 | 441 |
|  0.125% due 01/15/2032 | 463 | 420 |
|  0.500% due 01/15/2028 | 1951 | 1914 |
|  1.125% due 01/15/2033 | 592 | 566 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 02/15/2033 (j) | 100 | 96 |
|  4.000% due 02/15/2034 (j) | 100 | 99 |
|  |  | 10359 |
|  Total United States (Cost $71,866) | Total United States (Cost $71,866) | 70265 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% |
| COMMERCIAL PAPER 0.9% | COMMERCIAL PAPER 0.9% | COMMERCIAL PAPER 0.9% | COMMERCIAL PAPER 0.9% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.840% due 07/08/2025 | 250 | $— | 250 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.900% due 08/06/2025 (b) | 250 |  | 249 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  4.920% due 07/14/2025 | 250 |  | 249 |
|  |  |  | 748 |
| NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% |
|  30.838% due 11/04/2025 - 06/29/2026 (c)(d) | 390760 |  | 209 |
| Total Short-Term Instruments<br>(Cost $948) | Total Short-Term Instruments<br>(Cost $948) |  | 957 |
| Total Investments in Securities<br>(Cost $121,613) | Total Investments in Securities<br>(Cost $121,613) |  | 119159 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% |
|  PIMCO Short-Term Floating NAV Portfolio III | 5714 |  | 56 |
| Total Short-Term Instruments<br>(Cost $56) | Total Short-Term Instruments<br>(Cost $56) |  | 56 |
| Total Investments in Affiliates<br>(Cost $56) | Total Investments in Affiliates<br>(Cost $56) |  | 56 |
| Total Investments 146.9%<br>(Cost $121,669) | Total Investments 146.9%<br>(Cost $121,669) | $— | 119215 |
|  Financial Derivative Instruments (h)(i) (1.2)%<br> (Cost or Premiums, net $221) |  |  | (990) |
| Other Assets and Liabilities, net (45.7)% | Other Assets and Liabilities, net (45.7)% |  | (37083) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 81142 |

---

#### 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.

&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 Holding Lux SA | 06/08/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | 0.16% |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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 |
|  BSN | 4.440% | 06/18/2025 | 07/17/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1571) | $(1573) |
|  CIB | 4.440 | 06/06/2025 | 07/18/2025 | (273) | (274) |
|  DEU | 4.420 | 06/24/2025 | 07/02/2025 | (1178) | (1179) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3026) |

---

#### 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> |
|  UBS | 4.440% | 06/13/2025 | 08/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2272) | $(2277) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2277) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  United States (8.3)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 07/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | $(1711) | $(1736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 08/01/2055 | 5500 | (4326) | (4357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 07/01/2055 | 600 | (616) | (620) |
|  Total Short Sales (8.3)% | Total Short Sales (8.3)% | Total Short Sales (8.3)% |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6653) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6713) |

---

#### 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 June 30, 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 |  |  |  |  |  |  |
|  BSN | $0 | $(1573) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1573) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582 | $9 |
|  CIB | 0 | (274) | 0 | (274) | 275 | 1 |
|  DEU | 0 | (1179) | 0 | (1179) | 1169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |
|  UBS | 0 | 0 | (2277) | (2277) | 2288 | 11 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3026) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2277) |  |  |  |

---

#### 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 |  |  |  |
|  U.S. Treasury Obligations | $0 | $(3026) | $0 | $0 | $(3026) |
|  Total | $0 | $(3026) | $0 | $0 | $(3026) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |  |  |  |
|  U.S. Treasury Obligations | 0 | 0 | (2277) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2277) |
|  Total | $0 | $0 | $(2277) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2277) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3026) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2277) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5303) |
|  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;(5303) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 15

------

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

(g) Securities with an aggregate market value of $5,314 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(7269) at a weighted average interest rate of 4.431%. 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 $(13) 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

#### 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 August Futures | $109.000 | 07/25/2025 | 1 | $1 | $0 | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 109.500 | 07/25/2025 | 4 | 4 | (1) | 0 |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112.500 | 07/25/2025 | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | (2) | (3) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&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 |
|  Australia Government 10-Year Bond September Futures  | 09/2025 | 4 | $284 | $1 | $0 | $0 |
|  Canada Government 10-Year Bond September Futures  | 09/2025 | 14 | 1254 | 11 | 3 | 0 |
|  Euro-BTP September Futures  | 09/2025 | 51 | 7269 | 20 | 11 | (13) |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 27 | 5617 | 25 | 2 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13734 | 148 | 17 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 29 | 3252 | 55 | 9 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 42 | 4799 | 106 | 20 | 0 |
|  United Kingdom Long Gilt September Futures  | 09/2025 | 4 | 511 | 9 | 1 | (2) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond September Futures  | 09/2025 | 60 | $(4526) | $(41) | $21 | $0 |
|  Euro-Bobl September Futures  | 09/2025 | 24 | (3327) | 15 | 7 | (2) |
|  Euro-Bund September Futures  | 09/2025 | 32 | (4906) | 39 | 14 | (1) |
|  Euro-Oat September Futures  | 09/2025 | 33 | (4814) | 11 | 10 | (2) |
|  Euro-Schatz September Futures  | 09/2025 | 3 | (379) | 1 | 0 | 0 |
|  Japan Government 10-Year Bond September Futures  | 09/2025 | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11585) | (35) | 16 | 0 |
|  Short Euro-BTP Italy Government Bond September Futures  | 09/2025 | 35 | (4450) | 7 | 6 | (4) |
|  South Korea 10-Year Government Bond  | 09/2025 | 6 | (527) | 2 | 1 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 2 | (238) | (10) | 0 | (3) |
|  |  |  |  | $(11) | $75 | $(12) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

#### 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-43 10-Year Index | (1.000)% | Quarterly | 12/20/2034 | $900 | $(5) | $(4) | $(9) | $0 | $(1) |
|  CDX.iTraxx Main 43 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 2070 | (45) | (8) | (53) | 0 | (2) |
|  CDX.iTraxx Main 43 5-Year Index | (1.000) | Quarterly | 06/20/2035 | 1300 | (3) | (5) | (8) | 0 | (2) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

16 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | $50 | $0 | $50 | $1 | $0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 6800 | 134 | 19 | 153 | 4 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 03/19/2027 | 900 | $1 | $(1) | $0 | $0 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.000 | Annual | 06/17/2027 | 2600 | (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 4600 | 14 | 47 | 61 | 0 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2030 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | 13 | (14) | 0 | (1) |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 2400 | 10 | 1 | 11 | 2 | 0 |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 400 | (3) | 1 | (2) | 0 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 | 200 | 24 | 9 | 33 | 1 | 0 |
|  Receive<sup>(5)</sup> | 1-Day INR-MIBOR Compounded-OIS | 6.000 | Semi-Annual | 09/17/2030 | 12610 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2027 | 130000 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2030 | 270000 | (14) | 3 | (11) | 0 | (2) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/17/2031 | 180000 | (17) | (55) | (72) | 0 | (2) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 | 136880 | (33) | (25) | (58) | 0 | (2) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 280000 | (9) | 11 | 2 | 0 | (3) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 450000 | (8) | (23) | (31) | 0 | (7) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 180000 | (19) | (3) | (22) | 0 | (3) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 120000 | (41) | 167 | 126 | 3 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 150000 | (72) | (75) | (147) | 0 | (6) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/18/2054 | 40000 | 3 | 38 | 41 | 2 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 12/18/2054 | 10000 | 2 | 9 | 11 | 1 | 0 |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 09/18/2029 | 2440 | (4) | (87) | (91) | 0 | (3) |
|  Receive<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 09/17/2030 | 200 | (3) | (3) | (6) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $4472 | 31 | (28) | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.020 | Annual | 05/15/2026 | 700 | 0 | 0 | 0 | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 900 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 5300 | 2 | 95 | 97 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 12/15/2026 | 1100 | 4 | 58 | 62 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 7700 | 50 | (66) | (16) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 5840 | 116 | (39) | 77 | 0 | (2) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 06/30/2027 | 2960 | 3 | (14) | (11) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 100 | 0 | (1) | (1) | 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 | (11) | (11) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 900 | 0 | (13) | (13) | 0 | (1) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 11743 | (10) | (113) | (123) | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 4810 | 236 | (131) | 105 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 1800 | 20 | (5) | 15 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 400 | 0 | (6) | (6) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.847 | Annual | 05/15/2034 | 200 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 300 | 0 | (5) | (5) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 400 | (2) | (12) | (14) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 2400 | 78 | (99) | (21) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 300 | (1) | 6 | 5 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 300 | (1) | 6 | 5 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 300 | (1) | 5 | 4 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 300 | (1) | 4 | 3 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 200 | 2 | (3) | (1) | 0 | (1) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 02/15/2035 | 4400 | (2) | (86) | (88) | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 3460 | 224 | (93) | 131 | 0 | (13) |
|  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) | (3) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 200 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 400 | 18 | (3) | 15 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 100 | 1 | 3 | 4 | 0 | (1) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2052 | 300 | (2) | (6) | (8) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 | 500 | 0 | 0 | 0 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 100 | 0 | 0 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 | 400 | 0 | (2) | (2) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.964 | Annual | 11/15/2054 | 100 | 0 | (1) | (1) | 0 | (1) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

---

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Schedule of Investments PIMCO Global Core Bond (Hedged) 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** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.998% | Annual | 11/15/2054 | $500 | $0 | $(6) | $(6) | $0 | $(4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 | 500 | 0 | (17) | (17) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 | 100 | 0 | (4) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 100 | 0 | 3 | 3 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 | 200 | 0 | 4 | 4 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 100 | 0 | 2 | 2 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 | 100 | 0 | 1 | 1 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 | 200 | 0 | 2 | 2 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 290 | 36 | (1) | 35 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 | 148 | 1 | (2) | (1) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 | 142 | (2) | (2) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 | 180 | 0 | (2) | (2) | 0 | (2) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 | 84 | (1) | (1) | (2) | 0 | (1) |
|  Pay<sup>(5)</sup> | 3-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 | 7800 | (42) | (1) | (43) | 0 | (1) |
|  Pay | 3-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 600 | 0 | 6 | 6 | 0 | (1) |
|  Pay | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 200 | 1 | 4 | 5 | 0 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 300 | (1) | 4 | 3 | 0 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 300 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 | 300 | 0 | 8 | 8 | 0 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.860 | Annual | 04/24/2029 | 400 | (1) | 13 | 12 | 0 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 | 150 | (11) | (64) | (75) | 0 | (1) |
|  Pay | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/19/2035 | 649050 | (1) | 7 | 6 | 0 | 0 |
|  Pay<sup>(5)</sup> | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2035 | 983020 | (5) | (3) | (8) | 0 | 0 |
|  Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | 400 | 3 | 9 | 12 | 0 | 0 |
|  Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | 2100 | 0 | 5 | 5 | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | 500 | (1) | (10) | (11) | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/15/2033 | 1800 | 21 | 8 | 29 | 0 | (2) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 | 900 | 6 | 16 | 22 | 0 | (2) |
|  Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | 1600 | 6 | (11) | (5) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | 1080 | 13 | 10 | 23 | 0 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 | 200 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 | 900 | 0 | (4) | (4) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 | 1500 | 0 | (2) | (2) | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 | 1700 | 2 | 5 | 7 | 0 | (2) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 | 5800 | (78) | 68 | (10) | 0 | (6) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 | 1910 | (20) | (10) | (30) | 2 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 8000 | (323) | 17 | (306) | 0 | (16) |
|  Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 | 650 | (12) | (17) | (29) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 | 100 | 0 | 62 | 62 | 0 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 | 1000 | 0 | 50 | 50 | 1 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.270 | Annual | 03/12/2055 | 500 | 0 | 22 | 22 | 1 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.282 | Annual | 03/12/2055 | 300 | 0 | 13 | 13 | 0 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 820 | 75 | 25 | 100 | 3 | 0 |
|  Pay | CAONREPO | 3.500 | Annual | 03/19/2026 | 2700 | 0 | 17 | 17 | 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) | 1 | 0 |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 | 400 | 6 | (15) | (9) | 0 | (1) |
|  Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 | 100 | 1 | (1) | 0 | 0 | 0 |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 | 800 | (1) | (14) | (15) | 0 | (1) |
|  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 | &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;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 09/01/2033 | 200 | 2 | (9) | (7) | 0 | 0 |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 300 | 0 | (2) | (2) | 0 | (1) |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 12/18/2034 | 200 | (5) | 1 | (4) | 0 | (1) |
|  |  |  |  |  |  | $144 | $(364) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220) | $19 | $(192) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362) | $(87) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) |

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18 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

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June 30, 2025 (Unaudited)

#### 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 June 30, 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<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230) |

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Cash of $2,508 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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.

<sup>(6)</sup> Unsettled variation margin liability of $(3) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 | 07/2025 | 2289 | $318 | $0 | $(2) |
|  | 07/2025 | $2040 | 3141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | 0 |
|  | 07/2025 | 62 | 103 | 1 | 0 |
|  | 08/2025 | 3141 | $2042 | 0 | (27) |
|  | 08/2025 | 3298 | 459 | 0 | (4) |
|  | 08/2025 | 103 | 62 | 0 | (1) |
|  BOA | 07/2025 | 58 | 38 | 0 | 0 |
|  | 07/2025 | 12022 | 13670 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(492) |
|  | 07/2025 | 3500 | 24 | 0 | 0 |
|  | 07/2025 | 71399 | 52 | 0 | 0 |
|  | 07/2025 | $49 | 63 | 0 | 0 |
|  | 08/2025 | 11097 | 27 | 0 | 0 |
|  | 08/2025 | 63 | $49 | 0 | 0 |
|  | 08/2025 | 10 | 0 | 0 | 0 |
|  | 08/2025 | $35 | 11971 | 0 | 0 |
|  | 08/2025 | 85 | 1606 | 1 | 0 |
|  BPS | 07/2025 | 319 | $59 | 0 | 0 |
|  | 07/2025 | 63 | 320 | 0 | (1) |
|  | 07/2025 | 2852 | $88 | 0 | (10) |
|  | 07/2025 | $57 | 319 | 1 | 0 |
|  | 07/2025 | 59 | 419 | 0 | 0 |
|  | 07/2025 | 94 | 1524769 | 1 | 0 |
|  | 07/2025 | 18 | 585 | 0 | 0 |
|  | 07/2025 | 23 | 691 | 1 | 0 |
|  | 08/2025 | 893 | $125 | 0 | 0 |
|  | 08/2025 | 465 | 3 | 0 | 0 |
|  | 08/2025 | 3736 | 119 | 0 | (11) |
|  | 08/2025 | $15 | 106 | 0 | 0 |
|  | 08/2025 | 33 | 2903 | 0 | 0 |
|  | 08/2025 | 57 | 1093 | 1 | 0 |
|  | 08/2025 | 47 | 1496 | 5 | 0 |
|  | 10/2025 | 2500 | $411 | 0 | (39) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  BRC | 07/2025 | 68 | 345 | $0 | $0 |
|  | 07/2025 | 364 | $105 | 0 | (4) |
|  | 07/2025 | 5834 | 4 | 0 | 0 |
|  | 07/2025 | 2302 | 69 | 0 | (2) |
|  | 07/2025 | $458 | 405 | 19 | 0 |
|  | 07/2025 | 2042 | 1502 | 19 | 0 |
|  | 07/2025 | 52 | 175 | 0 | 0 |
|  | 07/2025 | 5 | 19 | 0 | 0 |
|  | 07/2025 | 617 | 25363 | 9 | 0 |
|  | 07/2025 | 6732 | $372 | 0 | (7) |
|  | 08/2025 | 377 | 53 | 0 | 0 |
|  | 08/2025 | 1430 | 1946 | 0 | (17) |
|  | 08/2025 | $179 | 1288 | 2 | 0 |
|  | 08/2025 | 147 | 6081 | 2 | 0 |
|  | 09/2025 | 1392 | $330 | 0 | (1) |
|  | 12/2025 | $20 | 936 | 0 | 0 |
|  BSH | 07/2025 | 438 | $67 | 0 | (2) |
|  | 07/2025 | $211 | 764 | 4 | 0 |
|  | 11/2025 | 874 | $238 | 0 | (8) |
|  | 12/2025 | 767 | 211 | 0 | (4) |
|  CBK | 07/2025 | 601 | 84 | 0 | 0 |
|  | 07/2025 | 302 | 348 | 0 | (8) |
|  | 07/2025 | 2065084 | 1507 | 0 | (21) |
|  | 07/2025 | 764 | 207 | 0 | (9) |
|  | 07/2025 | 4850 | 149 | 0 | (18) |
|  | 07/2025 | $367 | 2629 | 1 | 0 |
|  | 07/2025 | 31 | 511219 | 0 | 0 |
|  | 07/2025 | 122 | 17400 | 0 | (1) |
|  | 07/2025 | 4 | 118 | 0 | 0 |
|  | 07/2025 | 66 | 1951 | 1 | 0 |
|  | 08/2025 | 729 | $101 | 0 | (1) |
|  | 08/2025 | 4859 | 149 | 0 | (20) |
|  | 08/2025 | $376 | 2686 | 1 | 0 |
|  | 08/2025 | 20 | 1101 | 2 | 0 |
|  | 08/2025 | 250 | 21553 | 1 | 0 |
|  | 09/2025 | 191 | $10 | 0 | 0 |
|  | 09/2025 | 1219 | 332 | 0 | (12) |
|  | 01/2026 | 10000 | 74 | 3 | 0 |
|  | 02/2026 | 245 | 67 | 0 | (2) |
|  DUB | 07/2025 | 177 | 51 | 0 | (2) |
|  | 07/2025 | 7 | 5 | 0 | 0 |
|  | 07/2025 | $58 | 417 | 0 | 0 |
|  | 07/2025 | 52 | 330 | 0 | 0 |
|  | 07/2025 | 14206 | 12245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | 0 |
|  | 07/2025 | 6 | 90533 | 0 | 0 |
|  | 07/2025 | 22 | 665 | 1 | 0 |
|  | 08/2025 | 329 | $52 | 0 | 0 |
|  | 08/2025 | 113 | 571 | 0 | (1) |
|  | 08/2025 | 12219 | $14206 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218) |
|  | 08/2025 | 7309 | 225 | 0 | (1) |
|  | 08/2025 | $45 | 322 | 0 | 0 |
|  | 08/2025 | 116 | 10002 | 1 | 0 |
|  | 09/2025 | 3799 | $7 | 0 | 0 |
|  | 09/2025 | 2 | 0 | 0 | 0 |
|  | 09/2025 | $74 | 38377 | 0 | (2) |
|  | 12/2025 | 43 | 22856 | 0 | (1) |
|  FAR | 07/2025 | 2999 | $1935 | 0 | (39) |
|  | 07/2025 | 4295 | 778 | 0 | (13) |
|  | 07/2025 | 131 | 159 | 0 | (6) |
|  | 07/2025 | 1164 | 162 | 0 | (1) |
|  | 07/2025 | 457105 | 3186 | 12 | 0 |
|  | 07/2025 | 10 | 8 | 0 | 0 |
|  | 07/2025 | $764 | 4295 | 26 | 0 |
|  | 07/2025 | 164 | 131 | 2 | 0 |
|  | 07/2025 | 70 | 448 | 0 | 0 |
|  | 07/2025 | 1776 | 258577 | 19 | 0 |
|  | 07/2025 | 71 | 263 | 2 | 0 |
|  | 07/2025 | 39 | 50 | 0 | 0 |
|  | 08/2025 | 131 | $164 | 0 | (2) |
|  | 08/2025 | 943 | 132 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 08/2025 | 447 | $70 | $0 | $0 |
|  | 08/2025 | 257626 | 1776 | 0 | (19) |
|  | 08/2025 | 50 | 39 | 0 | 0 |
|  | 08/2025 | $55 | 4790 | 0 | 0 |
|  | 09/2025 | 778 | 4361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 0 |
|  | 09/2025 | 97 | 1897 | 3 | 0 |
|  GLM | 07/2025 | 75 | 380 | 0 | (1) |
|  | 07/2025 | 829 | $25 | 0 | (3) |
|  | 07/2025 | $58 | 418 | 0 | 0 |
|  | 07/2025 | 7 | 121023 | 0 | 0 |
|  | 07/2025 | 15 | 20 | 0 | 0 |
|  | 07/2025 | 5 | 155 | 0 | 0 |
|  | 08/2025 | 13 | 67 | 0 | 0 |
|  | 08/2025 | 20 | $15 | 0 | 0 |
|  | 08/2025 | 1342 | 41 | 0 | (6) |
|  | 08/2025 | $20 | 1103 | 2 | 0 |
|  | 08/2025 | 33 | 11306 | 0 | 0 |
|  | 09/2025 | 2180 | $518 | 0 | (1) |
|  | 09/2025 | $20 | 10455 | 0 | 0 |
|  | 10/2025 | 6300 | $1029 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104) |
|  | 12/2025 | 699 | 15 | 0 | 0 |
|  | 01/2026 | 40000 | 297 | 14 | 0 |
|  JPM | 07/2025 | 1230 | 225 | 0 | (1) |
|  | 07/2025 | 2206 | 306 | 0 | (3) |
|  | 07/2025 | 708 | 99 | 0 | 0 |
|  | 07/2025 | 340 | 51 | 0 | (2) |
|  | 07/2025 | 10814 | 75 | 0 | 0 |
|  | 07/2025 | 144986 | 106 | 0 | (1) |
|  | 07/2025 | 103 | 62 | 0 | (1) |
|  | 07/2025 | 434 | 338 | 0 | (4) |
|  | 07/2025 | 2887 | 89 | 0 | (11) |
|  | 07/2025 | $221 | 1230 | 6 | 0 |
|  | 07/2025 | 119 | 852 | 0 | 0 |
|  | 07/2025 | 183 | 680 | 6 | 0 |
|  | 07/2025 | 32 | 41 | 0 | 0 |
|  | 07/2025 | 2180 | $122 | 0 | (1) |
|  | 08/2025 | 3044 | 423 | 0 | (4) |
|  | 08/2025 | 91 | 107 | 0 | (1) |
|  | 08/2025 | 41 | 32 | 0 | 0 |
|  | 08/2025 | 2680 | 82 | 0 | (11) |
|  | 08/2025 | $58 | 415 | 0 | 0 |
|  | 08/2025 | 29 | 209 | 0 | 0 |
|  | 08/2025 | 37 | 3237 | 0 | 0 |
|  | 08/2025 | 50 | 1627 | 7 | 0 |
|  | 10/2025 | 12094 | 30 | 0 | 0 |
|  MBC | 07/2025 | 84 | $54 | 0 | (1) |
|  | 07/2025 | 3726 | 2713 | 0 | (23) |
|  | 07/2025 | 1058 | 147 | 0 | (1) |
|  | 07/2025 | 347 | 48 | 0 | 0 |
|  | 07/2025 | 417 | 477 | 0 | (15) |
|  | 07/2025 | 365 | 495 | 0 | (6) |
|  | 07/2025 | 353 | 45 | 0 | 0 |
|  | 07/2025 | 28278 | 196 | 0 | (1) |
|  | 07/2025 | 1043 | 813 | 0 | (7) |
|  | 07/2025 | 1344 | 41 | 0 | (5) |
|  | 07/2025 | $2629 | 3614 | 25 | 0 |
|  | 07/2025 | 48 | 346 | 0 | 0 |
|  | 07/2025 | 83 | 61 | 1 | 0 |
|  | 07/2025 | 3 | 51073 | 0 | 0 |
|  | 07/2025 | 100 | 14500 | 1 | 0 |
|  | 07/2025 | 39 | 147 | 2 | 0 |
|  | 07/2025 | 846 | 1094 | 14 | 0 |
|  | 07/2025 | 2 | 50 | 0 | 0 |
|  | 08/2025 | 3608 | $2629 | 0 | (25) |
|  | 08/2025 | 3759 | 520 | 0 | (7) |
|  | 08/2025 | 2472 | 17 | 0 | 0 |
|  | 08/2025 | 1091 | 846 | 0 | (15) |
|  | 08/2025 | 12455 | 386 | 1 | 0 |
|  | 08/2025 | 1283 | 39 | 0 | (5) |
|  | 08/2025 | $344 | 2469 | 2 | 0 |
|  | 08/2025 | 48 | 345 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  MYI | 07/2025 | 94 | $13 | $0 | $0 |
|  | 07/2025 | 10326 | 71 | 0 | 0 |
|  | 07/2025 | $83 | 113 | 0 | 0 |
|  | 07/2025 | 597 | 86954 | 7 | 0 |
|  | 07/2025 | 0 | 1 | 0 | 0 |
|  | 08/2025 | 961 | $134 | 0 | (1) |
|  | 08/2025 | 86634 | 597 | 0 | (7) |
|  | 08/2025 | $34 | 239 | 0 | 0 |
|  | 09/2025 | 216 | $152 | 0 | (7) |
|  | 09/2025 | $8 | 4130 | 0 | 0 |
|  | 12/2025 | 883 | 35 | 0 | (1) |
|  NGF | 07/2025 | $89 | 1448597 | 1 | 0 |
|  RYL | 07/2025 | 5500 | $38 | 0 | 0 |
|  | 08/2025 | $109 | 788 | 1 | 0 |
|  SCX | 07/2025 | 3 | $1 | 0 | 0 |
|  | 07/2025 | 296 | 10 | 0 | 0 |
|  | 07/2025 | $112 | 804 | 0 | 0 |
|  | 07/2025 | 10 | 541 | 1 | 0 |
|  | 07/2025 | 35 | 562894 | 0 | 0 |
|  | 07/2025 | 7 | 969 | 0 | 0 |
|  | 07/2025 | 169 | 218 | 2 | 0 |
|  | 07/2025 | 68 | 2021 | 2 | 0 |
|  | 08/2025 | 1655 | $232 | 0 | 0 |
|  | 08/2025 | 965 | 7 | 0 | 0 |
|  | 08/2025 | 217 | 169 | 0 | (3) |
|  | 08/2025 | 768 | 24 | 0 | (3) |
|  | 08/2025 | $39 | 3356 | 0 | 0 |
|  SOG | 07/2025 | 10 | 513 | 0 | 0 |
|  | 07/2025 | 994 | 143515 | 2 | 0 |
|  | 08/2025 | 142988 | $994 | 0 | (2) |
|  | 08/2025 | $0 | 19 | 0 | 0 |
|  SSB | 07/2025 | 1198 | $1622 | 0 | (22) |
|  | 08/2025 | $41 | 3567 | 1 | 0 |
|  | 01/2026 | 80000 | $534 | 0 | (33) |
|  UAG | 07/2025 | 27 | 7 | 0 | (1) |
|  | 07/2025 | 9338 | 65 | 0 | 0 |
|  | 08/2025 | 509 | 71 | 0 | 0 |
|  | 08/2025 | $651 | 4673 | 4 | 0 |
|  | 09/2025 | 152 | 216 | 7 | 0 |
|  | 12/2025 | 35 | 883 | 1 | 0 |
|  | 12/2025 | 470 | $10 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1376) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | 24.650 | 03/11/2026 | 82 | $1 | $1 |
|  | Put - OTC EUR versus HUF | 399.000 | 08/25/2025 | 98 | 0 | 1 |
| BRC | Call - OTC USD versus SEK | 10.200 | 11/26/2025 | 168 | 1 | 1 |
| GLM | Put - OTC EUR versus USD | $1.100 | 12/17/2025 | 21 | 2 | 1 |
| JPM | Put - OTC EUR versus CZK | 24.600 | 12/22/2025 | 218 | 1 | 1 |
|  | Put - OTC EUR versus HUF | 395.000 | 09/29/2025 | 124 | 1 | 1 |
| MBC | Put - OTC EUR versus USD | $1.098 | 12/23/2025 | 21 | 2 | 1 |
| MYI | Put - OTC EUR versus CZK | 24.750 | 12/09/2025 | 84 | 1 | 1 |
|  | Put - OTC EUR versus CZK | 24.550 | 12/16/2025 | 195 | 1 | 1 |
|  | Put - OTC EUR versus CZK | 24.700 | 12/16/2025 | 140 | 1 | 1 |
|  | Put - OTC EUR versus USD | $1.110 | 11/24/2025 | 525 | 2 | 1 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |

---

22 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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 |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570% | 08/13/2025 | 5200 | $8 | $0 |
| JPM Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570 | 08/13/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $8 | $0 |
|  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;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |

---

#### 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 |
| GLM | Call - OTC USD versus TRY | TRY | 53.500 | 12/11/2025 | 132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $(4) |
| UAG | Call - OTC USD versus TRY |  | 54.000 | 12/16/2025 | 84 | (3) | (2) |
|  |  |  |  |  |  | $(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.637% | 07/18/2025 | 300 | $(1) | $(2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.037 | 07/18/2025 | 300 | (1) | 0 |
| BRC Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.350 | 09/25/2025 | 400 | (4) | 0 |
| CBK Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.460 | 07/16/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.720 | 07/16/2025 | 200 | (1) | 0 |
| DUB Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.330 | 09/25/2025 | 400 | (5) | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 07/02/2025 | 300 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 07/02/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.725 | 07/03/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.075 | 07/03/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.669 | 07/07/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.019 | 07/07/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

#### 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>June 30, 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>June 30, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Korea International Bond | (1.000)% | Quarterly | 06/20/2030 | 0.262% | $140 | $(5) | $1 | $0 | $(4) |
| MYC | Korea International Bond | (1.000) | Quarterly | 06/20/2030 | 0.262 | 140 | (4) | (1) | 0 | (5) |
|  |  |  |  |  |  |  | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

#### 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>June 30, 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>June 30, 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 | —¨ | $306 | $&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 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 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 | 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 | Notional<br>Amount of<br>Currency<br>Delivered | **Upfront Payable/**<br> (Receivable) | **Unrealized**<br> **Appreciation/**<br> (Depreciation) | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% 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 | 12/17/2026 | $2432 | JPY | 360000 | $5 | $0 | $5 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.470% 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 | 09/17/2030 | 1686 |  | 260000 | (16) | 4 | 0 | (12) |
|  GST | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% 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 | 10/15/2026 | 4079 |  | 645700 | (52) | 2 | 0 | (50) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Pay/Receive<br>Floating Rate** | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | **Pay/Receive<br>Floating Rate** | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 39900 | $(6) | $13 | $7 | $0 |
|  | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 | MYR | 1280 | (1) | 5 | 4 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/18/2034 |  | 520 | (2) | (2) | 0 | (4) |
| GST | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 |  | 3500 | 2 | 10 | 12 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/20/2033 |  | 2460 | 16 | (33) | 0 | (17) |
| SCX | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 | CNY | 33400 | 15 | (9) | 6 | 0 |
|  |  |  |  |  |  |  |  | $24 | $(16) | $29 | $(21) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) |

---

#### 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 June 30, 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 | $28 | $0 | $0 | $28 | $(34) | $0 | $0 | $(34) | $(6) | $0 | $(6) |
|  BOA | 1 | 2 | 0 | 3 | (492) | (2) | 0 | (494) | (491) | 283 | (208) |
|  BPS | 9 | 0 | 11 | 20 | (61) | 0 | (4) | (65) | (45) | 0 | (45) |
|  BRC | 51 | 1 | 0 | 52 | (31) | 0 | 0 | (31) | 21 | 0 | 21 |
|  BSH | 4 | 0 | 0 | 4 | (14) | 0 | 0 | (14) | (10) | 0 | (10) |
|  CBK | 9 | 0 | 5 | 14 | (92) | 0 | (12) | (104) | (90) | 0 | (90) |
|  DUB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225) | 0 | 0 | (225) | (2) | 0 | (2) |
|  FAR | 77 | 0 | 0 | 77 | (81) | 0 | 0 | (81) | (4) | 0 | (4) |
|  GLM | 16 | 1 | 0 | 17 | (115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) |
|  GST | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 12 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) | (71) | (59) | 0 | (59) |
|  JPM | 19 | 2 | 0 | 21 | (40) | 0 | 0 | (40) | (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | 104 |
|  MBC | 46 | 1 | 0 | 47 | (111) | 0 | 0 | (111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (3) | (5) | (8) | (8) | 0 | (8) |
|  MYI | 7 | 4 | 0 | 11 | (16) | 0 | 0 | (16) | (5) | 0 | (5) |
|  NGF | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  RYL | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  SCX | 5 | 0 | 6 | 11 | (6) | 0 | 0 | (6) | 5 | 0 | 5 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>** |
|  SOG | $2 | $0 | $0 | $2 | $(2) | $0 | $0 | $(2) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  SSB | 1 | 0 | 0 | 1 | (55) | 0 | 0 | (55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) |
|  UAG | 12 | 0 | 0 | 12 | (1) | (2) | 0 | (3) | 9 | 0 | 9 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1376) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1479) |  |  |  |

---

(j) Securities with an aggregate market value of $406 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

¨ 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 June 30, 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 | $138 | $138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 19 | 24 |
|  | $0 | $5 | $0 | $0 | $157 | $162 |
|  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 | $510 | $0 | $510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 11 | 0 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 5 | 29 | 36 |
|  | $0 | $2 | $0 | $526 | $29 | $557 |
|  | $&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;526 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 25

------

Schedule of Investments PIMCO Global Core Bond (Hedged) 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; Written Options  | $0 | $0 | $0 | $0 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 195 | 200 |
|  | $0 | $5 | $0 | $0 | $225 | $230 |
|  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 | $1376 | $0 | $1376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 6 | 5 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9 | 0 | 62 | 21 | 92 |
|  | $0 | $9 | $0 | $1444 | $26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479 |
|  | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | 223 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 11 | 0 | 0 | (146) | (135) |
|  | $0 | $11 | $0 | $0 | $80 | $91 |
|  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 | $(1175) | $0 | $(1175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | 14 | (16) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 11 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;299 | 10 | 320 |
|  | $0 | $11 | $0 | $(859) | $60 | $(788) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(859) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697) |
|  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 | $234 | $234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 4 | 0 | 0 | (545) | (541) |
|  | $0 | $4 | $0 | $0 | $(311) | $(307) |
|  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;(1943) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1943) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | (11) | (89) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | (3) | 66 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (6) | 0 | (9) | 2 | (13) |
|  | $0 | $(6) | $0 | $(1966) | $(21) | $(1993) |
|  | $0 | $(2) | $0 | $(1966) | $(332) | $(2300) |

---

26 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 | $0 | $36 | $0 | $36 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 830 | 0 | 830 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1630 | 0 | 1630 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1562 | 0 | 1562 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 1316 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2268 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 2820 | 0 | 2820 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 202 | 0 | 202 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 205 | 0 | 205 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 361 | 0 | 361 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 107 | 0 | 107 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 571 | 0 | 571 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4552 | 0 | 4552 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 209 | 0 | 209 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 119 | 0 | 119 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 2537 | 0 | 2537 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 946 | 0 | 946 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 341 | 0 | 341 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 630 | 0 | 630 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 309 | 0 | 309 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5716 | 0 | 5716 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 500 | 0 | 500 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 186 | 186 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 419 | 0 | 419 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 436 | 0 | 436 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 824 | 0 | 824 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 119 | 0 | 119 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 201 | 0 | 201 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 820 | 0 | 820 |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 53 | 0 | 53 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 64 | 0 | 64 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 932 | 0 | 932 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 853 | 0 | 853 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1030 | 0 | 1030 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1252 | 0 | 1252 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 109 | 0 | 109 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Sovereign Issues | $0 | $751 | $0 | $751 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 719 | 0 | 719 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1160 | 0 | 1160 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 0 | 0 | 0 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3744 | 0 | 3744 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1011 | 0 | 1011 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 545 | 0 | 545 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 502 | 0 | 502 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2698 | 0 | 2698 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 453 | 0 | 453 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1289 | 0 | 1289 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 2914 | 0 | 2914 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5268 | 0 | 5268 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 274 | 0 | 274 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 7638 | 0 | 7638 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 43812 | 0 | 43812 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 10359 | 0 | 10359 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 748 | 0 | 748 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 209 | 0 | 209 |
|  | $0 | $118973 | $186 | $119159 |
|  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 | $56 | $0 | $0 | $56 |
|  Total Investments | $56 | $118973 | $186 | $119215 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  United States | 0 | 0 | 0 | 0 |
|  U.S. Government Agencies | 0 | (6713) | 0 | (6713) |
|  | $0 | $(6713) | $0 | $(6713) |
|  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 | 90 | 72 | 0 | 162 |
|  Over the counter | 0 | 555 | 2 | 557 |
|  | $90 | $627 | $2 | $719 |
|  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 | (25) | (202) | 0 | (227) |
|  Over the counter | 0 | (1479) | 0 | (1479) |
|  | $(25) | $(1681) | $0 | $(1706) |
|  Total Financial Derivative Instruments | $65 | $(1054) | $2 | $(987) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111515 |

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There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

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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 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 new 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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| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 June 30, 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) 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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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **29** |

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Notes to Financial Statements (Cont.)

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, 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 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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

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Notes to Financial Statements (Cont.)

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. <br>

<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

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| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 June 30, 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>06/30/2025 | 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;23416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24100) | $&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;56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

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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.

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 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. 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 June 30, 2025, as applicable, are disclosed in the Notes to Schedule of Investments.

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

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

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Notes to Financial Statements (Cont.)

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 to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty.

The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

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

During the period ended June 30, 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.

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| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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

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

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate

payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **37** |

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Notes to Financial Statements (Cont.)

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 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

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| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 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

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Notes to Financial Statements (Cont.)

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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The 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 and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate

income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Small Portfolio Risk is the risk that a smaller portfolio may not achieve investment or trading efficiencies 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 because of a change 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

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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, or 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 factors affecting securities markets generally or particular industries.

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.

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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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 markets, differing 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.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **41** |

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Notes to Financial Statements (Cont.)

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, inefficiencies resulting from erratic growth, the unavailability of consistently-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 event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

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

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, 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

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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. 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. 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.

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Notes to Financial Statements (Cont.)

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.

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% | 0.31% \* | 0.31% | 0.31% \* |

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\* This particular share class has been registered with the SEC, but was not operational during the period ended June 30, 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 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 period ended June 30, 2025.

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

(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(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 June 30, 2025, the amount waived and/or reimbursed was $903.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

---

------

Notes to Financial Statements (Cont.)

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 June 30, 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 June 30, 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 |
| $352328 | $346798 | $18971 | $13472 |

---

---

| | |
|:---|:---|
| <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>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>06/30/2025<br>(Unaudited) | Six Months Ended<br>06/30/2025<br>(Unaudited) | 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 | 305 | $2683 | 674 | $5919 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 186 | 1643 | 374 | 3277 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1022) | (8996) | (2064) | (18094) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (531) | $(4670) | (1016) | $(8898) |

---

---

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

---

As of June 30, 2025, one person owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 84% 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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| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

June 30, 2025 (Unaudited)

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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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 its last fiscal year ended December 31, 2024, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Short-Term | Long-Term |
| $1231 | $2711 |

---

---

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

---

As of June 30, 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>(1)</sup> |
| $115237 | $5038 | $(8422) | $(3384) |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **47** |

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |
| AZD | Australia and New Zealand Banking Group | DEU | Deutsche Bank Securities, Inc. | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | DUB | Deutsche Bank AG | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | FAR | Wells Fargo Bank National Association | RYL | NatWest Markets Plc |
| BRC | Barclays Bank PLC | GLM | Goldman Sachs Bank USA | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | GST | Goldman Sachs International | SOG | Societe Generale Paris |
| BSN | The Bank of Nova Scotia - Toronto | JPM | JP Morgan Chase Bank N.A. | 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 | MYC | Morgan Stanley Capital Services LLC | UBS | UBS Securities LLC |
|  Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: |  |  |  |
| AUD | Australian Dollar | HKD | Hong Kong Dollar | NZD | New Zealand Dollar |
| BRL | Brazilian Real | HUF | Hungarian Forint | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | IDR | Indonesian Rupiah | 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 |
| CZK | Czech Koruna | KRW | South Korean Won | 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 |
|  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<br> federal government bond | CNREPOFIX | China Fixing Repo Rates 7-Day | SOFR | Secured Overnight Financing Rate |
| BP0003M | 3 Month GBP-LIBOR | MUTKCALM | Tokyo Overnight Average Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | SIBCSORA | Singapore Overnight Rate Average | SRFXON3 | Swiss Overnight Rate Average (6PM) |
| CDX.IG | Credit Derivatives Index - Investment Grade |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: | Other Abbreviations: |  |  |  |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | Oat | Obligations Assimilables du Trésor |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | OIS | Overnight Index Swap |
| BBSW | Bank Bill Swap Reference Rate | KLIBOR | Kuala Lumpur Interbank Offered Rate | PRIBOR | Prague Interbank Offered Rate |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | KORIBOR | Korea Interbank Offered Rate | STIBOR | Stockholm Interbank Offered Rate |
| CLO | Collateralized Loan Obligation | MIBOR | Mumbai Interbank Offered Rate | TBA | To-Be-Announced |

---

---

| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

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 June 30, 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 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) |
|  January 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  February 2025 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
|  March 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  April 2025 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  May 2025 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
|  June 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0288 |

---

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

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **51** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **52** | **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.

------

#### pimco.com/pvit
![LOGO](g946789g06y60.jpg)

PVITGLBLCORFSTMSAR_063025

------

![LOGO](g24283g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO Global Diversified Allocation Portfolio

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Global Diversified Allocation Portfolio](#tx24283_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx24283_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx24283_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx24283_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx24283_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx24283_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx24283_7) | 13 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx24283_8) | 25 |
| &nbsp;&nbsp; [Glossary](#tx24283_9) | 29 |
| &nbsp;&nbsp; [Distribution Information](#tx24283_10) | 30 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx24283_11) | 31 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx24283_12) | 32 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx24283_13) | 33 |

---

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.)

------

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

The Portfolio may invest in Institutional Class or Class M shares of any of the funds of PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, the "Acquired Funds"). The Portfolio may invest in a combination of affiliated funds and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (the "Act"), fixed income instruments, equity securities, forwards and derivatives, to the extent permitted under the Act or exemptive relief therefrom. The cost of investing in the Portfolio will generally be higher than the cost of investing in a mutual fund that only invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified 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 go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

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

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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.

---

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

---

------

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

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

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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.

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

---

------

Financial Highlights PIMCO Global Diversified 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**<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** |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | $7.09 | $0.15 | $0.22 | $0.37 | $(0.23) | $0.00 | $(0.23) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.36 | 0.30 | 0.05 | 0.35 | (0.33) | (0.76) | (1.09) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 6.40 | 0.14 | 0.20 | 0.34 | (0.23) | 0.00 | (0.23) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.30 | 0.29 | 0.04 | 0.33 | (0.32) | (0.76) | (1.08) |

---

---

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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.

---

| | | |
|:---|:---|:---|
| **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/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>** | **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** |
| $7.23 | 5.38% | $2 | 0.47 | %\* | 1.01 | %\* | 0.47 | %\* | 1.01 | %\* | 4.38 | %\* | 5% |
| 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 |
| 10.62 | 4.15 | 757485 | 0.47 |  | 1.00 |  | 0.47 |  | 1.00 |  | 2.85 |  | 23 |
| 6.51 | 5.49 | 166778 | 0.57 | \* | 1.11 | \* | 0.57 | \* | 1.11 | \* | 4.30 | \* | 5 |
| 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 |
| 10.55 | 3.99 | 218035 | 0.57 |  | 1.10 |  | 0.57 |  | 1.10 |  | 2.76 |  | 23 |

---

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

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------

Statement of Assets and Liabilities PIMCO Global Diversified Allocation Portfolio June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (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 | $159821 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1052 |
|  Cash | 345 |
|  Deposits with counterparty | 5232 |
|  Receivable for investments in Affiliates sold | 897 |
|  Interest and/or dividends receivable | 9 |
|  Dividends receivable from Affiliates | 374 |
|  Reimbursement receivable from PIMCO | 70 |
|  **Total Assets** | 167800 |
|  **Liabilities:** |  |
|  Payable for investments in Affiliates purchased | $802 |
|  Payable for Portfolio shares redeemed | 74 |
|  Accrued investment advisory fees | 59 |
|  Accrued supervisory and administrative fees | 52 |
|  Accrued distribution fees | 33 |
|  **Total Liabilities** | 1020 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $166780 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $173412 |
|  Distributable earnings (accumulated loss) | (6632) |
|  **Net Assets** | $166780 |
|  **Net Assets:** |  |
|  Administrative Class | $2 |
|  Advisor Class | 166778 |
|  **Shares Issued and Outstanding:** |  |
|  Administrative Class | 0 |
|  Advisor Class | 25605 |
|  **Net Asset Value Per Share Outstanding<sup>(a):</sup>** |  |
|  Administrative Class | $7.23 |
|  Advisor Class | 6.51 |
|  Cost of investments in Affiliates | $151725 |
|  Cost or premiums of financial derivative instruments, net | $914 |

---

---

| | |
|:---|:---|
| <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 Global Diversified Allocation Portfolio

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) | Six Months Ended June 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest | $72 |
|  Dividends from Investments in Affiliates | 3948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 4020 |
|  **Expenses:** |  |
|  Investment advisory fees | 372 |
|  Supervisory and administrative fees | 330 |
|  Distribution and/or servicing fees - Advisor Class | 206 |
|  Trustee fees | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 470 |
|  **Net Investment Income (Loss)** | 3550 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in Affiliates | (898) |
|  Exchange-traded or centrally cleared financial derivative instruments | (5573) |
|  **Net Realized Gain (Loss)** | (6471) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in Affiliates | 7495 |
|  Exchange-traded or centrally cleared financial derivative instruments | 4248 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 11743 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $8822 |

---

---

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

---

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

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------

Statements of Changes in Net Assets PIMCO Global Diversified Allocation Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands†) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $3550 | $9151 |
|  Net realized gain (loss) | (6471) | 8337 |
|  Net change in unrealized appreciation (depreciation) | 11743 | (1106) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 8822 | 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 | (6000) | (8501) |
|  **Total Distributions<sup>(a)</sup>** | (6000) | (8501) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (9149) | (22241) |
|  **Total Increase (Decrease) in Net Assets** | (6327) | (14360) |
|  **Net Assets:** |  |  |
|  Beginning of period | 173107 | 187467 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166780 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173107 |

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

---

<sup>\*</sup> 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 June 30, 2025 (Unaudited)

#### (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 95.8% | INVESTMENTS IN AFFILIATES 95.8% | INVESTMENTS IN AFFILIATES 95.8% | INVESTMENTS IN AFFILIATES 95.8% |
| MUTUAL FUNDS (a) 90.3% | MUTUAL FUNDS (a) 90.3% | MUTUAL FUNDS (a) 90.3% | MUTUAL FUNDS (a) 90.3% |
|  PIMCO Emerging Markets<br>Bond Fund | 582989 | $— | 5043 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 649868 |  | 6700 |
|  PIMCO Income Fund | 778934 |  | 8389 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 505263 |  | 5022 |
|  PIMCO Investment Grade Credit Bond Fund | 923993 |  | 8399 |
|  PIMCO RAE International Fund | 950998 |  | 8340 |
|  PIMCO RAE PLUS EMG Fund | 1113777 |  | 8354 |
|  PIMCO RAE PLUS Small Fund | 516800 |  | 8341 |
|  PIMCO Real Return Fund | 814888 |  | 8385 |
|  PIMCO Short-Term Fund | 2597180 |  | 25089 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 629677 |  | 8381 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 930856 | $— | 8303 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 1341588 |  | 16690 |
|  PIMCO Total Return Fund IV | 2642342 |  | 25129 |
| Total Mutual Funds<br>(Cost $142,482) | Total Mutual Funds<br>(Cost $142,482) |  | 150565 |

---

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| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 5.5% | SHORT-TERM INSTRUMENTS 5.5% | SHORT-TERM INSTRUMENTS 5.5% | SHORT-TERM INSTRUMENTS 5.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 950626 | $— | 9256 |
| Total Short-Term Instruments<br>(Cost $9,243) | Total Short-Term Instruments<br>(Cost $9,243) |  | 9256 |
| Total Investments in Affiliates<br>(Cost $151,725) | Total Investments in Affiliates<br>(Cost $151,725) |  | 159821 |
| Total Investments 95.8%<br>(Cost $151,725) | Total Investments 95.8%<br>(Cost $151,725) | $— | 159821 |
|  Financial Derivative<br>Instruments (b) 0.6%<br> (Cost or Premiums, net $914) |  |  | 1052 |
| Other Assets and Liabilities, net 3.6% | Other Assets and Liabilities, net 3.6% |  | 5907 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 166780 |

---

#### 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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Value | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Put - CBOE S&P 500 | 4175.000 | 06/18/2026 | 25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $156 | $120 |
|  Put - CBOE S&P 500 | 4775.000 | 06/18/2026 | 25 | 3 | 273 | 207 |
|  Put - CBOE S&P 500 | 5375.000 | 06/18/2026 | 25 | 3 | 485 | 368 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 |

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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 September Futures  | 09/2025 | 238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74420 | $1910 | $357 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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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 June 30, 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 | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | $&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 |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 11

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Schedule of Investments PIMCO Global Diversified Allocation Portfolio (Cont.) June 30, 2025 (Unaudited)

Cash of $5,232 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2025. 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 June 30, 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<br>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  | $0 | $0 | $695 | $0 | $0 | $695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 357 | 0 | 0 | 357 |
|  | $0 | $0 | $1052 | $0 | $0 | $1052 |
| <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $831 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6404) | 0 | 0 | (6404) |
|  | $0 | $0 | $(5573) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5573) |
|  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 | $(129) | $0 | $0 | $(129) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 4377 | 0 | 0 | 4377 |
|  | $0 | $0 | $4248 | $0 | $0 | $4248 |

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#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 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>06/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value |  |  |  |
|  Mutual Funds | $150565 | $0 | $0 | $150565 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 9256 | 0 | 0 | 9256 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159821 | $&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;159821 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
| &nbsp;&nbsp; Exchange-traded or centrally cleared | $357 | $695 | $0 | $1052 |
|  Total Financial Derivative Instruments | $357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | $0 | $1052 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160178 | $695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160873 |

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There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

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

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Notes to Financial Statements June 30, 2025 (Unaudited)

1. ORGANIZATION

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

The Portfolio may invest in Institutional Class or Class M shares of any funds of the PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (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 new 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)

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

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Notes to Financial Statements (Cont.)

on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

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

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| | |
|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | | |
|:---|:---|:---|
|  | June 30, 2025 | (Unaudited) |

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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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed 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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

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Notes to Financial Statements (Cont.)

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.

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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

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| | |
|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

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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 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 June 30, 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>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Emerging Markets Bond Fund | $5231 | $234 | $(544) | $(57) | $179 | $5043 | $190 | $0 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 6957 | 257 | (687) | 2 | 171 | 6700 | 145 | 0 |
|  PIMCO Income Fund | 8711 | 414 | (942) | (99) | 305 | 8389 | 265 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 5231 | 272 | (485) | (19) | 23 | 5022 | 112 | 0 |
|  PIMCO Investment Grade Credit Bond Fund | 8699 | 434 | (932) | (104) | 302 | 8399 | 200 | 0 |
|  PIMCO RAE International Fund | 8673 | 0 | (1839) | (33) | 1539 | 8340 | 0 | 0 |
|  PIMCO RAE PLUS EMG Fund | 8698 | 344 | (1487) | 31 | 768 | 8354 | 278 | 0 |
|  PIMCO RAE PLUS Small Fund | 8693 | 925 | (647) | (38) | (592) | 8341 | 283 | 0 |
|  PIMCO Real Return Fund | 8679 | 385 | (963) | (37) | 321 | 8385 | 169 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 7727 | 46333 | (44800) | 0 | (4) | 9256 | 234 | 0 |
|  PIMCO Short-Term Fund | 26131 | 1391 | (2379) | (8) | (46) | 25089 | 613 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 8632 | 384 | (956) | 31 | 290 | 8381 | 177 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 8714 | 265 | (1217) | 312 | 229 | 8303 | 215 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 17345 | 540 | (3777) | (678) | 3260 | 16690 | 541 | 0 |
|  PIMCO Total Return Fund IV | 26086 | 1293 | (2799) | (201) | 750 | 25129 | 526 | 0 |
|  **Totals** | $164207 | $53471 | $(64454) | $(898) | $7495 | $159821 | $3948 | $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. 

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

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| **18** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 June 30, 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **19** |

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Notes to Financial Statements (Cont.)

are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Options on 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 risk 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 because of a change 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, or 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 factors affecting securities markets generally or particular industries.

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.

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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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 errors, 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 markets, differing 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, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Portfolio's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Portfolio to liquidity and valuation risk.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **21** |

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Notes to Financial Statements (Cont.)

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

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

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

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

Smaller Company Risk is the risk that the value of securities issued by a smaller company may go up or down, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. 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, 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

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| **22** | **PIMCO VARIABLE INSURANCE TRUST** |

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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. 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. 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.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **23** |

---

------

Notes to Financial Statements (Cont.)

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 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

---

| | |
|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

June 30, 2025 (Unaudited)

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):

---

| | | |
|:---|:---|:---|
| 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% |

---

(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.

---

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

---

(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

---

------

Notes to Financial Statements (Cont.)

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 June 30, 2025, the amount waived and/or reimbursed was $1,971.

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 June 30, 2025 were (amounts in thousands<sup>†</sup>):

---

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

---

---

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

---

(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 June 30, 2025, the amount waived and/or reimbursed was $441,738.

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.

---

| | |
|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

June 30, 2025 (Unaudited)

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 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 |
| $0 | $0 | $7140 | $19656 |

---

---

| | |
|:---|:---|
| <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>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>06/30/2025<br>(Unaudited) | Six Months Ended<br>06/30/2025<br>(Unaudited) | 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 | 386 | 2455 | 473 | 3039 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 940 | 6000 | 1334 | 8500 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (0) | (0) | (0) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (2757) | (17604) | (5248) | (33780) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (1431) | $(9149) | (3441) | $(22241) |

---

---

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

---

As of June 30, 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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

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------

Notes to Financial Statements (Cont.)

As of its last fiscal year ended December 31, 2024, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Short-Term | Long-Term |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 |

---

---

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

---

As of June 30, 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>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2836) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9787 |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | |
|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **29** |

---

------

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 June 30, 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

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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) |
|  March 2025 | $0.0762 | $0.0000 | $0.0000 | $0.0762 |
|  June 2025 | $0.1585 | $0.0000 | $0.0000 | $0.1585 |
| 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) |
|  March 2025 | $0.0763 | $0.0000 | $0.0000 | $0.0763 |
|  June 2025 | $0.1586 | $0.0000 | $0.0000 | $0.1586 |

---

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

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

---

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

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

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

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

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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](g24283g06y60.jpg)

PVITGLBLDIVFSTMSAR_063025

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![LOGO](g79263g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO Global Managed Asset Allocation Portfolio

------

#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Global Managed Asset Allocation Portfolio](#tx79263_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (Consolidated) (N-CSR Item 7)](#tx79263_2) | 6 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx79263_3) | 8 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx79263_4) | 9 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx79263_5) | 10 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments (N-CSR Item 6)](#tx79263_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx79263_7) | 25 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx79263_8) | 43 |
| &nbsp;&nbsp; [Glossary](#tx79263_9) | 48 |
| &nbsp;&nbsp; [Distribution Information](#tx79263_10) | 49 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx79263_11) | 50 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx79263_12) | 51 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx79263_13) | 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 Global Managed Asset Allocation Portfolio

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

The Portfolio may invest in Institutional Class or Class M shares of any of the funds of PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, the "Acquired Funds"). The Portfolio may invest in a combination of affiliated funds and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (the "Act"), fixed income instruments, equity securities, forwards and derivatives, to the extent permitted under the Act or exemptive relief therefrom. The cost of investing in the Portfolio will generally be higher than the cost of investing in a mutual fund that only invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified 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 go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

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

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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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|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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>** | **<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; 01/01/2025 - 06/30/2025+ | $9.98 | $0.22 | $0.70 | $0.92 | $(0.29) | $0.00 | $0.00 | $(0.29) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.53 | 0.13 | 1.72 | 1.85 | (0.99) | (0.24) | 0.00 | (1.23) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 10.01 | 0.22 | 0.70 | 0.92 | (0.28) | 0.00 | 0.00 | (0.28) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.53 | 0.12 | 1.72 | 1.84 | (0.98) | (0.24) | 0.00 | (1.22) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 10.06 | 0.21 | 0.71 | 0.92 | (0.28) | 0.00 | 0.00 | (0.28) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.60 | 0.10 | 1.72 | 1.82 | (0.96) | (0.24) | 0.00 | (1.20) |

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

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+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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/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>** | **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** |
| $10.61 | 9.34% | $147 | 0.80 | %\* | 1.00 | %\* | 0.76 | %\* | 0.96 | %\* | 4.47 | %\* | 164% |
| 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 |
| 13.15 | 17.01 | 1166 | 0.82 |  | 1.02 |  | 0.80 |  | 1.00 |  | 1.06 |  | 360 |
| 10.65 | 9.34 | 4029 | 0.95 | \* | 1.15 | \* | 0.91 | \* | 1.11 | \* | 4.33 | \* | 164 |
| 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 |
| 13.15 | 16.83 | 148037 | 0.97 |  | 1.17 |  | 0.95 |  | 1.15 |  | 0.96 |  | 360 |
| 10.70 | 9.25 | 290061 | 1.05 | \* | 1.25 | \* | 1.01 | \* | 1.21 | \* | 4.23 | \* | 164 |
| 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 |
| 13.22 | 16.62 | 447404 | 1.07 |  | 1.27 |  | 1.05 |  | 1.25 |  | 0.86 |  | 360 |

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|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

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Consolidated Statement of Assets and Liabilities PIMCO Global Managed Asset Allocation Portfolio June 30, 2025 (Unaudited)

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $130670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 196048 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 7473 |
|  Cash | 4818 |
|  Deposits with counterparty | 4404 |
|  Foreign currency, at value | 1554 |
|  Receivable for investments sold | 4179 |
|  Receivable for investments sold on a delayed-delivery basis | 297 |
|  Receivable for TBA investments sold | 75358 |
|  Interest and/or dividends receivable | 769 |
|  Dividends receivable from Affiliates | 744 |
|  Reimbursement receivable from PIMCO | 45 |
|  **Total Assets** | 427061 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $3609 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2808 |
|  Payable for investments purchased | 4 |
|  Payable for investments in Affiliates purchased | 770 |
|  Payable for investments purchased on a delayed-delivery basis | 6232 |
|  Payable for TBA investments purchased | 115031 |
|  Deposits from counterparty | 3182 |
|  Payable for Portfolio shares redeemed | 166 |
|  Accrued investment advisory fees | 209 |
|  Accrued supervisory and administrative fees | 12 |
|  Accrued distribution fees | 57 |
|  Accrued servicing fees | 1 |
|  Foreign capital gains tax payable | 11 |
|  Other liabilities | 1 |
|  **Total Liabilities** | 132824 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $294237 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $301262 |
|  Distributable earnings (accumulated loss) | (7025) |
|  **Net Assets** | $294237 |
|  **Net Assets:** |  |
|  Institutional Class | $147 |
|  Administrative Class | 4029 |
|  Advisor Class | 290061 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 14 |
|  Administrative Class | 378 |
|  Advisor Class | 27103 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $10.61 |
|  Administrative Class | 10.65 |
|  Advisor Class | 10.70 |
|  Cost of investments in securities | $133513 |
|  Cost of investments in Affiliates | $194328 |
|  Cost of foreign currency held | $1539 |
|  Proceeds received on short sales | $3584 |
|  Cost or premiums of financial derivative instruments, net | $7269 |

---

---

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

---

------

Consolidated Statement of Operations PIMCO Global Managed Asset Allocation Portfolio

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) | Six Months Ended June 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $2833 |
|  Dividends | 26 |
|  Dividends from Investments in Affiliates | 4680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 7539 |
|  **Expenses:** |  |
|  Investment advisory fees | 1287 |
|  Supervisory and administrative fees | 72 |
|  Distribution and/or servicing fees - Administrative Class | 3 |
|  Distribution and/or servicing fees - Advisor Class | 350 |
|  Trustee fees | 8 |
|  Interest expense | 58 |
|  Miscellaneous expense | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (287) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1493 |
|  **Net Investment Income (Loss)** | 6046 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (1526) |
|  Investments in Affiliates | (366) |
|  Exchange-traded or centrally cleared financial derivative instruments | 2063 |
|  Over the counter financial derivative instruments | 16990 |
|  Foreign currency | 190 |
|  **Net Realized Gain (Loss)** | 17351 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 4133 |
|  Investments in Affiliates | 3134 |
|  Exchange-traded or centrally cleared financial derivative instruments | (2534) |
|  Over the counter financial derivative instruments | (2562) |
|  Foreign currency assets and liabilities | 192 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 2363 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $25760 |
|  \* Foreign tax withholdings | $8 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Consolidated Statements of Changes in Net Assets PIMCO Global Managed Asset Allocation Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $6046 | $11174 |
|  Net realized gain (loss) | 17351 | 24181 |
|  Net change in unrealized appreciation (depreciation) | 2363 | (3326) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 25760 | 32029 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (42) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (115) | (148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (7594) | (10301) |
|  **Total Distributions<sup>(a)</sup>** | (7751) | (10500) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (16877) | (42369) |
|  **Total Increase (Decrease) in Net Assets** | 1132 | (20840) |
|  **Net Assets:** |  |  |
|  Beginning of period | 293105 | 313945 |
|  End of period | $294237 | $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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 June 30, 2025 (Unaudited)

#### (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 44.4% | INVESTMENTS IN SECURITIES 44.4% | INVESTMENTS IN SECURITIES 44.4% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2025 ^(a)(b) | 32 | 4 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 ^(a)(b) | 32 | 4 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 ^(a)(b) | 64 | 8 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 ^(a)(b) | 97 | 12 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 ^(a)(b) | 97 | 12 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 ^(a)(b) | 46 | 6 |
|  |  | 46 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  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) | 1005 | 708 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  5.750% due 12/31/2030 (g) | 116 | 96 |
|  MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
|  11.500% due 12/31/2030 (a) | 178 | 177 |
|  |  | 981 |
|  Total Corporate Bonds & Notes (Cost $1,363) | Total Corporate Bonds & Notes (Cost $1,363) | 1027 |
| U.S. GOVERNMENT AGENCIES 16.7% | U.S. GOVERNMENT AGENCIES 16.7% | U.S. GOVERNMENT AGENCIES 16.7% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  5.150% due 01/25/2051 •  | 275 | 275 |
|  5.275% due 08/25/2054 •  | 69 | 70 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  5.250% due 04/15/2049 - 12/15/2050 •  | 457 | 458 |
|  5.255% due 04/25/2055 •  | 1336 | 1333 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.952% due 05/20/2074 •  | 128 | 127 |
|  5.096% due 02/20/2070 •  | 18 | 18 |
|  5.152% due 05/20/2074 •  | 177 | 177 |
|  5.202% due 09/20/2071 •  | 2483 | 2484 |
|  5.461% due 08/20/2068 •  | 494 | 497 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 07/01/2055 | 11000 | 9520 |
|  5.000% due 08/01/2055 | 600 | 588 |
|  5.500% due 08/01/2055 | 300 | 300 |
|  6.000% due 08/01/2055 | 9700 | 9848 |
|  6.500% due 08/01/2055 | 22700 | 23406 |
|  Total U.S. Government Agencies (Cost $48,741) | Total U.S. Government Agencies (Cost $48,741) | 49101 |
| U.S. TREASURY OBLIGATIONS 5.3% | U.S. TREASURY OBLIGATIONS 5.3% | U.S. TREASURY OBLIGATIONS 5.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (i)(k) | 9500 | 6055 |
|  4.000% due 11/15/2042 (k) | 990 | 904 |
|  4.000% due 11/15/2052 (i)(k) | 740 | 647 |
|  4.625% due 02/15/2055 | 750 | 730 |
|  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 | 863 | 684 |
|  1.750% due 01/15/2034 (i) | 1461 | 1449 |
|  2.125% due 04/15/2029 (i) | 3526 | 3622 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.625% due 02/15/2035 | 1470 | 1517 |
|  Total U.S. Treasury Obligations (Cost $19,081) | Total U.S. Treasury Obligations (Cost $19,081) | 15608 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 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 |
|  4.914% due 07/25/2037 •  | 238 | 212 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.235% due 07/25/2036 ~ | 53 | 45 |
|  4.521% due 02/25/2036 ~ | 13 | 12 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.734% due 07/25/2035 •  | 326 | 247 |
|  4.754% due 09/25/2047 •  | 82 | 76 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  6.000% due 04/25/2036 | 211 | 102 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.054% due 04/25/2035 •  | 61 | 60 |
|  5.079% due 04/25/2035 •  | 79 | 76 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.794% due 06/25/2046 •  | 223 | 48 |
|  6.000% due 12/25/2036 | 60 | 51 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.834% due 05/25/2035 •  | 314 | 191 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.114% due 04/25/2055 ~ | 5000 | 4876 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.094% due 01/25/2045 •  | 1291 | 1297 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $7,518) | Total Non-Agency Mortgage-Backed Securities (Cost $7,518) | 7293 |
| ASSET-BACKED SECURITIES 8.6% | ASSET-BACKED SECURITIES 8.6% | ASSET-BACKED SECURITIES 8.6% |
| AUTOMOBILE SEQUENTIAL 1.2% | AUTOMOBILE SEQUENTIAL 1.2% | AUTOMOBILE SEQUENTIAL 1.2% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  5.320% due 01/15/2027 | 4 | 4 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.750% due 10/15/2027 | 97 | 97 |
|  5.340% due 08/16/2027 | 371 | 372 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  3.350% due 02/10/2027 | 103 | 103 |
|  4.130% due 04/12/2027 | 198 | 198 |
|  4.850% due 06/12/2028 | 710 | 714 |
|  5.330% due 07/10/2029 | 180 | 182 |
|  5.760% due 04/12/2027 | 100 | 100 |
|  5.900% due 08/10/2027 | 58 | 58 |
|  5.980% due 12/10/2027 | 329 | 331 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 | 258 | 259 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.650% due 02/15/2028 | 242 | 242 |
|  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 LLC | Oscar U.S. Funding LLC | Oscar U.S. Funding LLC |
|  5.810% due 12/10/2027 | 360 | 362 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.700% due 10/16/2028 | 170 | 172 |
|  |  | 3522 |
| HOME EQUITY OTHER 2.7% | HOME EQUITY OTHER 2.7% | HOME EQUITY OTHER 2.7% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  4.914% due 04/25/2036 •  | 71 | 66 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.914% due 06/25/2036 •  | 142 | 105 |
|  5.334% due 08/25/2035 •  | 103 | 102 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.914% due 05/25/2035 •  | 388 | 348 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.734% due 07/25/2036 •  | 294 | 264 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  2.897% due 03/25/2036 •  | 1691 | 1664 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.934% due 03/25/2037 •  | 252 | 249 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.714% due 05/25/2035 •  | 177 | 174 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  5.214% due 02/25/2036 •  | 193 | 190 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.704% due 10/25/2036 •  | 556 | 506 |
|  4.734% due 10/25/2036 •  | 1868 | 747 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.134% due 05/25/2046 •  | 2537 | 2396 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.994% due 09/25/2034 •  | 67 | 67 |
|  5.034% due 01/25/2036 •  | 992 | 916 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.929% due 07/25/2036 •  | 99 | 94 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.004% due 10/25/2036 •  | 53 | 53 |
|  5.229% due 02/25/2036 •  | 100 | 98 |
|  |  | 8039 |
| HOME EQUITY SEQUENTIAL 1.9% | HOME EQUITY SEQUENTIAL 1.9% | HOME EQUITY SEQUENTIAL 1.9% |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.473% due 11/25/2036 | 5636 | 5584 |
| 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 ~ | 484 | 459 |
| 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. |
|  4.869% due 11/25/2036 •  | 43 | 43 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.139% due 11/25/2036 •  | 1071 | 1045 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.574% due 07/25/2036 •  | 792 | 249 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.702% due 06/25/2036 þ | 362 | 354 |
|  4.754% due 05/25/2036 •  | 382 | 330 |
|  |  | 2021 |
| OTHER ABS 2.0% | OTHER ABS 2.0% | OTHER ABS 2.0% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.571% due 10/20/2031 •  | 194 | 194 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.634% due 04/22/2030 •  | 83 | 83 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.608% due 07/15/2031 •  | 301 | 302 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  2.600% due 08/15/2068 | 590 | 569 |
|  6.026% due 11/15/2068 •  | 163 | 164 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.116% due 09/22/2034 •  | 444 | 523 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.691% due 07/20/2032 •  | 296 | 297 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.318% due 10/15/2029 •  | 163 | 163 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.657% due 07/24/2032 •  | 488 | 489 |
|  Recette CLO Ltd. | Recette CLO Ltd. | Recette CLO Ltd. |
|  5.611% due 04/20/2034 •  | 250 | 251 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.724% due 08/13/2031 •  | 161 | 161 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  3.116% due 07/20/2032 •  | 454 | 535 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 255 | 240 |
|  6.104% due 10/16/2056 •  | 554 | 565 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.741% due 07/20/2032 •  | 505 | 506 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.523% due 10/13/2032 •  | 355 | 355 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.521% due 07/20/2030 •  | 117 | 117 |
|  Vibrant CLO Ltd. | Vibrant CLO Ltd. | Vibrant CLO Ltd. |
|  5.651% due 07/20/2032 •  | 176 | 177 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</sub> |

---

------

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Voya Ltd. | Voya Ltd. | Voya Ltd. | Voya Ltd. |
|  5.518% due 10/15/2030 •  | $| 70 | 69 |
|  |  |  | 5760 |
|  Total Asset-Backed Securities (Cost $25,547) | Total Asset-Backed Securities (Cost $25,547) | Total Asset-Backed Securities (Cost $25,547) | 25385 |
| SOVEREIGN ISSUES 10.7% | SOVEREIGN ISSUES 10.7% | SOVEREIGN ISSUES 10.7% | SOVEREIGN ISSUES 10.7% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (d) | BRL | 58900 | 10457 |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  3.250% due 09/01/2028 | CAD | 7100 | 5301 |
|  Colombian TES | Colombian TES | Colombian TES | Colombian TES |
|  5.750% due 11/03/2027 | COP | 8095000 | 1825 |
|  7.750% due 09/18/2030 |  | 10707900 | 2263 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  2.400% due 03/20/2055 | JPY | 520000 | 3317 |
|  Mexican Bonos | Mexican Bonos | Mexican Bonos | Mexican Bonos |
|  8.500% due 03/01/2029 | MXN | 45000 | 2395 |
|  Mexican Udibonos | Mexican Udibonos | Mexican Udibonos | Mexican Udibonos |
|  4.000% due 11/30/2028 (e) |  | 697 | 37 |
|  4.000% due 08/24/2034 (e) |  | 227 | 11 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | PEN | 4000 | 1069 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | CAD | 5150 | 3780 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  8.875% due 02/28/2035 | 18100 | 955 |
|  Total Sovereign Issues (Cost $30,417) | Total Sovereign Issues (Cost $30,417) | 31410 |
| 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% |
|  4.287% due 07/01/2025 - 07/10/2025 (c)(d)(k) | 846 | 846 |
|  Total Short-Term Instruments<br> (Cost $846) | Total Short-Term Instruments<br> (Cost $846) | 846 |
|  Total Investments in Securities<br> (Cost $133,513) | Total Investments in Securities<br> (Cost $133,513) | 130670 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 66.6% | INVESTMENTS IN AFFILIATES 66.6% | INVESTMENTS IN AFFILIATES 66.6% |
| MUTUAL FUNDS (f) 41.6% | MUTUAL FUNDS (f) 41.6% | MUTUAL FUNDS (f) 41.6% |
|  PIMCO Income Fund | 2538549 | 27340 |
|  PIMCO Total Return Fund | 10948670 | 95034 |
| Total Mutual Funds (Cost $121,121) | Total Mutual Funds (Cost $121,121) | 122374 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 25.0% | SHORT-TERM INSTRUMENTS 25.0% | SHORT-TERM INSTRUMENTS 25.0% | SHORT-TERM INSTRUMENTS 25.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 25.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 25.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 25.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 25.0% |
|  PIMCO Short Asset Portfolio | 3649736 | $— | 35753 |
|  PIMCO Short-Term Floating NAV Portfolio III | 3894520 |  | 37921 |
| Total Short-Term Instruments<br>(Cost $73,207) | Total Short-Term Instruments<br>(Cost $73,207) |  | 73674 |
| Total Investments in Affiliates<br>(Cost $194,328) | Total Investments in Affiliates<br>(Cost $194,328) |  | 196048 |
| Total Investments 111.0%<br>(Cost $327,841) | Total Investments 111.0%<br>(Cost $327,841) | $— | 326718 |
|  Financial Derivative<br>Instruments (h)(j) 1.6%<br> (Cost or Premiums, net $7,269) | Financial Derivative<br>Instruments (h)(j) 1.6%<br> (Cost or Premiums, net $7,269) |  | 4636 |
| Other Assets and Liabilities, net (12.6)% | Other Assets and Liabilities, net (12.6)% |  | (37117) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 294237 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

---

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

---

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

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

(a) Payment in-kind 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) 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 (1.2)% | U.S. Government Agencies (1.2)% | U.S. Government Agencies (1.2)% | U.S. Government Agencies (1.2)% | U.S. Government Agencies (1.2)% | U.S. Government Agencies (1.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 08/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | $(2596) | $(2614) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 08/01/2055 | 1200 | (988) | (995) |
|  Total Short Sales (1.2)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3584) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3609) |

---

**The average amount of borrowings outstanding during the period ended June 30, 2025 was $(59) 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 $4 have been pledged as collateral as of June 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

---

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

---

------

June 30, 2025 (Unaudited)

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

#### PURCHASED OPTIONS:

#### OPTIONS ON INDEXES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Value | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Put - CBOE S&P 500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950.000 | 07/18/2025 | 21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $155 | $29 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |

---

#### WRITTEN OPTIONS:

#### OPTIONS ON INDEXES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Value | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE S&P 500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600.000 | 07/18/2025 | 21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $(54) | $(7) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Aluminum July Futures  | 07/2025 | 14 | $909 | $36 | $0 | $0 |
|  Aluminum September Futures  | 09/2025 | 7 | 455 | 9 | 0 | 0 |
|  Arabica Coffee December Futures  | 12/2025 | 3 | 331 | (50) | 0 | (3) |
|  Brent Crude March Futures  | 01/2026 | 6 | 388 | (12) | 0 | (1) |
|  Canada Government 5-Year Bond September Futures  | 09/2025 | 49 | 4106 | 26 | 4 | 0 |
|  Canada Government 10-Year Bond September Futures  | 09/2025 | 16 | 1433 | 13 | 3 | 0 |
|  Cocoa September Futures  | 09/2025 | 1 | 90 | (5) | 1 | 0 |
|  Euro-BTP September Futures  | 09/2025 | 44 | 6271 | 14 | 10 | (12) |
|  Euro-Bund September Futures  | 09/2025 | 9 | 1380 | (11) | 1 | (4) |
|  Gas Oil December Futures  | 12/2025 | 7 | 441 | 8 | 0 | 0 |
|  Gold 100 oz. December Futures  | 12/2025 | 1 | 336 | (2) | 2 | 0 |
|  Iron Ore September Futures  | 09/2025 | 25 | 234 | (2) | 0 | 0 |
|  Lead July Futures  | 07/2025 | 7 | 355 | 17 | 0 | 0 |
|  Live Cattle October Futures  | 10/2025 | 8 | 673 | (3) | 1 | 0 |
|  New York Harbor December Futures  | 11/2025 | 5 | 461 | 12 | 4 | 0 |
|  Nickel July Futures  | 07/2025 | 5 | 452 | (19) | 0 | 0 |
|  Nickel September Futures  | 09/2025 | 3 | 274 | (1) | 2 | 0 |
|  Platinum October Futures  | 10/2025 | 5 | 336 | 41 | 0 | (2) |
|  RBOB Gasoline December Futures  | 11/2025 | 6 | 457 | 6 | 0 | 0 |
|  Silver September Futures  | 09/2025 | 4 | 723 | 40 | 0 | (4) |
|  Soybean Meal December Futures  | 12/2025 | 35 | 1013 | (53) | 3 | 0 |
|  Soybean November Futures  | 11/2025 | 11 | 565 | (7) | 1 | 0 |
|  Soybean Oil January Futures  | 01/2026 | 2 | 63 | 0 | 0 | 0 |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 41 | 8529 | 31 | 2 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 61 | 6840 | 116 | 19 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 50 | 5713 | 127 | 24 | 0 |
|  U.S. Treasury Long-Term Bond September Futures  | 09/2025 | 47 | 5427 | 137 | 47 | 0 |
|  United Kingdom Long Gilt September Futures  | 09/2025 | 52 | 6640 | 141 | 7 | (23) |
|  WTI Crude December Futures  | 11/2025 | 6 | 370 | 0 | 0 | (1) |
|  Zinc July Futures  | 07/2025 | 9 | 619 | (2) | 0 | 0 |
|  Zinc September Futures  | 09/2025 | 4 | 275 | 10 | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |
| 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 |
|  Aluminum July Futures  | 07/2025 | 14 | $(909) | $(54) | $0 | $0 |
|  Aluminum September Futures  | 09/2025 | 7 | (455) | (25) | 0 | 0 |
|  Arabica Coffee September Futures  | 09/2025 | 1 | (113) | 27 | 1 | 0 |
|  Australia Government 10-Year Bond September Futures  | 09/2025 | 148 | (10839) | (70) | 31 | 0 |
|  Copper September Futures  | 09/2025 | 1 | (127) | (6) | 1 | 0 |
|  Corn December Futures  | 12/2025 | 35 | (745) | 27 | 3 | 0 |
|  Corn September Futures  | 09/2025 | 46 | (941) | 47 | 5 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  Cotton No. 2 December Futures  | 12/2025 | 22 | $(749) | $5 | $13 | $0 |
|  E-Mini S&P 500 Index September Futures  | 09/2025 | 7 | (2189) | (8) | 0 | (3) |
|  Euro-Bobl September Futures  | 09/2025 | 85 | (11783) | 49 | 25 | (8) |
|  Euro-Buxl 30-Year Bond September Futures  | 09/2025 | 15 | (2098) | 40 | 6 | 0 |
|  Euro-Oat September Futures  | 09/2025 | 24 | (3501) | 28 | 8 | (2) |
|  Euro-Schatz September Futures  | 09/2025 | 22 | (2779) | 5 | 2 | (1) |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 14 | (385) | 29 | 5 | 0 |
|  Hard Red Winter Wheat September Futures  | 09/2025 | 7 | (184) | 6 | 2 | 0 |
|  Japan Government 10-Year Bond September Futures  | 09/2025 | 25 | (24135) | (38) | 33 | 0 |
|  Lead July Futures  | 07/2025 | 7 | (355) | 1 | 0 | 0 |
|  Lead September Futures  | 09/2025 | 6 | (307) | (10) | 0 | (10) |
|  Lean Hogs October Futures  | 10/2025 | 10 | (370) | 4 | 9 | 0 |
|  Natural Gas January Futures  | 12/2025 | 7 | (340) | 12 | 17 | 0 |
|  Natural Gas September Futures  | 08/2025 | 24 | (838) | 67 | 63 | 0 |
|  Nickel July Futures  | 07/2025 | 5 | (452) | 17 | 0 | 0 |
|  Nickel September Futures  | 09/2025 | 2 | (182) | 5 | 0 | 0 |
|  Robusta Coffee September Futures  | 09/2025 | 1 | (36) | 11 | 0 | 0 |
|  Soybean January Futures  | 01/2026 | 7 | (365) | 3 | 0 | (1) |
|  Soybean Meal January Futures  | 01/2026 | 15 | (439) | 16 | 0 | (1) |
|  Soybean Oil December Futures  | 12/2025 | 3 | (95) | (10) | 0 | 0 |
|  STOXX Europe 600 Price Index September Futures  | 09/2025 | 17 | (543) | (1) | 1 | (2) |
|  Sugar No. 11 March Futures  | 02/2026 | 4 | (76) | 1 | 2 | 0 |
|  Sugar No. 11 October Futures  | 09/2025 | 10 | (181) | 13 | 6 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 151 | (16459) | (149) | 0 | (20) |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 30 | (3574) | (152) | 0 | (40) |
|  Wheat December Futures  | 12/2025 | 11 | (308) | 8 | 2 | 0 |
|  Wheat September Futures  | 09/2025 | 12 | (323) | 1 | 2 | 0 |
|  White Sugar October Futures  | 09/2025 | 3 | (70) | 3 | 1 | 0 |
|  Zinc July Futures  | 07/2025 | 9 | (619) | (4) | 0 | 0 |
|  Zinc September Futures  | 09/2025 | 7 | (482) | (10) | 0 | (3) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | $238 | $(91) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) |

---

#### 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-43 10-Year Index | (1.000)% | Quarterly | 12/20/2034 | $1200 | $(9) | $(4) | $(13) | $0 | $(1) |
|  CDX.IG-44 10-Year Index | (1.000) | Quarterly | 06/20/2035 | 6200 | (12) | (35) | (47) | 0 | (5) |
|  CDX.iTraxx Crossover 43 5-Year Index | (5.000) | Quarterly | 06/20/2030 | 90 | (8) | (2) | (10) | 0 | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### 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-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $1100 | $24 | $1 | $25 | $1 | $0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 8200 | 144 | 40 | 184 | 4 | 0 |
|  CDX.iTraxx Main 43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 300 | 7 | 1 | 8 | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&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 | 4.400% | Annual | 02/10/2026 | GBP | 8800 | $42 | $(13) | $29 | $1 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2027 |  | 5700 | (23) | 21 | (2) | 0 | (1) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2030 |  | 5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158) | 86 | (72) | 0 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 |  | 118 | (1) | 6 | 5 | 0 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 |  | 5400 | 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 |  | 300 | 43 | 6 | 49 | 1 | 0 |
| Pay<sup>(5)</sup> | 1-Day INR-MIBOR Compounded-OIS | 6.000 | Semi-Annual | 09/17/2030 | INR | 203680 | 27 | 0 | 27 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 09/18/2026 | JPY | 1360000 | 11 | 13 | 24 | 0 | 0 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1.000% | Annual | 06/18/2027 | $1182800 | $42 | $3 | $45 | $0 | $(2) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 09/18/2029 | 140000 | (8) | (1) | (9) | 0 | (1) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 | 279700 | (10) | 1 | (9) | 2 | 0 |
| Pay<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/17/2030 | 520000 | 13 | (3) | 10 | 0 | (4) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 | 890000 | 117 | (20) | 97 | 0 | (10) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 799700 | 7 | 9 | 16 | 0 | (15) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2045 | 60000 | 24 | (17) | 7 | 0 | (3) |
| Pay<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 09/17/2045 | 50000 | 5 | (1) | 4 | 0 | (2) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249) | (71) | (320) | 0 | (5) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 95500 | 24 | 7 | 31 | 5 | 0 |
| Receive<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 09/17/2030 | 200 | (2) | (4) | (6) | 0 | 0 |
| Receive<sup>(5)</sup> | 1-Day THB-THOR Compounded-OIS | 2.000 | Quarterly | 09/17/2030 | 79540 | (26) | (58) | (84) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/11/2026 | $30900 | 38 | 2 | 40 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | 4000 | (24) | 4 | (20) | 2 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 7100 | (11) | (44) | (55) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 7300 | 0 | (79) | (79) | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 11/30/2028 | 16500 | (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 19100 | 229 | (480) | (251) | 0 | (24) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 4108 | (5) | (38) | (43) | 0 | (6) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 5700 | (106) | 60 | (46) | 9 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 2000 | (23) | (10) | (33) | 0 | (4) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 37900 | (126) | 533 | 407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 12050 | 761 | (600) | 161 | 0 | (40) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 16500 | 379 | (524) | (145) | 0 | (58) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 | 6800 | 319 | (202) | 117 | 0 | (25) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 02/15/2035 | 4130 | (26) | (57) | (83) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 8100 | 382 | (79) | 303 | 0 | (32) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 700 | 2 | (6) | (4) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 300 | 63 | 47 | 110 | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 900 | (232) | (99) | (331) | 5 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2052 | 4087 | (8) | (100) | (108) | 0 | (34) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 3500 | 286 | 424 | 710 | 0 | (24) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 | 212 | (1) | (4) | (5) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 4890 | 363 | 244 | 607 | 0 | (37) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 9900 | 18 | (743) | (725) | 75 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 2916 | (24) | (202) | (226) | 22 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 2000 | 131 | 28 | 159 | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 | 685 | 0 | 7 | 7 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 6900 | 855 | (17) | 838 | 0 | (53) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.427 | Annual | 03/20/2055 | 8900 | (12) | 111 | 99 | 0 | (16) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 600 | (83) | 13 | (70) | 5 | 0 |
| Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 600 | (58) | 16 | (42) | 5 | 0 |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 1500 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 14000 | 0 | (7) | (7) | 1 | 0 |
| Receive | 1-Year BRL-CDI | 9.955 | Maturity | 01/02/2029 | 1300 | 22 | (2) | 20 | 0 | (1) |
| Pay | 1-Year BRL-CDI | 12.000 | Maturity | 01/02/2029 | 5530 | 0 | (22) | (22) | 5 | 0 |
| Receive | 1-Year BRL-CDI | 12.380 | Maturity | 01/02/2029 | 7900 | 0 | 21 | 21 | 0 | (7) |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 9000 | 0 | 14 | 14 | 13 | 0 |
| Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 1000 | 0 | 2 | 2 | 2 | 0 |
| Pay | 1-Year BRL-CDI | 14.880 | Maturity | 01/02/2029 | 8400 | 0 | 62 | 62 | 7 | 0 |
| Pay | 3-Month AUD-BBR-BBSW | 2.000 | Semi-Annual | 10/07/2027 | 9300 | (300) | 81 | (219) | 4 | 0 |
| Pay | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 2100 | 26 | 24 | 50 | 0 | (4) |
| Receive<sup>(5)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 09/17/2030 | 41430 | 46 | (52) | (6) | 3 | 0 |
| Receive | 3-Month COP-IBR Compounded-OIS | 8.620 | Quarterly | 01/23/2030 | 16110800 | (16) | 19 | 3 | 1 | 0 |
| Receive | 3-Month ILS-TELBOR | 0.000 | Annual | 07/21/2025 | 25200 | 1 | 84 | 85 | 1 | 0 |
| Pay | 3-Month ILS-TELBOR | 0.000 | Annual | 07/21/2025 | 25200 | (1) | (84) | (85) | 0 | (1) |
| Receive | 3-Month ILS-TELBOR | 3.920 | Annual | 04/21/2030 | 25200 | 4 | (35) | (31) | 0 | (10) |
| Receive<sup>(5)</sup> | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2030 | 3710340 | 9 | (11) | (2) | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.750 | Quarterly | 03/20/2029 | 50500 | 95 | 60 | 155 | 7 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.649 | Quarterly | 04/03/2029 | 6600 | 14 | 6 | 20 | 1 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 | 13000 | 101 | 236 | 337 | 0 | (17) |
| Receive | 6-Month CLP-CHILIBOR | 5.070 | Semi-Annual | 03/04/2026 | 5100000 | 0 | (15) | (15) | 0 | (1) |
| Pay | 6-Month CLP-CHILIBOR | 5.025 | Semi-Annual | 03/18/2026 | 5100000 | 0 | 12 | 12 | 1 | 0 |
| Pay | 6-Month CLP-CHILIBOR | 4.390 | Semi-Annual | 10/01/2029 | 463400 | (1) | (4) | (5) | 0 | 0 |
| Pay | 6-Month CLP-CHILIBOR | 5.365 | Semi-Annual | 01/23/2030 | 1323000 | 0 | 47 | 47 | 1 | 0 |
| Receive | 6-Month CLP-CHILIBOR | 5.455 | Semi-Annual | 01/27/2030 | 1438900 | (51) | (6) | (57) | 0 | (1) |
| Pay | 6-Month CZK-PRIBOR | 3.534 | Annual | 03/21/2029 | 116900 | (8) | (5) | (13) | 0 | (14) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 | 6100 | 18 | (29) | (11) | 0 | (7) |
| Pay | 6-Month EUR-EURIBOR | 0.081 | Annual | 02/15/2031 | 10400 | (1067) | (492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1559) | 0 | (13) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 5770 | (239) | 18 | (221) | 1 | (10) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 3330 | 300 | 108 | 408 | 13 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

---

------

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation 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 | 6-Month HUF-BBR | 6.200% | Annual | 03/20/2029 | HUF | 864500 | $(20) | $30 | $10 | $2 | $0 |
| Receive | 6-Month PLN-WIBOR | 5.020 | Annual | 03/21/2029 | PLN | 34500 | (36) | (202) | (238) | 4 | 0 |
| Pay | 28-Day MXN-TIIE | 8.835 | Lunar | 12/23/2025 | MXN | 24000 | 0 | 4 | 4 | 0 | 0 |
| Pay<sup>(5)</sup> | 28-Day MXN-TIIE | 8.835 | Lunar | 03/13/2029 |  | 24000 | (8) | 46 | 38 | 3 | 0 |
| Receive | 28-Day MXN-TIIE | 9.050 | Lunar | 12/12/2029 |  | 4700 | (12) | (2) | (14) | 0 | (1) |
| Receive | CAONREPO | 3.500 | Semi-Annual | 12/18/2026 | CAD | 4300 | (50) | 2 | (48) | 0 | 0 |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/18/2030 |  | 11900 | (185) | 25 | (160) | 0 | (11) |
| Receive | CAONREPO | 2.750 | Semi-Annual | 03/19/2035 |  | 3600 | 101 | (56) | 45 | 0 | (9) |
| Receive | CAONREPO | 3.250 | Semi-Annual | 06/18/2055 |  | 200 | (6) | 4 | (2) | 0 | (1) |
|  |  |  |  |  |  |  | $2036 | $(2355) | $(319) | $299 | $(576) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2354) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583) |

---

#### 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 June 30, 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 | Variation Margin<br>Liability | **Total** |
|  | 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;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | $(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731) |

---

(i) Securities with an aggregate market value of $2,424 and cash of $4,404 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2025.

<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 | 07/2025 | 567 | $368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
|  | 07/2025 | $32 | 229 | 0 | 0 |
|  | 07/2025 | 362 | 309 | 2 | 0 |
|  | 07/2025 | 270 | 197 | 0 | 0 |
|  | 07/2025 | 97 | 162 | 1 | 0 |
|  | 08/2025 | 9619 | $1347 | 0 | (2) |
|  | 08/2025 | 309 | 363 | 0 | (2) |
|  | 08/2025 | 197 | 270 | 0 | 0 |
|  | 08/2025 | 162 | 97 | 0 | (1) |
|  | 08/2025 | $369 | 567 | 5 | 0 |
|  | 08/2025 | 32 | 229 | 0 | 0 |
|  BOA | 07/2025 | 85 | $55 | 0 | (1) |
|  | 07/2025 | 2230 | 2536 | 0 | (91) |
|  | 07/2025 | 14010 | 245 | 0 | (4) |
|  | 07/2025 | 209 | 58 | 0 | 0 |
|  | 07/2025 | $203 | 3314013 | 1 | 0 |
|  | 07/2025 | 502 | 684940 | 4 | 0 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | $44 | 57 | $0 | $0 |
|  | 08/2025 | 13069 | $1827 | 0 | (6) |
|  | 08/2025 | 57 | 44 | 0 | 0 |
|  | 08/2025 | 52 | 2 | 0 | 0 |
|  | 09/2025 | $400 | 1460 | 12 | 0 |
|  BPS | 07/2025 | 779 | $143 | 0 | (1) |
|  | 07/2025 | 252 | 185 | 0 | 0 |
|  | 07/2025 | 731916 | 45 | 0 | 0 |
|  | 07/2025 | 224300 | 1570 | 12 | 0 |
|  | 07/2025 | 212 | 6 | 0 | 0 |
|  | 07/2025 | 11455 | 283 | 0 | (4) |
|  | 07/2025 | 10679 | 354 | 0 | (13) |
|  | 07/2025 | $140 | 779 | 3 | 0 |
|  | 07/2025 | 341 | 295 | 6 | 0 |
|  | 07/2025 | 164 | 2668683 | 1 | 0 |
|  | 07/2025 | 20 | 655 | 0 | 0 |
|  | 07/2025 | 79 | 2361 | 2 | 0 |
|  | 08/2025 | 10287 | $1440 | 0 | (3) |
|  | 08/2025 | 11954 | 288 | 0 | (4) |
|  | 08/2025 | 64630 | 1975 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272) |
|  | 08/2025 | $398 | 2900 | 8 | 0 |
|  | 08/2025 | 182 | 15824 | 2 | 0 |
|  | 08/2025 | 477 | 15605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | 0 |
|  | 10/2025 | 25300 | $4223 | 0 | (328) |
|  BRC | 07/2025 | 165 | 189 | 0 | (5) |
|  | 07/2025 | 414 | 565 | 0 | (3) |
|  | 07/2025 | 6832 | 1965 | 0 | (64) |
|  | 07/2025 | 17504 | 13 | 0 | 0 |
|  | 07/2025 | 1505 | 148 | 0 | (2) |
|  | 07/2025 | 1354 | 34 | 0 | 0 |
|  | 07/2025 | 2926 | 101 | 0 | 0 |
|  | 07/2025 | $3216 | 2364 | 28 | 0 |
|  | 07/2025 | 920 | 3105 | 2 | 0 |
|  | 07/2025 | 3 | 467 | 0 | 0 |
|  | 07/2025 | 73 | 273 | 3 | 0 |
|  | 07/2025 | 108 | 4900 | 15 | 0 |
|  | 07/2025 | 1003 | $55 | 0 | (1) |
|  | 08/2025 | 2364 | 3216 | 0 | (29) |
|  | 08/2025 | $382 | 15816 | 4 | 0 |
|  BSH | 07/2025 | 205 | 1348 | 8 | 0 |
|  | 09/2025 | 6693 | $1827 | 0 | (58) |
|  CBK | 07/2025 | 7109 | 1303 | 0 | (6) |
|  | 07/2025 | 430 | 529 | 0 | (13) |
|  | 07/2025 | 295858 | 315 | 0 | (2) |
|  | 07/2025 | 1324777 | 81 | 0 | 0 |
|  | 07/2025 | 1541239 | 1124 | 0 | (16) |
|  | 07/2025 | 1478 | 414 | 0 | (3) |
|  | 07/2025 | 11110 | 334 | 0 | (8) |
|  | 07/2025 | 5263 | 162 | 0 | (20) |
|  | 07/2025 | $1225 | 7109 | 84 | 0 |
|  | 07/2025 | 1696 | 12158 | 2 | 0 |
|  | 07/2025 | 1084 | 944 | 28 | 0 |
|  | 07/2025 | 1510 | 44917 | 36 | 0 |
|  | 08/2025 | 16839563 | $4038 | 0 | (63) |
|  | 08/2025 | 14992 | 460 | 0 | (61) |
|  | 08/2025 | $603 | 4368 | 9 | 0 |
|  | 08/2025 | 1363 | 117493 | 5 | (1) |
|  | 08/2025 | 254 | 914 | 4 | 0 |
|  | 09/2025 | 2106 | $570 | 0 | (24) |
|  | 09/2025 | $414 | 1481 | 3 | 0 |
|  | 11/2025 | 1464 | $400 | 0 | (11) |
|  CIB | 07/2025 | 279 | 51 | 0 | 0 |
|  | 07/2025 | $50 | 279 | 1 | 0 |
|  DUB | 07/2025 | 1014 | $159 | 0 | (1) |
|  | 07/2025 | 3136 | 905 | 0 | (26) |
|  | 07/2025 | 27272 | 20 | 0 | 0 |
|  | 07/2025 | $1341 | 1156 | 21 | 0 |
|  | 07/2025 | 17 | 271599 | 0 | 0 |
|  | 07/2025 | 194 | 5765 | 5 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  | 08/2025 | 1153 | $1341 | $0 | $(21) |
|  | 08/2025 | $159 | 1012 | 1 | 0 |
|  | 08/2025 | 632 | 54522 | 3 | 0 |
|  | 09/2025 | 721 | 13872 | 12 | 0 |
|  FAR | 07/2025 | 15409 | $2749 | 0 | (87) |
|  | 07/2025 | 1008 | 1224 | 0 | (46) |
|  | 07/2025 | 1379 | 217 | 0 | (1) |
|  | 07/2025 | 2786 | 50 | 1 | 0 |
|  | 07/2025 | 994 | 270 | 0 | (6) |
|  | 07/2025 | 9 | 7 | 0 | 0 |
|  | 07/2025 | $478 | 741 | 10 | 0 |
|  | 07/2025 | 2824 | 15409 | 13 | 0 |
|  | 07/2025 | 1289 | 1032 | 12 | 0 |
|  | 07/2025 | 16 | 117 | 0 | 0 |
|  | 07/2025 | 2877 | 414998 | 12 | (7) |
|  | 07/2025 | 305 | 2917 | 4 | 0 |
|  | 07/2025 | 36 | 45 | 0 | 0 |
|  | 08/2025 | 1028 | $1289 | 0 | (12) |
|  | 08/2025 | 8990 | 1256 | 0 | (4) |
|  | 08/2025 | 156857 | 1082 | 0 | (12) |
|  | 08/2025 | 45 | 36 | 0 | 0 |
|  | 08/2025 | $217 | 1375 | 1 | 0 |
|  | 08/2025 | 302 | 26113 | 2 | 0 |
|  | 09/2025 | 37827 | $1943 | 0 | (57) |
|  | 09/2025 | $1586 | 8892 | 26 | 0 |
|  GLM | 07/2025 | 1416 | $259 | 0 | (1) |
|  | 07/2025 | 313646 | 19 | 0 | 0 |
|  | 07/2025 | 2893 | 683 | 0 | (3) |
|  | 07/2025 | 18710 | 575 | 0 | (69) |
|  | 07/2025 | $255 | 1416 | 5 | 0 |
|  | 07/2025 | 14 | 18 | 0 | 0 |
|  | 07/2025 | 151 | 2696 | 1 | 0 |
|  | 08/2025 | 14935 | $41 | 0 | (3) |
|  | 08/2025 | 18 | 14 | 0 | 0 |
|  | 08/2025 | 3243 | 101 | 0 | (12) |
|  | 09/2025 | 1438 | 255 | 0 | (5) |
|  | 10/2025 | 32900 | 5387 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(530) |
|  IND | 07/2025 | $152 | 1435 | 0 | 0 |
|  | 08/2025 | 1432 | $152 | 0 | 0 |
|  | 08/2025 | 37287 | 1136 | 0 | (160) |
|  JPM | 07/2025 | 2699 | 495 | 0 | (2) |
|  | 07/2025 | 286 | 208 | 0 | (2) |
|  | 07/2025 | 105030 | 77 | 0 | (1) |
|  | 07/2025 | 162 | 96 | 0 | (2) |
|  | 07/2025 | 14773 | 264 | 2 | 0 |
|  | 07/2025 | 1794 | 485 | 0 | (12) |
|  | 07/2025 | 394 | 307 | 0 | (3) |
|  | 07/2025 | 3440 | 106 | 0 | (13) |
|  | 07/2025 | $461 | 2699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | 0 |
|  | 07/2025 | 31 | 221 | 0 | 0 |
|  | 07/2025 | 158 | 1044 | 7 | 0 |
|  | 07/2025 | 749 | 2815 | 31 | 0 |
|  | 07/2025 | 29 | 37 | 0 | 0 |
|  | 07/2025 | 100 | 2962 | 2 | 0 |
|  | 07/2025 | 284 | $16 | 0 | 0 |
|  | 08/2025 | 11463 | 1603 | 0 | (4) |
|  | 08/2025 | 37 | 29 | 0 | 0 |
|  | 08/2025 | 9541 | 293 | 0 | (39) |
|  | 08/2025 | $29 | 209 | 0 | 0 |
|  | 08/2025 | 204 | 17648 | 2 | 0 |
|  MBC | 07/2025 | 89 | $57 | 0 | (1) |
|  | 07/2025 | 9372 | 6824 | 0 | (59) |
|  | 07/2025 | 309 | 362 | 0 | (2) |
|  | 07/2025 | 192 | 260 | 0 | (3) |
|  | 07/2025 | 6051 | 774 | 2 | 0 |
|  | 07/2025 | 263351 | 16 | 0 | 0 |
|  | 07/2025 | 8340 | 149 | 1 | 0 |
|  | 07/2025 | 947 | 738 | 0 | (7) |
|  | 07/2025 | 5577 | 168 | 0 | (3) |
|  | 07/2025 | 3517 | 108 | 0 | (13) |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | $7212 | 9913 | $68 | $0 |
|  | 07/2025 | 495 | 405 | 15 | 0 |
|  | 07/2025 | 15 | 106 | 0 | 0 |
|  | 07/2025 | 9 | 153170 | 0 | 0 |
|  | 07/2025 | 1132 | 162998 | 2 | (2) |
|  | 07/2025 | 537 | 2012 | 21 | 0 |
|  | 07/2025 | 765 | 989 | 13 | 0 |
|  | 07/2025 | 6 | 168 | 0 | 0 |
|  | 08/2025 | 9897 | $7212 | 0 | (68) |
|  | 08/2025 | 987 | 765 | 0 | (13) |
|  | 08/2025 | 25198 | 820 | 0 | (56) |
|  | 08/2025 | $5852 | 42041 | 43 | 0 |
|  MYI | 07/2025 | 496600 | $3433 | 0 | (15) |
|  | 07/2025 | 5 | 1 | 0 | 0 |
|  | 07/2025 | $403 | 58760 | 5 | 0 |
|  | 07/2025 | 1412 | 14247 | 1 | 0 |
|  | 08/2025 | 9163 | $1280 | 0 | (5) |
|  | 08/2025 | 52748 | 363 | 0 | (4) |
|  | 08/2025 | 14244 | 1412 | 0 | (1) |
|  | 10/2025 | 700 | 115 | 0 | (11) |
|  NGF | 07/2025 | 3753857 | 230 | 0 | (1) |
|  RBC | 07/2025 | 213 | 50 | 0 | 0 |
|  RYL | 07/2025 | 8300 | 58 | 0 | 0 |
|  | 07/2025 | 4350 | 453 | 0 | (7) |
|  | 08/2025 | $51 | 1616 | 5 | 0 |
|  SCX | 07/2025 | 12186 | $1701 | 0 | 0 |
|  | 07/2025 | 1458635 | 89 | 0 | 0 |
|  | 07/2025 | 48 | 14 | 0 | 0 |
|  | 07/2025 | 592 | 20 | 0 | 0 |
|  | 07/2025 | $4 | 590 | 0 | 0 |
|  | 07/2025 | 153 | 197 | 2 | 0 |
|  | 07/2025 | 1896 | 55770 | 25 | 0 |
|  | 08/2025 | 15787 | $2210 | 0 | (4) |
|  | 08/2025 | 587 | 4 | 0 | 0 |
|  | 08/2025 | 196 | 153 | 0 | (2) |
|  | 08/2025 | 2009 | 62 | 0 | (8) |
|  | 08/2025 | $485 | 3504 | 6 | 0 |
|  | 08/2025 | 1701 | 12153 | 2 | 0 |
|  | 08/2025 | 213 | 18294 | 0 | 0 |
|  SOG | 07/2025 | 1231 | $225 | 0 | (1) |
|  | 07/2025 | $217 | 1231 | 10 | 0 |
|  | 07/2025 | 605 | 87380 | 1 | 0 |
|  | 07/2025 | 148 | 1483 | 0 | (1) |
|  | 08/2025 | 705 | $2 | 0 | 0 |
|  | 08/2025 | 87059 | 605 | 0 | (2) |
|  | 08/2025 | 1483 | 148 | 1 | 0 |
|  | 08/2025 | $1 | 105 | 0 | 0 |
|  SSB | 07/2025 | 1392 | $251 | 0 | (5) |
|  | 07/2025 | 1955 | 2646 | 0 | (36) |
|  | 07/2025 | $591 | 3290 | 15 | 0 |
|  | 07/2025 | 401 | 1478 | 16 | 0 |
|  | 08/2025 | 12614 | $438 | 0 | (1) |
|  UAG | 07/2025 | 702967 | 749 | 0 | (6) |
|  | 07/2025 | 475 | 132 | 0 | (9) |
|  | 07/2025 | 17468 | 13 | 0 | 0 |
|  | 07/2025 | 14224 | 1401 | 0 | (11) |
|  | 07/2025 | 886 | 27 | 0 | (1) |
|  | 07/2025 | $168 | 157369 | 1 | 0 |
|  | 07/2025 | 26 | 3796 | 0 | 0 |
|  | 07/2025 | 13 | 17477 | 0 | 0 |
|  | 08/2025 | 25 | 179 | 0 | 0 |
|  | 08/2025 | 828 | 25496 | 58 | 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;879 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2626) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 19

------

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.427% | 03/20/2045 | 30000 | $3117 | $3023 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.427 | 03/20/2045 | 30000 | 3116 | 3360 |
|  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;6233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6383 |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 5600 | $(255) | $(153) |
|  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;(255) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153) |

---

#### SWAP AGREEMENTS:

#### 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>(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 |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $2200 | $(65) | $74 | $9 | $0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 7915 | (488) | 494 | 6 | 0 |
| MYC | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 9600 | (318) | 359 | 41 | 0 |
| SAL | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 1600 | (4) | 13 | 9 | 0 |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 3800 | (110) | 126 | 16 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(985) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 | Receive<br> 3-Month MYR-KLIBOR<sup>(2)</sup> | 3.500% | Quarterly | 09/17/2030 | MYR | 8440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</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>(6)</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>(8)</sup> | 1432100 | 4.930% (FEDL01 plus a specified spread) | Monthly | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179932 | $0 | $130 | $130 | $0 |
|  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;(992) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |

---

#### 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 June 30, 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> |
|  AZD | $8 | $0 | $0 | $8 | $(10) | $0 | $0 | $(10) | $(2) | $0 | $(2) |
|  BOA | 17 | 0 | 0 | 17 | (102) | 0 | 0 | (102) | (85) | 0 | (85) |
|  BPS | 100 | 0 | 0 | 100 | (625) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(554) | 530 | (24) |
|  BRC | 52 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | (104) | 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3082) |
|  BSH | 8 | 0 | 0 | 8 | (58) | 0 | 0 | (58) | (50) | (20) | (70) |
|  CBK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | 171 | (228) | 0 | 0 | (228) | (57) | 0 | (57) |
|  CIB | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  DUB | 42 | 0 | 0 | 42 | (48) | 0 | 0 | (48) | (6) | 0 | (6) |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>** |
|  FAR | $81 | $0 | $0 | $81 | $(232) | $0 | $0 | $(232) | $(151) | $0 | $(151) |
|  GLM | 6 | 0 | 0 | 6 | (623) | (153) | 0 | (776) | (770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | (497) |
|  GST | 0 | 0 | 15 | 15 | 0 | 0 | 0 | 0 | 15 | 0 | 15 |
|  IND | 0 | 0 | 0 | 0 | (160) | 0 | 0 | (160) | (160) | 0 | (160) |
|  JPM | 80 | 0 | 0 | 80 | (78) | 0 | 0 | (78) | 2 | 0 | 2 |
|  MBC | 165 | 0 | 0 | 165 | (227) | 0 | 0 | (227) | (62) | 0 | (62) |
|  MYC | 0 | 6383 | 41 | 6424 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6424 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6427 |
|  MYI | 6 | 0 | 0 | 6 | (36) | 0 | 0 | (36) | (30) | 0 | (30) |
|  NGF | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  RYL | 5 | 0 | 0 | 5 | (7) | 0 | 0 | (7) | (2) | 0 | (2) |
|  SAL | 0 | 0 | 9 | 9 | 0 | 0 | 0 | 0 | 9 | 0 | 9 |
|  SCX | 35 | 0 | 0 | 35 | (14) | 0 | 0 | (14) | 21 | 0 | 21 |
|  SOG | 12 | 0 | 0 | 12 | (4) | 0 | 0 | (4) | 8 | 0 | 8 |
|  SSB | 31 | 0 | 0 | 31 | (42) | 0 | 0 | (42) | (11) | 0 | (11) |
|  UAG | 59 | 0 | 16 | 75 | (27) | 0 | 0 | (27) | 48 | 0 | 48 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2626) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2808) |  |  |  |

---

(k) Securities with an aggregate market value of $806 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

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

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **21** |

---

------

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

<sup>(8)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of June 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
| Communication Services |  |  |
|  Alphabet Inc | 4.4% | $7918 |
|  Meta Platforms Inc. | 3.3 | 5938 |
|  Verizon Communications, Inc. | 0.8 | 1439 |
|  Other Communication Services ![LOGO](g79263g04k04.jpg)  | 2.2 | 3959 |
|  Total Communication Services |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19254 |
| Consumer Discretionary |  |  |
|  Airbnb, Inc | 0.8% | $1439 |
|  Amazon.com, Inc. | 3.8 | 6837 |
|  Booking Holdings, Inc. | 1.7 | 3059 |
|  General Motors Company | 0.6 | 1080 |
|  Lowe's Companies, Inc. | 0.8 | 1439 |
|  Mercadolibre, Inc. | 0.8 | 1439 |
|  Other Consumer Discretionary ![LOGO](g79263g04k04.jpg)  | 3.2 | 5758 |
|  Total Consumer Discretionary |  | $21051 |
| Consumer Staples |  |  |
|  Altria Group, Inc. | 1.4% | $2519 |
|  British American Tobacco PLC | 0.7 | 1260 |
|  Philip Morris International, Inc. | 0.7 | 1260 |
|  Other Consumer Staples ![LOGO](g79263g04k04.jpg)  | 0.8 | 1439 |
|  Total Consumer Staples |  | $6478 |
| Energy |  |  |
|  EOG Resources, Inc. | 0.8% | $1439 |
|  Other Energy ![LOGO](g79263g04k04.jpg)  | 0.7 | 1260 |
|  Total Energy |  | $2699 |
| Financials |  |  |
|  3i Group PLC | 0.7% | $1260 |
|  American Express Co. | 1.6 | 2879 |
|  Ameriprise Financial, Inc. | 0.6 | 1080 |
|  Banco Bilbao Vizcaya Argentaria S.A. | 1.2 | 2159 |
|  Banco Santander S.A. | 1.1 | 1979 |
|  Goldman Sachs Group, Inc. | 1 | 1799 |
|  Intesa Sanpaolo SpA | 1.1 | 1979 |
|  Morgan Stanley | 0.6 | 1080 |
|  Natwest Group PLC | 0.6 | 1080 |
|  Tokio Marine Holdings, Inc. | 1 | 1799 |
|  Wells Fargo & Co. | 0.6 | 1080 |
|  Other Financials ![LOGO](g79263g04k04.jpg)  | 8.4 | 15113 |
|  Total Financials |  | $33287 |

---

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
| Health Care |  |  |
|  Bristol-Myers Squibb Company | 0.7% | $1260 |
|  GSK PLC | 0.8 | 1439 |
|  Johnson & Johnson | 0.8 | 1439 |
|  Merck & Co., Inc. | 0.8 | 1439 |
|  Roche Holding AG | 0.8 | 1439 |
|  Other Health Care ![LOGO](g79263g04k04.jpg)  | 3.3 | 5938 |
|  Total Health Care |  | $12954 |
| Industrials |  |  |
|  ABB Ltd. | 0.9% | $1619 |
|  Caterpillar, Inc. | 0.7 | 1260 |
|  Lockheed Martin Corp. | 1.2 | 2159 |
|  Recruit Holdings Co., Ltd. | 1 | 1799 |
|  Vinci SA | 0.6 | 1080 |
|  Other Industrials ![LOGO](g79263g04k04.jpg)  | 4.7 | 8457 |
|  Total Industrials |  | $16374 |
| Materials |  |  |
|  Holcim Ltd. | 0.9% | $1619 |
|  Newmont Corporation | 0.9 | 1619 |
|  Other Materials ![LOGO](g79263g04k04.jpg)  | 1.7 | 3059 |
|  Total Materials |  | $6297 |
| Real Estate |  |  |
|  Simon Property Group, Inc. | 0.7% | $1260 |
|  Other Real Estate ![LOGO](g79263g04k04.jpg)  | 1.8 | 3239 |
|  Total Real Estate |  | $4499 |
| Technology |  |  |
|  Adobe, Inc. | 1.7% | $3059 |
|  Apple Inc. | 2.8 | 5038 |
|  Applied Materials, Inc. | 0.6 | 1080 |
|  Cisco Systems, Inc. | 1.9 | 3419 |
|  Fortinet, Inc. | 0.6 | 1080 |
|  Intuit, Inc. | 1.4 | 2519 |
|  Microsoft Corp. | 5.7 | 10256 |
|  NVIDIA Corp. | 4.4 | 7917 |
|  Paypal Holdings, Inc. | 0.9 | 1619 |
|  QUALCOMM, Inc. | 1.7 | 3059 |
|  Salesforce, Inc. | 0.8 | 1439 |
|  Workday, Inc. | 0.7 | 1260 |
|  Other Technology ![LOGO](g79263g04k04.jpg)  | 6.4 | 11515 |
|  Total Technology |  | $53260 |
|  Utilities |  |  |
|  Other Utilities ![LOGO](g79263g04k04.jpg)  | 2.1% | $3779 |
|  Total Utilities |  | $3779 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179932 |

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| | |
|:---|:---|
| ![LOGO](g79263g04k04.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 June 30, 2025.  |

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| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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June 30, 2025 (Unaudited)

#### 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 June 30, 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  | $0 | $0 | $29 | $0 | $0 | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 146 | 0 | 1 | 0 | 222 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 299 | 304 |
|  | $146 | $5 | $30 | $0 | $521 | $702 |
|  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 | $879 | $0 | $879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 6383 | 6383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 81 | 130 | 0 | 0 | 211 |
|  | $0 | $81 | $130 | $879 | $6383 | $7473 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8175 |
|  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 | $7 | $0 | $0 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 26 | 0 | 5 | 0 | 110 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 576 | 583 |
|  | $26 | $7 | $12 | $0 | $686 | $731 |
|  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 | $2626 | $0 | $2626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 153 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 29 | 29 |
|  | $0 | $0 | $0 | $2626 | $182 | $2808 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539 |

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The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended June 30, 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 |  |  |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-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 | $(179) | $0 | $0 | $(179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 58 | 0 | 0 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (255) | 0 | 209 | 0 | 598 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (135) | 0 | 0 | 1767 | 1632 |
|  | $(255) | $(135) | $88 | $0 | $2365 | $2063 |
|  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 | $(1562) | $0 | $(1562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18308 | 0 | (16) | 18552 |
|  | $0 | $260 | $18308 | $(1562) | $(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16990 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255) | $125 | $18396 | $(1562) | $2349 | $19053 |
|  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 | $(103) | $0 | $0 | $(103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 29 | 0 | 0 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 208 | 0 | (85) | 0 | (533) | (410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9 | 0 | 0 | (2059) | (2050) |
|  | $208 | $9 | $(159) | $0 | $(2592) | $(2534) |
|  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 | $(2853) | $0 | $(2853) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 151 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (17) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (133) | 303 | 0 | (13) | 157 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) | $303 | $(2853) | $121 | $(2562) |
|  | $208 | $(124) | $144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2853) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2471) | $(5096) |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 23

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Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) June 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 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>06/30/2025 |
|  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 | $46 | $0 | $46 |
| &nbsp;&nbsp; Industrials | 0 | 981 | 0 | 981 |
|  U.S. Government Agencies | 0 | 49101 | 0 | 49101 |
|  U.S. Treasury Obligations | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15608 |
|  Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 7293 | 0 | 7293 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 3522 | 0 | 3522 |
| &nbsp;&nbsp; Home Equity Other | 0 | 8039 | 0 | 8039 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 5584 | 0 | 5584 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 459 | 0 | 459 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2021 | 0 | 2021 |
| &nbsp;&nbsp; Other ABS | 0 | 5760 | 0 | 5760 |
|  Sovereign Issues | 0 | 31410 | 0 | 31410 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 846 | 0 | 846 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130670 |
|  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;122374 | 0 | 0 | 122374 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 73674 | 0 | 0 | 73674 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196048 | $0 | $0 | $196048 |
|  Total Investments | $196048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326718 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 | $(3609) | $0 | $(3609) |
|  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 | 277 | 425 | 0 | 702 |
|  Over the counter | 0 | 7473 | 0 | 7473 |
|  | $277 | $7898 | $0 | $8175 |
|  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 | (81) | (650) | 0 | (731) |
|  Over the counter | 0 | (2808) | 0 | (2808) |
|  | $(81) | $(3458) | $0 | $(3539) |
|  Total Financial Derivative Instruments | $196 | $4440 | $0 | $4636 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327745 |

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There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

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| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Notes to Financial Statements June 30, 2025 (Unaudited)

1. ORGANIZATION

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

The Portfolio may invest in Institutional Class or Class M shares of any funds of the PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds, which may or may not be registered under the Act (collectively, "Acquired Funds").

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 new 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 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 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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

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Notes to Financial Statements (Cont.)

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

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. 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 June 30, 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

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| | |
|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

June 30, 2025 (Unaudited)

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 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, 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 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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the consolidated 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

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Notes to Financial Statements (Cont.)

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 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.

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| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **29** |

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Notes to Financial Statements (Cont.)

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.

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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| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 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 June 30, 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>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Income Fund | $30366 | $900 | $(4552) | $(70) | $696 | $27340 | $906 | $0 |
|  PIMCO Short Asset Portfolio | 52052 | 1083 | (17370) | (289) | 277 | 35753 | 1092 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 13960 | 107160 | (83200) | (7) | 8 | 37921 | 558 | 0 |
|  PIMCO Total Return Fund | 90768 | 2113 | 0 | 0 | 2153 | 95034 | 2124 | 0 |
|  **Totals** | $187146 | $111256 | $(105122) | $(366) | $3134 | $196048 | $4680 | $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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

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Notes to Financial Statements (Cont.)

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.

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

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

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full faith and credit of the U.S. Government. FHLMC 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 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.

(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 to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(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

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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 June 30, 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. 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

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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.

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, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better

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reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the 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 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 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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest

rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in the Portfolio include risks from direct investments and/or 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.

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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 risk 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 because of a change 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, or 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 or bankruptcy proceedings, 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 factors affecting securities markets generally or particular industries.

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.

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

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or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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 markets, differing 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, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Portfolio's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, 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 event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

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

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

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Notes to Financial Statements (Cont.)

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 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, 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.

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| | |
|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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

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

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

Cyber Security Risk As the use of 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. 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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **41** |

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Notes to Financial Statements (Cont.)

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 typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Consolidated Schedule of Investments.

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

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|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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; (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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **43** |

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Notes to Financial Statements (Cont.)

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 June 30, 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. The recoverable amounts to PIMCO as of June 30, 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;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |

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

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(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 June 30, 2025, the amount waived and/or reimbursed was $281,340.

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 June 30, 2025, the amount waived and/or reimbursed was $2,949. 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.

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|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 June 30, 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;394529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22838 |

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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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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | 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 | $54 | 11 | $107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 36 | 368 | 83 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 189 | 1901 | 374 | 3706 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 4 | 42 | 5 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 11 | 115 | 15 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 735 | 7593 | 1035 | 10301 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (136) | (1403) | (23) | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (96) | (985) | (116) | (1138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (2397) | (24562) | (5656) | (56147) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (1648) | $(16877) | (4272) | $(42369) |

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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 June 30, 2025, one person owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 82% 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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

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Notes to Financial Statements (Cont.)

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 0.4% 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 June 30, 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.

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 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 constitute qualifying income.

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 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

---

| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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 its last fiscal year ended December 31, 2024, 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 |
| $5187 | $15602 |

---

---

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

---

As of June 30, 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>(1)</sup> |
| $331526 | $10284 | $(13681) | $(3397) |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **47** |

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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 | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | RBC | Royal Bank of Canada |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | RYL | NatWest Markets Plc |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | 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 | SOG | Societe Generale Paris |
| CIB | Canadian Imperial Bank of Commerce | 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 |
|  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: |  |  |  |  |
| CBOE | Chicago Board Options 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 | TBA | To-Be-Announced |
| BRL-CDI | Brazil Interbank Deposit Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TELBOR | Tel Aviv Inter-Bank Offered Rate |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | MIBOR | Mumbai Interbank Offered Rate | THB-THOR | Thai Overnight Repurchase Rate |
| 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 |
| DAC | Designated Activity Company | oz. | Ounce | WTI | West Texas Intermediate |
| EURIBOR | Euro Interbank Offered Rate | PIK | Payment-in-Kind |  |  |

---

---

| | |
|:---|:---|
| **48** | **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 June 30, 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

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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) |
|  March 2025 | $0.1021 | $0.0000 | $0.0000 | $0.1021 |
|  June 2025 | $0.1877 | $0.0000 | $0.0000 | $0.1877 |
| 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) |
|  March 2025 | $0.0991 | $0.0000 | $0.0000 | $0.0991 |
|  June 2025 | $0.1840 | $0.0000 | $0.0000 | $0.1840 |
| 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) |
|  March 2025 | $0.0971 | $0.0000 | $0.0000 | $0.0971 |
|  June 2025 | $0.1813 | $0.0000 | $0.0000 | $0.1813 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **51** |

---

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

#### 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.

------

#### pimco.com/pvit
![LOGO](g79263g06y60.jpg)

PVITGLBLALLOCFSTMSAR_063025

------

![LOGO](g25260g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO High Yield Portfolio

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO High Yield Portfolio](#tx25260_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx25260_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx25260_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx25260_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx25260_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx25260_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx25260_7) | 20 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx25260_8) | 36 |
| &nbsp;&nbsp; [Glossary](#tx25260_10) | 39 |
| &nbsp;&nbsp; [Distribution Information](#tx25260_13) | 40 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx25260_14) | 41 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx25260_15) | 42 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx25260_16) | 43 |

---

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.)

------

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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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,

---

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

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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<br>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<sup>(c)</sup>** | **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; 01/01/2025 - 06/30/2025+ | $7.24 | $0.21 | $0.13 | $0.34 | $(0.23) | $0.00 | $0.00 | $(0.23) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 7.95 | 0.37 | 0.07 | 0.44 | (0.38) | 0.00 | 0.00 | (0.38) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 7.24 | 0.20 | 0.14 | 0.34 | (0.23) | 0.00 | 0.00 | (0.23) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 7.95 | 0.36 | 0.07 | 0.43 | (0.37) | 0.00 | 0.00 | (0.37) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 7.24 | 0.20 | 0.13 | 0.33 | (0.22) | 0.00 | 0.00 | (0.22) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 7.95 | 0.35 | 0.07 | 0.42 | (0.36) | 0.00 | 0.00 | (0.36) |

---

---

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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.

---

| | | |
|:---|:---|:---|
| **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/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** | **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<br>of Year<br>or 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** |
| $7.35 | 4.80% | $18962 | 0.66 | %\*<sup>(e)</sup> | 0.66 | %\*<sup>(e)</sup> | 0.61 | %\* | 0.61 | %\* | 5.84 | %\* | 29% |
| 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 |
| 8.01 | 5.90 | 10147 | 0.64 | <sup>(e)</sup> | 0.64 | <sup>(e)</sup> | 0.60 |  | 0.60 |  | 4.79 |  | 31 |
| 7.35 | 4.72 | 458258 | 0.81 | \*<sup>(e)</sup> | 0.81 | \*<sup>(e)</sup> | 0.76 | \* | 0.76 | \* | 5.69 | \* | 29 |
| 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 |
| 8.01 | 5.75 | 764646 | 0.79 | <sup>(e)</sup> | 0.79 | <sup>(e)</sup> | 0.75 |  | 0.75 |  | 4.65 |  | 31 |
| 7.35 | 4.67 | 21885 | 0.91 | \*<sup>(e)</sup> | 0.91 | \*<sup>(e)</sup> | 0.86 | \* | 0.86 | \* | 5.59 | \* | 29 |
| 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 |
| 8.01 | 5.64 | 19470 | 0.89 | <sup>(e)</sup> | 0.89 | <sup>(e)</sup> | 0.85 |  | 0.85 |  | 4.51 |  | 31 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO High Yield Portfolio June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (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 | $454736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 39672 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 57 |
|  Cash | 2159 |
|  Deposits with counterparty | 2558 |
|  Foreign currency, at value | 276 |
|  Receivable for investments sold | 3965 |
|  Receivable for Portfolio shares sold | 237 |
|  Interest and/or dividends receivable | 6564 |
|  Dividends receivable from Affiliates | 129 |
|  **Total Assets** | 510735 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 190 |
|  Payable for investments purchased | 9602 |
|  Payable for investments in Affiliates purchased | 133 |
|  Payable for unfunded loan commitments | 205 |
|  Payable for Portfolio shares redeemed | 1194 |
|  Accrued investment advisory fees | 98 |
|  Accrued supervisory and administrative fees | 137 |
|  Accrued distribution fees | 4 |
|  Accrued servicing fees | 54 |
|  Other liabilities | 12 |
|  **Total Liabilities** | 11630 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $499105 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $547019 |
|  Distributable earnings (accumulated loss) | (47914) |
|  **Net Assets** | $499105 |
|  **Net Assets:** |  |
|  Institutional Class | $18962 |
|  Administrative Class | 458258 |
|  Advisor Class | 21885 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 2581 |
|  Administrative Class | 62375 |
|  Advisor Class | 2979 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $7.35 |
|  Administrative Class | 7.35 |
|  Advisor Class | 7.35 |
|  Cost of investments in securities | $448761 |
|  Cost of investments in Affiliates | $39650 |
|  Cost of foreign currency held | $250 |
|  Cost or premiums of financial derivative instruments, net | $4455 |

---

---

| | |
|:---|:---|
| <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 High Yield Portfolio

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $15012 |
|  Dividends from Investments in Affiliates | 770 |
|  Miscellaneous income | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 15799 |
|  **Expenses:** |  |
|  Investment advisory fees | 608 |
|  Supervisory and administrative fees | 851 |
|  Distribution and/or servicing fees - Administrative Class | 336 |
|  Distribution and/or servicing fees - Advisor Class | 26 |
|  Trustee fees | 14 |
|  Interest expense | 128 |
|  Miscellaneous expense | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1966 |
|  **Net Investment Income (Loss)** | 13833 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (1844) |
|  Investments in Affiliates | 8 |
|  Exchange-traded or centrally cleared financial derivative instruments | 297 |
|  Over the counter financial derivative instruments | 481 |
|  Short sales | 2 |
|  Foreign currency | 10 |
|  **Net Realized Gain (Loss)** | (1046) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 7838 |
|  Investments in Affiliates | (10) |
|  Exchange-traded or centrally cleared financial derivative instruments | 2300 |
|  Over the counter financial derivative instruments | (966) |
|  Foreign currency assets and liabilities | 25 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 9187 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $21974 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO High Yield Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $13833 | $29606 |
|  Net realized gain (loss) | (1046) | (2017) |
|  Net change in unrealized appreciation (depreciation) | 9187 | 6441 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 21974 | 34030 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (576) | (956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (14183) | (27721) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (638) | (1107) |
|  **Total Distributions<sup>(a)</sup>** | (15397) | (29784) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (10050) | (31667) |
|  **Total Increase (Decrease) in Net Assets** | (3473) | (27421) |
|  **Net Assets:** |  |  |
|  Beginning of period | 502578 | 529999 |
|  End of period | $499105 | $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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 June 30, 2025 (Unaudited)

#### (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 91.2% | INVESTMENTS IN SECURITIES 91.2% | INVESTMENTS IN SECURITIES 91.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 6.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 6.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 6.6% |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  7.072% (TSFR1M + 2.750%) due 09/19/2031 ~ | 1130 | 1132 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  6.519% - 6.522% (TSFR3M + 2.250%) due 04/20/2028 ~ | 975 | 970 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.571% (TSFR1M + 4.250%) due 06/26/2030 ~ | 100 | 100 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  6.296% (TSFR3M + 2.000%) due 01/31/2031 ~ | 788 | 791 |
|  Boxer Parent Co., Inc. | Boxer Parent Co., Inc. | Boxer Parent Co., Inc. |
|  7.333% (TSFR3M + 3.000%) due 07/30/2031 ~ | 1185 | 1179 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  6.577% (TSFR1M + 2.250%) due 02/06/2030 ~ | 902 | 902 |
|  6.577% (TSFR1M + 2.250%) due 02/06/2031 ~ | 988 | 988 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  6.312% (TSFR1M + 2.000%) due 08/08/2027 ~ | 50 | 50 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  TBD% (TSFR1M + 3.250%) due 04/01/2032 ~µ | 30 | 30 |
|  TBD% (TSFR1M + 3.250%) due 04/01/2032 ~ | 1695 | 1691 |
|  Delta TopCo, Inc. | Delta TopCo, Inc. | Delta TopCo, Inc. |
|  7.074% (TSFR3M + 2.750%) due 11/30/2029 ~ | 495 | 492 |
|  Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
|  7.827% (TSFR1M + 3.500%) due 01/27/2029 ~ | 371 | 371 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.824% (TSFR3M + 2.500%) due 03/03/2032 ~ | 200 | 200 |
|  IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
|  6.827% (TSFR1M + 2.500%) due 12/15/2027 ~ | 1376 | 1377 |
|  Jane Street Group LLC | Jane Street Group LLC | Jane Street Group LLC |
|  6.333% (TSFR3M + 2.000%) due 12/15/2031 ~ | 274 | 274 |
|  Johnstone Supply LLC | Johnstone Supply LLC | Johnstone Supply LLC |
|  6.818% (TSFR1M + 2.500%) due 06/09/2031 ~ | 99 | 100 |
|  Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. |
|  6.577% (TSFR1M + 2.250%) due 04/01/2031 ~ | 866 | 868 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.780% (TSFR3M + 4.500%) due 07/01/2031 ~ | 770 | 743 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  7.296% (TSFR3M + 3.000%) due 06/20/2031 ~ | 1096 | 1085 |
|  Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. |
|  6.568% (TSFR1M + 2.250%) due 11/30/2028 ~ | 1221 | 1223 |
|  6.571% (TSFR1M + 2.250%) due 11/30/2028 ~ | 67 | 67 |
|  Softbank Vision Fund | Softbank Vision Fund | Softbank Vision Fund |
|  6.000% due 12/23/2025 « | 1256 | 1256 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.796% (TSFR3M + 2.500%) due 02/28/2031 ~ | 1284 | 1288 |
|  7.046% (TSFR3M + 2.750%) due 03/22/2030 ~ | 3061 | 3076 |
|  Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
|  8.046% (TSFR3M + 3.750%) due 09/15/2028 ~ | 2523 | 2482 |
|  Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC |
|  7.046% (TSFR3M + 2.750%) due 05/06/2031 ~ | 299 | 299 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Twitter, Inc. | Twitter, Inc. | Twitter, Inc. |
|  10.927% (TSFR1M + 6.500%) due 10/26/2029 ~ | 2114 | 2068 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.441% (TSFR1M + 5.000%) due 06/20/2028 ~ | 1669 | 1584 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  7.311% (TSFR1M + 3.000%) due 02/10/2031 ~ | 1188 | 1194 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  6.546% (TSFR3M + 2.250%) due 09/29/2030 ~ | 393 | 392 |
|  Van Pool Transportation LLC | Van Pool Transportation LLC | Van Pool Transportation LLC |
|  TBD% due 06/17/2030 | 1297 | 1297 |
|  TBD% due 06/17/2030 µ | 178 | 178 |
|  Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC |
|  7.676% (TSFR1M + 3.250%) due 01/31/2029 ~ | 1547 | 1536 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
|  TBD% due 05/09/2032 | 500 | 496 |
|  WCG Intermediate Corp. | WCG Intermediate Corp. | WCG Intermediate Corp. |
|  7.322% - 7.327% (TSFR1M + 3.000%) due 02/25/2032 ~ | 955 | 946 |
|  Total Loan Participations and Assignments (Cost $32,564) | Total Loan Participations and Assignments (Cost $32,564) | 32725 |
| CORPORATE BONDS & NOTES 77.4% | CORPORATE BONDS & NOTES 77.4% | CORPORATE BONDS & NOTES 77.4% |
| BANKING & FINANCE 11.5% | BANKING & FINANCE 11.5% | BANKING & FINANCE 11.5% |
|  Acrisure LLC | Acrisure LLC | Acrisure LLC |
|  6.750% due 07/01/2032 | 425 | 431 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  6.875% due 06/15/2030 | 925 | 938 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  6.375% due 02/15/2029 | 800 | 816 |
|  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 | 951 |
|  Armor RE Ltd. | Armor RE Ltd. | Armor RE Ltd. |
|  12.808% due 01/07/2032 ~ | 250 | 250 |
|  Baldwin Insurance Group Holdings LLC | Baldwin Insurance Group Holdings LLC | Baldwin Insurance Group Holdings LLC |
|  7.125% due 05/15/2031 | 1075 | 1118 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 | 1075 | 1142 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  9.250% due 07/01/2031 | 2000 | 2107 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  11.194% due 03/13/2032 ~ | 250 | 251 |
|  Clue Opco LLC | Clue Opco LLC | Clue Opco LLC |
|  9.500% due 10/15/2031 | 750 | 796 |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  6.625% due 03/15/2030 | 125 | 127 |
|  9.250% due 12/15/2028 | 425 | 450 |
|  CTR Partnership LP | CTR Partnership LP | CTR Partnership LP |
|  3.875% due 06/30/2028 | 600 | 573 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 2250 | 2415 |
|  Everglades Re Ltd. | Everglades Re Ltd. | Everglades Re Ltd. |
|  15.794% due 05/13/2031 ~ | 250 | 260 |
|  Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC |
|  5.500% due 05/01/2028 | 1600 | 1592 |
|  5.875% due 04/15/2033 | 200 | 198 |
|  7.000% due 05/01/2031 | 700 | 725 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 450 | 451 |
|  12.000% due 10/01/2028 | 2625 | 2825 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 200 | 202 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  7.250% due 06/15/2030 | 425 | 444 |
|  Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP |
|  6.250% due 05/15/2026 | 15 | 15 |
|  9.000% due 06/15/2030 | 550 | 515 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |
|  5.000% due 07/15/2032 | 1425 | 1368 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.500% due 02/15/2031 | 500 | 477 |
|  5.250% due 07/15/2030 | 525 | 518 |
|  Jane Street Group | Jane Street Group | Jane Street Group |
|  6.750% due 05/01/2033 | 450 | 463 |
|  7.125% due 04/30/2031 | 2975 | 3132 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  9.500% due 02/15/2029 | 1300 | 1376 |
|  Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP |
|  7.000% due 07/15/2031 | 250 | 262 |
|  LFS Topco LLC | LFS Topco LLC | LFS Topco LLC |
|  5.875% due 10/15/2026 | 1000 | 1001 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.548% due 01/10/2033 ~ | 250 | 184 |
|  MPT Operating Partnership LP | MPT Operating Partnership LP | MPT Operating Partnership LP |
|  8.500% due 02/15/2032 | 350 | 367 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  5.125% due 12/15/2030 | 1275 | 1297 |
|  5.500% due 08/15/2028 | 1725 | 1715 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  6.750% due 06/15/2026 | 1500 | 1519 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 2825 | 2991 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.000% due 03/09/2026 | 125 | 122 |
|  7.050% due 09/15/2028 | 150 | 153 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 900 | 882 |
|  3.875% due 09/15/2028 | 225 | 216 |
|  5.375% due 11/15/2029 | 225 | 221 |
|  6.625% due 01/15/2028 | 1850 | 1912 |
|  6.625% due 05/15/2029 | 1100 | 1131 |
|  7.125% due 11/15/2031 | 895 | 932 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  8.323% due 01/17/2029 ~ | 250 | 294 |
|  Oxford Finance LLC | Oxford Finance LLC | Oxford Finance LLC |
|  6.375% due 02/01/2027 | 900 | 906 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 1075 | 1117 |
|  Park Intermediate Holdings LLC | Park Intermediate Holdings LLC | Park Intermediate Holdings LLC |
|  4.875% due 05/15/2029 | 700 | 679 |
|  Pebblebrook Hotel LP | Pebblebrook Hotel LP | Pebblebrook Hotel LP |
|  6.375% due 10/15/2029 | 275 | 277 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  4.250% due 02/15/2029 | 1500 | 1443 |
|  6.875% due 05/15/2032 | 725 | 742 |
|  7.125% due 11/15/2030 | 850 | 881 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.875% due 01/31/2030 | 675 | 697 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.176% due 01/06/2031 ~ | 250 | 302 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 75 | 77 |
|  RHP Hotel Properties LP | RHP Hotel Properties LP | RHP Hotel Properties LP |
|  4.500% due 02/15/2029 | 1000 | 978 |
|  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 | 875 | 817 |
|  Rocket Mortgage LLC | Rocket Mortgage LLC | Rocket Mortgage LLC |
|  4.000% due 10/15/2033 | 375 | 336 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 1900 | 1864 |
|  6.500% due 01/31/2030 | 275 | 289 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  6.500% due 07/01/2030 | 375 | 388 |
|  Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC |
|  6.875% due 07/15/2032 (a) | 300 | 303 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  10.308% due 06/07/2032 ~ | 250 | 258 |
|  11.558% due 06/07/2027 ~ | 250 | 261 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 400 | 398 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.296% due 04/02/2034 •  | $— | 700 | 741 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  3.400% due 06/01/2031 |  | 800 | 714 |
|  Windmill Re DAC | Windmill Re DAC | Windmill Re DAC | Windmill Re DAC |
|  7.599% due 07/05/2028 ~ |  | 250 | 297 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.808% due 02/21/2028 ~ | $— | 250 | 254 |
|  |  |  | 57493 |
| INDUSTRIALS 62.3% | INDUSTRIALS 62.3% | INDUSTRIALS 62.3% | INDUSTRIALS 62.3% |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.875% due 07/15/2032 |  | 300 | 288 |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
|  6.500% due 11/15/2028 |  | 850 | 663 |
|  Air Canada | Air Canada | Air Canada | Air Canada |
|  3.875% due 08/15/2026 |  | 900 | 892 |
|  Albertsons Cos., Inc. | Albertsons Cos., Inc. | Albertsons Cos., Inc. | Albertsons Cos., Inc. |
|  4.875% due 02/15/2030 |  | 300 | 295 |
|  Albion Financing SARL | Albion Financing SARL | Albion Financing SARL | Albion Financing SARL |
|  7.000% due 05/21/2030 |  | 1320 | 1350 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  3.750% due 01/30/2031 |  | 1475 | 1353 |
|  Altice France SA | Altice France SA | Altice France SA | Altice France SA |
|  8.125% due 02/01/2027 |  | 650 | 586 |
|  Amber Finco PLC | Amber Finco PLC | Amber Finco PLC | Amber Finco PLC |
|  6.625% due 07/15/2029 |  | 100 | 123 |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  4.250% due 02/15/2029 | $— | 1350 | 1083 |
|  Amer Sports Co. | Amer Sports Co. | Amer Sports Co. | Amer Sports Co. |
|  6.750% due 02/16/2031 |  | 1300 | 1355 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  5.500% due 04/20/2026 |  | 33 | 33 |
|  5.750% due 04/20/2029 |  | 2150 | 2149 |
|  American Builders & Contractors Supply Co., Inc. | 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 | 521 |
|  4.000% due 01/15/2028 |  | 2000 | 1958 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 |  | 825 | 881 |
|  ANGI Group LLC | ANGI Group LLC | ANGI Group LLC | ANGI Group LLC |
|  3.875% due 08/15/2028 |  | 625 | 583 |
|  APi Group DE, Inc. | APi Group DE, Inc. | APi Group DE, Inc. | APi Group DE, Inc. |
|  4.125% due 07/15/2029 |  | 800 | 763 |
|  4.750% due 10/15/2029 |  | 235 | 232 |
|  Ardagh Metal Packaging Finance USA LLC | Ardagh Metal Packaging Finance USA LLC | Ardagh Metal Packaging Finance USA LLC | Ardagh Metal Packaging Finance USA LLC |
|  3.250% due 09/01/2028 |  | 775 | 733 |
|  Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC |
|  7.250% due 04/01/2030 |  | 375 | 387 |
|  Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |
|  4.625% due 11/15/2029 |  | 450 | 435 |
|  Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC |
|  5.875% due 06/30/2029 |  | 875 | 877 |
|  6.625% due 07/15/2033 |  | 275 | 279 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 |  | 1800 | 1706 |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  4.625% due 07/15/2028 |  | 1750 | 1720 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 |  | 900 | 853 |
|  4.750% due 06/15/2027 |  | 700 | 696 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 |  | 500 | 515 |
|  6.250% due 03/15/2033 |  | 150 | 155 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  5.250% due 09/15/2027 |  | 1400 | 1276 |
|  8.000% due 09/15/2028 |  | 775 | 747 |
|  Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 |  | 2800 | 2526 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 |  | 1075 | 1123 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  4.875% due 06/01/2028 |  | 575 | 486 |
|  11.000% due 09/30/2028 |  | 300 | 297 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BC Ltd. | BC Ltd. | BC Ltd. |
|  10.000% due 04/15/2032 | 1300 | 1312 |
|  BC ULC | BC ULC | BC ULC |
|  3.500% due 02/15/2029 | 325 | 310 |
|  4.000% due 10/15/2030 | 5150 | 4805 |
|  BCP V Modular Services Finance PLC | BCP V Modular Services Finance PLC | BCP V Modular Services Finance PLC |
|  4.750% due 11/30/2028 | 1400 | 1625 |
|  Beach Acquisition Bidco LLC (10.000% Cash or 10.750% PIK) | Beach Acquisition Bidco LLC (10.000% Cash or 10.750% PIK) | Beach Acquisition Bidco LLC (10.000% Cash or 10.750% PIK) |
|  10.000% due 07/15/2033 (a)(b) | 500 | 520 |
|  BellRing Brands, Inc. | BellRing Brands, Inc. | BellRing Brands, Inc. |
|  7.000% due 03/15/2030 | 375 | 391 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  2.750% due 06/01/2026 | 800 | 784 |
|  3.500% due 06/01/2031 | 875 | 803 |
|  Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
|  6.750% due 06/15/2033 | 275 | 285 |
|  Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
|  4.750% due 06/15/2031 | 625 | 599 |
|  Boyne USA, Inc. | Boyne USA, Inc. | Boyne USA, Inc. |
|  4.750% due 05/15/2029 | 375 | 364 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | 1650 | 1530 |
|  5.000% due 03/01/2030 | 1225 | 1204 |
|  Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC |
|  3.875% due 09/15/2027 | 750 | 723 |
|  CACI International, Inc. | CACI International, Inc. | CACI International, Inc. |
|  6.375% due 06/15/2033 | 325 | 336 |
|  Capstone Borrower, Inc. | Capstone Borrower, Inc. | Capstone Borrower, Inc. |
|  8.000% due 06/15/2030 | 200 | 208 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 2625 | 2571 |
|  5.750% due 03/15/2030 | 1850 | 1883 |
|  6.125% due 02/15/2033 | 600 | 614 |
|  CCO Holdings LLC | CCO Holdings LLC | CCO Holdings LLC |
|  4.750% due 03/01/2030 | 1800 | 1745 |
|  5.375% due 06/01/2029 | 7400 | 7378 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  6.629% due 07/15/2032 | 350 | 367 |
|  Central Parent LLC | Central Parent LLC | Central Parent LLC |
|  8.000% due 06/15/2029 | 725 | 600 |
|  Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
|  3.875% due 08/15/2029 | 325 | 301 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 1100 | 1143 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.100% due 06/01/2029 | 1550 | 1623 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  5.500% due 01/15/2028 | 1000 | 967 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 1875 | 1917 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  4.750% due 01/15/2028 | 1700 | 1679 |
|  Citgo Petroleum Corp. | Citgo Petroleum Corp. | Citgo Petroleum Corp. |
|  8.375% due 01/15/2029 | 925 | 964 |
|  Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
|  8.750% due 07/01/2031 | 1200 | 1215 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  3.875% due 07/01/2028 | 800 | 767 |
|  4.875% due 07/01/2029 | 700 | 660 |
|  Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. |
|  4.875% due 07/15/2027 | 450 | 448 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 1400 | 1414 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 | 1875 | 1925 |
|  6.875% due 01/15/2030 | 275 | 282 |
|  Cogent Communications Group LLC | Cogent Communications Group LLC | Cogent Communications Group LLC |
|  6.500% due 07/01/2032 | 1175 | 1159 |
|  7.000% due 06/15/2027 | 1575 | 1584 |
|  CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC |
|  5.000% due 03/15/2027 | 775 | 756 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. |
|  4.750% due 02/15/2031 | 1550 | 1326 |
|  5.250% due 05/15/2030 | 575 | 510 |
|  6.000% due 01/15/2029 | 475 | 457 |
|  6.875% due 04/15/2029 | 750 | 599 |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
|  5.000% due 10/01/2028 | 250 | 253 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.250% due 06/01/2030 | 1450 | 1484 |
|  CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
|  5.500% due 06/15/2031 | 1200 | 1186 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.375% due 01/15/2033 | 1350 | 1292 |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  4.250% due 03/15/2029 | 275 | 263 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 2175 | 2059 |
|  Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
|  4.250% due 09/30/2026 | 1000 | 995 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  3.750% due 02/15/2031 | 375 | 341 |
|  4.625% due 06/01/2030 | 525 | 503 |
|  6.750% due 07/15/2033 | 975 | 1007 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 1150 | 1166 |
|  Delek Logistics Partners LP | Delek Logistics Partners LP | Delek Logistics Partners LP |
|  7.375% due 06/30/2033 | 300 | 299 |
|  Diamond Foreign Asset Co. | Diamond Foreign Asset Co. | Diamond Foreign Asset Co. |
|  8.500% due 10/01/2030 | 1310 | 1365 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  5.875% due 08/15/2027 | 1800 | 1795 |
|  8.875% due 02/01/2030 | 225 | 221 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  3.625% due 05/15/2030 | 200 | 177 |
|  Dye & Durham Ltd. | Dye & Durham Ltd. | Dye & Durham Ltd. |
|  8.625% due 04/15/2029 | 400 | 419 |
|  Element Solutions, Inc. | Element Solutions, Inc. | Element Solutions, Inc. |
|  3.875% due 09/01/2028 | 550 | 534 |
|  Endo Finance Holdings, Inc. | Endo Finance Holdings, Inc. | Endo Finance Holdings, Inc. |
|  8.500% due 04/15/2031 | 200 | 212 |
|  Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
|  4.000% due 06/15/2028 | 700 | 682 |
|  Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
|  4.625% due 01/15/2029 | 1305 | 1251 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 575 | 511 |
|  FMG Resources Pty. Ltd. | FMG Resources Pty. Ltd. | FMG Resources Pty. Ltd. |
|  4.375% due 04/01/2031 | 550 | 514 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  5.000% due 05/01/2028 | 725 | 725 |
|  5.875% due 10/15/2027 | 525 | 526 |
|  8.625% due 03/15/2031 | 375 | 399 |
|  8.750% due 05/15/2030 | 550 | 576 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.875% due 10/01/2031 | 1075 | 966 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
|  7.750% due 02/15/2028 | 600 | 621 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  3.500% due 09/01/2028 | 1825 | 1762 |
|  6.750% due 01/15/2031 | 700 | 733 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  9.500% due 10/31/2028 | 1315 | 1321 |
|  Global Partners LP | Global Partners LP | Global Partners LP |
|  7.125% due 07/01/2033 | 475 | 482 |
|  Go Daddy Operating Co. LLC | Go Daddy Operating Co. LLC | Go Daddy Operating Co. LLC |
|  3.500% due 03/01/2029 | 1250 | 1182 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 700 | 712 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  6.875% due 05/15/2030 | 500 | 503 |
|  7.625% due 07/01/2029 | 600 | 619 |
|  9.250% due 12/01/2028 | 1950 | 2064 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  3.500% due 03/15/2028 | 550 | 527 |
|  3.750% due 02/01/2030 | 1150 | 1079 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  4.750% due 10/15/2030 | 1925 | 1458 |
|  5.375% due 11/15/2031 | 600 | 450 |
|  7.000% due 05/15/2027 | 400 | 400 |
|  10.500% due 07/15/2029 | 525 | 564 |
|  Griffon Corp. | Griffon Corp. | Griffon Corp. |
|  5.750% due 03/01/2028 | 1125 | 1126 |
|  Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. |
|  6.750% due 09/01/2029 | 350 | 359 |
|  GYP Holdings Corp. | GYP Holdings Corp. | GYP Holdings Corp. |
|  4.625% due 05/01/2029 | 1200 | 1204 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 1775 | 1728 |
|  Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
|  7.000% due 06/15/2030 | 1625 | 1698 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 2675 | 2425 |
|  3.750% due 05/01/2029 | 625 | 600 |
|  4.000% due 05/01/2031 | 1000 | 941 |
|  4.875% due 01/15/2030 | 200 | 199 |
|  Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC |
|  4.875% due 07/01/2031 | 25 | 23 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 2050 | 1955 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  8.875% due 07/15/2028 | 1650 | 1733 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 725 | 700 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 425 | 406 |
|  Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. |
|  6.000% due 09/15/2028 | 250 | 250 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  6.250% due 06/01/2032 | 1250 | 1284 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  9.875% due 09/20/2031 | 1575 | 1533 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 1275 | 1227 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  7.250% due 02/15/2029 | 550 | 569 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 1250 | 1229 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  3.625% due 01/15/2031 | 775 | 717 |
|  3.750% due 02/15/2028 | 1000 | 970 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  6.875% due 06/30/2033 | 1450 | 1476 |
|  11.000% due 11/15/2029 | 77 | 88 |
|  Levi Strauss & Co. | Levi Strauss & Co. | Levi Strauss & Co. |
|  3.500% due 03/01/2031 | 550 | 504 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  8.375% due 02/15/2032 | 975 | 1040 |
|  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 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 1725 | 1674 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 1350 | 1343 |
|  6.500% due 04/15/2032 | 1025 | 1026 |
|  Match Group Holdings LLC | Match Group Holdings LLC | Match Group Holdings LLC |
|  3.625% due 10/01/2031 | 225 | 201 |
|  5.000% due 12/15/2027 | 350 | 348 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2027 | 975 | 992 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  3.875% due 04/01/2029 | 2900 | 2784 |
|  6.250% due 04/01/2029 | 325 | 334 |
|  MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
|  5.875% due 02/01/2029 | 925 | 925 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 358 |
|  MGM China Holdings Ltd. | MGM China Holdings Ltd. | MGM China Holdings Ltd. |
|  4.750% due 02/01/2027 | 1050 | 1043 |
|  Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC |
|  4.875% due 05/01/2029 | 950 | 916 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  8.000% due 11/01/2027 | 1200 | 1207 |
|  8.125% due 05/01/2027 | 300 | 300 |
|  Miter Brands Acquisition Holdco, Inc. | Miter Brands Acquisition Holdco, Inc. | Miter Brands Acquisition Holdco, Inc. |
|  6.750% due 04/01/2032 | 150 | 154 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  3.875% due 11/15/2030 | 650 | 605 |
|  3.875% due 05/15/2032 | 1225 | 1116 |
|  4.375% due 06/15/2028 | 925 | 905 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 275 | 252 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 | 2700 | 2494 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  5.875% due 03/15/2026 | 99 | 100 |
|  5.875% due 02/15/2027 | 1300 | 1306 |
|  8.125% due 01/15/2029 | 500 | 527 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 925 | 1014 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
|  5.125% due 04/15/2029 | 375 | 370 |
|  5.250% due 10/01/2030 | 600 | 581 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.290% due 04/15/2029 | 500 | 487 |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
|  8.500% due 06/01/2028 | 250 | 263 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « | 650 | 491 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  5.625% due 07/15/2027 | 1125 | 1123 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.810% due 09/17/2030 | 1025 | 941 |
|  Noble Finance LLC | Noble Finance LLC | Noble Finance LLC |
|  8.000% due 04/15/2030 | 2225 | 2267 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 | 875 | 907 |
|  NOVA Chemicals Corp. | NOVA Chemicals Corp. | NOVA Chemicals Corp. |
|  4.250% due 05/15/2029 | 325 | 313 |
|  7.000% due 12/01/2031 | 350 | 367 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  3.875% due 08/15/2031 | 700 | 630 |
|  4.750% due 01/30/2030 | 1475 | 1414 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 | 125 | 130 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 | 1275 | 1213 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 1575 | 1525 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  3.875% due 02/15/2028 | 1550 | 1505 |
|  Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. |
|  4.125% due 02/15/2030 | 275 | 260 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
|  4.375% due 10/31/2029 | 1275 | 1228 |
|  Organon & Co. | Organon & Co. | Organon & Co. |
|  4.125% due 04/30/2028 | 3175 | 3056 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 1025 | 989 |
|  6.125% due 09/15/2032 | 400 | 410 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  5.875% due 07/01/2029 | 200 | 201 |
|  6.250% due 02/01/2033 | 1840 | 1858 |
|  8.000% due 04/15/2027 | 100 | 102 |
|  PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. |
|  4.750% due 02/15/2028 | 1000 | 976 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.500% due 09/15/2031 | 950 | 883 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.250% due 10/15/2034 | $— | 1050 | $— | 1059 |
|  6.375% due 03/01/2033 |  | 300 |  | 304 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
|  5.125% due 01/15/2028 |  | 1000 |  | 993 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 |  | 575 |  | 571 |
|  Prime Security Services Borrower LLC | Prime Security Services Borrower LLC | Prime Security Services Borrower LLC | Prime Security Services Borrower LLC | Prime Security Services Borrower LLC |
|  3.375% due 08/31/2027 |  | 300 |  | 291 |
|  5.750% due 04/15/2026 |  | 630 |  | 634 |
|  Primo Water Holdings, Inc. | Primo Water Holdings, Inc. | Primo Water Holdings, Inc. | Primo Water Holdings, Inc. | Primo Water Holdings, Inc. |
|  4.375% due 04/30/2029 |  | 325 |  | 315 |
|  PTC, Inc. | PTC, Inc. | PTC, Inc. | PTC, Inc. | PTC, Inc. |
|  4.000% due 02/15/2028 |  | 1175 |  | 1143 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 |  | 1775 |  | 1826 |
|  6.750% due 03/01/2033 |  | 425 |  | 439 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 |  | 1000 |  | 1033 |
|  Radiology Partners, Inc. | Radiology Partners, Inc. | Radiology Partners, Inc. | Radiology Partners, Inc. | Radiology Partners, Inc. |
|  8.500% due 07/15/2032 |  | 350 |  | 351 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  9.375% due 05/01/2029 |  | 22 |  | 23 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  8.125% due 12/15/2029 •(f) |  | 225 |  | 221 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 |  | 1325 |  | 1332 |
|  Range Resources Corp. | Range Resources Corp. | Range Resources Corp. | Range Resources Corp. | Range Resources Corp. |
|  4.750% due 02/15/2030 |  | 450 |  | 438 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 |  | 825 |  | 827 |
|  RB Global Holdings, Inc. | RB Global Holdings, Inc. | RB Global Holdings, Inc. | RB Global Holdings, Inc. | RB Global Holdings, Inc. |
|  6.750% due 03/15/2028 |  | 1475 |  | 1515 |
|  Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. |
|  5.000% due 09/01/2030 |  | 275 |  | 261 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 |  | 1175 |  | 1110 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  4.800% due 05/15/2030 |  | 500 |  | 485 |
|  6.750% due 03/15/2033 |  | 575 |  | 601 |
|  Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. | 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 |  | 727 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  4.250% due 07/01/2026 |  | 1125 |  | 1120 |
|  5.375% due 07/15/2027 |  | 1400 |  | 1409 |
|  5.625% due 09/30/2031 |  | 1100 |  | 1107 |
|  6.000% due 02/01/2033 |  | 325 |  | 332 |
|  7.500% due 10/15/2027 |  | 1750 |  | 1851 |
|  Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC |
|  5.875% due 08/01/2032 |  | 375 |  | 378 |
|  Sable International Finance Ltd. | Sable International Finance Ltd. | Sable International Finance Ltd. | Sable International Finance Ltd. | Sable International Finance Ltd. |
|  7.125% due 10/15/2032 |  | 1300 |  | 1305 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  4.875% due 05/01/2028 |  | 575 |  | 561 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 |  | 1475 |  | 1503 |
|  Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | 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 |  | 312 |
|  5.750% due 12/01/2034 |  | 1075 |  | 1065 |
|  8.250% due 12/15/2029 |  | 225 |  | 240 |
|  9.625% due 12/01/2032 |  | 1389 |  | 1567 |
|  Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International |
|  3.375% due 08/15/2030 |  | 775 |  | 713 |
|  4.000% due 05/15/2031 |  | 225 |  | 211 |
|  5.750% due 10/15/2032 |  | 425 |  | 430 |
|  Shift4 Payments LLC | Shift4 Payments LLC | Shift4 Payments LLC | Shift4 Payments LLC | Shift4 Payments LLC |
|  6.750% due 08/15/2032 |  | 250 |  | 260 |
|  Simmons Foods, Inc. | Simmons Foods, Inc. | Simmons Foods, Inc. | Simmons Foods, Inc. | Simmons Foods, Inc. |
|  4.625% due 03/01/2029 |  | 1000 |  | 945 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  5.000% due 08/01/2027 |  | 300 |  | 298 |
|  Sitio Royalties Operating Partnership LP | Sitio Royalties Operating Partnership LP | Sitio Royalties Operating Partnership LP | Sitio Royalties Operating Partnership LP | Sitio Royalties Operating Partnership LP |
|  7.875% due 11/01/2028 |  | 650 |  | 681 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.625% due 01/15/2027 |  | 200 |  | 200 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.750% due 08/01/2029 | $— | 575 | $— | 573 |
|  7.000% due 08/01/2032 |  | 600 |  | 592 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 |  | 824 |  | 846 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  7.750% due 10/15/2029 |  | 1525 |  | 1500 |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
|  3.875% due 03/15/2031 |  | 6 |  | 5 |
|  Speedway Motorsports LLC | Speedway Motorsports LLC | Speedway Motorsports LLC | Speedway Motorsports LLC | Speedway Motorsports LLC |
|  4.875% due 11/01/2027 |  | 1375 |  | 1366 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  9.375% due 11/30/2029 |  | 1000 |  | 1062 |
|  9.750% due 11/15/2030 |  | 1625 |  | 1794 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 |  | 1175 |  | 1125 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  3.375% due 01/15/2031 |  | 225 |  | 202 |
|  4.375% due 07/15/2030 |  | 625 |  | 592 |
|  4.750% due 01/15/2028 |  | 1000 |  | 990 |
|  5.000% due 02/15/2027 |  | 400 |  | 399 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.625% due 12/01/2031 |  | 2700 |  | 2531 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 |  | 350 |  | 371 |
|  Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. |
|  6.875% due 08/01/2026 |  | 1525 |  | 1526 |
|  Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
|  4.500% due 05/15/2029 |  | 550 |  | 534 |
|  6.250% due 07/01/2033 |  | 800 |  | 814 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  4.625% due 03/15/2028 |  | 825 |  | 805 |
|  5.000% due 09/15/2029 |  | 2025 |  | 1936 |
|  Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
|  4.250% due 06/01/2028 |  | 300 |  | 293 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.250% due 06/01/2029 |  | 1225 |  | 1189 |
|  4.375% due 01/15/2030 |  | 1350 |  | 1308 |
|  5.125% due 11/01/2027 |  | 350 |  | 350 |
|  6.125% due 06/15/2030 |  | 925 |  | 942 |
|  TGS ASA | TGS ASA | TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 |  | 1050 |  | 1088 |
|  Thor Industries, Inc. | Thor Industries, Inc. | Thor Industries, Inc. | Thor Industries, Inc. | Thor Industries, Inc. |
|  4.000% due 10/15/2029 |  | 1500 |  | 1408 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 (a) |  | 380 |  | 391 |
|  TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | 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. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 |  | 1375 |  | 1302 |
|  4.125% due 02/15/2032 |  | 775 |  | 719 |
|  Toucan FinCo Ltd. | Toucan FinCo Ltd. | Toucan FinCo Ltd. | Toucan FinCo Ltd. | Toucan FinCo Ltd. |
|  9.500% due 05/15/2030 |  | 250 |  | 256 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  4.625% due 01/15/2029 |  | 1825 |  | 1792 |
|  6.875% due 12/15/2030 |  | 875 |  | 909 |
|  Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
|  8.000% due 09/30/2028 |  | 489 |  | 494 |
|  Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
|  8.750% due 02/15/2030 |  | 520 |  | 535 |
|  Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. |
|  9.000% due 03/15/2028 |  | 1599 |  | 1672 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.625% due 03/15/2029 |  | 1325 |  | 1263 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.625% due 06/01/2030 |  | 2250 |  | 2193 |
|  4.750% due 02/15/2029 |  | 700 |  | 688 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 |  | 650 |  | 646 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.750% due 01/15/2032 |  | 600 |  | 552 |
|  3.875% due 02/15/2031 |  | 1050 |  | 988 |
|  4.000% due 07/15/2030 |  | 2325 |  | 2220 |
|  6.125% due 03/15/2034 |  | 1400 |  | 1444 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 900 | 819 |
|  6.625% due 06/01/2027 | 750 | 749 |
|  8.000% due 08/15/2028 | 775 | 787 |
|  8.500% due 07/31/2031 | 775 | 777 |
|  Vail Resorts, Inc. | Vail Resorts, Inc. | Vail Resorts, Inc. |
|  5.625% due 07/15/2030 (a) | 250 | 251 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 1675 | 1720 |
|  Vallourec SACA | Vallourec SACA | Vallourec SACA |
|  7.500% due 04/15/2032 | 950 | 997 |
|  Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
|  3.625% due 06/15/2031 | 700 | 634 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 1050 | 991 |
|  3.875% due 11/01/2033 | 1500 | 1313 |
|  4.125% due 08/15/2031 | 500 | 463 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 3425 | 3465 |
|  9.500% due 02/01/2029 | 750 | 818 |
|  9.875% due 02/01/2032 | 1925 | 2080 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 (a) | 575 | 575 |
|  6.750% due 01/15/2036 (a) | 650 | 650 |
|  7.750% due 05/01/2035 | 200 | 217 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 600 | 586 |
|  Victra Holdings LLC | Victra Holdings LLC | Victra Holdings LLC |
|  8.750% due 09/15/2029 | 125 | 131 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 09/15/2027 | 1250 | 1252 |
|  9.125% due 07/15/2031 | 175 | 189 |
|  Viper Energy, Inc. | Viper Energy, Inc. | Viper Energy, Inc. |
|  5.375% due 11/01/2027 | 200 | 200 |
|  7.375% due 11/01/2031 | 200 | 212 |
|  Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC |
|  5.000% due 07/15/2030 | 50 | 46 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  5.500% due 05/15/2029 | 2775 | 2731 |
|  Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. |
|  7.875% due 04/15/2032 | 5 | 4 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 1300 | 1294 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
|  8.125% due 08/15/2029 | 1925 | 2043 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  3.755% due 03/15/2027 | 425 | 417 |
|  4.279% due 03/15/2032 | 550 | 465 |
|  5.050% due 03/15/2042 | 675 | 458 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
|  7.000% due 02/01/2033 | 325 | 338 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.250% due 10/31/2029 | 700 | 702 |
|  7.750% due 09/15/2030 | 900 | 908 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  8.625% due 04/30/2030 | 1150 | 1186 |
|  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 | 101 |
|  Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
|  6.125% due 06/15/2030 | 225 | 227 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  4.875% due 06/15/2027 | 575 | 572 |
|  Wynn Las Vegas LLC | Wynn Las Vegas LLC | Wynn Las Vegas LLC |
|  5.250% due 05/15/2027 | 1700 | 1702 |
|  Wynn Resorts Finance LLC | Wynn Resorts Finance LLC | Wynn Resorts Finance LLC |
|  5.125% due 10/01/2029 | 875 | 869 |
|  6.250% due 03/15/2033 | 1025 | 1032 |
|  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 | 415 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  4.625% due 01/31/2032 | 3150 | 3036 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  4.000% due 03/01/2027 | $| 700 | 657 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 |  | 700 | 673 |
|  6.875% due 04/23/2032 |  | 450 | 416 |
|  7.125% due 04/14/2030 |  | 600 | 587 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 |  | 250 | 214 |
|  ZoomInfo Technologies LLC | ZoomInfo Technologies LLC | ZoomInfo Technologies LLC | ZoomInfo Technologies LLC |
|  3.875% due 02/01/2029 |  | 850 | 800 |
|  |  |  | 310686 |
| UTILITIES 3.6% | UTILITIES 3.6% | UTILITIES 3.6% | UTILITIES 3.6% |
|  Aethon United BR LP | Aethon United BR LP | Aethon United BR LP | Aethon United BR LP |
|  7.500% due 10/01/2029 |  | 700 | 735 |
|  Archrock Partners LP | Archrock Partners LP | Archrock Partners LP | Archrock Partners LP |
|  6.250% due 04/01/2028 |  | 400 | 402 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  3.750% due 03/01/2031 |  | 1050 | 997 |
|  4.500% due 02/15/2028 |  | 1100 | 1092 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 |  | 325 | 299 |
|  3.750% due 01/15/2032 |  | 900 | 808 |
|  4.750% due 03/15/2028 |  | 675 | 667 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 |  | 1050 | 1083 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(f) |  | 500 | 565 |
|  Embarq LLC | Embarq LLC | Embarq LLC | Embarq LLC |
|  7.995% due 06/01/2036 |  | 1000 | 459 |
|  EUSHI Finance, Inc. | EUSHI Finance, Inc. | EUSHI Finance, Inc. | EUSHI Finance, Inc. |
|  7.625% due 12/15/2054 •  |  | 375 | 389 |
|  Frontier Florida LLC | Frontier Florida LLC | Frontier Florida LLC | Frontier Florida LLC |
|  6.860% due 02/01/2028 |  | 150 | 156 |
|  Genesis Energy LP | Genesis Energy LP | Genesis Energy LP | Genesis Energy LP |
|  7.875% due 05/15/2032 |  | 775 | 806 |
|  8.000% due 05/15/2033 |  | 325 | 340 |
|  8.875% due 04/15/2030 |  | 150 | 159 |
|  Hilcorp Energy LP | Hilcorp Energy LP | Hilcorp Energy LP | Hilcorp Energy LP |
|  6.250% due 04/15/2032 |  | 1400 | 1338 |
|  Lightning Power LLC | Lightning Power LLC | Lightning Power LLC | Lightning Power LLC |
|  7.250% due 08/15/2032 |  | 375 | 395 |
|  NGL Energy Operating LLC | NGL Energy Operating LLC | NGL Energy Operating LLC | NGL Energy Operating LLC |
|  8.375% due 02/15/2032 |  | 475 | 477 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  3.375% due 02/15/2029 |  | 750 | 708 |
|  3.625% due 02/15/2031 |  | 375 | 345 |
|  5.750% due 07/15/2029 |  | 725 | 730 |
|  6.250% due 11/01/2034 |  | 200 | 204 |
|  PBF Holding Co. LLC | PBF Holding Co. LLC | PBF Holding Co. LLC | PBF Holding Co. LLC |
|  6.000% due 02/15/2028 |  | 600 | 574 |
|  7.875% due 09/15/2030 |  | 200 | 180 |
|  Tallgrass Energy Partners LP | Tallgrass Energy Partners LP | Tallgrass Energy Partners LP | Tallgrass Energy Partners LP |
|  6.000% due 09/01/2031 |  | 350 | 342 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  5.000% due 01/31/2028 |  | 1000 | 991 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.000% due 07/31/2027 |  | 1000 | 999 |
|  5.625% due 02/15/2027 |  | 900 | 901 |
|  6.875% due 04/15/2032 |  | 800 | 837 |
|  |  |  | 17978 |
|  Total Corporate Bonds & Notes<br>(Cost $380,824) | Total Corporate Bonds & Notes<br>(Cost $380,824) | Total Corporate Bonds & Notes<br>(Cost $380,824) | 386157 |
| CONVERTIBLE BONDS & NOTES 0.2% | CONVERTIBLE BONDS & NOTES 0.2% | CONVERTIBLE BONDS & NOTES 0.2% | CONVERTIBLE BONDS & NOTES 0.2% |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  2.125% due 11/03/2027 | EUR | 900 | 1000 |
|  Total Convertible Bonds & Notes (Cost $830) | Total Convertible Bonds & Notes (Cost $830) | Total Convertible Bonds & Notes (Cost $830) | 1000 |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| 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 | 104 |
|  Total Municipal Bonds & Notes (Cost $100) | Total Municipal Bonds & Notes (Cost $100) | 104 |
| U.S. TREASURY OBLIGATIONS 3.7% | U.S. TREASURY OBLIGATIONS 3.7% | U.S. TREASURY OBLIGATIONS 3.7% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 04/30/2030 | 6600 | 6627 |
|  4.125% due 09/30/2027 (h) | 10900 | 11001 |
|  4.250% due 11/15/2034 | 625 | 627 |
|  Total U.S. Treasury Obligations<br>(Cost $18,012) | Total U.S. Treasury Obligations<br>(Cost $18,012) | 18255 |
| 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 |
|  4.333% due 11/25/2036 ~ | 207 | 95 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.892% due 05/20/2046 •  | 31 | 28 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.048% due 05/20/2036 ~ | 88 | 82 |
|  5.074% due 03/25/2035 •  | 13 | 12 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  7.635% due 04/25/2035 ~armo | 1 | 1 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  6.000% due 07/25/2037 | 185 | 128 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.351% due 12/25/2036 ~ | 108 | 99 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.369% due 05/25/2046 •  | 10 | 9 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $432) | Total Non-Agency Mortgage-Backed Securities (Cost $432) | 454 |
| 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% |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  3.221% due 01/25/2037 •  | 60 | 18 |
|  Total Asset-Backed Securities (Cost $48) | Total Asset-Backed Securities (Cost $48) | 18 |
|  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  New Fortress Energy, Inc. (c) | 21481 | 71 |
|  Total Common Stocks (Cost $0) | Total Common Stocks (Cost $0) | 71 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 3.2% | SHORT-TERM INSTRUMENTS 3.2% | SHORT-TERM INSTRUMENTS 3.2% |
| U.S. TREASURY BILLS 3.2% | U.S. TREASURY BILLS 3.2% | U.S. TREASURY BILLS 3.2% |
|  4.324% due 07/31/2025 - 10/14/2025 (d)(e) | 16100 | 15952 |
| Total Short-Term Instruments<br> (Cost $15,951) | Total Short-Term Instruments<br> (Cost $15,951) | 15952 |
| Total Investments in Securities (Cost $448,761) | Total Investments in Securities (Cost $448,761) | 454736 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 7.9% | INVESTMENTS IN AFFILIATES 7.9% | INVESTMENTS IN AFFILIATES 7.9% | INVESTMENTS IN AFFILIATES 7.9% |
| SHORT-TERM INSTRUMENTS 7.9% | SHORT-TERM INSTRUMENTS 7.9% | SHORT-TERM INSTRUMENTS 7.9% | SHORT-TERM INSTRUMENTS 7.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.9% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 4074399 | $— | 39672 |
| Total Short-Term Instruments<br>(Cost $39,650) | Total Short-Term Instruments<br>(Cost $39,650) |  | 39672 |
| Total Investments in Affiliates<br>(Cost $39,650) | Total Investments in Affiliates<br>(Cost $39,650) |  | 39672 |
| Total Investments 99.1%<br>(Cost $488,411) | Total Investments 99.1%<br>(Cost $488,411) | $— | 494408 |
|  Financial Derivative<br>Instruments (g)(i) 0.0%<br> (Cost or Premiums, net $4,455) | Financial Derivative<br>Instruments (g)(i) 0.0%<br> (Cost or Premiums, net $4,455) |  | 248 |
| Other Assets and Liabilities, net 0.9% | Other Assets and Liabilities, net 0.9% |  | 4449 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 499105 |

---

#### 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).

---

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

---

---

| | |
|:---|:---|
| ~ | 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) Payment in-kind security.

(c) Security did not produce income within the last twelve months.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) 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 June 30, 2025 was $(241) at a weighted average interest rate of (3.653)%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18098 | $70 | $5 | $0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 150 | 16350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

---

------

Schedule of Investments PIMCO High Yield 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** |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11997 | $216 | $30 | $0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 80 | 9141 | 203 | 39 | 0 |
|  U.S. Treasury Long-Term Bond September Futures  | 09/2025 | 8 | 924 | 33 | 8 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 7 | 834 | 26 | 9 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 September Futures  | 09/2025 | 14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2146) | $17 | $6 | $(1) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### 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>June 30, 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>June 30, 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 | 1.173% | $&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;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | $&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>(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-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $26475 | $1908 | $75 | $1983 | $87 | $0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 50525 | 2367 | 1510 | 3877 | 178 | 0 |
|  |  |  |  |  | $4275 | $1585 | $5860 | $265 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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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 June 30, 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 | **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;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

(h) Securities with an aggregate market value of $6,349 and cash of $2,558 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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. 

---

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

---

------

June 30, 2025 (Unaudited)

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  BOA | 07/2025 | 3114 | $3541 | $0 | $(127) |
|  DUB | 07/2025 | $3612 | 3114 | 55 | 0 |
|  | 08/2025 | 3107 | $3612 | 0 | (55) |
|  MBC | 07/2025 | 250 | 182 | 0 | (2) |
|  | 07/2025 | $182 | 250 | 2 | 0 |
|  | 08/2025 | 250 | $182 | 0 | (2) |
|  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;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) |

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#### SWAP AGREEMENTS:

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>June 30, 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>June 30, 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 | 1.490% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | $(8) | $4 | $0 | $(4) |
|  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;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

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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 June 30, 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 | $0 | $0 | $0 | $0 | $(127) | $0 | $0 | $(127) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) |
|  DUB | 55 | 0 | 0 | 55 | (55) | 0 | 0 | (55) | 0 | 0 | 0 |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (4) | (4) | (4) | 0 | (4) |
|  MBC | 2 | 0 | 0 | 2 | (4) | 0 | 0 | (4) | (2) | 0 | (2) |
|  Total Over the Counter | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&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;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) |  |  |  |

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<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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

---

------

Schedule of Investments PIMCO High Yield 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 June 30, 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; Futures  | $0 | $0 | $0 | $0 | $115 | $115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 267 | 0 | 0 | 0 | 267 |
|  | $0 | $267 | $0 | $0 | $115 | $382 |
|  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 | $57 | $0 | $57 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | $0 | $57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 |
|  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 | $1 | $1 |
|  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 | $186 | $0 | $186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 0 | 4 |
|  | $0 | $4 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | $0 | $190 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $186 | $1 | $191 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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 | $(104) | $(104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 405 | 0 | 0 | (4) | 401 |
|  | $0 | $405 | $0 | $0 | $(108) | $297 |
|  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 | $(241) | $0 | $(241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 719 | 722 |
|  | $0 | $3 | $0 | $(241) | $719 | $481 |
|  | $0 | $408 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) | $611 | $778 |
|  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 | $941 | $941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1359 | 0 | 0 | 0 | 1359 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $941 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 |
|  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 | $(176) | $0 | $(176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | (794) | (790) |
|  | $0 | $4 | $0 | $(176) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(794) | $(966) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1363 | $0 | $(176) | $147 | $1334 |

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18 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 | $31469 | $1256 | $32725 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 57493 | 0 | 57493 |
| &nbsp;&nbsp; Industrials | 1225 | 308970 | 491 | 310686 |
| &nbsp;&nbsp; Utilities | 0 | 17978 | 0 | 17978 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Industrials | 0 | 1000 | 0 | 1000 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | 0 | 104 | 0 | 104 |
|  U.S. Treasury Obligations | 0 | 18255 | 0 | 18255 |
|  Non-Agency Mortgage-Backed Securities | 0 | 454 | 0 | 454 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Home Equity Other | 0 | 18 | 0 | 18 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Energy | 0 | 71 | 0 | 71 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 15952 | 0 | 15952 |
|  | $1225 | $451764 | $1747 | $454736 |
|  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 | $39672 | $0 | $0 | $39672 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40897 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494408 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 | $6 | $376 | $0 | $382 |
|  Over the counter | 0 | 57 | 0 | 57 |
|  | $6 | $433 | $0 | $439 |
|  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) | 0 | 0 | (1) |
|  Over the counter | 0 | (190) | 0 | (190) |
|  | $(1) | $(190) | $0 | $(191) |
|  Total Financial Derivative Instruments | $5 | $243 | $0 | $248 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494656 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **19** |

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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 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 new 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

---

| | |
|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **21** |

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Notes to Financial Statements (Cont.)

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, 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 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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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| **22** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 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.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **23** |

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Notes to Financial Statements (Cont.)

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

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 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

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| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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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.

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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

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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 June 30, 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>06/30/2025 | 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;114266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104369) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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

(b) Investments in Securities

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

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and

structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statement of Assets and Liabilities.

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| **26** | **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.

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

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

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Notes to Financial Statements (Cont.)

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 June 30, 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 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18493 |

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\* Maximum available commitment prior to renewal on August 27, 2024, for the Portfolio was $16,000,000. 

(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 to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty.

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| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 June 30, 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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **29** |

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Notes to Financial Statements (Cont.)

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 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.

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

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| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

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Notes to Financial Statements (Cont.)

payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change 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, or 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 factors affecting securities markets generally or particular industries.

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.

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

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| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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 markets, differing 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 event resulting from an issuer's

inability or unwillingness to make principal or interest payments in a timely fashion.

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

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Portfolio's sensitivity to interest rate 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, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

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Notes to Financial Statements (Cont.)

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. 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. 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

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

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June 30, 2025 (Unaudited)

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.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

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Notes to Financial Statements (Cont.)

investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

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

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

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| | | | |
|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | Administrative<br>Class | Advisor<br>Class |
| 0.25% | 0.35% | 0.35% | 0.35% |

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

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

(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(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 June 30, 2025, the amount waived and/or reimbursed was $4,982.

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

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June 30, 2025 (Unaudited)

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 June 30, 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;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |

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

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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 June 30, 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;6528 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144451 |

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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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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | 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 | 226 | $1636 | 955 | $6835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 10492 | 75910 | 9975 | 71929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 883 | 6375 | 1880 | 13577 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 79 | 576 | 132 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1952 | 14183 | 3848 | 27721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 88 | 638 | 154 | 1107 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (241) | (1749) | (392) | (2813) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (14104) | (101483) | (19377) | (139308) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (859) | (6136) | (1623) | (11671) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (1484) | $(10050) | (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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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **37** |

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Notes to Financial Statements (Cont.) June 30, 2025 (Unaudited)

As of June 30, 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.

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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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 its last fiscal year ended December 31, 2024, 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 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58440 |

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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 June 30, 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>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492866 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3376) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8169 |

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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> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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|:---|:---|
| **38** | **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: |  |  |  |  |
| BOA | Bank of America N.A. | GST | Goldman Sachs International | MBC | HSBC Bank Plc |
| DUB | Deutsche Bank AG |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| CAD | Canadian Dollar | EUR | Euro | USD (or $) | United States Dollar |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| OTC | Over the Counter |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| CDX.HY | Credit Derivatives Index - High Yield | TSFR1M | Term SOFR 1-Month | TSFR3M | Term SOFR 3-Month |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ALT | Alternate Loan Trust | PIK | Payment-in-Kind | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| DAC | Designated Activity Company | TBD | To-Be-Determined |  |  |

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **39** |

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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 June 30, 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) |
|  January 2025 | $0.0393 | $0.0000 | $0.0000 | $0.0393 |
|  February 2025 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |
|  March 2025 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |
|  April 2025 | $0.0389 | $0.0000 | $0.0000 | $0.0389 |
|  May 2025 | $0.0405 | $0.0000 | $0.0000 | $0.0405 |
|  June 2025 | $0.0378 | $0.0000 | $0.0000 | $0.0378 |
| 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) |
|  January 2025 | $0.0383 | $0.0000 | $0.0000 | $0.0383 |
|  February 2025 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |
|  March 2025 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |
|  April 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  May 2025 | $0.0395 | $0.0000 | $0.0000 | $0.0395 |
|  June 2025 | $0.0369 | $0.0000 | $0.0000 | $0.0369 |
| 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) |
|  January 2025 | $0.0377 | $0.0000 | $0.0000 | $0.0377 |
|  February 2025 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  March 2025 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  April 2025 | $0.0374 | $0.0000 | $0.0000 | $0.0374 |
|  May 2025 | $0.0389 | $0.0000 | $0.0000 | $0.0389 |
|  June 2025 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |

---

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

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

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| | |
|:---|:---|
| **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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **41** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **43** |

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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.

------

#### pimco.com/pvit
![LOGO](g25260g06y60.jpg)

PVITHIGHYIELDFSTMSAR_063025

------

![LOGO](g70296g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO Income Portfolio

------

#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Income Portfolio](#tx70296_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx70296_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx70296_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx70296_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx70296_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx70296_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx70296_7) | 31 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx70296_8) | 50 |
| &nbsp;&nbsp; [Glossary](#tx70296_10) | 53 |
| &nbsp;&nbsp; [Distribution Information](#tx70296_10a) | 54 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx70296_11a) | 55 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx70296_11b) | 56 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx70296_12) | 57 |

---

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.)

------

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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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 |

---

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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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.

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

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

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Financial Highlights PIMCO Income Portfolio

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year 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; 01/01/2025 - 06/30/2025+ | $9.89 | $0.26 | $0.25 | $0.51 | $(0.27) | $0.00 | $(0.27) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.87 | 0.38 | 0.30 | 0.68 | (0.51) | (0.03) | (0.54) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 9.89 | 0.25 | 0.25 | 0.50 | (0.26) | 0.00 | (0.26) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.87 | 0.36 | 0.31 | 0.67 | (0.50) | (0.03) | (0.53) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 9.89 | 0.25 | 0.25 | 0.50 | (0.26) | 0.00 | (0.26) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.87 | 0.35 | 0.31 | 0.66 | (0.49) | (0.03) | (0.52) |

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

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+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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/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** | **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** |
| $10.13 | 5.21% | $87468 | 0.73 | %\* | 0.73 | %\* | 0.66 | %\* | 0.66 | %\* | 5.22 | %\* | 288% |
| 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 |
| 11.01 | 6.67 | 4454 | 0.69 |  | 0.69 |  | 0.66 |  | 0.66 |  | 3.59 |  | 390 |
| 10.13 | 5.13 | 405692 | 0.88 | \* | 0.88 | \* | 0.81 | \* | 0.81 | \* | 5.08 | \* | 288 |
| 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 |
| 11.01 | 6.51 | 159538 | 0.84 |  | 0.84 |  | 0.81 |  | 0.81 |  | 3.40 |  | 390 |
| 10.13 | 5.08 | 463896 | 0.98 | \* | 0.98 | \* | 0.91 | \* | 0.91 | \* | 4.98 | \* | 288 |
| 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 |
| 11.01 | 6.41 | 217730 | 0.94 |  | 0.94 |  | 0.91 |  | 0.91 |  | 3.30 |  | 390 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO Income Portfolio June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $1348566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 86958 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 3565 |
|  Cash | 2054 |
|  Deposits with counterparty | 12497 |
|  Foreign currency, at value | 5905 |
|  Receivable for investments sold | 163 |
|  Receivable for investments sold on a delayed-delivery basis | 5 |
|  Receivable for TBA investments sold | 592625 |
|  Receivable for Portfolio shares sold | 1727 |
|  Interest and/or dividends receivable | 5910 |
|  Dividends receivable from Affiliates | 232 |
|  **Total Assets** | 2061872 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $2789 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 7942 |
|  Payable for investments purchased | 7256 |
|  Payable for investments in Affiliates purchased | 242 |
|  Payable for investments purchased on a delayed-delivery basis | 104 |
|  Payable for TBA investments purchased | 1078028 |
|  Deposits from counterparty | 5455 |
|  Payable for Portfolio shares redeemed | 765 |
|  Accrued investment advisory fees | 183 |
|  Accrued supervisory and administrative fees | 294 |
|  Accrued distribution fees | 89 |
|  Accrued servicing fees | 47 |
|  Accrued reimbursement to PIMCO | 1 |
|  **Total Liabilities** | 1104816 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $957056 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $970267 |
|  Distributable earnings (accumulated loss) | (13211) |
|  **Net Assets** | $957056 |
|  **Net Assets:** |  |
|  Institutional Class | $87468 |
|  Administrative Class | 405692 |
|  Advisor Class | 463896 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 8632 |
|  Administrative Class | 40037 |
|  Advisor Class | 45781 |
|  **Net Asset Value Per Share Outstanding<sup>(a):</sup>** |  |
|  Institutional Class | $10.13 |
|  Administrative Class | 10.13 |
|  Advisor Class | 10.13 |
|  Cost of investments in securities | $1350166 |
|  Cost of investments in Affiliates | $86945 |
|  Cost of foreign currency held | $5867 |
|  Proceeds received on short sales | $2755 |
|  Cost or premiums of financial derivative instruments, net | $2963 |

---

---

| | |
|:---|:---|
| <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 Income Portfolio

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) | Six Months Ended June 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest | $25101 |
|  Dividends from Investments in Affiliates | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 25534 |
|  **Expenses:** |  |
|  Investment advisory fees | 1072 |
|  Supervisory and administrative fees | 1715 |
|  Distribution and/or servicing fees - Administrative Class | 265 |
|  Distribution and/or servicing fees - Advisor Class | 526 |
|  Trustee fees | 22 |
|  Interest expense | 296 |
|  Miscellaneous expense | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 3899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 3894 |
|  **Net Investment Income (Loss)** | 21640 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (112) |
|  Investments in Affiliates | (8) |
|  Exchange-traded or centrally cleared financial derivative instruments | 3431 |
|  Over the counter financial derivative instruments | (2256) |
|  Foreign currency | (177) |
|  **Net Realized Gain (Loss)** | 878 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 29822 |
|  Investments in Affiliates | 12 |
|  Exchange-traded or centrally cleared financial derivative instruments | (369) |
|  Over the counter financial derivative instruments | (7240) |
|  Foreign currency assets and liabilities | (157) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 22068 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $44586 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Income Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $21640 | $35928 |
|  Net realized gain (loss) | 878 | 2620 |
|  Net change in unrealized appreciation (depreciation) | 22068 | (4106) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 44586 | 34442 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2268) | (4212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (9427) | (16716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (11025) | (18980) |
|  **Total Distributions<sup>(a)</sup>** | (22720) | (39908) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 107544 | 278895 |
|  **Total Increase (Decrease) in Net Assets** | 129410 | 273429 |
|  **Net Assets:** |  |  |
|  Beginning of period | 827646 | 554217 |
|  End of period | $957056 | $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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 June 30, 2025 (Unaudited)

#### (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 140.9% | INVESTMENTS IN SECURITIES 140.9% | INVESTMENTS IN SECURITIES 140.9% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.7% |
|  Altice France SA | Altice France SA | Altice France SA |
|  7.779% (EUR003M + 5.500%) due 08/15/2028 ~ | 99 | 105 |
|  9.756% (TSFR3M + 5.500%)<br>due 08/15/2028 ~ | 693 | 630 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  11.110% (TSFR3M + 6.750%)<br>due 07/20/2026 « | 664 | 664 |
|  12.235% (TSFR3M + 7.875%)<br>due 11/03/2028 « | 4502 | 4637 |
|  Lealand Finance Co. BV | Lealand Finance Co. BV | Lealand Finance Co. BV |
|  7.441% (TSFR1M + 3.000%)<br>due 06/30/2027 ~ | 6 | 4 |
|  Lealand Finance Co. BV (5.441% Cash and 3.000% PIK) | Lealand Finance Co. BV (5.441% Cash and 3.000% PIK) | Lealand Finance Co. BV (5.441% Cash and 3.000% PIK) |
|  8.441% (TSFR1M + 1.000%)<br>due 12/31/2027 ~(b) | 16 | 9 |
|  Mercury Aggregator LP (13.500% PIK) | Mercury Aggregator LP (13.500% PIK) | Mercury Aggregator LP (13.500% PIK) |
|  13.500% due 04/03/2026 «(b) | 100 | 68 |
|  Mercury Aggregator LP (3.500% PIK) | Mercury Aggregator LP (3.500% PIK) | Mercury Aggregator LP (3.500% PIK) |
|  3.500% due 04/03/2026 «(b) | 55 | 37 |
|  Poseidon Bidco SASU | Poseidon Bidco SASU | Poseidon Bidco SASU |
|  6.980% (EUR003M + 5.000%) due 03/13/2030 ~ | 1000 | 807 |
|  SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH |
|  9.780% (TSFR3M + 5.500%)<br>due 03/29/2030 ~ | 1271 | 1204 |
|  Softbank Vision Fund | Softbank Vision Fund | Softbank Vision Fund |
|  TBD% due 12/23/2029 « | 2200 | 2200 |
|  6.000% due 12/23/2025 « | 1570 | 1570 |
|  Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
|  11.296% (TSFR3M + 7.000%)<br>due 05/13/2027 ~ | 914 | 870 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.796% (TSFR3M + 2.500%)<br>due 02/28/2031 ~ | 2996 | 3004 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.441% (TSFR1M + 5.000%)<br>due 06/20/2028 ~ | 119 | 113 |
|  Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. |
|  8.000% due 03/15/2029 « | 7 | 3 |
|  Total Loan Participations and Assignments (Cost $15,905) | Total Loan Participations and Assignments (Cost $15,905) | 15925 |
| CORPORATE BONDS & NOTES 10.5% | CORPORATE BONDS & NOTES 10.5% | CORPORATE BONDS & NOTES 10.5% |
| BANKING & FINANCE 4.4% | BANKING & FINANCE 4.4% | BANKING & FINANCE 4.4% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 1970 | 1874 |
|  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 | 1778 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  6.607% due 11/07/2028 | 2500 | 2667 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  7.437% due 11/02/2033 •  | 2438 | 2768 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.612% due 10/19/2027 •  | 1250 | 1280 |
|  6.714% due 10/19/2029 •  | 1250 | 1324 |
|  Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
|  2.700% due 07/12/2026 ^(c) | 560 | 44 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 « | 700 | 206 |
|  10.100% due 12/15/2043 | 500 | 150 |
|  Credit Suisse AG AT1 Claim  | 2845 | 341 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.547% due 09/18/2031 •  | 700 | 655 |
|  6.720% due 01/18/2029 •  | 400 | 420 |
|  EPR Properties | EPR Properties | EPR Properties |
|  4.750% due 12/15/2026 | 5 | 5 |
|  4.950% due 04/15/2028 | 10 | 10 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.815% due 11/02/2027 | 2963 | 2861 |
|  4.125% due 08/17/2027 | 260 | 254 |
|  4.271% due 01/09/2027 | 1970 | 1942 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  4.000% due 01/15/2031 | 1485 | 1401 |
|  5.300% due 01/15/2029 | 66 | 67 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 1300 | 1461 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(i) | 300 | 208 |
|  5.123% due 02/01/2029 •  | 2029 | 2065 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  6.557% due 10/18/2027 •  | 2500 | 2564 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.445% due 05/08/2030 •  | 400 | 397 |
|  5.076% due 01/27/2030 •  | 200 | 203 |
|  5.516% due 09/30/2028 •  | 2200 | 2248 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.000% due 03/09/2026 | 1500 | 1463 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (f) | 2525 | 1797 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.691% due 01/10/2034 •  | 2400 | 2562 |
|  Thames SSNM | Thames SSNM | Thames SSNM |
|  9.750% due 10/10/2027 « | 81 | 104 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  2.125% due 10/13/2026 •  | 200 | 236 |
|  3.091% due 05/14/2032 •  | 520 | 472 |
|  5.959% due 01/12/2034 •  | 4424 | 4659 |
|  6.373% due 07/15/2026 •  | 500 | 501 |
|  6.442% due 08/11/2028 •  | 300 | 312 |
|  6.537% due 08/12/2033 •  | 500 | 544 |
|  Uniti Group LP | Uniti Group LP | Uniti Group LP |
|  10.500% due 02/15/2028 | 371 | 394 |
|  |  | 42237 |
| INDUSTRIALS 4.3% | INDUSTRIALS 4.3% | INDUSTRIALS 4.3% |
|  Altice France SA | Altice France SA | Altice France SA |
|  3.375% due 01/15/2028 | 100 | 99 |
|  5.125% due 01/15/2029 | 200 | 165 |
|  8.125% due 02/01/2027 | 1100 | 991 |
|  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 LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.500% due 11/21/2033 | 2740 | 2939 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 290 | 286 |
|  2.750% due 02/01/2026 | 1000 | 989 |
|  3.250% due 02/01/2028 | 1700 | 1649 |
|  5.150% due 05/01/2030 | 1400 | 1426 |
|  6.259% due 05/01/2027 | 290 | 298 |
|  6.298% due 05/01/2029 | 50 | 53 |
|  Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) |
|  11.000% due 06/01/2030 (b) | 1021 | 1074 |
|  Carvana Co. (14.000% PIK) | Carvana Co. (14.000% PIK) | Carvana Co. (14.000% PIK) |
|  14.000% due 06/01/2031 (b) | 1197 | 1379 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  5.789% due 01/10/2026 | 25 | 25 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.750% due 12/01/2028 | 2630 | 2282 |
|  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 | 1600 | 1658 |
|  Exela Intermediate LLC | Exela Intermediate LLC | Exela Intermediate LLC |
|  11.500% due 04/15/2026 | 29 | 1 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 500 | 599 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.300% due 09/24/2027 | 3900 | 3869 |
|  Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
|  6.500% due 03/15/2030 | 2004 | 2049 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  6.013% due 12/15/2030 | GBP | 7 | 10 |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(c) | $| 385 | 49 |
|  5.500% due 04/12/2037 ^(c) |  | 382 | 48 |
|  6.000% due 11/15/2026 ^(c) |  | 63 | 8 |
|  9.750% due 05/17/2035 ^(c) |  | 100 | 15 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 |  | 3081 | 2865 |
|  Prosus NV | Prosus NV | Prosus NV | Prosus NV |
|  2.778% due 01/19/2034 | EUR | 2456 | 2640 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  4.750% due 06/02/2030 | $| 2200 | 2212 |
|  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 | 80 | 122 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  0.875% due 01/31/2030 | EUR | 200 | 150 |
|  1.604% due 12/23/2029 | $| 200 | 131 |
|  2.375% due 04/22/2042 | GBP | 800 | 727 |
|  4.000% due 04/18/2029 | EUR | 100 | 77 |
|  4.375% due 01/18/2033 |  | 100 | 77 |
|  4.375% due 07/03/2036 | GBP | 100 | 90 |
|  4.625% due 06/04/2048 |  | 100 | 91 |
|  5.500% due 02/11/2043 |  | 100 | 91 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (f) |  | 12 | 14 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  4.875% due 09/30/2039 | $| 24 | 22 |
|  5.750% due 09/30/2039 |  | 175 | 172 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  10.625% 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 |  | 1379 | 1408 |
|  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 | 1415 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 |  | 2160 | 2185 |
|  9.875% due 02/01/2032 |  | 1400 | 1513 |
|  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 (a) |  | 3050 | 3050 |
|  |  |  | 41045 |
| UTILITIES 1.8% | UTILITIES 1.8% | UTILITIES 1.8% | UTILITIES 1.8% |
|  Edison International | Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 |  | 200 | 203 |
|  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 | 1073 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.150% due 01/01/2026 |  | 2072 | 2052 |
|  3.250% due 06/01/2031 |  | 3895 | 3498 |
|  3.300% due 03/15/2027 |  | 90 | 88 |
|  3.300% due 12/01/2027 |  | 5600 | 5420 |
|  4.200% due 03/01/2029 |  | 1100 | 1074 |
|  4.300% due 03/15/2045 |  | 1926 | 1456 |
|  4.550% due 07/01/2030 |  | 1259 | 1229 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.750% due 02/01/2032 |  | 100 | 86 |
|  5.950% due 11/01/2032 |  | 1500 | 1541 |
|  |  |  | 17720 |
|  Total Corporate Bonds & Notes<br>(Cost $101,181) | Total Corporate Bonds & Notes<br>(Cost $101,181) | Total Corporate Bonds & Notes<br>(Cost $101,181) | 101002 |
| 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),<br>Series 2010 | Illinois State General Obligation Bonds, (BABs),<br>Series 2010 | Illinois State General Obligation Bonds, (BABs),<br>Series 2010 | Illinois State General Obligation Bonds, (BABs),<br>Series 2010 |
|  6.630% due 02/01/2035 |  | 31 | 32 |
|  6.725% due 04/01/2035 |  | 8 | 8 |
|  7.350% due 07/01/2035 |  | 8 | 9 |
|  |  |  | 49 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 11

------

Schedule of Investments PIMCO Income Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NEW YORK 0.0% | NEW YORK 0.0% | NEW YORK 0.0% |
|  New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 |
|  6.291% due 02/01/2045 | 100 | 105 |
|  6.385% due 02/01/2055 | 150 | 156 |
|  |  | 261 |
|  Total Municipal Bonds & Notes (Cost $298) | Total Municipal Bonds & Notes (Cost $298) | 310 |
| U.S. GOVERNMENT AGENCIES 57.3% | U.S. GOVERNMENT AGENCIES 57.3% | U.S. GOVERNMENT AGENCIES 57.3% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  3.000% due 06/01/2046 - 01/01/2049 | 1880 | 1665 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  2.500% due 04/20/2052 | 386 | 328 |
|  3.500% due 10/20/2052 - 05/20/2055 | 3182 | 2899 |
|  4.500% due 12/20/2053 | 285 | 274 |
|  5.500% due 07/20/2053 - 08/20/2053 | 2679 | 2696 |
|  7.843% due 09/20/2066 ~ | 96 | 99 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  3.000% due 08/01/2055 | 2000 | 1769 |
|  3.500% due 07/01/2055 | 800 | 727 |
|  4.000% due 07/01/2055 | 2600 | 2418 |
|  4.500% due 07/01/2055 | 7000 | 6702 |
|  5.000% due 07/01/2055 - 08/01/2055 | 2300 | 2260 |
|  5.500% due 07/01/2055 | 2200 | 2204 |
|  6.000% due 08/01/2055 | 2300 | 2331 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 08/01/2027 - 02/01/2034 | 145 | 141 |
|  4.000% due 08/01/2042 - 07/01/2050 | 2241 | 2132 |
|  4.500% due 10/01/2050 - 07/01/2053 | 1716 | 1660 |
|  5.000% due 09/01/2053 - 07/01/2054 | 1366 | 1341 |
|  5.500% due 11/01/2052 - 01/01/2053 | 992 | 995 |
|  6.000% due 11/01/2052 - 09/01/2054 | 11934 | 12166 |
|  6.500% due 10/01/2053 - 01/01/2054 | 26802 | 27712 |
|  7.000% due 02/01/2054 - 06/01/2055 | 1348 | 1423 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 07/01/2040 - 07/01/2055 | 10800 | 9373 |
|  3.500% due 07/01/2055 - 08/01/2055 | 17900 | 16115 |
|  4.000% due 07/01/2055 - 08/01/2055 | 41500 | 38585 |
|  4.500% due 08/01/2055 | 8500 | 8128 |
|  5.000% due 07/01/2055 - 08/01/2055 | 96300 | 94360 |
|  5.500% due 08/01/2055 | 62050 | 61995 |
|  6.000% due 08/01/2055 | 135800 | 137878 |
|  6.500% due 08/01/2055 | 105150 | 108421 |
|  Total U.S. Government Agencies<br>(Cost $544,405) | Total U.S. Government Agencies<br>(Cost $544,405) | 548797 |
| U.S. TREASURY OBLIGATIONS 13.0% | U.S. TREASURY OBLIGATIONS 13.0% | U.S. TREASURY OBLIGATIONS 13.0% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.875% due 11/15/2046 (m) | 1400 | 1031 |
|  3.000% due 08/15/2048 (m) | 10 | 7 |
|  3.000% due 02/15/2049 (m) | 500 | 369 |
|  4.250% due 08/15/2054 | 1600 | 1462 |
|  4.375% due 08/15/2043 (m) | 1600 | 1526 |
|  4.500% due 11/15/2054 | 9000 | 8579 |
|  4.625% due 05/15/2054 | 5800 | 5635 |
|  U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) |
|  0.125% due 04/15/2026 | 9418 | 9314 |
|  0.125% due 07/15/2030 | 1877 | 1763 |
|  0.125% due 01/15/2031 | 123 | 114 |
|  0.125% due 07/15/2031 | 3291 | 3030 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.125% due 01/15/2032 | $— | 347 | 315 |
|  0.125% due 02/15/2051 |  | 1971 | 1075 |
|  0.250% due 07/15/2029 |  | 3915 | 3760 |
|  0.250% due 02/15/2050 |  | 749 | 435 |
|  0.375% due 01/15/2027 |  | 224 | 221 |
|  0.375% due 07/15/2027 |  | 66 | 65 |
|  0.625% due 07/15/2032 |  | 4637 | 4327 |
|  0.750% due 07/15/2028 (k) |  | 909 | 898 |
|  0.750% due 02/15/2042 |  | 142 | 110 |
|  0.750% due 02/15/2045 |  | 817 | 597 |
|  0.875% due 01/15/2029 (k) |  | 2397 | 2360 |
|  0.875% due 02/15/2047 |  | 930 | 674 |
|  1.000% due 02/15/2046 |  | 271 | 205 |
|  1.000% due 02/15/2048 |  | 911 | 670 |
|  1.000% due 02/15/2049 |  | 2167 | 1574 |
|  1.125% due 01/15/2033 |  | 323 | 309 |
|  1.375% due 07/15/2033 |  | 11618 | 11288 |
|  1.375% due 02/15/2044 |  | 138 | 116 |
|  1.500% due 02/15/2053 |  | 1295 | 1027 |
|  1.750% due 01/15/2034 |  | 4591 | 4554 |
|  1.875% due 07/15/2034 |  | 19116 | 19142 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.375% due 09/30/2027 (m) |  | 340 | 316 |
|  0.500% due 10/31/2027 (m) |  | 300 | 278 |
|  0.625% due 11/30/2027 (k)(m) |  | 4140 | 3849 |
|  0.625% due 12/31/2027 (k)(m) |  | 1750 | 1623 |
|  0.750% due 01/31/2028 (k)(m) |  | 1600 | 1485 |
|  2.625% due 01/31/2026 (k)(m) |  | 3500 | 3468 |
|  4.500% due 03/31/2026 |  | 13200 | 13237 |
|  4.500% due 04/15/2027 |  | 13300 | 13468 |
|  Total U.S. Treasury Obligations<br>(Cost $130,506) | Total U.S. Treasury Obligations<br>(Cost $130,506) | Total U.S. Treasury Obligations<br>(Cost $130,506) | 124276 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 18.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 18.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 18.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 18.3% |
|  AG Trust | AG Trust | AG Trust | AG Trust |
|  6.327% due 07/15/2041 •  |  | 1711 | 1716 |
|  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 |  | 6155 | 861 |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  5.139% due 12/28/2049 •  |  | 3518 | 4837 |
|  BBCCRE Trust | BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
|  3.966% due 08/10/2033 | $— | 4100 | 3791 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.754% due 06/25/2046 •  |  | 2825 | 2550 |
|  Bridgegate Funding PLC | Bridgegate Funding PLC | Bridgegate Funding PLC | Bridgegate Funding PLC |
|  6.564% due 10/16/2062 •  |  | 8737 | 12098 |
|  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 ~ | $— | 7004 | 6241 |
|  3.500% due 06/25/2062 ~ |  | 4213 | 3876 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.745% due 12/25/2035 ~ |  | 82 | 74 |
|  CIM Trust | CIM Trust | CIM Trust | CIM Trust |
|  4.750% due 06/25/2064 ~ |  | 3181 | 3157 |
|  5.000% due 05/25/2062 ~ |  | 3522 | 3531 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 03/25/2037 •  |  | 1153 | 1012 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  3.140% due 10/10/2036 |  | 4100 | 3813 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.754% due 11/25/2036 •  |  | 3495 | 3231 |
|  6.500% due 09/25/2037 |  | 8479 | 2991 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  3.241% due 11/30/2037 ~ |  | 5811 | 5313 |
|  3.375% due 01/25/2060 |  | 3183 | 2586 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.900% due 09/25/2067 |  | 3811 | 3828 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.708% due 09/15/2044 •  |  | 2825 | 3844 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.308% due 06/13/2045 •  |  | 362 | 497 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.506% due 07/15/2038 •  | $— | 4289 | 4292 |
|  Grifonas Finance PLC | Grifonas Finance PLC | Grifonas Finance PLC | Grifonas Finance PLC |
|  2.669% due 08/28/2039 •  |  | 422 | 483 |
|  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 | $— | 6882 | 6696 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.912% due 03/19/2036 •  | 34 | 31 |
|  JP Morgan Chase Commercial Mortgage<br>Securities Trust | JP Morgan Chase Commercial Mortgage<br>Securities Trust | JP Morgan Chase Commercial Mortgage<br>Securities Trust |
|  5.158% due 04/15/2037 •  | 3905 | 3864 |
|  7.235% due 10/05/2040 | 2600 | 2768 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.990% due 07/25/2064 ~ | 5008 | 5042 |
|  Lugo Funding DAC | Lugo Funding DAC | Lugo Funding DAC |
|  3.049% due 05/26/2066 •  | 3204 | 3783 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.534% due 09/25/2037 •  | 11036 | 4417 |
|  Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC |
|  2.999% due 03/24/2081 •  | 2612 | 3081 |
|  MFA Trust | MFA Trust | MFA Trust |
|  4.250% due 02/25/2066 ~ | 3342 | 3205 |
|  4.400% due 03/25/2068 þ | 3385 | 3363 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  5.426% due 05/15/2036 •  | 1400 | 882 |
|  6.804% due 12/15/2038 •  | 2645 | 2391 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ | 2622 | 2553 |
|  4.500% due 02/25/2055 þ | 940 | 928 |
|  5.897% due 12/25/2029 þ | 3649 | 3628 |
|  6.179% due 06/25/2030 þ | 4500 | 4540 |
|  7.026% due 03/25/2029 þ | 2431 | 2437 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  6.327% due 06/25/2069 þ | 2589 | 2637 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.252% due 12/26/2036 ~ | 350 | 335 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.158% due 10/25/2044 þ | 6625 | 6611 |
|  5.846% due 08/25/2044 þ | 2848 | 2864 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  7.326% due 05/15/2038 •  | 2400 | 2311 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.223% due 07/20/2053 •  | 1931 | 2657 |
|  5.637% due 02/20/2054 •  | 4463 | 6143 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 2024 | 1944 |
|  4.518% due 10/25/2064 ~ | 3616 | 3613 |
|  5.107% due 07/25/2065 ~ | 5824 | 5942 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.799% due 07/25/2069 | 5762 | 5800 |
|  6.259% due 12/25/2068 þ | 1658 | 1673 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.776% due 03/25/2033 ~ | 30 | 30 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.249% due 10/25/2046 •  | 1720 | 1528 |
|  WSTN Trust | WSTN Trust | WSTN Trust |
|  6.518% due 07/05/2037 ~ | 2500 | 2538 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $175,042) | Total Non-Agency Mortgage-Backed Securities (Cost $175,042) | 174857 |
| ASSET-BACKED SECURITIES 32.7% | ASSET-BACKED SECURITIES 32.7% | ASSET-BACKED SECURITIES 32.7% |
| AUTOMOBILE ABS OTHER 0.6% | AUTOMOBILE ABS OTHER 0.6% | AUTOMOBILE ABS OTHER 0.6% |
|  Golden Bar Securitisation SRL | Golden Bar Securitisation SRL | Golden Bar Securitisation SRL |
|  3.086% due 09/22/2043 •  | 3078 | 3650 |
|  Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes |
|  4.965% due 01/18/2033 | 2000 | 2006 |
|  |  | 5656 |
| AUTOMOBILE SEQUENTIAL 3.3% | AUTOMOBILE SEQUENTIAL 3.3% | AUTOMOBILE SEQUENTIAL 3.3% |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  5.540% due 02/16/2027 | 614 | 614 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.820% due 08/10/2028 | 2071 | 2085 |
|  6.160% due 10/10/2028 | 2178 | 2202 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.250% due 09/27/2027 | 1732 | 1736 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.600% due 05/17/2027 | 530 | 530 |
|  First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
|  6.440% due 10/16/2028 | 832 | 840 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 | 1409 | 1413 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.760% due 10/15/2027 | 2503 | 2504 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  6.370% due 06/15/2028 | 857 | 863 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.840% due 03/15/2029 | 3500 | 3537 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  4.940% due 05/20/2030 | 3710 | 3722 |
|  Oscar U.S. Funding LLC | Oscar U.S. Funding LLC | Oscar U.S. Funding LLC |
|  1.270% due 09/11/2028 | 2300 | 2293 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 | 2346 | 2355 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.110% due 06/15/2029 | 3500 | 3521 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.980% due 02/15/2030 | 3500 | 3520 |
|  |  | 31735 |
| CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.144% due 09/17/2039 •  | 3085 | 3096 |
| HOME EQUITY OTHER 11.9% | HOME EQUITY OTHER 11.9% | HOME EQUITY OTHER 11.9% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.714% due 11/25/2036 •  | 3443 | 2034 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.774% due 01/25/2037 •  | 3009 | 2257 |
|  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 |
|  6.264% due 12/25/2034 •  | 795 | 720 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.529% due 09/25/2034 •  | 1815 | 1702 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.914% due 07/25/2036 •  | 13471 | 3628 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.409% due 06/25/2035 •  | 11000 | 9654 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.789% due 12/25/2034 •  | 5782 | 5769 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.754% due 12/25/2036 •  | 1229 | 674 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.694% due 03/25/2037 •  | 15 | 14 |
|  4.954% due 03/25/2036 •  | 1591 | 1452 |
|  5.064% due 02/25/2035 •  | 1619 | 1525 |
|  5.124% due 10/25/2035 •  | 900 | 835 |
|  5.169% due 09/25/2035 •  | 361 | 360 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.714% due 06/25/2035 •  | 1055 | 960 |
|  4.714% due 05/25/2037 •  | 815 | 774 |
|  4.714% due 04/25/2047 •  | 737 | 716 |
|  4.714% due 06/25/2047 •  | 769 | 724 |
|  4.798% due 05/25/2036 •  | 9800 | 9663 |
|  4.869% due 01/25/2045 •  | 965 | 912 |
|  4.874% due 05/25/2037 •  | 936 | 901 |
|  4.874% due 06/25/2037 •  | 626 | 613 |
|  4.874% due 06/25/2047 •  | 408 | 394 |
|  6.384% due 08/25/2035 •  | 1594 | 1548 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  5.049% due 11/25/2035 •  | 2148 | 1976 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  5.214% due 06/25/2035 •  | 4831 | 3919 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.079% due 11/25/2035 •  | 1934 | 1876 |
|  5.334% due 11/25/2035 •  | 1600 | 1563 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.654% due 04/25/2037 •  | 1419 | 1094 |
|  5.034% due 03/25/2036 •  | 3728 | 3391 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.574% due 12/25/2036 •  | 850 | 735 |
|  4.574% due 01/25/2037 •  | 2281 | 1726 |
|  4.584% due 12/25/2036 •  | 2752 | 2463 |
|  4.654% due 12/25/2036 •  | 944 | 236 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  4.734% due 01/25/2037 •  | 3523 | 1194 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.734% due 11/25/2036 •  | 380 | 268 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  5.584% due 08/25/2037 •  | 1365 | 1198 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.574% due 04/25/2047 •  | 4395 | 1745 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.504% due 10/25/2036 •  | 1891 | 980 |
|  4.594% due 11/25/2036 •  | 3792 | 2148 |
|  4.974% due 12/25/2034 •  | 1002 | 950 |
|  4.974% due 03/25/2036 •  | 701 | 687 |
|  5.034% due 12/25/2034 •  | 754 | 711 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.364% due 11/25/2034 •  | 7034 | 7133 |
|  Nomura Home Equity Loan, Inc. Home Equity<br>Loan Trust | Nomura Home Equity Loan, Inc. Home Equity<br>Loan Trust | Nomura Home Equity Loan, Inc. Home Equity<br>Loan Trust |
|  4.734% due 07/25/2036 •  | 380 | 357 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.974% due 05/25/2036 •  | 4400 | 4268 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.654% due 04/25/2037 •  | 1040 | 736 |
|  4.974% due 01/25/2036 •  | 4756 | 4480 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.285% due 01/25/2037 þ | 4629 | 1411 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.034% due 02/25/2036 •  | 289 | 289 |
|  5.114% due 05/25/2037 •  | 103 | 103 |
|  5.139% due 10/25/2035 •  | 2000 | 1781 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  5.409% due 12/26/2034 •  | 629 | 574 |
|  6.184% due 12/25/2037 •  | 652 | 623 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.654% due 02/25/2037 •  | 1015 | 271 |
|  4.839% due 12/25/2036 •  | 1269 | 1263 |
|  5.184% due 01/25/2035 •  | 4285 | 3936 |
|  5.409% due 11/25/2035 •  | 1988 | 1961 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  5.139% due 02/25/2035 •  | 641 | 651 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.959% due 07/25/2036 •  | 767 | 753 |
|  5.034% due 01/25/2037 •  | 2997 | 2462 |
|  5.434% due 04/25/2031 •  | 4114 | 4145 |
|  |  | 113886 |
| WHOLE LOAN COLLATERAL 1.6% | WHOLE LOAN COLLATERAL 1.6% | WHOLE LOAN COLLATERAL 1.6% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.554% due 12/25/2036 •  | 357 | 345 |
|  5.379% due 06/25/2034 •  | 2546 | 2497 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.925% due 10/25/2054 þ | 3554 | 3548 |
|  6.996% due 07/25/2054 þ | 6262 | 6276 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.559% due 06/25/2035 •  | 2600 | 2538 |
|  |  | 15204 |
| OTHER ABS 15.0% | OTHER ABS 15.0% | OTHER ABS 15.0% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.546% due 07/15/2034 •  | 3600 | 3604 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.479% due 10/23/2034 •  | 4000 | 4002 |
|  Allegro CLO Ltd. | Allegro CLO Ltd. | Allegro CLO Ltd. |
|  5.519% due 01/19/2033 •  | 3000 | 3003 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  3.177% due 10/25/2038 | 1000 | 959 |
|  3.619% due 04/25/2038 | 4400 | 4329 |
|  3.793% due 10/25/2037 | 4005 | 3927 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.900% due 07/28/2037 | $— | 4337 | $— | 4258 |
|  3.928% due 04/25/2038 |  | 4400 |  | 4322 |
|  4.430% due 07/25/2037 |  | 4399 |  | 4356 |
|  4.620% due 04/25/2037 |  | 3702 |  | 3677 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.155% due 12/15/2038 •  |  | 3600 |  | 4243 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.499% due 10/23/2032 •  | $— | 2892 |  | 2895 |
|  5.608% due 01/15/2031 •  |  | 8 |  | 8 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.521% due 01/20/2031 •  |  | 26 |  | 26 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.359% due 07/20/2034 •  |  | 4000 |  | 4005 |
|  5.489% due 07/20/2032 •  |  | 1932 |  | 1934 |
|  Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. |
|  3.164% due 07/25/2039 |  | 6450 |  | 6207 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.658% due 07/15/2036 •  |  | 2500 |  | 2505 |
|  Crossroads Asset Trust | Crossroads Asset Trust | Crossroads Asset Trust | Crossroads Asset Trust | Crossroads Asset Trust |
|  4.910% due 02/20/2032 |  | 4600 |  | 4615 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.608% due 07/15/2031 •  |  | 188 |  | 189 |
|  Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. |
|  5.499% due 04/20/2033 •  |  | 1900 |  | 1900 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  5.250% due 10/27/2059 |  | 1967 |  | 1970 |
|  5.320% due 03/25/2060 |  | 4400 |  | 4484 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.880% due 06/25/2059 |  | 531 |  | 534 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.419% due 10/20/2034 •  |  | 4100 |  | 4103 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  3.296% due 10/30/2038 •  |  | 3600 |  | 4233 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.549% due 07/20/2034 •  | $— | 3300 |  | 3302 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  5.530% due 06/21/2032 |  | 1400 |  | 1425 |
|  Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. |
|  5.743% due 01/25/2032 •  |  | 1597 |  | 1599 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.874% due 09/27/2066 •  |  | 406 |  | 406 |
|  6.502% due 02/20/2041 •  |  | 1374 |  | 1405 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.092% due 07/15/2032 |  | 2285 |  | 2289 |
|  5.183% due 06/15/2032 |  | 1790 |  | 1797 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 |  | 1363 |  | 1375 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 |  | 4600 |  | 4610 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.113% due 05/15/2033 •  |  | 2625 |  | 3095 |
|  3.133% due 05/15/2034 •  |  | 2829 |  | 3330 |
|  3.870% due 10/15/2034 •  |  | 4200 |  | 4959 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  5.880% due 07/15/2031 | $— | 1503 |  | 1507 |
|  6.300% due 02/18/2031 |  | 225 |  | 225 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.910% due 06/15/2039 •  |  | 1390 |  | 1356 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.060% due 03/16/2054 |  | 3559 |  | 3601 |
|  5.403% due 07/15/2053 •  |  | 5865 |  | 5874 |
|  5.754% due 02/16/2055 •  |  | 2664 |  | 2686 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 |  | 3770 |  | 3787 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.409% due 01/20/2032 •  |  | 2172 |  | 2175 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.502% due 10/25/2032 •  |  | 2545 |  | 2547 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.511% due 10/20/2033 •  |  | 4000 |  | 4002 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.621% due 10/17/2032 •  |  | 2641 |  | 2643 |
|  5.776% due 04/15/2037 •  |  | 3100 |  | 3115 |
|  |  |  |  | 143398 |
|  Total Asset-Backed Securities (Cost $312,795) | Total Asset-Backed Securities (Cost $312,795) | Total Asset-Backed Securities (Cost $312,795) |  | 312975 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 13

------

Schedule of Investments PIMCO Income Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 6.5% | SOVEREIGN ISSUES 6.5% | SOVEREIGN ISSUES 6.5% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 | 324 | 257 |
|  0.750% due 07/09/2030 þ | 941 | 637 |
|  1.000% due 07/09/2029 | 112 | 94 |
|  3.500% due 07/09/2041 | 5071 | 3157 |
|  4.125% due 07/09/2035 | 880 | 592 |
|  4.125% due 07/09/2035 þ | 726 | 473 |
|  5.000% due 01/09/2038 | 82 | 58 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (f) | 2200 | 405 |
|  0.000% due 10/01/2025 (f) | 33650 | 5974 |
|  0.000% due 04/01/2026 (f) | 24700 | 4095 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.375% due 02/19/2030 | 1200 | 1224 |
|  5.500% due 03/12/2034 | 1600 | 1622 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  2.400% due 03/20/2045 | 95000 | 664 |
|  2.400% due 03/20/2055 | 25000 | 160 |
|  Mexican Bonos | Mexican Bonos | Mexican Bonos |
|  7.500% due 05/26/2033 | 2200 | 107 |
|  7.750% due 05/29/2031 | 15600 | 793 |
|  7.750% due 11/23/2034 | 38620 | 1883 |
|  8.500% due 03/01/2029 | 42600 | 2267 |
|  8.500% due 05/31/2029 | 10100 | 537 |
|  Mexican Udibonos | Mexican Udibonos | Mexican Udibonos |
|  2.750% due 11/27/2031 (g) | 44204 | 2088 |
|  3.000% due 12/03/2026 (g) | 50410 | 2631 |
|  4.000% due 11/30/2028 (g) | 3145 | 164 |
|  4.000% due 08/24/2034 (g) | 40294 | 1998 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.625% due 05/04/2033 | 600 | 707 |
|  5.850% due 07/02/2032 (a) | 300 | 304 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.350% due 08/12/2040 | 100 | 24 |
|  5.400% due 08/12/2034 | 871 | 233 |
|  6.150% due 08/12/2032 | 10337 | 3018 |
|  6.900% due 08/12/2037 | 1966 | 566 |
|  6.950% due 08/12/2031 | 7618 | 2338 |
|  7.300% due 08/12/2033 | 8800 | 2711 |
|  7.600% due 08/12/2039 | 3600 | 1084 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 | 33200 | 1725 |
|  8.000% due 01/31/2030 | 6700 | 372 |
|  8.500% due 01/31/2037 | 21100 | 1038 |
|  8.875% due 02/28/2035 | 62000 | 3270 |
|  9.000% due 01/31/2040 | 4600 | 225 |
|  10.500% due 12/21/2026 | 19300 | 1131 |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  3.750% due 02/07/2034 | 760 | 766 |
|  5.125% due 09/24/2031 | 1000 | 1164 |
|  5.250% due 03/10/2030 | 1600 | 1927 |
|  5.250% due 05/30/2032 | 350 | 406 |
|  5.625% due 05/30/2037 | 400 | 444 |
|  6.250% due 09/10/2034 | 2000 | 2380 |
|  Russia Government International Bond | Russia Government International Bond | Russia Government International Bond |
|  5.100% due 03/28/2035 « | 400 | 0 |
|  5.250% due 06/23/2047 « | 1600 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.625% due 04/04/2042 | $| 2000 | 1400 |
|  Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond |
|  5.250% due 03/13/2030 |  | 600 | 572 |
|  7.625% due 04/26/2029 |  | 700 | 734 |
|  47.469% due 09/06/2028 ~ | TRY | 2500 | 60 |
|  49.053% due 05/20/2026 ~ |  | 200 | 5 |
|  49.053% due 08/19/2026 ~ |  | 200 | 5 |
|  49.053% due 05/17/2028 ~ |  | 52000 | 1267 |
|  Venezuela Government International Bond | Venezuela Government International Bond | Venezuela Government International Bond | Venezuela Government International Bond |
|  7.000% due 03/31/2038 ^(c) | $| 43 | 8 |
|  7.650% due 04/21/2035 ^(c) |  | 105 | 17 |
|  9.250% due 09/15/2027 ^(c) |  | 143 | 29 |
|  9.250% due 05/07/2028 ^(c) |  | 83 | 15 |
|  11.750% due 10/21/2026 ^(c) |  | 10 | 2 |
|  11.950% due 08/05/2031 ^(c) |  | 300 | 56 |
|  Total Sovereign Issues (Cost $58,971) | Total Sovereign Issues (Cost $58,971) | Total Sovereign Issues (Cost $58,971) | 61883 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Clear Channel Outdoor Holdings, Inc. (d) |  | 133771 | 156 |
|  iHeartMedia, Inc. 'A' (d) |  | 31404 | 55 |
|  iHeartMedia, Inc. 'B' «(d) |  | 24427 | 38 |
|  Windstream Services LLC «(d) |  | 1684 | 33 |
|  |  |  | 282 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Intelsat Emergence SA «(i) |  | 28556 | 985 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Amsurg Equity «(d)(i) |  | 22386 | 1011 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Westmoreland Mining Holdings «(d)(i) |  | 237 | 0 |
|  Westmoreland Mining LLC «(d)(i) |  | 749 | 2 |
|  |  |  | 2 |
|  Total Common Stocks (Cost $4,690) | Total Common Stocks (Cost $4,690) | Total Common Stocks (Cost $4,690) | 2280 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Windstream - Exp. 04/08/2026 « |  | 334 | 6 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Intelsat Emergence SA - Exp. 02/17/2027 « |  | 398 | 1 |
|  Total Warrants (Cost $130) | Total Warrants (Cost $130) | Total Warrants (Cost $130) | 7 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |  |  |
|  6.500% due 12/29/2049 þ(h) | 1469650 | $— | 1976 |
|  Total Preferred Securities (Cost $2,144) | Total Preferred Securities (Cost $2,144) |  | 1976 |
| REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% |
| REAL ESTATE 0.0% |  |  |  |
|  Uniti Group, Inc. | 1155 |  | 5 |
|  Total Real Estate Investment Trusts (Cost $7) | Total Real Estate Investment Trusts (Cost $7) |  | 5 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| SHORT-TERM INSTRUMENTS 0.5% | 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% | NIGERIA TREASURY BILLS 0.4% |
|  30.864% - 33.156% due 06/11/2026 - 06/29/2026 (e)(f) | 6633245 |  | 3487 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |  |  |
|  4.320% - 4.356% due 09/11/2025 - 09/16/2025 (e)(f)(m) | 793 |  | 786 |
| Total Short-Term Instruments (Cost $4,092) |  |  | 4273 |
| Total Investments in Securities (Cost $1,350,166) | Total Investments in Securities (Cost $1,350,166) |  | 1348566 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 9.1% | INVESTMENTS IN AFFILIATES 9.1% | INVESTMENTS IN AFFILIATES 9.1% | INVESTMENTS IN AFFILIATES 9.1% |
| SHORT-TERM INSTRUMENTS 9.1% | SHORT-TERM INSTRUMENTS 9.1% | SHORT-TERM INSTRUMENTS 9.1% | SHORT-TERM INSTRUMENTS 9.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.1% |
|  PIMCO Short-Term Floating NAV Portfolio III | 8930662 |  | 86958 |
| Total Short-Term Instruments<br>(Cost $86,945) | Total Short-Term Instruments<br>(Cost $86,945) |  | 86958 |
| Total Investments in Affiliates (Cost $86,945) | Total Investments in Affiliates (Cost $86,945) |  | 86958 |
| Total Investments 150.0% (Cost $1,437,111) | Total Investments 150.0% (Cost $1,437,111) | $— | 1435524 |
|  Financial Derivative<br>Instruments (j)(l) (0.5)%<br> (Cost or Premiums, net $2,963) | Financial Derivative<br>Instruments (j)(l) (0.5)%<br> (Cost or Premiums, net $2,963) |  | (4333) |
| Other Assets and Liabilities, net (49.5)% | Other Assets and Liabilities, net (49.5)% |  | (474135) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 957056 |

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#### 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) Payment in-kind security.

---

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

---

------

June 30, 2025 (Unaudited)

(c) Security is not accruing income as of the date of this report.

(d) Security did not produce income within the last twelve months.

(e) Coupon represents a weighted average yield to maturity.

(f) Zero coupon security.

(g) Principal amount of security is adjusted for inflation.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Amsurg Equity | 11/02/2023 - 11/06/2023 | $935 | $1011 | 0.11% |
|  Intelsat Emergence SA | 06/19/2017 - 02/23/2024 | 2094 | 985 | 0.10 |
|  Morgan Stanley 0.000% due 04/02/2032 | 02/11/2020 | 269 | 208 | 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;3302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 | 0.23% |

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#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.3)% | 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; Ginnie Mae, TBA | 2.500% | 07/01/2055 | $300 | $(250) | $(255) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | (2505) | (2534) |
|  Total Short Sales (0.3)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2755) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2789) |

---

The average amount of borrowings outstanding during the period ended June 30, 2025 was $(9,934) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

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

#### WRITTEN OPTIONS:

#### 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 August Futures | 110.750 | 07/25/2025 | 10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $(2) | $(2) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 113.250 | 07/25/2025 | 10 | 10 | (2) | (3) |
|  Put - EUREX Euro-Bobl July 2025 Futures | 117.250 | 07/25/2025 | 4 | 4 | (1) | (1) |
|  Call - EUREX Euro-Bobl July 2025 Futures | 118.500 | 07/25/2025 | 4 | 4 | (1) | (1) |
|  Put - EUREX Euro-Bund July 2025 Futures | 129.000 | 07/25/2025 | 3 | 3 | (1) | (1) |
|  Call - EUREX Euro-Bund July 2025 Futures | 132.500 | 07/25/2025 | 3 | 3 | (2) | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### 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 August Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.500 | 07/25/2025 | 10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $(3) | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 109.000 | 07/25/2025 | 10 | 10 | (4) | 0 |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 109.500 | 07/25/2025 | 10 | 10 | (3) | (1) |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 110.250 | 07/25/2025 | 10 | 10 | (3) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.500 | 07/25/2025 | 20 | 20 | (7) | (11) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.750 | 07/25/2025 | 10 | 10 | (3) | (4) |
|  Call - CBOT U.S. Treasury 10-Year Note August Futures | 112.000 | 07/25/2025 | 10 | 10 | (4) | (8) |
|  |  |  |  |  | $(27) | $(25) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 15

------

Schedule of Investments PIMCO Income Portfolio (Cont.)

#### 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 September Futures  | 09/2025 | 48 | $3621 | $30 | $0 | $(17) |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 75 | 15602 | 60 | 4 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 1382 | 150638 | 1663 | 184 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 2080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233220 | 3838 | 650 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 47 | 5599 | 174 | 63 | 0 |
|  United Kingdom Long Gilt September Futures  | 09/2025 | 467 | 59635 | 1377 | 64 | (205) |
|  |  |  |  | $7142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 11 | $(2649) | $42 | $0 | $(1) |
|  3-Month SOFR Active Contract June Futures  | 09/2025 | 77 | (18416) | 192 | 2 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 10 | (2415) | 30 | 0 | (1) |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 9 | (2160) | 42 | 0 | 0 |
|  Euro-Bobl September Futures  | 09/2025 | 27 | (3743) | 17 | 8 | (2) |
|  Euro-Bund September Futures  | 09/2025 | 74 | (11345) | 89 | 32 | (3) |
|  Japan Government 10-Year Bond September Futures  | 09/2025 | 1 | (965) | (3) | 1 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 54 | (6170) | (157) | 0 | (26) |
|  U.S. Treasury Long-Term Bond September Futures  | 09/2025 | 188 | (21708) | (782) | 0 | (188) |
|  |  |  |  | $(530) | $43 | $(221) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) |

---

#### 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>June 30, 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>June 30, 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 |
|  Airbus Finance BV | 1.000% | Quarterly | 06/20/2026 | 0.115% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | $51 | $(32) | $19 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.241 | $900 | 11 | (7) | 4 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.431 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 1.100 | 400 | 21 | 9 | 30 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.089 | 2000 | 8 | 10 | 18 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | $&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>(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.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $828 | $(27) | $30 | $3 | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 4324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | 0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 400 | (33) | 34 | 1 | 1 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 100 | (7) | 7 | 0 | 0 | 0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 1600 | (74) | 67 | (7) | 3 | 0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 400 | (15) | 11 | (4) | 1 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 400 | (12) | 6 | (6) | 1 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 300 | (11) | 4 | (7) | 1 | 0 |
|  CDX.HY-36 5-Year Index | 5.000 | Quarterly | 06/20/2026 | 2496 | 212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) | 86 | 3 | 0 |
|  CDX.HY-37 5-Year Index | 5.000 | Quarterly | 12/20/2026 | 1056 | 58 | (4) | 54 | 2 | 0 |
|  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 | 6800 | 488 | 21 | 509 | 22 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 18200 | 890 | 507 | 1397 | 64 | 0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 200 | 1 | 3 | 4 | 0 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 100 | 1 | 1 | 2 | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 2300 | 51 | 2 | 53 | 1 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900 | 330 | 94 | 424 | 10 | 0 |
|  CDX.iTraxx Main 43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 5600 | 123 | 20 | 143 | 6 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 | $871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

16 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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 | 3.500% | Annual | 03/19/2030 | 24500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297) | $(8) | $(305) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 200 | (1) | 6 | 5 | 0 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 | 3300 | 205 | (20) | 185 | 2 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 | 200 | 24 | 9 | 33 | 1 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.176 | Annual | 04/27/2027 | 180000 | 0 | (13) | (13) | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.020 | Semi-Annual | 09/20/2028 | 430000 | 10 | 80 | 90 | 2 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/15/2029 | 4351000 | 210 | 833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700 | Annual | 09/18/2029 | 2200000 | 29 | 40 | 69 | 13 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 | 541400 | 2 | 155 | 157 | 6 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 1130000 | 63 | 14 | 77 | 17 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 192000 | (40) | 36 | (4) | 4 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 | 258000 | 69 | 255 | 324 | 8 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.711 | Annual | 04/27/2042 | 46000 | 0 | 48 | 48 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.600 | Annual | 01/16/2026 | $8000 | 102 | 111 | 213 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 | 5700 | 1 | 112 | 113 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.940 | Semi-Annual | 06/08/2026 | 1100 | 0 | 35 | 35 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2026 | 8200 | 76 | 220 | 296 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Semi-Annual | 06/19/2026 | 11200 | (915) | 1045 | 130 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2026 | 1100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/15/2026 | 12400 | 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(485) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.740 | Semi-Annual | 12/16/2026 | 400 | (18) | 31 | 13 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.570 | Semi-Annual | 01/11/2027 | 900 | (1) | (33) | (34) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 01/18/2027 | 1000 | (2) | (38) | (40) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 01/20/2027 | 3500 | (1) | 145 | 144 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.418 | Semi-Annual | 01/20/2027 | 500 | 0 | (20) | (20) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.550 | Semi-Annual | 01/20/2027 | 15500 | (36) | (543) | (579) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 02/16/2027 | 1100 | (2) | (38) | (40) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 02/17/2027 | 2600 | (1) | 100 | 99 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.700 | Semi-Annual | 02/17/2027 | 10200 | (27) | (313) | (340) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.573 | Annual | 02/28/2027 | 700 | (1) | (28) | (29) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.928 | Annual | 03/25/2027 | 1200 | (2) | (39) | (41) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 2630 | 88 | 39 | 127 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.450 | Annual | 10/04/2027 | 1790 | 0 | 67 | 67 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.900 | Annual | 10/04/2027 | 5100 | (37) | (86) | (123) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.955 | Annual | 10/04/2027 | 1100 | (8) | (17) | (25) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2027 | 660 | 47 | (16) | 31 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 03/10/2028 | 500 | (1) | 5 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.235 | Semi-Annual | 05/12/2028 | 400 | (1) | 29 | 28 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 | 3213 | (130) | (161) | (291) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 06/20/2028 | 1300 | (111) | 164 | 53 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 29180 | 204 | (76) | 128 | 0 | (24) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 09/05/2028 | 1100 | (8) | 14 | 6 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.265 | Semi-Annual | 09/28/2028 | 800 | (1) | (65) | (66) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.510 | Annual | 11/30/2028 | 430 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 | 750 | 0 | 1 | 1 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 3066 | 60 | (280) | (220) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 14450 | 74 | (193) | (119) | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 01/12/2029 | 578 | 0 | 43 | 43 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.700 | Semi-Annual | 01/12/2029 | 2100 | (6) | (135) | (141) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.518 | Semi-Annual | 01/20/2029 | 300 | 0 | (22) | (22) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.630 | Semi-Annual | 01/26/2029 | 500 | (1) | (34) | (35) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 02/22/2029 | 1200 | (3) | 24 | 21 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 02/27/2029 | 400 | (1) | 8 | 7 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 760 | 0 | 5 | 5 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2029 | 1100 | (35) | 3 | (32) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 4690 | 225 | 195 | 420 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 1866 | 115 | 0 | 115 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 14400 | (257) | 69 | (188) | 0 | (18) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 15320 | (18) | (143) | (161) | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 12/10/2029 | 800 | (71) | 128 | 57 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/18/2029 | 800 | (45) | 118 | 73 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 68730 | (601) | (137) | (738) | 0 | (100) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 4920 | 467 | (119) | 348 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/15/2030 | 2800 | (205) | 437 | 232 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/12/2030 | 1600 | (145) | 258 | 113 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 02/22/2030 | 900 | (3) | 2 | (1) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.340 | Annual | 02/23/2030 | 800 | (3) | (2) | (5) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 1400 | (3) | (21) | (24) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 03/10/2030 | 800 | (74) | 130 | 56 | 0 | (1) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

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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** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.430% | Semi-Annual | 03/17/2030 | $800 | $(42) | $118 | $76 | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | 505 | (243) | 262 | 0 | (18) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/17/2030 | 24800 | (996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793 | 0 | (35) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 910 | 5 | 2 | 7 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 16590 | 153 | 170 | 323 | 0 | (27) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/22/2030 | 1300 | (5) | 9 | 4 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/22/2030 | 200 | (1) | 3 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 719 | 4 | 94 | 98 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 4570 | 246 | (236) | 10 | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2031 | 320 | (15) | 2 | (13) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 550 | 0 | 5 | 5 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 880 | 0 | 3 | 3 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 4400 | 274 | 440 | 714 | 0 | (8) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 6495 | (498) | (558) | (1056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 49300 | 456 | (1189) | (733) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 1790 | 0 | 29 | 29 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 07/16/2031 | 800 | (3) | 106 | 103 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.405 | Semi-Annual | 09/07/2031 | 900 | (4) | 120 | 116 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 10/05/2031 | 600 | (1) | (80) | (81) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/15/2031 | 600 | (1) | (78) | (79) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.545 | Semi-Annual | 10/26/2031 | 400 | (1) | (50) | (51) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/15/2031 | 7000 | (143) | 968 | 825 | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 24620 | (294) | 24 | (270) | 0 | (58) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 01/12/2032 | 400 | (1) | (48) | (49) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 01/24/2032 | 500 | (1) | (62) | (63) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.768 | Semi-Annual | 02/02/2032 | 400 | (1) | (46) | (47) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/18/2032 | 900 | (5) | (89) | (94) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.730 | Annual | 02/24/2032 | 700 | (3) | (77) | (80) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 10100 | 393 | (202) | 191 | 0 | (24) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.817 | Annual | 04/05/2032 | 2400 | (12) | (247) | (259) | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 04/06/2032 | 1200 | (6) | (120) | (126) | 3 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 15070 | (15) | (215) | (230) | 0 | (39) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.385 | Annual | 06/08/2032 | 300 | 3 | 18 | 21 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 1980 | 75 | 205 | 280 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 2170 | (188) | (120) | (308) | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 4010 | (173) | (270) | (443) | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 2108 | 176 | 58 | 234 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 1410 | 18 | 7 | 25 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 11180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | (24) | 1288 | 0 | (29) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 02/23/2033 | 400 | (2) | (4) | (6) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.430 | Annual | 02/27/2033 | 500 | (2) | (4) | (6) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 03/01/2033 | 400 | (2) | (5) | (7) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.405 | Annual | 03/01/2033 | 500 | (2) | (5) | (7) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.425 | Annual | 03/01/2033 | 500 | (2) | (4) | (6) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 03/06/2033 | 500 | (2) | (9) | (11) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 03/07/2033 | 1000 | (4) | (7) | (11) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 05/22/2033 | 45500 | 440 | (158) | 282 | 0 | (137) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.420 | Annual | 05/24/2033 | 600 | (2) | (5) | (7) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/06/2033 | 19440 | (69) | (86) | (155) | 0 | (60) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/14/2033 | 1300 | (6) | (20) | (26) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 3995 | 60 | 104 | 164 | 0 | (12) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2033 | 900 | (4) | (1) | (5) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 07/10/2033 | 400 | (1) | (1) | (2) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 07/12/2033 | 400 | (1) | 2 | 1 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 08/07/2033 | 200 | (1) | 1 | 0 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 08/30/2033 | 1000 | (3) | 19 | 16 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 09/13/2033 | 800 | (3) | 19 | 16 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.165 | Annual | 09/27/2033 | 800 | (3) | 33 | 30 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/02/2033 | 600 | (2) | 24 | 22 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/04/2033 | 800 | (3) | 25 | 22 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 | 400 | (1) | 17 | 16 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 400 | (2) | 17 | 15 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 10/18/2033 | 300 | (1) | 13 | 12 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 | 400 | (1) | 18 | 17 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 | 200 | (1) | 10 | 9 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 | 200 | (1) | 10 | 9 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.393 | Annual | 10/25/2033 | 200 | (1) | 12 | 11 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.435 | Annual | 11/01/2033 | 200 | (1) | 13 | 12 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 11/01/2033 | 400 | (2) | 26 | 24 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 | 400 | (2) | (16) | (18) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 400 | (2) | (9) | (11) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 | 400 | (2) | (7) | (9) | 0 | (1) |

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

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June 30, 2025 (Unaudited)

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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 | 3.500% | Annual | 12/20/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $5 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 400 | (2) | (4) | (6) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 200 | (1) | 0 | (1) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 200 | (1) | 1 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 400 | (2) | 2 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 400 | (2) | 2 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 400 | 0 | 2 | 2 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 200 | (1) | 2 | 1 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 01/23/2034 | 200 | (1) | 2 | 1 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.738 | Annual | 01/23/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 01/24/2034 | 400 | (2) | 2 | 0 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.685 | Annual | 01/24/2034 | 400 | (2) | 3 | 1 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.725 | Annual | 02/07/2034 | 200 | (1) | 2 | 1 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 02/21/2034 | 800 | (4) | 17 | 13 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 03/05/2034 | 400 | (2) | 2 | 0 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/05/2034 | 400 | (1) | 3 | 2 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/10/2034 | 400 | (1) | 9 | 8 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/15/2034 | 200 | (1) | 5 | 4 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 04/17/2034 | 400 | (1) | 15 | 14 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 04/22/2034 | 400 | (2) | 16 | 14 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 04/22/2034 | 400 | (1) | 17 | 16 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.105 | Annual | 04/24/2034 | 700 | (2) | 27 | 25 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.078 | Annual | 04/29/2034 | 400 | (1) | 15 | 14 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 04/30/2034 | 1300 | (4) | 49 | 45 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 05/03/2034 | 400 | (1) | 16 | 15 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 05/06/2034 | 700 | (2) | 32 | 30 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 3290 | (92) | 120 | 28 | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 700 | (2) | (12) | (14) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 400 | (1) | (9) | (10) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 900 | (3) | (6) | (9) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 700 | (2) | (6) | (8) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 500 | (2) | (2) | (4) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 500 | (2) | 0 | (2) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 500 | (2) | 6 | 4 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 500 | (2) | 3 | 1 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 500 | (2) | 5 | 3 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 | 500 | (2) | 10 | 8 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 700 | (2) | 12 | 10 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 300 | (1) | 5 | 4 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 500 | (2) | 11 | 9 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 08/21/2034 | 700 | (2) | 14 | 12 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 500 | (2) | 10 | 8 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 500 | (2) | 8 | 6 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 500 | (2) | 10 | 8 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 500 | (2) | 10 | 8 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 500 | (2) | 8 | 6 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 1000 | (4) | 16 | 12 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 300 | (1) | 5 | 4 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 | 1100 | (4) | 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 500 | (2) | 6 | 4 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 1000 | (4) | 23 | 19 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 200 | (1) | 7 | 6 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 500 | (2) | 16 | 14 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 250 | (1) | 12 | 11 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 800 | (3) | 34 | 31 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 500 | (2) | 24 | 22 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 500 | (2) | 23 | 21 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 | 500 | (2) | (10) | (12) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 | 500 | (2) | (13) | (15) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.395 | Annual | 10/17/2034 | 500 | (2) | (12) | (14) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 500 | (1) | (11) | (12) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 500 | (1) | (10) | (11) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 500 | (2) | (8) | (10) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 1100 | (4) | (20) | (24) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.485 | Annual | 10/30/2034 | 900 | (3) | (15) | (18) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.455 | Annual | 11/01/2034 | 900 | (3) | (17) | (20) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 11/01/2034 | 900 | (3) | (16) | (19) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.435 | Annual | 11/05/2034 | 900 | (3) | (19) | (22) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 | 3100 | (11) | (41) | (52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 1800 | (6) | (21) | (27) | 7 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 600 | (2) | 10 | 8 | 2 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 | 3.793% | Annual | 11/19/2034 | $900 | $(4) | $10 | $6 | $3 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 300 | (1) | 5 | 4 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 210 | 5 | (4) | 1 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 600 | (2) | 9 | 7 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 300 | (1) | 6 | 5 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 600 | (2) | 12 | 10 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 900 | (2) | 16 | 14 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 900 | (2) | 26 | 24 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 600 | (2) | 21 | 19 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 300 | (1) | 11 | 10 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 600 | (2) | 22 | 20 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 300 | (1) | (4) | (5) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 600 | (2) | (9) | (11) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 300 | (1) | (3) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 600 | (2) | (7) | (9) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 600 | (2) | (9) | (11) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 1000 | (3) | (21) | (24) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 1200 | (3) | (21) | (24) | 0 | (5) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 1200 | (6) | 12 | 6 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 900 | 23 | 10 | 33 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.910 | Semi-Annual | 10/17/2049 | 300 | (65) | 177 | 112 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.895 | Semi-Annual | 10/18/2049 | 300 | (64) | 176 | 112 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/15/2049 | 270 | 0 | 27 | 27 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 | 270 | 0 | 23 | 23 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | 11/15/2049 | 140 | 0 | 11 | 11 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 12/11/2049 | 2200 | (658) | 1352 | 694 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.625 | Semi-Annual | 02/03/2050 | 3000 | (443) | 1685 | 1242 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.875 | Semi-Annual | 02/07/2050 | 1200 | (251) | 700 | 449 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 03/12/2050 | 900 | (274) | 554 | 280 | 0 | (5) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.491 | Semi-Annual | 01/21/2051 | 400 | (4) | (174) | (178) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 | 2000 | 373 | 598 | 971 | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.785 | Semi-Annual | 08/12/2051 | 500 | (7) | 207 | 200 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 12/15/2051 | 4000 | 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.815 | Semi-Annual | 01/24/2052 | 100 | (1) | (39) | (40) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.867 | Semi-Annual | 01/26/2052 | 100 | (1) | (38) | (39) | 1 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2052 | 4007 | (8) | (98) | (106) | 0 | (33) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 200 | (2) | (28) | (30) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 07/12/2053 | 300 | (2) | (31) | (33) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 | 390 | (4) | 49 | 45 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 03/05/2054 | 200 | (2) | (11) | (13) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 9.874 | Maturity | 01/02/2026 | 3000 | 0 | (31) | (31) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 9.899 | Maturity | 01/02/2026 | 1500 | 0 | (15) | (15) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 9.939 | Maturity | 01/02/2026 | 2400 | 0 | (24) | (24) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.052 | Maturity | 01/02/2026 | 5600 | 0 | (54) | (54) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.085 | Maturity | 01/02/2026 | 5600 | 0 | (53) | (53) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.105 | Maturity | 01/02/2026 | 5500 | 0 | (52) | (52) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 9.998 | Maturity | 01/04/2027 | 4400 | 0 | (61) | (61) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 10.037 | Maturity | 01/04/2027 | 1100 | 0 | (15) | (15) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.041 | Maturity | 01/04/2027 | 4600 | 0 | (63) | (63) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 10.072 | Maturity | 01/04/2027 | 3270 | 0 | (38) | (38) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 10.090 | Maturity | 01/04/2027 | 8600 | 0 | (117) | (117) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 10.098 | Maturity | 01/04/2027 | 9900 | 0 | (114) | (114) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 10.138 | Maturity | 01/04/2027 | 2100 | 0 | (28) | (28) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.165 | Maturity | 01/04/2027 | 5020 | 0 | (57) | (57) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 10.170 | Maturity | 01/04/2027 | 8380 | 0 | (94) | (94) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 10.183 | Maturity | 01/04/2027 | 15050 | 0 | (169) | (169) | 3 | 0 |
|  Pay | 1-Year BRL-CDI | 10.203 | Maturity | 01/04/2027 | 11730 | 0 | (130) | (130) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 10.210 | Maturity | 01/04/2027 | 1690 | 0 | (19) | (19) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.256 | Maturity | 01/04/2027 | 11720 | 0 | (128) | (128) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 10.328 | Maturity | 01/04/2027 | 9670 | 0 | (103) | (103) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 11.250 | Maturity | 01/04/2027 | 800 | 0 | (9) | (9) | 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) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.746 | Maturity | 01/04/2027 | 900 | 0 | (7) | (7) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.901 | Maturity | 01/04/2027 | 2200 | 0 | (16) | (16) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 16300 | 1 | (9) | (8) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 11800 | 0 | (3) | (3) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 10700 | (1) | 17 | 16 | 16 | 0 |
|  Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400 | 2 | 24 | 26 | 19 | 0 |
|  Pay | 3-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 09/18/2029 | 17700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | 20 | 203 | 0 | (4) |

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| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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June 30, 2025 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 AUD-BBR-BBSW | 4.500% | Semi-Annual | 06/18/2035 | AUD | 29550 | $395 | $306 | $701 | $0 | $(55) |
|  Pay | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 | EUR | 500 | (1) | 15 | 14 | 0 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 500 | (1) | 15 | 14 | 0 | (1) |
|  Pay | 3-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 |  | 500 | (1) | 16 | 15 | 0 | (1) |
|  Pay | 3-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 |  | 400 | (1) | 15 | 14 | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 |  | 400 | (1) | (14) | (15) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 |  | 500 | (1) | (8) | (9) | 1 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 600 | (1) | (4) | (5) | 1 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 |  | 300 | (1) | (5) | (6) | 1 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 |  | 300 | (1) | (4) | (5) | 1 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 300 | (1) | 3 | 2 | 1 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 |  | 300 | (1) | 3 | 2 | 1 | 0 |
|  Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | NZD | 3800 | 23 | 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | 0 | (2) |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 07/31/2028 | ZAR | 7100 | 0 | 16 | 16 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 07/31/2028 |  | 1900 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.420 | Quarterly | 07/31/2028 |  | 7100 | 0 | 16 | 16 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.426 | Quarterly | 08/01/2028 |  | 2800 | 0 | 6 | 6 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/01/2028 |  | 4800 | 0 | 11 | 11 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/02/2028 |  | 4900 | 0 | 11 | 11 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.550 | Quarterly | 08/03/2028 |  | 5600 | 0 | 14 | 14 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.380 | Quarterly | 08/04/2028 |  | 10000 | 0 | 22 | 22 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 08/04/2028 |  | 2500 | 0 | 6 | 6 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.421 | Quarterly | 08/04/2028 |  | 3500 | 0 | 8 | 8 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.543 | Quarterly | 08/04/2028 |  | 2600 | 0 | 6 | 6 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.360 | Quarterly | 08/07/2028 |  | 10600 | 0 | 23 | 23 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/07/2028 |  | 1500 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.000 | Quarterly | 01/03/2031 |  | 2700 | 0 | 4 | 4 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.001 | Quarterly | 01/06/2031 |  | 2700 | 0 | 4 | 4 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.010 | Quarterly | 01/07/2031 |  | 2700 | 0 | 4 | 4 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.030 | Quarterly | 01/07/2031 |  | 2700 | 0 | 4 | 4 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.053 | Quarterly | 01/07/2031 |  | 2700 | 0 | 5 | 5 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.058 | Quarterly | 01/07/2031 |  | 2700 | 0 | 5 | 5 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.063 | Quarterly | 01/08/2031 |  | 2600 | 0 | 4 | 4 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.080 | Quarterly | 01/08/2031 |  | 9100 | 0 | 16 | 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.203 | Quarterly | 01/10/2031 |  | 2600 | 0 | 5 | 5 | 1 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 | AUD | 13870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1393) | (73) | 1 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 3.000 | Semi-Annual | 03/21/2027 |  | 1090 | 126 | (134) | (8) | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 4200 | (7) | 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | 0 | (5) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 5300 | (20) | 157 | 137 | 0 | (7) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 2100 | 28 | 25 | 53 | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 0.329 | Annual | 12/30/2025 | EUR | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 |  | 500 | (1) | 37 | 36 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.360 | Annual | 10/07/2029 |  | 500 | (1) | (9) | (10) | 1 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 41790 | (493) | 420 | (73) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) |
|  Pay | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/21/2032 |  | 1920 | (4) | (43) | (47) | 0 | (3) |
|  Pay | 6-Month EUR-EURIBOR | 3.270 | Annual | 08/21/2033 |  | 300 | (1) | 28 | 27 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 |  | 800 | (3) | 77 | 74 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 |  | 300 | (1) | 8 | 7 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/05/2034 |  | 300 | (1) | 8 | 7 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 |  | 1000 | (3) | 2 | (1) | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 300 | (1) | (4) | (5) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 300 | (1) | 2 | 1 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 300 | (1) | (1) | (2) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 400 | (1) | (4) | (5) | 0 | (1) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 1300 | (37) | (13) | (50) | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 03/18/2050 |  | 200 | (13) | 122 | 109 | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 06/17/2050 |  | 400 | (63) | 258 | 195 | 1 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 |  | 12500 | 132 | 1327 | 1459 | 5 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 20100 | 1594 | 867 | 2461 | 76 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.990 | Lunar | 12/18/2029 | MXN | 4600 | 0 | 13 | 13 | 1 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.135 | Lunar | 12/27/2029 |  | 5600 | 0 | 17 | 17 | 1 | 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 | 65 | 65 | 3 | 0 |
|  Pay | CAONREPO | 3.750 | Semi-Annual | 12/20/2025 | CAD | 9400 | (160) | 199 | 39 | 0 | 0 |
|  Pay | UKRPI | 4.000 | Maturity | 09/15/2031 | GBP | 300 | 0 | (41) | (41) | 2 | 0 |
|  Pay | UKRPI | 4.055 | Maturity | 09/15/2031 |  | 400 | 2 | (54) | (52) | 2 | 0 |
|  Pay | UKRPI | 4.066 | Maturity | 09/15/2031 |  | 700 | (9) | (80) | (89) | 4 | 0 |
|  Pay | UKRPI | 4.020 | Maturity | 10/15/2031 |  | 400 | (2) | (51) | (53) | 2 | 0 |
|  Pay | UKRPI | 4.140 | Maturity | 10/15/2031 |  | 1000 | (3) | (111) | (114) | 6 | 0 |
|  Pay | UKRPI | 4.400 | Maturity | 10/15/2031 |  | 500 | 4 | (40) | (36) | 3 | 0 |
|  Pay | UKRPI | 4.250 | Maturity | 11/15/2031 |  | 900 | (8) | (73) | (81) | 6 | 0 |
|  |  |  |  |  |  |  | $1954 | $9199 | $11153 | $533 | $(1145) |
|  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;3857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1145) |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 21

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Schedule of Investments PIMCO Income 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 June 30, 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 | **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;1008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | $1665 | $(33) | $(443) | $(1145) | $(1621) |

---

(k) Securities with an aggregate market value of $10,761 and cash of $12,497 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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 $(1) 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. 

<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;(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 | 07/2025 | 8941 | $1241 | $0 | $(9) |
|  | 07/2025 | 420 | 492 | 0 | (3) |
|  | 07/2025 | $3613 | 5561 | 48 | 0 |
|  | 07/2025 | 995 | 725 | 0 | 0 |
|  | 07/2025 | 425 | 707 | 5 | 0 |
|  | 08/2025 | 5561 | $3615 | 0 | (48) |
|  | 08/2025 | 14393 | 2003 | 0 | (15) |
|  | 08/2025 | 725 | 995 | 0 | 0 |
|  | 08/2025 | 707 | 426 | 0 | (6) |
|  | 08/2025 | $493 | 420 | 3 | 0 |
|  BOA | 07/2025 | 40995 | $46614 | 0 | (1677) |
|  | 07/2025 | 700 | 193 | 0 | (5) |
|  | 07/2025 | $406 | 6628027 | 2 | 0 |
|  | 07/2025 | 893 | 1217775 | 7 | 0 |
|  | 07/2025 | 156 | 200 | 1 | 0 |
|  | 08/2025 | 199 | $156 | 0 | (1) |
|  | 08/2025 | 465 | 14 | 0 | (2) |
|  BPS | 07/2025 | 2226 | 407 | 0 | (3) |
|  | 07/2025 | 484 | 15 | 0 | 0 |
|  | 07/2025 | 5353 | 134 | 0 | (1) |
|  | 07/2025 | 41061 | 1264 | 0 | (150) |
|  | 07/2025 | $400 | 2226 | 10 | 0 |
|  | 07/2025 | 699 | 11411184 | 4 | 0 |
|  | 07/2025 | 60 | 1965 | 1 | 0 |
|  | 07/2025 | 225 | 6684 | 5 | 0 |
|  | 08/2025 | 4826 | $676 | 0 | (1) |
|  | 08/2025 | 3414 | 82 | 0 | (1) |
|  | 08/2025 | 45767 | 1400 | 0 | (191) |
|  | 08/2025 | $444 | 38630 | 5 | 0 |
|  | 08/2025 | 44 | 6300 | 0 | 0 |
|  | 08/2025 | 49 | 1619 | 7 | 0 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 10/2025 | 29050 | $4496 | $0 | $(729) |
|  | 05/2026 | $116 | 35 | 0 | 0 |
|  | 06/2026 | 84 | 26 | 0 | 0 |
|  | 06/2027 | 41 | 12 | 0 | 0 |
|  | 05/2029 | 175 | $600 | 26 | 0 |
|  | 07/2029 | 23 | 80 | 3 | 0 |
|  | 05/2030 | 130 | 447 | 18 | 0 |
|  BRC | 07/2025 | 725 | 997 | 2 | 0 |
|  | 07/2025 | 4952 | 1422 | 0 | (48) |
|  | 07/2025 | 76730 | 56 | 0 | (1) |
|  | 07/2025 | 14328 | 354 | 0 | (3) |
|  | 07/2025 | $30085 | 22115 | 271 | 0 |
|  | 07/2025 | 705 | 2381 | 2 | 0 |
|  | 07/2025 | 28 | 4058 | 0 | 0 |
|  | 07/2025 | 143 | 535 | 6 | 0 |
|  | 07/2025 | 3633 | 148852 | 66 | 0 |
|  | 07/2025 | 395 | 7120 | 7 | 0 |
|  | 07/2025 | 6695 | $369 | 0 | (8) |
|  | 08/2025 | 21398 | 29118 | 0 | (258) |
|  | 08/2025 | 1902 | 516 | 0 | (21) |
|  | 08/2025 | 63 | 1 | 0 | 0 |
|  | 08/2025 | 47067 | 1446 | 0 | (190) |
|  | 08/2025 | $2092 | 87121 | 25 | 0 |
|  | 09/2025 | 11944 | $3270 | 0 | (95) |
|  BSH | 07/2025 | 15169 | 2752 | 0 | (40) |
|  | 07/2025 | 1372 | 377 | 0 | (11) |
|  | 07/2025 | $2780 | 15169 | 12 | 0 |
|  | 07/2025 | 577 | 2071 | 8 | 0 |
|  | 08/2025 | 2752 | 15284 | 39 | 0 |
|  | 09/2025 | 701 | $196 | 0 | (2) |
|  | 09/2025 | $97 | 351 | 2 | 0 |
|  | 12/2025 | 1378 | $381 | 0 | (6) |
|  CBK | 07/2025 | 5719338 | 4168 | 0 | (62) |
|  | 07/2025 | 6710 | 1824 | 0 | (70) |
|  | 07/2025 | 25350 | 762 | 0 | (18) |
|  | 07/2025 | 64291 | 1977 | 0 | (237) |
|  | 07/2025 | $650 | 569 | 20 | 0 |
|  | 07/2025 | 282 | 4588451 | 1 | 0 |
|  | 07/2025 | 2122 | 7577 | 17 | 0 |
|  | 07/2025 | 4169 | 123954 | 98 | 0 |
|  | 08/2025 | 2847 | $396 | 0 | (3) |
|  | 08/2025 | 2688 | 744 | 0 | (13) |
|  | 08/2025 | 56718 | 1737 | 0 | (235) |
|  | 08/2025 | $3328 | 286832 | 13 | (1) |
|  | 09/2025 | 1712 | $89 | 0 | (1) |
|  | 09/2025 | 8682 | 2410 | 0 | (34) |
|  | 12/2025 | 3444 | 930 | 0 | (37) |
|  | 02/2026 | 2109 | 574 | 0 | (18) |
|  DUB | 07/2025 | 2405 | 694 | 0 | (20) |
|  | 07/2025 | 68181 | 50 | 0 | 0 |
|  | 07/2025 | 21 | 16 | 0 | 0 |
|  | 07/2025 | $40213 | 34663 | 619 | 0 |
|  | 07/2025 | 50 | 814830 | 0 | 0 |
|  | 07/2025 | 187 | 5574 | 4 | 0 |
|  | 08/2025 | 34587 | $40213 | 0 | (618) |
|  | 08/2025 | $1543 | 133104 | 7 | 0 |
|  FAR | 07/2025 | 5561 | 3588 | 0 | (72) |
|  | 07/2025 | 73101 | 13274 | 0 | (181) |
|  | 07/2025 | 1995 | 2423 | 0 | (92) |
|  | 07/2025 | 4548 | 633 | 0 | (3) |
|  | 07/2025 | 1278729 | 8785 | 0 | (95) |
|  | 07/2025 | 52 | 40 | 0 | (1) |
|  | 07/2025 | $12786 | 73101 | 669 | 0 |
|  | 07/2025 | 2489 | 1993 | 22 | 0 |
|  | 07/2025 | 15608 | 2239099 | 0 | (59) |
|  | 07/2025 | 125 | 160 | 0 | 0 |
|  | 08/2025 | 1985 | $2489 | 0 | (22) |
|  | 08/2025 | 5094 | 712 | 0 | (3) |
|  | 08/2025 | 184 | 145 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  | 08/2025 | $737 | 63749 | $5 | $0 |
|  | 08/2025 | 8785 | 1274027 | 95 | 0 |
|  | 09/2025 | 9211 | 51705 | 161 | 0 |
|  | 09/2025 | 2907 | 56600 | 85 | 0 |
|  | 09/2025 | 0 | 1 | 0 | 0 |
|  | 11/2025 | 5598 | $1525 | 0 | (49) |
|  GLM | 07/2025 | 36226 | 6171 | 0 | (497) |
|  | 07/2025 | 18886 | 581 | 0 | (70) |
|  | 07/2025 | $6623 | 36226 | 45 | 0 |
|  | 07/2025 | 67 | 1086306 | 0 | 0 |
|  | 07/2025 | 49 | 62 | 0 | 0 |
|  | 07/2025 | 358 | 11653 | 43 | 0 |
|  | 08/2025 | 4344 | $606 | 0 | (3) |
|  | 08/2025 | 62 | 49 | 0 | 0 |
|  | 09/2025 | $1682 | 9471 | 35 | 0 |
|  | 10/2025 | 4600 | $711 | 0 | (116) |
|  | 04/2026 | 9500 | 1612 | 0 | (22) |
|  JPM | 07/2025 | 17674 | 3239 | 0 | (14) |
|  | 07/2025 | 8617 | 1194 | 0 | (11) |
|  | 07/2025 | 22104 | 29778 | 0 | (563) |
|  | 07/2025 | 307232 | 225 | 0 | (3) |
|  | 07/2025 | 707 | 421 | 0 | (9) |
|  | 07/2025 | 1378 | 1073 | 0 | (11) |
|  | 07/2025 | 41564 | 1278 | 0 | (153) |
|  | 07/2025 | $3169 | 17674 | 84 | 0 |
|  | 07/2025 | 1532 | 5754 | 64 | 0 |
|  | 07/2025 | 102 | 131 | 1 | 0 |
|  | 07/2025 | 279 | 8284 | 6 | 0 |
|  | 07/2025 | 6327 | $354 | 0 | (3) |
|  | 08/2025 | 13321 | 1853 | 0 | (15) |
|  | 08/2025 | 131 | 102 | 0 | (1) |
|  | 08/2025 | 75613 | 2324 | 0 | (305) |
|  | 08/2025 | $497 | 43084 | 5 | 0 |
|  | 08/2025 | 83 | 2706 | 12 | 0 |
|  | 04/2026 | 15200 | $2565 | 0 | (50) |
|  MBC | 07/2025 | 8408 | 6122 | 0 | (53) |
|  | 07/2025 | 4131 | 573 | 0 | (5) |
|  | 07/2025 | 737 | 997 | 0 | (14) |
|  | 07/2025 | 3310 | 2580 | 0 | (23) |
|  | 07/2025 | 12725 | 384 | 0 | (7) |
|  | 07/2025 | 19782 | 607 | 0 | (74) |
|  | 07/2025 | $6119 | 8411 | 58 | 0 |
|  | 07/2025 | 7166 | 6183 | 117 | 0 |
|  | 07/2025 | 984 | 726 | 13 | 0 |
|  | 07/2025 | 84 | 1371561 | 0 | 0 |
|  | 07/2025 | 684 | 98218 | 0 | (2) |
|  | 07/2025 | 1099 | 4114 | 43 | 0 |
|  | 07/2025 | 2697 | 3488 | 46 | 0 |
|  | 07/2025 | 662 | 20959 | 59 | 0 |
|  | 08/2025 | 8397 | $6119 | 0 | (58) |
|  | 08/2025 | 7046 | 979 | 0 | (9) |
|  | 08/2025 | 3480 | 2697 | 0 | (47) |
|  | 08/2025 | 31458 | 971 | 0 | (122) |
|  | 08/2025 | $1124 | 8144 | 18 | 0 |
|  | 08/2025 | 233 | 33506 | 0 | 0 |
|  MYI | 07/2025 | 994558 | $6861 | 0 | (45) |
|  | 07/2025 | $350 | 50581 | 1 | 0 |
|  | 08/2025 | 5192 | $725 | 0 | (3) |
|  | 08/2025 | $6861 | 990901 | 45 | 0 |
|  NGF | 07/2025 | 798 | 13001760 | 4 | 0 |
|  | 08/2025 | 128 | 5360 | 2 | 0 |
|  RBC | 08/2025 | 582 | 4245 | 13 | 0 |
|  SCX | 07/2025 | 37 | $11 | 0 | 0 |
|  | 07/2025 | 111735 | 774 | 0 | (2) |
|  | 07/2025 | 1480 | 51 | 0 | 0 |
|  | 07/2025 | $310 | 5052077 | 1 | 0 |
|  | 07/2025 | 539 | 695 | 8 | 0 |
|  | 07/2025 | 2021 | 59152 | 16 | 0 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 08/2025 | 8945 | $1252 | $0 | $(2) |
|  | 08/2025 | 693 | 539 | 0 | (8) |
|  | 08/2025 | 11075 | 339 | 0 | (46) |
|  | 08/2025 | $2867 | 20764 | 45 | 0 |
|  | 08/2025 | 520 | 44660 | 0 | 0 |
|  | 08/2025 | 774 | 111323 | 2 | 0 |
|  UAG | 07/2025 | 364 | $101 | 0 | (7) |
|  | 07/2025 | 58228 | 43 | 0 | 0 |
|  | 07/2025 | 2021 | 61 | 0 | (1) |
|  | 07/2025 | $228 | 33003 | 1 | 0 |
|  | 07/2025 | 43 | 58257 | 0 | 0 |
|  | 08/2025 | 1456 | 10513 | 18 | 0 |
|  | 09/2025 | 209 | 4056 | 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;3211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7843) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| GLM | Put - OTC EUR versus USD | $1.150 | 08/27/2025 | 4800 | $30 | $21 |
|  | Put - OTC EUR versus USD | 1.150 | 08/29/2025 | 19300 | 120 | 85 |
|  |  |  |  |  | $150 | $106 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.770% | 07/09/2025 | 600 | $(2) | $(6) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.120 | 07/09/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.637 | 07/18/2025 | 600 | (2) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.037 | 07/18/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.700 | 07/21/2025 | 600 | (2) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.050 | 07/21/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.555 | 07/24/2025 | 600 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.905 | 07/24/2025 | 600 | (2) | (1) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.605 | 07/23/2025 | 600 | (2) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.955 | 07/23/2025 | 600 | (2) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.564 | 07/24/2025 | 600 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.914 | 07/24/2025 | 600 | (2) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.380 | 07/03/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.640 | 07/03/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.460 | 07/16/2025 | 400 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.720 | 07/16/2025 | 400 | (1) | (1) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.750 | 07/03/2025 | 1000 | (4) | (7) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.100 | 07/03/2025 | 1000 | (4) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.790 | 07/09/2025 | 700 | (2) | (7) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.140 | 07/09/2025 | 700 | (2) | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.680 | 07/07/2025 | 300 | (1) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.775 | 07/07/2025 | 600 | (2) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.030 | 07/07/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.125 | 07/07/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.653 | 07/14/2025 | 600 | (2) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.053 | 07/14/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 07/17/2025 | 600 | (2) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 07/17/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.583 | 07/23/2025 | 300 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.933 | 07/23/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.525 | 07/28/2025 | 600 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.875 | 07/28/2025 | 600 | (2) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.555 | 07/30/2025 | 600 | (2) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.905 | 07/30/2025 | 600 | (2) | (1) |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.772 | 07/10/2025 | 600 | (2) | (6) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.122 | 07/10/2025 | 600 | (2) | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

---

------

Schedule of Investments PIMCO Income Portfolio (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715% | 07/02/2025 | 600 | $(2) | $(3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 07/02/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.725 | 07/03/2025 | 600 | (2) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.075 | 07/03/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.669 | 07/07/2025 | 600 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.019 | 07/07/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.664 | 07/14/2025 | 600 | (2) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.064 | 07/14/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.697 | 07/16/2025 | 600 | (1) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.097 | 07/16/2025 | 600 | (1) | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.545 | 07/28/2025 | 900 | (3) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.895 | 07/28/2025 | 900 | (3) | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| SAL | Put - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 07/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.469 | 07/07/2025 | 300 | $(2) | $0 |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 07/01/2055 | 96.469 | 07/07/2025 | 300 | (1) | 0 |
|  |  |  |  |  | $(3) | $0 |
|  Total Written Options | Total Written Options |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) |

---

#### 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>June 30, 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>June 30, 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 Bond | 1.000% | Quarterly | 12/20/2027 | 1.337% | $300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| BRC | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.050 | 200 | (9) | 9 | 0 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.803 | 100 | (2) | 3 | 1 | 0 |
| CBK | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.163 | 400 | (14) | 13 | 0 | (1) |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.603 | 700 | (4) | 10 | 6 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | (19) | 25 | 6 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 | 0.000 | 1070 | 0 | 6 | 6 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 | 0.000 | 459 | 0 | 3 | 3 | 0 |
| GST | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.163 | 400 | (15) | 14 | 0 | (1) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.337 | 200 | (18) | 17 | 0 | (1) |
|  | Israel Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.862 | 300 | (8) | 10 | 2 | 0 |
|  | Soft Bank Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 1.490 | 400 | (3) | 1 | 0 | (2) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.750 | 100 | (4) | 4 | 0 | 0 |
| JPM | Israel Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.908 | 1400 | (15) | 21 | 6 | 0 |
| MYC | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.163 | 300 | (11) | 10 | 0 | (1) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.337 | 400 | (36) | 33 | 0 | (3) |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.803 | 300 | (5) | 7 | 2 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.862 | 200 | (5) | 6 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 0.784 | 200 | (2) | 3 | 1 | 0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.750 | 700 | (31) | 34 | 3 | 0 |
|  |  |  |  |  |  |  | $(228) | $254 | $37 | $(11) |

---

#### 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 |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $11600 | $(252) | $302 | $50 | $0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 15100 | 23 | 32 | 55 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 8200 | (418) | 424 | 6 | 0 |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 1625 | 1 | 6 | 7 | 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) | 92 | 52 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200 | 0 | 40 | 40 | 0 |
|  |  |  |  |  |  | $(685) | $896 | $211 | $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;(913) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

26 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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 June 30, 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 | $56 | $0 | $0 | $56 | $(81) | $0 | $0 | $(81) | $(25) | $0 | $(25) |
|  BOA | 10 | 0 | 0 | 10 | (1685) | (17) | 0 | (1702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185) |
|  BPS | 79 | 0 | 0 | 79 | (1076) | 0 | (2) | (1078) | (999) | 895 | (104) |
|  BRC | 379 | 0 | 1 | 380 | (624) | 0 | 0 | (624) | (244) | 311 | 67 |
|  BSH | 61 | 0 | 0 | 61 | (59) | 0 | 0 | (59) | 2 | (20) | 18 |
|  CBK | 149 | 0 | 12 | 161 | (729) | (9) | (1) | (739) | (578) | 781 | 203 |
|  DUB | 630 | 0 | 9 | 639 | (638) | 0 | 0 | (638) | 1 | 0 | 1 |
|  FAR | 1037 | 0 | 0 | 1037 | (577) | (14) | 0 | (591) | 446 | (300) | 146 |
|  GLM | 123 | 106 | 0 | 229 | (708) | (22) | 0 | (730) | (501) | 581 | 80 |
|  GST | 0 | 0 | 113 | 113 | 0 | 0 | (4) | (4) | 109 | 0 | 109 |
|  JPM | 172 | 0 | 6 | 178 | (1138) | (6) | 0 | (1144) | (966) | 1078 | 112 |
|  MBC | 354 | 0 | 0 | 354 | (414) | 0 | 0 | (414) | (60) | 132 | 72 |
|  MYC | 0 | 0 | 7 | 7 | 0 | (15) | (4) | (19) | (12) | 30 | 18 |
|  MYI | 46 | 0 | 0 | 46 | (48) | 0 | 0 | (48) | (2) | 0 | (2) |
|  NGF | 6 | 0 | 0 | 6 | 0 | (5) | 0 | (5) | 1 | 0 | 1 |
|  RBC | 13 | 0 | 0 | 13 | 0 | 0 | 0 | 0 | 13 | 0 | 13 |
|  SAL | 0 | 0 | 100 | 100 | 0 | 0 | 0 | 0 | 100 | 0 | 100 |
|  SCX | 72 | 0 | 0 | 72 | (58) | 0 | 0 | (58) | 14 | 0 | 14 |
|  UAG | 24 | 0 | 0 | 24 | (8) | 0 | 0 | (8) | 16 | 0 | 16 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7843) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7942) |  |  |  |

---

(m) Securities with an aggregate market value of $5,314 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 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 | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

---

------

Schedule of Investments PIMCO Income 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 June 30, 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 | $1008 | $1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 124 | 0 | 0 | 533 | 657 |
|  | $0 | $124 | $0 | $0 | $1541 | $1665 |
|  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 | $3211 | $0 | $3211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 106 | 0 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 248 | 0 | 0 | 0 | 248 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3317 | $0 | $3565 |
|  | $0 | $372 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5230 |
|  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 | $33 | $33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 443 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1145 | 1145 |
|  | $0 | $0 | $0 | $0 | $1621 | $1621 |
|  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 | $7843 | $0 | $7843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 88 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 11 | 0 | 0 | 0 | 11 |
|  | $0 | $11 | $0 | $7843 | $88 | $7942 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $11 | $0 | $7843 | $1709 | $9563 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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 | $94 | $94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (873) | (873) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 446 | 0 | 0 | 3764 | 4210 |
|  | $0 | $446 | $0 | $0 | $2985 | $3431 |
|  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 | $(2971) | $0 | $(2971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 90 | 237 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 388 | 0 | 0 | 0 | 388 |
|  | $0 | $388 | $0 | $(2881) | $237 | $(2256) |
|  | $0 | $834 | $0 | $(2881) | $3222 | $1175 |
|  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 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 1394 | 0 | 0 | 0 | 6431 | 7825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 511 | 0 | 0 | (8710) | (8199) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $(2274) | $(369) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(7465) | $0 | $(7465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (45) | 0 | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 113 | 33 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 124 | 0 | 0 | 0 | 124 |
|  | $0 | $124 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7397) | $33 | $(7240) |
|  | $1394 | $635 | $0 | $(7397) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2241) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7609) |

---

28 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br>**06/30/2025** |
|  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 | $6746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9179 | $15925 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 41927 | 310 | 42237 |
| &nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 | 37995 | 0 | 41045 |
| &nbsp;&nbsp; Utilities | 0 | 17720 | 0 | 17720 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Illinois | 0 | 49 | 0 | 49 |
| &nbsp;&nbsp; New York | 0 | 261 | 0 | 261 |
|  U.S. Government Agencies | 0 | 548797 | 0 | 548797 |
|  U.S. Treasury Obligations | 0 | 124276 | 0 | 124276 |
|  Non-Agency Mortgage-Backed Securities | 0 | 174857 | 0 | 174857 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 5656 | 0 | 5656 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 31735 | 0 | 31735 |
| &nbsp;&nbsp; CMBS Other | 0 | 3096 | 0 | 3096 |
| &nbsp;&nbsp; Home Equity Other | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113886 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113886 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 15204 | 0 | 15204 |
| &nbsp;&nbsp; Other ABS | 0 | 143398 | 0 | 143398 |
|  Sovereign Issues | 0 | 61883 | 0 | 61883 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 211 | 0 | 71 | 282 |
| &nbsp;&nbsp; Financials | 0 | 0 | 985 | 985 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 1011 | 1011 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 2 | 2 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Communication Services | 0 | 0 | 6 | 6 |
| &nbsp;&nbsp; Financials | 0 | 0 | 1 | 1 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 1976 | 0 | 1976 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 5 | 0 | 0 | 5 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 3487 | 0 | 3487 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 786 | 0 | 786 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333735 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348566 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br>**06/30/2025** |
|  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 | $86958 | $0 | $0 | $86958 |
|  Total Investments | $90224 | $1333735 | $11565 | $1435524 |
|  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 | $(2789) | $0 | $(2789) |
|  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 | 105 | 1560 | 0 | 1665 |
|  Over the counter | 0 | 3556 | 9 | 3565 |
|  | $105 | $5116 | $9 | $5230 |
|  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 | (230) | (1391) | 0 | (1621) |
|  Over the counter | 0 | (7942) | 0 | (7942) |
|  | $(230) | $(9333) | $0 | $(9563) |
|  Total Financial Derivative Instruments | $(125) | $(4217) | $9 | $(4333) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428402 |

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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 June 30, 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 06/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>06/30/2025<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 | $2326 | $2211 | $(113) | $0 | $0 | $(34) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789 | $0 | $9179 | $(35) |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 291 | 0 | 0 | 0 | 19 | 0 | 0 | 310 | 19 |
| &nbsp;&nbsp; Industrials | 534 | 0 | (551) | 0 | 0 | 17 | 0 | 0 | 0 | 0 |
|  Non-Agency Mortgage-Backed Securities | 4010 | 0 | (351) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) | 0 | (3628) | 0 | 0 |
|  Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Communication Services | 85 | 0 | 0 | 0 | 0 | (14) | 0 | 0 | 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
| &nbsp;&nbsp; Financials | 943 | 0 | 0 | 0 | 0 | 42 | 0 | 0 | 985 | 42 |
| &nbsp;&nbsp; Health Care | 1026 | 0 | 0 | 0 | 0 | (15) | 0 | 0 | 1011 | (15) |
| &nbsp;&nbsp; Industrials | 1 | 2 | 0 | 0 | 0 | (1) | 0 | 0 | 2 | (1) |
|  Warrants |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Communication Services | 14 | 4 | (14) | 0 | 0 | 2 | 0 | 0 | 6 | 2 |
| &nbsp;&nbsp; Financials | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8940 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1029) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(15) | $4789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3628) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11565 | $(2) |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 29

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Schedule of Investments PIMCO Income Portfolio (Cont.) June 30, 2025 (Unaudited)

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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 06/30/2025** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>06/30/2025<sup>(2)</sup>** |
|  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 | $6 | $0 | $0 | $0 | $3 | $0 | $0 | $9 | $3 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8940 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1029) | $&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;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3628) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |

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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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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | |  |  | | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 06/30/2025 | 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 |  |  |  |
|  Loan Participations and Assignments | $5301 | Comparable Companies | EBITDA Multiple | X | 16.470 |  |
|  | 1675 | Discounted Cash Flow | Discount Rate |  | 6.182-40.000 | 8.323 |
|  | 2200 | Recent Transaction | Purchase Price |  | 100.000 |  |
|  | 3 | Third Party Vendor | Broker Quote |  | 39.500 |  |
|  Corporate Bonds & Notes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 206 | Proxy Pricing | Base Price |  | 104.175 |  |
|  | 104 | Recent Transaction Price | Purchase Price |  | 93.500 |  |
|  Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 33 | Comparable Companies | EBITDA Multiple | X | 4.864 |  |
|  | 38 | Reference Instrument | Stock Price w/Liquidity Discount |  | 12.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 985 | Comparable Companies | EBITDA Multiple | X | 5.200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 1011 | Comparable Companies | EBITDA Multiple | X | 16.470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2 | Indicative Market Quotation | Broker Quote |  | 0.625-2.344 | 2.210 |
|  Warrants |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 6 | Comparable Companies | EBITDA Multiple | X | 4.864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 1 | Option Pricing Model | Volatility |  | 32.500 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |  |  |
|  Over the counter | 9 | Indicative Market Quotation | Broker Quote |  | 0.197-0.248 | 0.215 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11574 |  |  |  |  |  |

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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 June 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

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| | | |
|:---|:---|:---|
| **30** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Notes to Financial Statements June 30, 2025 (Unaudited)

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 new 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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

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

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June 30, 2025 (Unaudited)

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, 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 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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

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Notes to Financial Statements (Cont.)

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 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

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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 marketbased 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.

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

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

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

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

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, 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

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Notes to Financial Statements (Cont.)

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.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indexes, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the

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comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Option Pricing Model is a commonly accepted method of allocating enterprise value across a capital structure. The method may be utilized when a capital structure includes multiple instruments with varying rights and preferences, there is no short term exit horizon, the nature of an exit event is unknown, or if the enterprise value is not sufficient to cover outstanding debt and preferred claims. The Option Pricing Model can also be used as a method to estimate enterprise value by 'back-solving' if there are recent indicative transactions for securities with the same issuer. The Option Pricing Model uses Black-Scholes option pricing, a generally accepted option model typically used to value call options, puts, warrants, and convertible preferred securities. Significant changes in unobservable inputs would result in direct 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 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 June 30, 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>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $7713 | $218541 | $(139300) | $(8) | $12 | $86958 | $433 | $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.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **37** |

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Notes to Financial Statements (Cont.)

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.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and

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other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. 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 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 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 June 30, 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. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

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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 and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC 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).

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

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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 to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(c) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is

currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 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 June 30, 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.

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

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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 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

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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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective

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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 because of a change 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, or 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 factors affecting securities markets generally or particular industries.

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.

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

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investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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 markets, differing 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 event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Portfolio's sensitivity to interest rate 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 will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Portfolio's investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Portfolio's investment receiving less favorable treatment than equity of the issuer in certain situations, such as during 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.

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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, 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. 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. 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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **47** |

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Notes to Financial Statements (Cont.)

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 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

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| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 period ended June 30, 2025.

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

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

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing, or procuring through financial 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 period ended June 30, 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; (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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **49** |

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Notes to Financial Statements (Cont.)

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 June 30, 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 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 June 30, 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;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |

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

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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 June 30, 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;3774828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3733979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44235 |

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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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June 30, 2025 (Unaudited)

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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| | | | | |
|:---|:---|:---|:---|:---|
| | Six Months Ended<br>06/30/2025<br>(Unaudited) | Six Months Ended<br>06/30/2025<br>(Unaudited) | 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 | 945 | $9433 | 3496 | $35131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 7354 | 73413 | 10869 | 108138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 6846 | 68441 | 16153 | 160632 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 226 | 2268 | 424 | 4212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 939 | 9427 | 1682 | 16716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1098 | 11025 | 1909 | 18980 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1860) | (18507) | (621) | (6189) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2188) | (21892) | (2711) | (26945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (2611) | (26064) | (3196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31780) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 10749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107544 | 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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As of June 30, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 50% 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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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 its last fiscal year ended December 31, 2024, 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 |
| $20370 | $19323 |

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **51** |

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Notes to Financial Statements (Cont.) June 30, 2025 (Unaudited)

As of June 30, 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>(1)</sup> |
| $1437319 | $64270 | $(52691) | $11579 |

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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> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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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. | GST | Goldman Sachs International | RBC | Royal Bank of Canada |
| BRC | Barclays Bank PLC | JPM | JP Morgan Chase Bank N.A. | SAL | Citigroup Global Markets, Inc. |
| BSH | Banco Santander S.A. - New York Branch | MBC | HSBC Bank Plc | SCX | Standard Chartered Bank, London |
| CBK | Citibank N.A. | MYC | Morgan Stanley Capital Services LLC | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | ILS | Israeli Shekel | PEN | Peruvian New Sol |
| BRL | Brazilian Real | INR | Indian Rupee | PLN | Polish Zloty |
| CAD | Canadian Dollar | JPY | Japanese Yen | SGD | Singapore Dollar |
| CHF | Swiss Franc | KRW | South Korean Won | THB | Thai Baht |
| CNH | Chinese Renminbi (Offshore) | KWD | Kuwaiti Dinar | TRY | Turkish New Lira |
| EUR | Euro | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| GBP | British Pound | NGN | Nigerian Naira | USD (or $) | United States Dollar |
| IDR | Indonesian Rupiah | NZD | New Zealand Dollar | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | EUREX | Eurex Exchange | OTC | Over the Counter |
| CBOT | Chicago Board of Trade |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| Bobl | Bundesobligation, the German word for federal government bond | CMBX | Commercial Mortgage-Backed Index | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | 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 | OIS | Overnight Index Swap |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | PIK | Payment-in-Kind |
| BABs | Build America Bonds | 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 | JIBAR | Johannesburg Interbank Agreed Rate | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BRL-CDI | Brazil Interbank Deposit Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 June 30, 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

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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) |
|  January 2025 | $0.0461 | $0.0000 | $0.0000 | $0.0461 |
|  February 2025 | $0.0417 | $0.0000 | $0.0000 | $0.0417 |
|  March 2025 | $0.0461 | $0.0000 | $0.0000 | $0.0461 |
|  April 2025 | $0.0460 | $0.0000 | $0.0000 | $0.0460 |
|  May 2025 | $0.0472 | $0.0000 | $0.0000 | $0.0472 |
|  June 2025 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |
| 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) |
|  January 2025 | $0.0448 | $0.0000 | $0.0000 | $0.0448 |
|  February 2025 | $0.0406 | $0.0000 | $0.0000 | $0.0406 |
|  March 2025 | $0.0449 | $0.0000 | $0.0000 | $0.0449 |
|  April 2025 | $0.0447 | $0.0000 | $0.0000 | $0.0447 |
|  May 2025 | $0.0459 | $0.0000 | $0.0000 | $0.0459 |
|  June 2025 | $0.0415 | $0.0000 | $0.0000 | $0.0415 |
| 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) |
|  January 2025 | $0.0439 | $0.0000 | $0.0000 | $0.0439 |
|  February 2025 | $0.0398 | $0.0000 | $0.0000 | $0.0398 |
|  March 2025 | $0.0441 | $0.0000 | $0.0000 | $0.0441 |
|  April 2025 | $0.0439 | $0.0000 | $0.0000 | $0.0439 |
|  May 2025 | $0.0450 | $0.0000 | $0.0000 | $0.0450 |
|  June 2025 | $0.0407 | $0.0000 | $0.0000 | $0.0407 |

---

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

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **55** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **57** |

---

------

#### 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.

------

#### pimco.com/pvit
![LOGO](g70296g06y60.jpg)

PVITINCOMEFSTMSAR_063025

------

![LOGO](g70183g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

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

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO International Bond Portfolio (U.S. Dollar-Hedged)](#tx70183_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx70183_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx70183_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx70183_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx70183_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx70183_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx70183_7) | 29 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx70183_8) | 47 |
| &nbsp;&nbsp; [Glossary](#tx70183_9) | 50 |
| &nbsp;&nbsp; [Distribution Information](#tx70183_10) | 51 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx70183_11) | 52 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx70183_12) | 53 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx70183_13) | 54 |

---

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.)

------

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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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

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

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------

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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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 |

---

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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>3</sub> |

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Important Information About the PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

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Financial Highlights PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **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<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** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | $10.00 | $0.17 | $0.04 | $0.21 | $(0.19) | $0.00 | $0.00 | $(0.19) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.32 | 0.17 | 0.45 | 0.62 | (0.70) | 0.00 | 0.00 | (0.70) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 10.00 | 0.16 | 0.04 | 0.20 | (0.18) | 0.00 | 0.00 | (0.18) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.32 | 0.16 | 0.44 | 0.60 | (0.68) | 0.00 | 0.00 | (0.68) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 10.00 | 0.16 | 0.04 | 0.20 | (0.18) | 0.00 | 0.00 | (0.18) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.32 | 0.15 | 0.44 | 0.59 | (0.67) | 0.00 | 0.00 | (0.67) |

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

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+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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/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** | **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<br>and Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $10.02 | 2.09% | $122303 | 0.90 | %\* | 0.90 | %\* | 0.76 | %\* | 0.76 | %\* | 3.48 | %\* | 352% |
| 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 |
| 11.24 | 5.72 | 84623 | 0.79 |  | 0.79 |  | 0.75 |  | 0.75 |  | 1.52 |  | 512 |
| 10.02 | 2.02 | 100376 | 1.05 | \* | 1.05 | \* | 0.91 | \* | 0.91 | \* | 3.33 | \* | 352 |
| 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 |
| 11.24 | 5.56 | 78210 | 0.94 |  | 0.94 |  | 0.90 |  | 0.90 |  | 1.44 |  | 512 |
| 10.02 | 1.97 | 308589 | 1.15 | \* | 1.15 | \* | 1.01 | \* | 1.01 | \* | 3.23 | \* | 352 |
| 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 |
| 11.24 | 5.45 | 488470 | 1.04 |  | 1.04 |  | 1.00 |  | 1.00 |  | 1.34 |  | 512 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO International Bond Portfolio (U.S. Dollar-Hedged) June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $738635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 3034 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 4186 |
|  Cash | 1070 |
|  Deposits with counterparty | 10724 |
|  Foreign currency, at value | 4095 |
|  Receivable for investments sold | 63951 |
|  Receivable for TBA investments sold | 475553 |
|  Receivable for Portfolio shares sold | 1602 |
|  Interest and/or dividends receivable | 4537 |
|  Dividends receivable from Affiliates | 38 |
|  **Total Assets** | 1308344 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $73101 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 9858 |
|  Payable for investments purchased | 64283 |
|  Payable for investments in Affiliates purchased | 38 |
|  Payable for TBA investments purchased | 625803 |
|  Deposits from counterparty | 1580 |
|  Payable for Portfolio shares redeemed | 288 |
|  Accrued investment advisory fees | 105 |
|  Accrued supervisory and administrative fees | 210 |
|  Accrued distribution fees | 61 |
|  Accrued servicing fees | 12 |
|  Foreign capital gains tax payable | 14 |
|  **Total Liabilities** | 777076 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $531268 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | 574608 |
|  Distributable earnings (accumulated loss) | (43340) |
|  **Net Assets** | $531268 |
|  **Net Assets:** |  |
|  Institutional Class | $122303 |
|  Administrative Class | 100376 |
|  Advisor Class | 308589 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 12206 |
|  Administrative Class | 10018 |
|  Advisor Class | 30798 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $10.02 |
|  Administrative Class | 10.02 |
|  Advisor Class | 10.02 |
|  Cost of investments in securities | $752728 |
|  Cost of investments in Affiliates | $3033 |
|  Cost of foreign currency held | $4056 |
|  Proceeds received on short sales | $72351 |
|  Cost or premiums of financial derivative instruments, net | $2785 |

---

---

| | |
|:---|:---|
| <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)

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $11198 |
|  Dividends from Investments in Affiliates | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 11338 |
|  **Expenses:** |  |
|  Investment advisory fees | 648 |
|  Supervisory and administrative fees | 1297 |
|  Distribution and/or servicing fees - Administrative Class | 70 |
|  Distribution and/or servicing fees - Advisor Class | 394 |
|  Trustee fees | 15 |
|  Interest expense | 360 |
|  Miscellaneous expense | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 2787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 2782 |
|  **Net Investment Income (Loss)** | 8556 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (7017) |
|  Investments in Affiliates | (19) |
|  Exchange-traded or centrally cleared financial derivative instruments | (2506) |
|  Over the counter financial derivative instruments | (6453) |
|  Short sales | 6 |
|  Foreign currency | (1032) |
|  **Net Realized Gain (Loss)** | (17021) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 33628 |
|  Exchange-traded or centrally cleared financial derivative instruments | (2163) |
|  Over the counter financial derivative instruments | (12687) |
|  Foreign currency assets and liabilities | 414 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 19192 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $10727 |
|  \* Foreign tax withholdings | $7 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $8556 | $17112 |
|  Net realized gain (loss) | (17021) | 16198 |
|  Net change in unrealized appreciation (depreciation) | 19192 | (4697) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 10727 | 28613 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2106) | (4109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1704) | (3186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5613) | (12146) |
|  **Total Distributions<sup>(a)</sup>** | (9423) | (19441) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (6872) | (40614) |
|  **Total Increase (Decrease) in Net Assets** | (5568) | (31442) |
|  **Net Assets:** |  |  |
|  Beginning of period | 536836 | 568278 |
|  End of period | $531268 | $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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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) June 30, 2025 (Unaudited)

#### (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 139.0% | INVESTMENTS IN SECURITIES 139.0% | INVESTMENTS IN SECURITIES 139.0% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 | 202 | 161 |
|  1.000% due 07/09/2029 | 5 | 4 |
|  Total Argentina (Cost $148) | Total Argentina (Cost $148) | 165 |
| AUSTRALIA 3.1% | AUSTRALIA 3.1% | AUSTRALIA 3.1% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.971% due 01/22/2030 | 4900 | 5083 |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  Australia Government International Bond | Australia Government International Bond | Australia Government International Bond |
|  1.750% due 06/21/2051 | 50 | 18 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 4900 | 2549 |
|  2.000% due 03/08/2033 | 800 | 442 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.750% due 07/20/2034 | 1600 | 818 |
|  2.000% due 08/22/2033 | 5700 | 3090 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 1200 | 603 |
|  2.250% due 09/15/2033 | 5000 | 2761 |
|  4.250% due 12/20/2032 | 1200 | 782 |
|  |  | 11063 |
|  Total Australia (Cost $15,287) | Total Australia (Cost $15,287) | 16146 |
| 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 |
| CANADA 6.8% | CANADA 6.8% | CANADA 6.8% |
| CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 67 | 62 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  0.010% due 09/14/2029 | 1200 | 1273 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 | 3700 | 3825 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 500 | 586 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.814% due 07/16/2027 | 2100 | 2135 |
|  |  | 7881 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% |
|  Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust |
|  2.381% due 02/12/2055 ~ | 239 | 171 |
|  2.867% due 02/12/2055 ~ | 1000 | 691 |
|  |  | 862 |
| SOVEREIGN ISSUES 5.1% | SOVEREIGN ISSUES 5.1% | SOVEREIGN ISSUES 5.1% |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  1.500% due 12/01/2044 (e) | 565 | 408 |
|  1.750% due 12/01/2053 | 910 | 452 |
|  2.750% due 03/01/2030 | 100 | 73 |
|  3.250% due 12/01/2033 | 5300 | 3913 |
|  4.000% due 03/01/2029 | 1600 | 1226 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  7.130% due 03/11/2029 | 84800 | 1006 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 3700 | 2803 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.500% due 01/27/2027 | 1000 | 655 |
|  3.650% due 06/02/2033 | 8800 | 6499 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 9900 | 7267 |
|  4.450% due 09/01/2034 | 1100 | 850 |
|  PSP Capital, Inc. | PSP Capital, Inc. | PSP Capital, Inc. |
|  4.500% due 09/05/2031 | 3300 | 2197 |
|  |  | 27349 |
|  Total Canada (Cost $35,300) | Total Canada (Cost $35,300) | 36092 |
| CAYMAN ISLANDS 4.3% | CAYMAN ISLANDS 4.3% | CAYMAN ISLANDS 4.3% |
| ASSET-BACKED SECURITIES 4.0% | ASSET-BACKED SECURITIES 4.0% | ASSET-BACKED SECURITIES 4.0% |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.469% due 01/20/2035 •  | 1300 | 1300 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.369% due 01/20/2035 •  | 1800 | 1796 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.509% due 07/19/2034 •  | 1600 | 1604 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.779% due 12/16/2036 •  | 820 | 821 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.359% due 07/20/2034 •  | 1300 | 1302 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.491% due 07/16/2031 •  | 535 | 536 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.487% due 10/24/2030 •  | 554 | 555 |
|  Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. |
|  5.561% due 04/20/2030 •  | 28 | 29 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.608% due 07/15/2031 •  | 1582 | 1586 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.784% due 12/15/2036 •  | 1061 | 1038 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.768% due 02/17/2039 •  | 1306 | 1308 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.853% due 01/17/2037 •  | 1391 | 1395 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.668% due 02/19/2037 •  | 1311 | 1312 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.508% due 06/15/2031 •  | 870 | 869 |
|  OFSI BSL Ltd. | OFSI BSL Ltd. | OFSI BSL Ltd. |
|  5.539% due 04/20/2034 •  | 2100 | 2102 |
|  Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. |
|  5.456% due 01/15/2033 •  | 1558 | 1558 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.536% due 10/15/2034 •  | 800 | 801 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.629% due 04/18/2038 •  | 782 | 780 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.409% due 10/20/2034 •  | 600 | 599 |
|  |  | 21291 |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  5.250% due 01/29/2034 | 600 | 606 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 500 | 504 |
|  |  | 1110 |
| 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 | 411 |
|  Total Cayman Islands (Cost $22,785) | Total Cayman Islands (Cost $22,785) | 22812 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  4.850% due 01/22/2029 | 600 | 609 |
|  Total Chile (Cost $600) | Total Chile (Cost $600) | 609 |
| CHINA 1.3% | CHINA 1.3% | CHINA 1.3% |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  China Government International Bond | China Government International Bond | China Government International Bond |
|  1.920% due 01/15/2055 | 11500 | 1605 |
|  3.530% due 10/18/2051 | 28000 | 5177 |
|  Total China (Cost $6,134) | Total China (Cost $6,134) | 6782 |
| 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 | 1725 | 221 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 4165 | 535 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 2352 | 302 |
|  Total Denmark (Cost $1,242) | Total Denmark (Cost $1,242) | 1058 |
| FRANCE 6.3% | FRANCE 6.3% | FRANCE 6.3% |
| 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 | 607 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  | 1400 | 1442 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 1800 | 1867 |
|  |  | 3916 |
| SOVEREIGN ISSUES 5.6% | SOVEREIGN ISSUES 5.6% | SOVEREIGN ISSUES 5.6% |
|  France Government International Bond | France Government International Bond | France Government International Bond |
|  0.500% due 05/25/2072 | 1000 | 324 |
|  0.750% due 02/25/2028 | 5700 | 6478 |
|  0.750% due 05/25/2052 | 2750 | 1544 |
|  2.750% due 10/25/2027 | 5200 | 6220 |
|  2.750% due 02/25/2030 | 10400 | 12378 |
|  3.000% due 06/25/2049 | 2300 | 2342 |
|  3.750% due 05/25/2056 | 300 | 334 |
|  |  | 29620 |
|  Total France (Cost $33,338) | Total France (Cost $33,338) | 33536 |
| GERMANY 0.6% | GERMANY 0.6% | GERMANY 0.6% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.750% due 11/19/2030 •  | 500 | 553 |
|  3.547% due 09/18/2031 •  | 1000 | 935 |
|  |  | 1488 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Germany | Republic of Germany | Republic of Germany |
|  2.300% due 02/15/2033 | 1600 | 1869 |
|  Total Germany (Cost $3,241) | Total Germany (Cost $3,241) | 3357 |
| HUNGARY 0.2% | HUNGARY 0.2% | HUNGARY 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
|  5.375% due 09/26/2030 | 400 | 404 |
|  6.250% due 09/22/2032 | 900 | 941 |
|  Total Hungary (Cost $1,295) | Total Hungary (Cost $1,295) | 1345 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 11

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| 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 DAC | Aurium CLO DAC | Aurium CLO DAC |
|  2.922% due 04/16/2030 •  | 457 | 538 |
|  BBAM European CLO DAC | BBAM European CLO DAC | BBAM European CLO DAC |
|  3.106% due 07/22/2034 •  | 2000 | 2350 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  2.929% due 10/15/2031 •  | 511 | 602 |
|  3.391% due 10/23/2034 •  | 446 | 526 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.983% due 08/15/2033 •  | 1079 | 1268 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  2.939% due 04/15/2033 •  | 679 | 800 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  0.000% due 01/15/2039 •  | 1300 | 1530 |
|  Hayfin Emerald CLO DAC | Hayfin Emerald CLO DAC | Hayfin Emerald CLO DAC |
|  3.898% due 01/25/2037 •  | 1200 | 1415 |
|  3.914% due 01/22/2039 •  | 2600 | 3066 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.929% due 04/15/2031 •  | 486 | 570 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  2.665% due 12/15/2031 •  | 435 | 511 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.259% due 01/15/2033 •  | 943 | 1112 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.561% due 04/24/2037 •  | 1100 | 1296 |
|  Sculptor European CLO DAC | Sculptor European CLO DAC | Sculptor European CLO DAC |
|  3.329% due 10/15/2034 •  | 1000 | 1175 |
|  |  | 16759 |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  2.450% due 10/29/2026 | 600 | 585 |
|  3.000% due 10/29/2028 | 600 | 572 |
|  |  | 1157 |
|  Total Ireland (Cost $16,839) | Total Ireland (Cost $16,839) | 17916 |
| ISRAEL 0.3% | ISRAEL 0.3% | ISRAEL 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  4.500% due 01/17/2033 | 400 | 383 |
|  5.500% due 03/12/2034 | 1200 | 1216 |
|  Total Israel (Cost $1,592) | Total Israel (Cost $1,592) | 1599 |
| ITALY 0.6% | ITALY 0.6% | ITALY 0.6% |
| 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 | 900 | 1044 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  8.248% due 11/21/2033 •  | 700 | 813 |
|  |  | 1857 |
| 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 |
|  5.750% due 05/05/2026 | 900 | 909 |
|  Italy Government International Bond | Italy Government International Bond | Italy Government International Bond |
|  6.000% due 08/04/2028 | 400 | 571 |
|  |  | 1480 |
|  Total Italy (Cost $3,328) | Total Italy (Cost $3,328) | 3337 |
| JAPAN 9.9% | JAPAN 9.9% | JAPAN 9.9% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.258% due 04/17/2030 •  | 2000 | 2052 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.329% due 01/22/2027 | 500 | 484 |
|  |  | 2536 |
| SOVEREIGN ISSUES 9.4% | SOVEREIGN ISSUES 9.4% | SOVEREIGN ISSUES 9.4% |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 01/01/2026 | 530000 | 3674 |
|  0.100% due 03/10/2028 (e) | 717776 | 5161 |
|  0.300% due 06/20/2046 | 620000 | 2818 |
|  0.400% due 06/20/2029 | 300000 | 2042 |
|  0.400% due 06/20/2040 | 453500 | 2494 |
|  0.500% due 09/20/2046 | 202000 | 958 |
|  0.500% due 03/20/2049 | 428000 | 1895 |
|  0.700% due 12/20/2048 | 498000 | 2342 |
|  1.200% due 09/20/2035 | 920000 | 6219 |
|  1.500% due 09/20/2043 | 133400 | 821 |
|  1.800% due 09/20/2044 | 180000 | 1148 |
|  1.800% due 03/20/2054 | 414000 | 2309 |
|  2.000% due 12/20/2044 | 545000 | 3584 |
|  2.200% due 06/20/2054 | 310000 | 1895 |
|  2.200% due 03/20/2064 | 440000 | 2457 |
|  2.300% due 12/20/2054 | 845000 | 5275 |
|  2.400% due 03/20/2045 | 217000 | 1517 |
|  2.400% due 03/20/2055 | 204000 | 1301 |
|  Tokyo Metropolitan Government | Tokyo Metropolitan Government | Tokyo Metropolitan Government |
|  0.750% due 07/16/2025 | 2100 | 2097 |
|  |  | 50007 |
|  Total Japan (Cost $65,639) | Total Japan (Cost $65,639) | 52543 |
| JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.724% due 08/13/2031 •  | 548 | 548 |
|  Total Jersey, Channel Islands (Cost $548) | Total Jersey, Channel Islands (Cost $548) | 548 |
| 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 | 261 |
|  4.550% due 04/21/2050 | 200 | 170 |
|  4.800% due 04/21/2060 | 200 | 172 |
|  |  | 603 |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Malaysia Government International Bond | Malaysia Government International Bond | Malaysia Government International Bond |
|  2.632% due 04/15/2031 | 2700 | 618 |
|  3.519% due 04/20/2028 | 30997 | 7440 |
|  3.582% due 07/15/2032 | 530 | 128 |
|  Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue |
|  4.193% due 10/07/2032 | 2860 | 713 |
|  |  | 8899 |
|  Total Malaysia (Cost $8,787) | Total Malaysia (Cost $8,787) | 9502 |
| MEXICO 0.1% | MEXICO 0.1% | MEXICO 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  5.850% due 07/02/2032 (b) | 200 | 203 |
|  6.625% due 01/29/2038 (b) | 200 | 203 |
|  Total Mexico (Cost $400) | Total Mexico (Cost $400) | 406 |
| MULTINATIONAL 0.2% | MULTINATIONAL 0.2% | MULTINATIONAL 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  4.750% due 10/20/2028 | 800 | 802 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Preferred Term Securities Ltd. | Preferred Term Securities Ltd. | Preferred Term Securities Ltd. |
|  4.972% (US0003M + 0.400%) due 06/23/2035 ~ | 258 | 246 |
|  Total Multinational (Cost $1,041) | Total Multinational (Cost $1,041) | 1048 |
| NETHERLANDS 0.7% | NETHERLANDS 0.7% | NETHERLANDS 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.515% due 12/03/2035 •  | 900 | 917 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.447% due 03/05/2030 •  | 1700 | 1754 |
|  5.710% due 01/21/2033 •  | 900 | 937 |
|  Total Netherlands (Cost $3,500) | Total Netherlands (Cost $3,500) | 3608 |
| 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 | 1924 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  New Zealand Government International Bond | New Zealand Government International Bond | New Zealand Government International Bond |
|  1.500% due 05/15/2031 | 400 | 212 |
|  Total New Zealand (Cost $2,040) | Total New Zealand (Cost $2,040) | 2136 |
| PERU 1.2% | PERU 1.2% | PERU 1.2% |
| 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 | 570 |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  2.780% due 12/01/2060 | 700 | 378 |
|  6.150% due 08/12/2032 | 4700 | 1372 |
|  6.900% due 08/12/2037 | 3400 | 978 |
|  6.950% due 08/12/2031 | 2241 | 688 |
|  7.300% due 08/12/2033 | 5300 | 1633 |
|  7.600% due 08/12/2039 | 3200 | 964 |
|  |  | 6013 |
|  Total Peru (Cost $6,452) | Total Peru (Cost $6,452) | 6583 |
| POLAND 0.6% | POLAND 0.6% | POLAND 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.250% due 02/14/2043 | 300 | 355 |
|  4.625% due 03/18/2029 | 500 | 508 |
|  4.875% due 02/12/2030 | 400 | 408 |
|  4.875% due 10/04/2033 | 400 | 398 |
|  5.125% due 09/18/2034 | 900 | 906 |
|  5.375% due 02/12/2035 | 300 | 306 |
|  5.500% due 04/04/2053 | 300 | 280 |
|  Total Poland (Cost $3,105) | Total Poland (Cost $3,105) | 3161 |
| QATAR 0.0% | QATAR 0.0% | QATAR 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 300 | 263 |
|  Total Qatar (Cost $298) | Total Qatar (Cost $298) | 263 |
| ROMANIA 1.4% | ROMANIA 1.4% | ROMANIA 1.4% |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  1.375% due 12/02/2029 | 140 | 144 |
|  1.750% due 07/13/2030 | 300 | 304 |
|  2.000% due 01/28/2032 | 100 | 96 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.000% due 04/14/2033 |  | 500 | 452 |
|  2.124% due 07/16/2031 |  | 100 | 98 |
|  2.125% due 03/07/2028 |  | 400 | 454 |
|  2.625% due 12/02/2040 |  | 400 | 294 |
|  2.875% due 04/13/2042 |  | 800 | 588 |
|  3.750% due 02/07/2034 |  | 600 | 605 |
|  5.000% due 09/27/2026 |  | 700 | 848 |
|  5.125% due 09/24/2031 |  | 1100 | 1281 |
|  5.250% due 03/10/2030 |  | 400 | 482 |
|  5.250% due 05/30/2032 |  | 500 | 580 |
|  5.625% due 05/30/2037 |  | 500 | 555 |
|  6.250% due 09/10/2034 |  | 200 | 238 |
|  6.625% due 09/27/2029 |  | 300 | 381 |
|  Total Romania (Cost $7,845) | Total Romania (Cost $7,845) | Total Romania (Cost $7,845) | 7400 |
| SAUDI ARABIA 2.1% | SAUDI ARABIA 2.1% | SAUDI ARABIA 2.1% | SAUDI ARABIA 2.1% |
| CORPORATE BONDS & NOTES 0.1% | 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. | Saudi Arabian Oil Co. |
|  6.375% due 06/02/2055 | $— | 300 | 300 |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.250% due 10/22/2030 |  | 200 | 188 |
|  3.375% due 03/05/2032 |  | 600 | 704 |
|  3.750% due 03/05/2037 |  | 200 | 230 |
|  4.750% due 01/18/2028 | $— | 1600 | 1613 |
|  4.750% due 01/16/2030 |  | 4800 | 4850 |
|  4.875% due 07/18/2033 |  | 700 | 703 |
|  5.125% due 01/13/2028 |  | 1400 | 1424 |
|  5.375% due 01/13/2031 |  | 800 | 830 |
|  |  |  | 10542 |
|  Total Saudi Arabia (Cost $10,580) | Total Saudi Arabia (Cost $10,580) | Total Saudi Arabia (Cost $10,580) | 10842 |
| SERBIA 0.2% | SERBIA 0.2% | SERBIA 0.2% | SERBIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  2.050% due 09/23/2036 |  | 500 | 448 |
|  6.000% due 06/12/2034 | $— | 700 | 708 |
|  Total Serbia (Cost $1,260) | Total Serbia (Cost $1,260) | Total Serbia (Cost $1,260) | 1156 |
| SINGAPORE 0.9% | SINGAPORE 0.9% | SINGAPORE 0.9% | SINGAPORE 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Singapore Government International Bond | Singapore Government International Bond | Singapore Government International Bond | Singapore Government International Bond |
|  2.375% due 07/01/2039 |  | 479 | 379 |
|  2.750% due 03/01/2035 |  | 2170 | 1786 |
|  3.250% due 06/01/2054 |  | 2981 | 2791 |
|  Total Singapore (Cost $4,178) | Total Singapore (Cost $4,178) | Total Singapore (Cost $4,178) | 4956 |
| SOUTH AFRICA 0.8% | SOUTH AFRICA 0.8% | SOUTH AFRICA 0.8% | SOUTH AFRICA 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  8.000% due 01/31/2030 |  | 26200 | 1455 |
|  8.875% due 02/28/2035 |  | 54300 | 2864 |
|  Total South Africa (Cost $4,320) | Total South Africa (Cost $4,320) | Total South Africa (Cost $4,320) | 4319 |
| SOUTH KOREA 2.2% | SOUTH KOREA 2.2% | SOUTH KOREA 2.2% | SOUTH KOREA 2.2% |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Korea Government International Bond | Korea Government International Bond | Korea Government International Bond | Korea Government International Bond |
|  1.375% due 06/10/2030 |  | 1811520 | 1265 |
|  2.375% due 12/10/2028 |  | 5299000 | 3907 |
|  2.625% due 06/10/2028 |  | 9018720 | 6706 |
|  Total South Korea (Cost $12,463) | Total South Korea (Cost $12,463) | Total South Korea (Cost $12,463) | 11878 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SPAIN 5.9% | SPAIN 5.9% | SPAIN 5.9% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.684% due 09/13/2027 •  | 800 | 819 |
| SOVEREIGN ISSUES 5.7% | SOVEREIGN ISSUES 5.7% | SOVEREIGN ISSUES 5.7% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 | 200 | 243 |
|  Spain Government International Bond | Spain Government International Bond | Spain Government International Bond |
|  0.000% due 01/31/2028 (d) | 4150 | 4637 |
|  1.450% due 10/31/2071 | 1600 | 873 |
|  2.400% due 05/31/2028 | 2850 | 3380 |
|  2.500% due 05/31/2027 | 800 | 951 |
|  2.700% due 01/31/2030 | 3123 | 3719 |
|  3.150% due 04/30/2035 | 4010 | 4717 |
|  3.200% due 10/31/2035 | 2000 | 2350 |
|  3.450% due 07/30/2066 | 300 | 309 |
|  3.500% due 01/31/2041 | 1300 | 1499 |
|  3.550% due 10/31/2033 | 6300 | 7726 |
|  |  | 30404 |
|  Total Spain (Cost $29,554) | Total Spain (Cost $29,554) | 31223 |
| SWITZERLAND 1.0% | SWITZERLAND 1.0% | SWITZERLAND 1.0% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 500 | 454 |
|  3.869% due 01/12/2029 •  | 800 | 788 |
|  4.194% due 04/01/2031 •  | 1200 | 1175 |
|  5.617% due 09/13/2030 •  | 700 | 727 |
|  6.373% due 07/15/2026 •  | 600 | 601 |
|  6.537% due 08/12/2033 •  | 1500 | 1632 |
|  Total Switzerland (Cost $5,264) | Total Switzerland (Cost $5,264) | 5377 |
| THAILAND 1.2% | THAILAND 1.2% | THAILAND 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Thailand Government International Bond | Thailand Government International Bond | Thailand Government International Bond |
|  2.410% due 03/17/2035 | 15560 | 513 |
|  2.500% due 11/17/2029 | 147710 | 4752 |
|  3.775% due 06/25/2032 | 38570 | 1364 |
|  Total Thailand (Cost $6,096) | Total Thailand (Cost $6,096) | 6629 |
| 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 | 200 |
|  5.000% due 05/06/2035 | 200 | 200 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
|  5.500% due 04/28/2033 | 400 | 416 |
|  |  | 816 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond |
|  5.500% due 04/30/2054 | 1700 | 1696 |
|  Total United Arab Emirates (Cost $2,464) | Total United Arab Emirates (Cost $2,464) | 2512 |
| UNITED KINGDOM 5.7% | UNITED KINGDOM 5.7% | UNITED KINGDOM 5.7% |
| CORPORATE BONDS & NOTES 2.9% | CORPORATE BONDS & NOTES 2.9% | CORPORATE BONDS & NOTES 2.9% |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.918% due 08/08/2030 •  | 1400 | 1760 |
|  5.690% due 03/12/2030 •  | 200 | 207 |
|  6.496% due 09/13/2027 •  | 2000 | 2045 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.041% due 03/13/2028 •  | 1000 | 992 |
|  4.583% due 06/19/2029 •  | 800 | 801 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.590% due 11/26/2035 •  | 1400 | 1425 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  2.972% due 02/16/2028 •  | 1200 | 1172 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.778% due 03/01/2035 •  | 2000 | 2078 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  0.125% due 11/12/2025 | 800 | 935 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.608% due 01/12/2028 •  | 1400 | 1360 |
|  6.187% due 07/06/2027 •  | 1400 | 1422 |
|  6.296% due 07/06/2034 •  | 1400 | 1492 |
|  |  | 15689 |
| 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 |
|  4.508% due 06/15/2044 •  | 40 | 55 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.308% due 06/13/2045 •  | 94 | 129 |
|  Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC |
|  5.008% due 12/15/2049 •  | 34 | 46 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  4.517% due 12/01/2050 •  | 115 | 156 |
|  5.358% due 12/15/2050 •  | 133 | 179 |
|  RMAC Securities PLC | RMAC Securities PLC | RMAC Securities PLC |
|  4.508% due 06/12/2044 •  | 210 | 283 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.389% due 06/20/2060 •  | 2819 | 3877 |
|  |  | 4725 |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  0.625% due 10/22/2050 | 1300 | 656 |
|  1.250% due 07/31/2051 | 2100 | 1261 |
|  1.500% due 07/31/2053 | 1100 | 686 |
|  1.750% due 01/22/2049 | 1300 | 955 |
|  3.250% due 01/22/2044 | 900 | 959 |
|  4.250% due 12/07/2040 | 1200 | 1527 |
|  4.375% due 07/31/2054 | 2700 | 3213 |
|  5.375% due 01/31/2056 | 500 | 697 |
|  |  | 9954 |
|  Total United Kingdom (Cost $34,412) | Total United Kingdom (Cost $34,412) | 30368 |
| UNITED STATES 73.6% | UNITED STATES 73.6% | UNITED STATES 73.6% |
| ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.714% due 07/25/2036 •  | 855 | 642 |
|  AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust |
|  5.374% due 06/25/2029 •  | 1 | 1 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.914% due 05/25/2035 •  | 847 | 759 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.194% due 02/25/2036 •  | 1143 | 924 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.754% due 12/25/2036 •  | 351 | 192 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.824% due 06/25/2037 •  | 799 | 798 |
|  4.954% due 03/25/2036 •  | 268 | 244 |
|  5.424% due 07/25/2035 •  | 1119 | 1074 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.714% due 03/25/2037 •  | 917 | 838 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.685% due 04/25/2035 •  | 165 | 163 |
|  4.388% due 08/25/2035 ~ | 70 | 66 |
|  4.574% due 07/25/2037 •  | 164 | 153 |
|  4.694% due 12/25/2036 •  | 224 | 205 |
|  4.714% due 06/25/2035 •  | 191 | 174 |
|  4.714% due 06/25/2037 •  | 243 | 231 |
|  4.714% due 06/25/2047 •  | 785 | 730 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.549% due 07/25/2036 •  | 396 | 388 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.079% due 11/25/2035 •  | 825 | 801 |
|  5.154% due 11/25/2035 •  | 1000 | 847 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.674% due 04/25/2037 •  | 376 | 255 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.954% due 04/25/2037 •  | 567 | 282 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.994% due 10/25/2034 •  | 11 | 11 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.734% due 08/25/2037 •  | 954 | 468 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.564% due 10/25/2036 •  | 83 | 74 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.534% due 12/25/2036 •  | 705 | 337 |
|  4.664% due 04/25/2037 •  | 560 | 290 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.419% due 09/25/2046 þ | 128 | 28 |
|  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 |
|  4.869% due 03/25/2036 •  | 104 | 104 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.694% due 03/25/2037 •  | 453 | 294 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.714% due 01/25/2037 •  | 269 | 173 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.294% due 01/25/2037 þ | 635 | 194 |
|  5.675% due 06/25/2037 þ | 1053 | 262 |
|  5.731% due 11/25/2036 þ | 967 | 321 |
|  6.984% due 12/25/2032 •  | 88 | 75 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.874% due 12/25/2035 •  | 177 | 160 |
|  4.894% due 12/25/2035 •  | 611 | 509 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.684% due 11/25/2036 •  | 1419 | 1270 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  6.184% due 12/25/2037 •  | 258 | 225 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.754% due 02/16/2055 •  | 746 | 752 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.584% due 06/25/2037 •  | 52 | 34 |
|  4.934% due 11/25/2036 •  | 898 | 850 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.694% due 07/25/2036 •  | 284 | 209 |
|  5.054% due 01/25/2036 •  | 575 | 541 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  5.374% due 11/25/2033 •  | 14 | 13 |
|  |  | 16961 |
| CORPORATE BONDS & NOTES 6.7% | CORPORATE BONDS & NOTES 6.7% | CORPORATE BONDS & NOTES 6.7% |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.000% due 04/15/2030 | 179 | 170 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.898% due 07/23/2031 •  | 100 | 88 |
|  4.244% due 04/24/2038 •  | 600 | 547 |
|  5.202% due 04/25/2029 •  | 1300 | 1329 |
|  5.365% due 01/24/2031 ~ | 1600 | 1596 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 300 | 299 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  3.500% due 06/01/2034 | 600 | 711 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.259% due 05/01/2027 | 600 | 618 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  5.200% due 02/22/2034 | 600 | 615 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  3.950% due 06/30/2062 | 900 | 580 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.800% due 06/25/2038 | 300 | 459 |
|  Credit Suisse AG AT1 Claim | 300 | 36 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 200 | 178 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 | $| 400 | 397 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 |  | 400 | 386 |
|  5.400% due 01/13/2030 |  | 1100 | 1130 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.186% due 04/01/2030 |  | 800 | 816 |
|  5.371% due 04/04/2029 |  | 1300 | 1333 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  0.875% due 05/09/2029 | EUR | 800 | 878 |
|  3.500% due 01/23/2033 •  |  | 1200 | 1426 |
|  5.016% due 10/23/2035 •  | $| 1100 | 1087 |
|  5.536% due 01/28/2036 •  |  | 500 | 513 |
|  5.727% due 04/25/2030 •  |  | 800 | 833 |
|  6.484% due 10/24/2029 •  |  | 1400 | 1485 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.012% due 01/23/2030 •  |  | 1700 | 1732 |
|  5.502% due 01/24/2036 •  |  | 1300 | 1340 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.664% due 03/19/2027 ~ | EUR | 1300 | 1534 |
|  4.654% due 10/18/2030 •  | $| 400 | 401 |
|  5.367% due 04/13/2028 ~ |  | 2000 | 2012 |
|  5.656% due 04/18/2030 •  |  | 1200 | 1247 |
|  6.407% due 11/01/2029 •  |  | 500 | 530 |
|  Organon & Co. | Organon & Co. | Organon & Co. | Organon & Co. |
|  2.875% due 04/30/2028 | EUR | 200 | 230 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | $| 100 | 95 |
|  4.000% due 12/01/2046 |  | 100 | 72 |
|  4.200% due 03/01/2029 |  | 600 | 586 |
|  4.550% due 07/01/2030 |  | 200 | 195 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  5.300% due 02/15/2031 |  | 600 | 618 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  5.575% due 01/29/2036 •  |  | 1600 | 1650 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  6.124% due 05/31/2027 •  |  | 600 | 607 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.808% due 07/25/2028 •  |  | 1600 | 1614 |
|  5.198% due 01/23/2030 •  |  | 1200 | 1229 |
|  5.211% due 12/03/2035 •  |  | 1100 | 1105 |
|  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 | West Virginia United Health System Obligated Group |
|  3.129% due 06/01/2050 |  | 800 | 504 |
|  |  |  | 35762 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
|  6.071% (TSFR1M + 1.750%) due 06/24/2030 ~ |  | 1155 | 1158 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.548% (TSFR3M + 2.250%) due 12/15/2031 ~ |  | 549 | 550 |
|  |  |  | 1708 |
| MUNICIPAL BONDS & NOTES 0.2% | 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 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 |
|  2.158% due 06/01/2026 |  | 600 | 587 |
|  Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 |
|  5.102% due 04/01/2035 |  | 265 | 271 |
|  |  |  | 858 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.056% due 02/25/2036 ~ |  | 14 | 13 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.053% due 03/25/2036 ~ |  | 47 | 38 |
|  4.192% due 08/25/2036 ~ |  | 23 | 11 |
|  4.754% due 02/25/2034 •  |  | 10 | 10 |
|  4.905% due 09/25/2035 ~ |  | 11 | 6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.907% due 11/25/2035 ~ | $— | 10 | $— | 7 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.120% due 12/26/2046 ~ |  | 10 |  | 8 |
|  Chase Home Lending Mortgage Trust | 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 ~ |  | 1058 |  | 949 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.939% due 07/25/2037 ~ |  | 19 |  | 16 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  3.000% due 11/27/2051 ~ |  | 1548 |  | 1320 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.784% due 10/25/2035 •  |  | 927 |  | 410 |
|  6.080% due 09/25/2035 •  |  | 1 |  | 1 |
|  Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
|  4.841% due 09/25/2035 ~ |  | 71 |  | 64 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.852% due 03/20/2046 •  |  | 26 |  | 24 |
|  4.994% due 02/25/2037 •  |  | 19 |  | 16 |
|  5.250% due 06/25/2035 |  | 3 |  | 2 |
|  5.399% due 12/25/2035 •  |  | 18 |  | 16 |
|  5.899% due 11/25/2035 •  |  | 4 |  | 3 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.894% due 05/25/2035 •  |  | 9 |  | 8 |
|  5.074% due 03/25/2035 •  |  | 16 |  | 15 |
|  5.094% due 02/25/2035 •  |  | 2 |  | 2 |
|  5.138% due 11/25/2034 ~ |  | 2 |  | 2 |
|  5.500% due 01/25/2035 |  | 150 |  | 152 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  5.500% due 08/25/2036 |  | 573 |  | 398 |
|  5.863% due 02/25/2037 ~ |  | 143 |  | 32 |
|  Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust |
|  5.934% due 10/25/2047 •  |  | 432 |  | 331 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.506% due 07/15/2038 •  |  | 1372 |  | 1374 |
|  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 09/25/2052 ~ |  | 2609 |  | 2129 |
|  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 ~ |  | 304 |  | 248 |
|  2.500% due 04/25/2052 ~ |  | 375 |  | 306 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.729% due 01/25/2036 ~ |  | 11 |  | 11 |
|  4.764% due 12/25/2034 •  |  | 4 |  | 4 |
|  6.902% due 04/25/2035 ~ |  | 27 |  | 27 |
|  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 |
|  4.854% due 05/25/2046 •  |  | 195 |  | 177 |
|  4.914% due 07/25/2035 •  |  | 7 |  | 7 |
|  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 ~ |  | 3767 |  | 3211 |
|  3.000% due 03/25/2052 ~ |  | 2486 |  | 2125 |
|  3.000% due 05/25/2052 ~ |  | 3254 |  | 2782 |
|  4.154% due 07/27/2037 ~ |  | 26 |  | 24 |
|  5.537% due 02/25/2036 ~ |  | 9 |  | 6 |
|  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 |  | 1400 |  | 1325 |
|  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 |
|  4.866% due 12/15/2030 •  |  | 1 |  | 1 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ |  | 204 |  | 198 |
|  1.947% due 04/25/2065 ~ |  | 74 |  | 72 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  5.595% due 12/15/2038 •  |  | 1700 |  | 1636 |
|  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 |
|  6.075% due 06/25/2036 ~ |  | 8 |  | 8 |
|  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 ~ |  | 528 |  | 508 |
|  2.750% due 11/25/2059 ~ |  | 466 |  | 447 |
|  6.864% due 10/25/2063 |  | 467 |  | 472 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ |  | 1573 |  | 1339 |
|  7.159% due 10/25/2063 þ |  | 881 |  | 897 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.376% due 01/15/2036 •  |  | 1600 |  | 1556 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.584% due 02/25/2047 •  |  | 20 |  | 6 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.794% due 06/25/2046 •  | 231 | 50 |
|  4.854% due 04/25/2046 •  | 369 | 94 |
|  5.397% due 10/25/2037 ~ | 134 | 108 |
|  6.000% due 06/25/2036 | 302 | 248 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.854% due 05/25/2036 •  | 4 | 3 |
|  4.874% due 05/25/2036 •  | 33 | 27 |
|  4.874% due 09/25/2047 •  | 43 | 38 |
|  4.894% due 05/25/2045 •  | 6 | 6 |
|  5.132% due 03/19/2034 •  | 1 | 1 |
|  5.899% due 08/25/2047 •  | 16 | 13 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.714% due 01/25/2036 •  | 153 | 128 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.724% due 10/25/2036 •  | 295 | 247 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.470% due 09/25/2036 | 189 | 4 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.999% due 06/25/2047 •  | 7 | 6 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ | 579 | 526 |
|  2.710% due 01/25/2060 ~ | 420 | 403 |
|  2.900% due 10/25/2059 ~ | 1613 | 1550 |
|  5.434% due 05/25/2058 •  | 178 | 182 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  3.000% due 01/25/2052 ~ | 481 | 409 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.218% due 09/25/2069 ~ | 1331 | 1331 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  7.482% due 10/20/2035 ~ | 12 | 12 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.182% due 02/27/2034 •  | 1 | 1 |
|  4.385% due 04/25/2035 ~ | 7 | 6 |
|  4.475% due 12/25/2036 ~ | 61 | 54 |
|  5.054% due 01/25/2045 •  | 17 | 16 |
|  5.064% due 03/25/2035 ~ | 10 | 10 |
|  5.379% due 06/25/2046 •  | 13 | 12 |
|  5.399% due 02/25/2046 •  | 31 | 28 |
|  5.776% 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 |
|  5.339% due 07/25/2046 •  | 14 | 9 |
|  |  | 30274 |
| U.S. GOVERNMENT AGENCIES 49.2% | U.S. GOVERNMENT AGENCIES 49.2% | U.S. GOVERNMENT AGENCIES 49.2% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  3.000% due 03/01/2060 | 436 | 376 |
|  3.500% due 01/01/2059 | 789 | 706 |
|  4.770% due 09/25/2042 •  | 5 | 5 |
|  4.820% due 06/25/2036 •  | 6 | 6 |
|  5.465% due 03/25/2055 •  | 1144 | 1144 |
|  5.697% due 10/01/2044 •  | 3 | 3 |
|  6.000% due 07/25/2044 | 3 | 3 |
|  6.009% due 12/01/2034 •  | 1 | 1 |
|  6.782% due 05/25/2035 ~ | 2 | 2 |
|  7.037% due 11/01/2034 •  | 5 | 5 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.053% due 01/15/2038 ~(a) | 81 | 4 |
|  4.814% due 01/15/2038 •  | 81 | 80 |
|  4.918% due 12/15/2032 •  | 1 | 1 |
|  5.018% due 12/15/2037 •  | 2 | 2 |
|  5.245% due 11/25/2054 •  | 1982 | 1978 |
|  5.599% due 10/25/2044 •  | 12 | 11 |
|  5.705% due 03/25/2055 •  | 3317 | 3332 |
|  6.725% due 04/01/2035 •  | 7 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.000% due 07/20/2046 - 04/20/2052 | 3519 | 3117 |
|  3.500% due 12/20/2054 | 8799 | 8017 |
|  5.246% due 05/20/2066 - 06/20/2066 •  | 876 | 878 |
|  5.296% due 11/20/2066 •  | 177 | 178 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.500% due 08/01/2055 | 2500 | 2124 |
|  3.000% due 08/01/2055 | 14100 | 12471 |
|  3.500% due 07/01/2055 | 11600 | 10548 |
|  6.500% due 07/01/2055 - 08/01/2055 | 12400 | 12707 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 02/01/2051 - 01/01/2052 | 2176 | 1810 |
|  3.000% due 10/01/2049 - 05/01/2051 | 943 | 818 |
|  3.500% due 11/01/2030 - 07/01/2050 | 1045 | 971 |
|  4.000% due 06/01/2050 | 348 | 327 |
|  4.500% due 08/01/2033 - 04/01/2053 | 321 | 310 |
|  5.500% due 06/01/2053 - 09/01/2053 | 11764 | 11785 |
|  6.000% due 03/01/2054 - 08/01/2054 | 527 | 537 |
|  6.500% due 12/01/2053 | 226 | 234 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 07/01/2055 | 5500 | 4760 |
|  4.000% due 08/01/2055 | 250 | 232 |
|  5.000% due 08/01/2055 | 50400 | 49367 |
|  6.000% due 08/01/2055 | 39600 | 40206 |
|  6.500% due 07/01/2055 - 08/01/2055 | 89700 | 92495 |
|  |  | 261558 |
| U.S. TREASURY OBLIGATIONS 8.3% | U.S. TREASURY OBLIGATIONS 8.3% | U.S. TREASURY OBLIGATIONS 8.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.250% due 08/15/2049 (i) | 1300 | 816 |
|  2.375% due 11/15/2049 (i) | 700 | 451 |
|  3.000% due 02/15/2048 (i) | 1000 | 743 |
|  3.000% due 08/15/2048 (i) | 500 | 370 |
|  3.375% due 11/15/2048 (i) | 2600 | 2058 |
|  4.125% due 08/15/2044 | 3875 | 3551 |
|  4.500% due 11/15/2054 | 12300 | 11725 |
|  4.625% due 02/15/2055 | 5700 | 5550 |
|  4.750% due 05/15/2055 | 300 | 298 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 10/15/2025 | 124 | 123 |
|  0.125% due 07/15/2031 | 2513 | 2314 |
|  0.125% due 01/15/2032 | 1041 | 944 |
|  0.500% due 01/15/2028 (g)(i) | 7802 | 7659 |
|  0.625% due 07/15/2032 | 331 | 309 |
|  1.125% due 01/15/2033 (i) | 4307 | 4118 |
|  3.875% due 04/15/2029 (g)(i) | 976 | 1065 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 02/15/2033 (i) | 700 | 675 |
|  4.000% due 02/29/2028 (i) | 700 | 705 |
|  4.375% due 05/15/2034 (i) | 600 | 610 |
|  |  | 44084 |
|  Total United States (Cost $395,230) | Total United States (Cost $395,230) | 391205 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% |
| COMMERCIAL PAPER 0.7% | COMMERCIAL PAPER 0.7% | COMMERCIAL PAPER 0.7% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.840% due 07/15/2025 | 250 | 249 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.640% due 07/29/2025 | 250 | 249 |
|  4.640% due 07/30/2025 | 500 | 498 |
|  Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
|  4.670% due 07/16/2025 | 500 | 499 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.900% due 08/06/2025 (b) | 250 | 249 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.690% due 07/10/2025 | 250 | 250 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  5.030% due 07/22/2025 | 250 | 249 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  4.920% due 07/14/2025 | 250 | 250 |
|  4.920% due 07/15/2025 | 250 | 249 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  4.600% due 07/18/2025 | 250 | 249 |
|  4.600% due 07/21/2025 | 250 | 249 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.720% due 07/09/2025 | 250 | 250 |
|  4.720% due 07/14/2025 | 250 | 250 |
|  |  | 3740 |
| NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% |
|  31.522% due 11/04/2025 - 06/29/2026 (c)(d) | 2549052 | 1349 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.351% due 07/17/2025 - 09/11/2025 (c)(d)(i) | 305 | 303 |
| Total Short-Term Instruments<br>(Cost $5,323) | Total Short-Term Instruments<br>(Cost $5,323) | 5392 |
| Total Investments in Securities (Cost $752,728) | Total Investments in Securities (Cost $752,728) | 738635 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 0.6% | INVESTMENTS IN AFFILIATES 0.6% | INVESTMENTS IN AFFILIATES 0.6% |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 311580 | 3034 |
| Total Short-Term Instruments<br>(Cost $3,033) | Total Short-Term Instruments<br>(Cost $3,033) | 3034 |
| Total Investments in Affiliates<br>(Cost $3,033) | Total Investments in Affiliates<br>(Cost $3,033) | 3034 |
| Total Investments 139.6%<br>(Cost $755,761) | Total Investments 139.6%<br>(Cost $755,761) | 741669 |
|  Financial Derivative<br>Instruments (f)(h) (1.2)%<br> (Cost or Premiums, net $2,785) | Financial Derivative<br>Instruments (f)(h) (1.2)%<br> (Cost or Premiums, net $2,785) | (6476) |
| Other Assets and Liabilities, net (38.4)% | Other Assets and Liabilities, net (38.4)% | (203925) |
| Net Assets 100.0% | Net Assets 100.0% | 531268 |

---

#### 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.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

---

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

• 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

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 07/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | $(9701) | $(9871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 07/01/2055 | 47950 | (37521) | (37969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 08/01/2055 | 5400 | (4445) | (4479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 08/01/2055 | 3400 | (3042) | (3061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 08/01/2055 | 800 | (763) | (765) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 08/01/2055 | 11700 | (11622) | (11690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 07/01/2055 | 5100 | (5257) | (5266) |
|  Total Short Sales (13.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72351) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73101) |

---

**The average amount of borrowings outstanding during the period ended June 30, 2025 was $(14,002) at a weighted average interest rate of 4.423%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional<br>Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 07/25/2025 | 8 | $8 | $(3) | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 110.250 | 07/25/2025 | 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | (6) | (3) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.500 | 07/25/2025 | 8 | 8 | (3) | (4) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.750 | 07/25/2025 | 24 | 24 | (8) | (11) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

#### 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 September Futures  | 09/2025 | 181 | $12835 | $42 | $0 | $(11) |
|  Canada Government 5-Year Bond September Futures  | 09/2025 | 45 | 3771 | 24 | 4 | 0 |
|  Canada Government 10-Year Bond September Futures  | 09/2025 | 109 | 9765 | 84 | 22 | 0 |
|  Euro-BTP September Futures  | 09/2025 | 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56728 | 189 | 89 | (108) |
|  Euro-Buxl 30-Year Bond September Futures  | 09/2025 | 15 | 2098 | (40) | 0 | (6) |
|  Euro-Schatz September Futures  | 09/2025 | 180 | 22740 | (40) | 6 | (20) |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 50 | 10401 | 46 | 3 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 417 | 45453 | 524 | 55 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 63 | 7064 | 120 | 20 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 238 | 27195 | 570 | 115 | 0 |
|  United Kingdom Long Gilt September Futures  | 09/2025 | 116 | 14813 | 341 | 16 | (51) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196) |

---

16 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 September Futures  | 09/2025 | 469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35380) | $(322) | $163 | $0 |
|  Euro-Bobl September Futures  | 09/2025 | 244 | (33824) | 127 | 72 | (23) |
|  Euro-Bund September Futures  | 09/2025 | 208 | (31889) | 232 | 91 | (7) |
|  Euro-Oat September Futures  | 09/2025 | 139 | (20277) | 20 | 44 | (10) |
|  Japan Government 10-Year Bond September Futures  | 09/2025 | 55 | (53096) | (157) | 73 | 0 |
|  Short Euro-BTP Italy Government Bond September Futures  | 09/2025 | 203 | (25812) | 40 | 33 | (21) |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 34 | (4050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172) | 0 | (46) |
|  |  |  |  | $(232) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 | $806 | $(303) |

---

#### 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-43 10-Year Index | (1.000)% | Quarterly | 12/20/2034 | $4900 | $(25) | $(25) | $(50) | $0 | $(5) |
|  CDX.IG-44 10-Year Index | (1.000) | Quarterly | 06/20/2035 | 6400 | (9) | (40) | (49) | 0 | (5) |
|  CDX.iTraxx Main 43 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 12340 | (270) | (44) | (314) | 0 | (12) |
|  CDX.iTraxx Main 43 5-Year Index | (1.000) | Quarterly | 06/20/2035 | 8200 | (19) | (28) | (47) | 0 | (12) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) |

---

#### 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-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $9400 | $210 | $5 | $215 | $5 | $0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 31500 | 603 | 104 | 707 | 17 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 03/19/2027 | 10700 | $1 | $3 | $4 | $2 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.000 | Annual | 06/17/2027 | 15600 | (36) | (225) | (261) | 0 | (3) |
| Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 35700 | 110 | 362 | 472 | 0 | (2) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2030 | 9400 | (202) | 85 | (117) | 0 | (9) |
| Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 18000 | 75 | 9 | 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | (3) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 | 1900 | 125 | (18) | 107 | 1 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 | 400 | (61) | (4) | (65) | 0 | (1) |
| Receive<sup>(5)</sup> | 1-Day INR-MIBOR Compounded-OIS | 6.000 | Semi-Annual | 09/17/2030 | 79930 | (2) | (9) | (11) | 1 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2027 | 3360000 | 4 | 33 | 37 | 0 | (4) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 12/18/2029 | 929700 | (21) | (53) | (74) | 0 | (6) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 | 160000 | 4 | 1 | 5 | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/17/2031 | 1670000 | (197) | (471) | (668) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 | 430000 | (109) | (73) | (182) | 0 | (5) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 1730000 | (38) | 51 | 13 | 0 | (19) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.250 | Annual | 09/14/2032 | 168760 | (32) | (33) | (65) | 0 | (2) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.850 | Annual | 09/20/2033 | 140000 | (5) | (11) | (16) | 0 | (2) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 1290000 | (14) | (74) | (88) | 0 | (19) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) | (48) | (169) | 0 | (24) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 80000 | 0 | 2 | 2 | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 510000 | (237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499) | 0 | (19) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 104900 | (134) | (124) | (258) | 0 | (4) |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 09/18/2029 | 13540 | (12) | (491) | (503) | 0 | (15) |
| Receive<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 09/17/2030 | 1700 | (23) | (28) | (51) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.750 | Annual | 07/17/2025 | $7800 | 16 | (19) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 64740 | 442 | (392) | 50 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 20900 | 166 | (187) | (21) | 0 | (2) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 5500 | 0 | (10) | (10) | 0 | (1) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 08/22/2026 | 7300 | 0 | (18) | (18) | 0 | (1) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

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------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (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** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.965% | Annual | 11/30/2026 | $18600 | $0 | $341 | $341 | $0 | $(4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 21800 | 150 | (105) | 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 28050 | 566 | (195) | 371 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 4100 | 0 | (57) | (57) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 3700 | 0 | (53) | (53) | 0 | (4) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 59798 | (34) | (593) | (627) | 0 | (88) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 50530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 | 0 | (77) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 05/15/2030 | 600 | 0 | (12) | (12) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 6200 | 85 | (35) | 50 | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 1200 | (6) | (12) | (18) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 06/30/2031 | 2800 | 0 | (46) | (46) | 0 | (6) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 1803 | (2) | (26) | (28) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.828 | Annual | 05/15/2032 | 2900 | 0 | (52) | (52) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 1300 | 0 | (20) | (20) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.847 | Annual | 05/15/2034 | 800 | 0 | (13) | (13) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 1300 | 0 | (22) | (22) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 17290 | 491 | (643) | (152) | 0 | (61) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 2700 | (9) | (20) | (29) | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 900 | (3) | 15 | 12 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 500 | (2) | 8 | 6 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 400 | (1) | 8 | 7 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 1600 | (6) | 25 | 19 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 1600 | (6) | 19 | 13 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 1300 | (5) | 35 | 30 | 0 | (5) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 02/15/2035 | 27224 | (25) | (520) | (545) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 1200 | (4) | (17) | (21) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 20190 | 1370 | (606) | 764 | 0 | (75) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 700 | (2) | (15) | (17) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 1400 | (4) | (24) | (28) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 3400 | 189 | (64) | 125 | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 400 | 3 | 14 | 17 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 3180 | 803 | 361 | 1164 | 0 | (18) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2052 | 3400 | (25) | (70) | (95) | 0 | (27) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 2160 | 251 | 13 | 264 | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/20/2054 | 2300 | (266) | 239 | (27) | 0 | (19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 1200 | 100 | (12) | 88 | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 | 1600 | 0 | (1) | (1) | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 500 | 0 | (2) | (2) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 | 1200 | 0 | (7) | (7) | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.964 | Annual | 11/15/2054 | 600 | 0 | (4) | (4) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 | 1400 | 0 | (18) | (18) | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.115 | Annual | 11/15/2054 | 3010 | 0 | (101) | (101) | 0 | (25) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 | 790 | 0 | (29) | (29) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 2100 | 0 | 59 | 59 | 0 | (17) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.772 | Annual | 02/15/2055 | 300 | 0 | 8 | 8 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 | 1100 | 0 | 23 | 23 | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 600 | 0 | 13 | 13 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 | 100 | 0 | 1 | 1 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 | 1100 | 0 | 30 | 30 | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 1340 | 166 | (6) | 160 | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 300 | 44 | (9) | 35 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 | 986 | 4 | (7) | (3) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 | 674 | (12) | (6) | (18) | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 | 1171 | (1) | (9) | (10) | 0 | (10) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 | 457 | (5) | (3) | (8) | 0 | (4) |
| Pay<sup>(5)</sup> | 3-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 | 40900 | (230) | 5 | (225) | 7 | (1) |
| Pay | 3-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 3900 | (2) | 42 | 40 | 0 | (6) |
| Pay | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 2300 | 12 | 43 | 55 | 0 | (4) |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 6600 | (13) | 75 | 62 | 0 | (1) |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 2000 | 0 | 18 | 18 | 0 | 0 |
| Pay<sup>(5)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | 467800 | (213) | 304 | 91 | 0 | (31) |
| Pay | 3-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 | 3300 | (5) | 96 | 91 | 0 | (3) |
| Pay | 3-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 | 500 | (1) | 16 | 15 | 0 | (1) |
| Pay | 3-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 | 900 | (64) | (385) | (449) | 0 | (3) |
| Pay | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/19/2035 | 7829270 | 51 | 17 | 68 | 1 | 0 |
| Pay<sup>(5)</sup> | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2035 | 3411780 | (16) | (13) | (29) | 1 | (1) |
| Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | 3700 | 31 | 80 | 111 | 0 | (2) |
| Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | 26600 | (1) | 61 | 60 | 3 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 06/18/2030 | 1800 | 2 | 20 | 22 | 0 | (1) |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/15/2033 | 16500 | 259 | 3 | 262 | 0 | (15) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 | 13700 | 65 | 267 | 332 | 0 | (22) |

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

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------

June 30, 2025 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 6-Month CZK-PRIBOR | 1.913% | Annual | 01/30/2029 | CZK | 13900 | $0 | $(42) | $(42) | $0 | $(2) |
| Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | EUR | 19920 | 162 | 260 | 422 | 0 | (3) |
| Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 |  | 1000 | (5) | (26) | (31) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 1800 | (10) | (47) | (57) | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 1200 | (9) | (29) | (38) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 2100 | (8) | (41) | (49) | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 1000 | (4) | (19) | (23) | 0 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 |  | 4400 | (2) | 1 | (1) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 |  | 1150 | 0 | (13) | (13) | 0 | (2) |
| Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 |  | 5500 | 0 | (25) | (25) | 0 | (8) |
| Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 |  | 8800 | (1) | (13) | (14) | 0 | (13) |
| Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 |  | 8100 | 10 | 22 | 32 | 0 | (11) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 79160 | (961) | 822 | (139) | 0 | (87) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 |  | 8790 | (115) | (21) | (136) | 9 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 52520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2095) | 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2010) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 |  | 7600 | 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450) | (333) | 0 | (19) |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2042 |  | 2650 | 205 | (413) | (208) | 0 | (8) |
| Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 |  | 600 | 0 | 371 | 371 | 2 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 |  | 7100 | 0 | 358 | 358 | 8 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.270 | Annual | 03/12/2055 |  | 3400 | 0 | 153 | 153 | 4 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.282 | Annual | 03/12/2055 |  | 1200 | 0 | 52 | 52 | 1 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 3370 | 285 | 128 | 413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 0 |
| Pay | CAONREPO | 2.850 | Semi-Annual | 09/01/2029 | CAD | 4300 | (8) | 45 | 37 | 3 | 0 |
| Pay | CAONREPO | 1.900 | Semi-Annual | 12/18/2029 |  | 7000 | (443) | 295 | (148) | 5 | 0 |
| Pay | CAONREPO | 3.000 | Semi-Annual | 06/18/2030 |  | 1500 | 20 | 0 | 20 | 1 | 0 |
| Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 |  | 3100 | 48 | (120) | (72) | 0 | (5) |
| Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 |  | 400 | 3 | (3) | 0 | 0 | (1) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 700 | 3 | (9) | (6) | 0 | (1) |
| Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 |  | 4600 | (4) | (81) | (85) | 0 | (8) |
| Receive | CAONREPO | 3.300 | Semi-Annual | 06/01/2033 |  | 7000 | 28 | (202) | (174) | 0 | (12) |
| Receive | CAONREPO | 3.400 | Semi-Annual | 06/01/2033 |  | 3200 | (3) | (93) | (96) | 0 | (6) |
| Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 |  | 2200 | 0 | (4) | (4) | 0 | (4) |
| Receive | CAONREPO | 3.500 | Semi-Annual | 09/01/2033 |  | 1300 | 16 | (64) | (48) | 0 | (2) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 2100 | 0 | (12) | (12) | 0 | (4) |
| Receive | CAONREPO | 3.250 | Semi-Annual | 12/18/2034 |  | 1000 | (24) | 5 | (19) | 0 | (2) |
| Receive | CAONREPO | 2.750 | Semi-Annual | 03/19/2035 |  | 900 | 6 | 5 | 11 | 0 | (2) |
| Pay | CAONREPO | 1.750 | Semi-Annual | 12/16/2046 |  | 600 | (120) | 16 | (104) | 2 | 0 |
| Pay | CAONREPO | 2.750 | Semi-Annual | 12/18/2048 |  | 600 | (56) | 19 | (37) | 3 | 0 |
| Pay | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 |  | 1400 | (74) | 82 | 8 | 8 | 0 |
|  |  |  |  |  |  |  | $2635 | $(3778) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1143) | $91 | $(1347) |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3806) | $(681) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1381) |

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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 June 30, 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>Asset |  | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> |
|  | 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;806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | $(18) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1402) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1723) |

---

(g) Securities with an aggregate market value of $6,131 and cash of $10,724 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **19** |

---

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (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>(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 $(21) for closed swap agreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be 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 | 07/2025 | 8 | $6 | $0 | $0 |
|  | 07/2025 | 21915 | 3042 | 0 | (23) |
|  | 07/2025 | 314 | 367 | 0 | (2) |
|  | 07/2025 | $16850 | 25939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | 0 |
|  | 07/2025 | 354 | 589 | 5 | 0 |
|  | 08/2025 | 25939 | $16860 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223) |
|  | 08/2025 | 33235 | 4624 | 0 | (36) |
|  | 08/2025 | 589 | 355 | 0 | (5) |
|  | 08/2025 | $6 | 8 | 0 | 0 |
|  | 08/2025 | 263 | 1909 | 4 | 0 |
|  | 08/2025 | 368 | 313 | 2 | 0 |
|  BOA | 07/2025 | 552 | $359 | 0 | (4) |
|  | 07/2025 | 78924 | 89740 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3228) |
|  | 07/2025 | 399013 | 293 | 0 | (2) |
|  | 07/2025 | $203 | 3314013 | 1 | 0 |
|  | 07/2025 | 358 | 459 | 3 | 0 |
|  | 08/2025 | 1452 | $203 | 0 | (1) |
|  | 08/2025 | 76350 | 189 | 0 | (1) |
|  | 08/2025 | 458 | $358 | 0 | (3) |
|  | 08/2025 | 124 | 4 | 0 | (1) |
|  | 08/2025 | $227 | 77416 | 1 | 0 |
|  | 08/2025 | 586 | 11105 | 3 | 0 |
|  BPS | 07/2025 | 2490 | $456 | 0 | (2) |
|  | 07/2025 | 433 | 2186 | 0 | (3) |
|  | 07/2025 | 21933 | $16 | 0 | 0 |
|  | 07/2025 | 805 | 80 | 0 | 0 |
|  | 07/2025 | 235 | 7 | 0 | 0 |
|  | 07/2025 | 23366 | 719 | 0 | (85) |
|  | 07/2025 | $447 | 2490 | 11 | 0 |
|  | 07/2025 | 357 | 2554 | 1 | 0 |
|  | 07/2025 | 549 | 8957506 | 3 | 0 |
|  | 07/2025 | 50 | 1638 | 0 | 0 |
|  | 07/2025 | 194 | 5762 | 5 | 0 |
|  | 08/2025 | 10020 | $1403 | 0 | (2) |
|  | 08/2025 | 553 | 4 | 0 | 0 |
|  | 08/2025 | 21982 | 674 | 0 | (90) |
|  | 08/2025 | $44 | 315 | 0 | 0 |
|  | 08/2025 | 175 | 1252 | 0 | 0 |
|  | 08/2025 | 331 | 28792 | 4 | 0 |
|  | 08/2025 | 397 | 7561 | 4 | 0 |
|  | 08/2025 | 353 | 11233 | 38 | 0 |
|  | 05/2026 | 225 | 69 | 0 | (1) |
|  | 06/2026 | 141 | 43 | 0 | 0 |
|  | 06/2027 | 98 | 30 | 0 | (1) |
|  | 05/2029 | 397 | $1364 | 60 | 0 |
|  | 07/2029 | 25 | 86 | 4 | 0 |
|  | 05/2030 | 237 | 815 | 33 | 0 |
|  BRC | 07/2025 | 465 | 2356 | 0 | (2) |
|  | 07/2025 | 3701 | $1063 | 0 | (36) |
|  | 07/2025 | 78313 | 57 | 0 | (1) |
|  | 07/2025 | $2521 | 2230 | 106 | 0 |
|  | 07/2025 | 14324 | 10532 | 133 | 0 |
|  | 07/2025 | 527 | 1780 | 1 | 0 |
|  | 07/2025 | 40 | 55169 | 1 | 0 |
|  | 07/2025 | 22 | 83 | 1 | 0 |
|  | 07/2025 | 3944 | 161324 | 50 | 0 |
|  | 07/2025 | 31026 | $1715 | 0 | (35) |
|  | 08/2025 | 10065 | 13697 | 0 | (121) |
|  | 08/2025 | $1145 | 8233 | 10 | 0 |
|  | 08/2025 | 1384 | 57346 | 15 | 0 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 09/2025 | 14836 | $3520 | $0 | $(11) |
|  | 12/2025 | $131 | 6128 | 3 | 0 |
|  BSH | 07/2025 | 3598 | $548 | 0 | (20) |
|  | 07/2025 | $984 | 3558 | 20 | 0 |
|  | 09/2025 | 564 | 2065 | 18 | 0 |
|  | 11/2025 | 9314 | $2535 | 0 | (83) |
|  | 12/2025 | 3571 | 984 | 0 | (20) |
|  CBK | 07/2025 | 17 | 13 | 0 | 0 |
|  | 07/2025 | 1094 | 153 | 0 | 0 |
|  | 07/2025 | 1340 | 1535 | 0 | (43) |
|  | 07/2025 | 20071935 | 14644 | 0 | (203) |
|  | 07/2025 | 6732 | 1834 | 0 | (66) |
|  | 07/2025 | 955 | 101 | 0 | 0 |
|  | 07/2025 | 12283 | 369 | 0 | (9) |
|  | 07/2025 | 40667 | 1250 | 0 | (150) |
|  | 07/2025 | $3369 | 24127 | 9 | 0 |
|  | 07/2025 | 314 | 272 | 6 | 0 |
|  | 07/2025 | 275 | 4478156 | 1 | 0 |
|  | 07/2025 | 1377 | 196000 | 0 | (15) |
|  | 07/2025 | 381 | 1365 | 4 | 0 |
|  | 07/2025 | 263 | 7803 | 5 | 0 |
|  | 08/2025 | 6977 | $971 | 0 | (8) |
|  | 08/2025 | 396 | 105 | 0 | (7) |
|  | 08/2025 | 44286 | 1359 | 0 | (181) |
|  | 08/2025 | $1687 | 12067 | 4 | 0 |
|  | 08/2025 | 90 | 4954 | 8 | 0 |
|  | 08/2025 | 2480 | 213786 | 10 | (1) |
|  | 08/2025 | 53 | 191 | 1 | 0 |
|  | 08/2025 | 261 | 8484 | 34 | 0 |
|  | 09/2025 | 1525 | $79 | 0 | (1) |
|  | 09/2025 | 9798 | 2682 | 0 | (78) |
|  | 01/2026 | 70000 | 516 | 20 | 0 |
|  DUB | 07/2025 | 1797 | 518 | 0 | (15) |
|  | 07/2025 | 54545 | 40 | 0 | 0 |
|  | 07/2025 | 47 | 37 | 0 | (1) |
|  | 07/2025 | $317 | 2264 | 0 | 0 |
|  | 07/2025 | 425 | 2708 | 2 | 0 |
|  | 07/2025 | 92300 | 79562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | 0 |
|  | 07/2025 | 42 | 679039 | 0 | 0 |
|  | 07/2025 | 30 | 15862 | 0 | 0 |
|  | 07/2025 | 181 | 5373 | 4 | 0 |
|  | 08/2025 | 2701 | $425 | 0 | (2) |
|  | 08/2025 | 781 | 3963 | 0 | (5) |
|  | 08/2025 | 79388 | $92300 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1419) |
|  | 08/2025 | 85110 | 2620 | 0 | (7) |
|  | 08/2025 | $267 | 1908 | 0 | 0 |
|  | 08/2025 | 130 | 7163 | 12 | 0 |
|  | 08/2025 | 1150 | 99207 | 5 | 0 |
|  | 09/2025 | 27137 | $50 | 0 | (1) |
|  | 09/2025 | 20 | 1 | 0 | 0 |
|  | 09/2025 | $474 | 245416 | 0 | (12) |
|  | 12/2025 | 261 | 138733 | 0 | (7) |
|  FAR | 07/2025 | 25387 | $16380 | 0 | (329) |
|  | 07/2025 | 37003 | 6699 | 0 | (111) |
|  | 07/2025 | 1286 | 1561 | 0 | (59) |
|  | 07/2025 | 11148 | 1551 | 0 | (8) |
|  | 07/2025 | 4708829 | 32824 | 125 | 0 |
|  | 07/2025 | 119 | 93 | 0 | (1) |
|  | 07/2025 | $6575 | 37003 | 236 | 0 |
|  | 07/2025 | 1604 | 1284 | 14 | 0 |
|  | 07/2025 | 578 | 3681 | 3 | 0 |
|  | 07/2025 | 17989 | 2618451 | 194 | 0 |
|  | 07/2025 | 776 | 2860 | 18 | 0 |
|  | 07/2025 | 288 | 367 | 1 | 0 |
|  | 08/2025 | 1279 | $1604 | 0 | (14) |
|  | 08/2025 | 10576 | 1478 | 0 | (5) |
|  | 08/2025 | 3672 | 578 | 0 | (3) |
|  | 08/2025 | 2608821 | 17989 | 0 | (194) |
|  | 08/2025 | 423 | 332 | 0 | (1) |
|  | 08/2025 | $549 | 47514 | 4 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  | 09/2025 | $6699 | 37569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | $0 |
|  | 09/2025 | 871 | 16966 | 26 | 0 |
|  | 09/2025 | 26 | 94 | 1 | 0 |
|  GLM | 07/2025 | 515 | 2601 | 0 | (4) |
|  | 07/2025 | 4246 | $131 | 0 | (16) |
|  | 07/2025 | $316 | 2262 | 1 | 0 |
|  | 07/2025 | 65 | 1060202 | 0 | 0 |
|  | 07/2025 | 112 | 143 | 0 | 0 |
|  | 07/2025 | 54 | 1791 | 1 | 0 |
|  | 07/2025 | 24 | 782 | 3 | 0 |
|  | 08/2025 | 92 | 468 | 0 | (1) |
|  | 08/2025 | 142 | $112 | 0 | 0 |
|  | 08/2025 | $10 | 551 | 1 | 0 |
|  | 08/2025 | 280 | 96815 | 5 | 0 |
|  | 08/2025 | 21 | 706 | 0 | 0 |
|  | 09/2025 | 23266 | $5526 | 0 | (10) |
|  | 09/2025 | $100 | 52275 | 0 | (1) |
|  | 12/2025 | 4662 | $100 | 0 | (2) |
|  | 01/2026 | 200000 | 1486 | 69 | 0 |
|  IND | 07/2025 | $101 | 956 | 0 | 0 |
|  | 08/2025 | 954 | $101 | 0 | 0 |
|  JPM | 07/2025 | 9761 | 1789 | 0 | (8) |
|  | 07/2025 | 24431 | 3388 | 0 | (28) |
|  | 07/2025 | 3107 | 434 | 0 | 0 |
|  | 07/2025 | 2788 | 422 | 0 | (18) |
|  | 07/2025 | 1479582 | 1080 | 0 | (14) |
|  | 07/2025 | 589 | 351 | 0 | (8) |
|  | 07/2025 | 3163 | 2463 | 0 | (25) |
|  | 07/2025 | 23651 | 727 | 0 | (87) |
|  | 07/2025 | $1733 | 9761 | 64 | 0 |
|  | 07/2025 | 547 | 747 | 2 | 0 |
|  | 07/2025 | 395 | 2825 | 0 | 0 |
|  | 07/2025 | 1634 | 6054 | 45 | 0 |
|  | 07/2025 | 235 | 300 | 2 | 0 |
|  | 07/2025 | 12436 | $696 | 0 | (5) |
|  | 08/2025 | 30716 | 4271 | 0 | (36) |
|  | 08/2025 | 300 | 235 | 0 | (2) |
|  | 08/2025 | 25519 | 783 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105) |
|  | 08/2025 | $294 | 2100 | 1 | 0 |
|  | 08/2025 | 307 | 2192 | 0 | 0 |
|  | 08/2025 | 370 | 32112 | 4 | 0 |
|  | 10/2025 | 78207 | 194 | 0 | 0 |
|  MBC | 07/2025 | 39964 | $29097 | 0 | (250) |
|  | 07/2025 | 10126 | 1405 | 0 | (11) |
|  | 07/2025 | 631 | 88 | 0 | 0 |
|  | 07/2025 | 2035 | 2326 | 0 | (71) |
|  | 07/2025 | 1695 | 2300 | 0 | (27) |
|  | 07/2025 | 3107 | 397 | 1 | 0 |
|  | 07/2025 | 276976 | 1927 | 4 | (1) |
|  | 07/2025 | 7599 | 5923 | 0 | (53) |
|  | 07/2025 | 6166 | 186 | 0 | (4) |
|  | 07/2025 | 11428 | 351 | 0 | (43) |
|  | 07/2025 | $28553 | 39249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | 0 |
|  | 07/2025 | 88 | 631 | 0 | 0 |
|  | 07/2025 | 267 | 234 | 9 | 0 |
|  | 07/2025 | 590 | 435 | 8 | 0 |
|  | 07/2025 | 78 | 1273064 | 0 | 0 |
|  | 07/2025 | 171 | 640 | 7 | 0 |
|  | 07/2025 | 6192 | 8008 | 106 | 0 |
|  | 07/2025 | 14 | 419 | 0 | 0 |
|  | 08/2025 | 39183 | $28553 | 0 | (270) |
|  | 08/2025 | 25777 | 3569 | 0 | (46) |
|  | 08/2025 | 1229 | 1444 | 0 | (7) |
|  | 08/2025 | 2941 | 20 | 0 | 0 |
|  | 08/2025 | 7989 | 6192 | 0 | (107) |
|  | 08/2025 | 145027 | 4489 | 12 | 0 |
|  | 08/2025 | 17197 | 531 | 0 | (67) |
|  | 08/2025 | $2152 | 15434 | 12 | 0 |
|  | 08/2025 | 88 | 629 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  MYI | 07/2025 | 982 | $137 | $0 | $0 |
|  | 07/2025 | 106371 | 736 | 0 | (2) |
|  | 07/2025 | $6041 | 880528 | 73 | 0 |
|  | 07/2025 | 137 | 580 | 1 | 0 |
|  | 07/2025 | 132 | 1329 | 0 | 0 |
|  | 07/2025 | 4 | 15 | 0 | 0 |
|  | 08/2025 | 10779 | $1506 | 0 | (6) |
|  | 08/2025 | 877291 | 6041 | 0 | (73) |
|  | 08/2025 | 1329 | 132 | 0 | 0 |
|  | 08/2025 | $231 | 1648 | 0 | 0 |
|  | 09/2025 | 1480 | $1041 | 0 | (50) |
|  | 09/2025 | $68 | 35225 | 0 | (2) |
|  | 12/2025 | 5980 | 237 | 0 | (4) |
|  NGF | 07/2025 | $778 | 12689240 | 4 | 0 |
|  RYL | 08/2025 | 365 | 2638 | 5 | 0 |
|  SCX | 07/2025 | 27 | $8 | 0 | 0 |
|  | 07/2025 | 1480 | 51 | 0 | 0 |
|  | 07/2025 | $647 | 4638 | 2 | 0 |
|  | 07/2025 | 60 | 3247 | 5 | 0 |
|  | 07/2025 | 303 | 4930650 | 1 | 0 |
|  | 07/2025 | 68 | 9809 | 0 | 0 |
|  | 07/2025 | 1237 | 1595 | 18 | 0 |
|  | 07/2025 | 544 | 16167 | 13 | 0 |
|  | 08/2025 | 20607 | $2884 | 0 | (6) |
|  | 08/2025 | 9773 | 68 | 0 | 0 |
|  | 08/2025 | 1591 | 1237 | 0 | (18) |
|  | 08/2025 | 6416 | 197 | 0 | (26) |
|  | 08/2025 | $263 | 1900 | 3 | 0 |
|  | 08/2025 | 388 | 33287 | 0 | 0 |
|  SOG | 07/2025 | 423 | $96 | 0 | (2) |
|  | 07/2025 | $90 | 4608 | 2 | 0 |
|  | 07/2025 | 10068 | 1453288 | 24 | 0 |
|  | 07/2025 | 14 | 138 | 0 | 0 |
|  | 08/2025 | 1447955 | $10068 | 0 | (24) |
|  | 08/2025 | 138 | 14 | 0 | 0 |
|  | 08/2025 | $50 | 2602 | 1 | 0 |
|  | 08/2025 | 3 | 956 | 0 | 0 |
|  | 08/2025 | 2 | 192 | 0 | 0 |
|  SSB | 07/2025 | 9272 | $12555 | 0 | (173) |
|  | 07/2025 | $364 | 314 | 6 | 0 |
|  | 01/2026 | 260000 | $1736 | 0 | (106) |
|  UAG | 07/2025 | 272 | 76 | 0 | (5) |
|  | 07/2025 | 69406 | 479 | 0 | (2) |
|  | 07/2025 | 52407 | 39 | 0 | 0 |
|  | 07/2025 | 663 | 65 | 0 | (1) |
|  | 07/2025 | 321 | 73 | 0 | (1) |
|  | 07/2025 | 979 | 29 | 0 | (1) |
|  | 07/2025 | $39 | 52432 | 0 | 0 |
|  | 08/2025 | 5404 | $755 | 0 | (3) |
|  | 08/2025 | $4919 | 35280 | 28 | 0 |
|  | 09/2025 | 1041 | 1480 | 49 | 0 |
|  | 12/2025 | 237 | 5980 | 4 | 0 |
|  | 12/2025 | 3005 | $64 | 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;3904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8831) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | 24.650 | 03/11/2026 | 528 | $4 | $4 |
|  | Put - OTC EUR versus HUF | 399.000 | 08/25/2025 | 675 | 3 | 4 |
| BRC | Call - OTC USD versus SEK | 10.200 | 11/26/2025 | 1103 | 7 | 6 |
| GLM | Put - OTC EUR versus USD | $1.100 | 12/17/2025 | 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| JPM | Put - OTC EUR versus CZK | 24.600 | 12/22/2025 | 1535 | 7 | 8 |
|  | Put - OTC EUR versus HUF | 395.000 | 09/29/2025 | 810 | 4 | 3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **23** |

---

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| MBC | Put - OTC EUR versus USD | $1.098 | 12/23/2025 | 136 | $16 | $9 |
| MYI | Put - OTC EUR versus CZK | 24.750 | 12/09/2025 | 561 | 3 | 4 |
|  | Put - OTC EUR versus CZK | 24.550 | 12/16/2025 | 1389 | 6 | 6 |
|  | Put - OTC EUR versus CZK | 24.700 | 12/16/2025 | 940 | 6 | 6 |
|  | Put - OTC EUR versus USD | $1.110 | 11/24/2025 | 3445 | 16 | 10 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |

---

#### 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 |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570% | 08/13/2025 | 30900 | $43 | $0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 08/20/2025 | 28000 | 32 | 0 |
| JPM Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570 | 08/13/2025 | 700 | 1 | 0 |
|  |  |  |  |  |  | $76 | $0 |
|  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;163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900% | 07/16/2025 | 1500 | $(2) | $0 |

---

#### 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 |
| GLM | Call - OTC USD versus TRY | TRY | 53.500 | 12/11/2025 | 871 | $(28) | $(24) |
| UAG | Call - OTC USD versus TRY |  | 54.000 | 12/16/2025 | 547 | (18) | (15) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) |

---

#### 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 Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.350% | 09/25/2025 | 1900 | $(18) | $(1) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.460 | 07/16/2025 | 1600 | (5) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.720 | 07/16/2025 | 1600 | (5) | (2) |
| DUB Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.330 | 09/25/2025 | 2300 | (25) | (1) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.750 | 07/03/2025 | 1300 | (5) | (9) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.100 | 07/03/2025 | 1300 | (5) | 0 |
|  |  |  |  |  |  | $(63) | $(14) |
|  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;(111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) |

---

#### 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> **June 30, 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> **June 30, 2025<sup>(5)</sup>** | **Notional**<br> **Amount<sup>(6)</sup>** | **Premiums**<br> **Paid/(Received)** | **Unrealized<br>Appreciation/**<br> (Depreciation) | Asset | Liability |
| BOA | Korea International Bond | (1.000)% | Quarterly | 06/20/2030 | 0.262% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | $&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;(30) |
| JPM | Korea International Bond | (1.000) | Quarterly | 06/20/2030 | 0.262 | 980 | (31) | (2) | 0 | (33) |
|  |  |  |  |  |  |  | $(59) | $(4) | $0 | $(63) |

---

24 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN 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> **June 30, 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> **June 30, 2025<sup>(5)</sup>** | **Notional**<br> **Amount<sup>(6)</sup>** | **Premiums**<br> **Paid/(Received)** | **Unrealized<br>Appreciation/**<br> (Depreciation) | Asset | Liability |
| CBK | Israel Government International Bond | 1.000% | Quarterly | 06/20/2027 | 0.603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | $(23) | $58 | $35 | $0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | 1759 | 0 | 10 | 10 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | $&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** | 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>(8)</sup>** | **Notional<br>Amount of**<br> **Currency<br>Received** | **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 0.414% 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 | 12/17/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16007 | JPY 2,370,000 | $33 | $2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.470% 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 | 09/17/2030 | 10830 | 1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) |
|  GST | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% 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 | 10/15/2026 | 25102 | 3973600 | (321) | 12 | 0 | (309) |
|  |  |  |  |  |  |  | $(391) | $41 | $35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 168700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | $85 | $30 | $0 |
|  | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 | MYR | 2480 | (2) | 10 | 8 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/18/2034 |  | 3150 | (9) | (12) | 0 | (21) |
| CBK | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 | CNY | 89600 | 0 | 16 | 16 | 0 |
| GST | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 | MYR | 22230 | 11 | 63 | 74 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/20/2033 |  | 10040 | 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) | 0 | (70) |
| JPM | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 03/19/2035 |  | 1160 | 1 | (9) | 0 | (8) |
| SCX | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 | CNY | 19600 | 9 | (5) | 4 | 0 |
|  |  |  |  |  |  |  |  | $19 | $14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) |

---

#### 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/<br>(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/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive | iBoxx USD Liquid Investment Grade Index  | N/A | 1.199% | Maturity | 12/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12120 | $0 | $(230) | $0 | $(230) |
| JPM | Receive | iBoxx USD Liquid Investment Grade Index  | N/A | 1.199% | Maturity | 09/22/2025 | 7900 | 82 | (279) | 0 | (197) |
|  |  |  |  |  |  |  |  | $82 | $(509) | $0 | $(427) |
|  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;(372) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(974) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 25

------

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $233 | $(289) | $0 | $0 | $(289) | $(56) | $280 | $224 |
|  BOA | 8 | 8 | 0 | 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349) |
|  BPS | 163 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | (184) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) | (435) | (234) | 0 | (234) |
|  BRC | 320 | 6 | 0 | 326 | (206) | (1) | 0 | (207) | 119 | 0 | 119 |
|  BSH | 38 | 0 | 0 | 38 | (123) | 0 | 0 | (123) | (85) | 8 | (77) |
|  CBK | 102 | 0 | 86 | 188 | (762) | (3) | (76) | (841) | (653) | 610 | (43) |
|  DUB | 1443 | 0 | 10 | 1453 | (1469) | (1) | 0 | (1470) | (17) | 0 | (17) |
|  FAR | 732 | 0 | 0 | 732 | (725) | (9) | 0 | (734) | (2) | (40) | (42) |
|  GLM | 80 | 10 | 0 | 90 | (34) | (24) | 0 | (58) | 32 | 0 | 32 |
|  GST | 0 | 0 | 74 | 74 | 0 | 0 | (379) | (379) | (305) | 0 | (305) |
|  JPM | 118 | 11 | 0 | 129 | (336) | 0 | (238) | (574) | (445) | 428 | (17) |
|  MBC | 428 | 9 | 0 | 437 | (957) | 0 | 0 | (957) | (520) | 241 | (279) |
|  MYI | 74 | 26 | 0 | 100 | (137) | 0 | 0 | (137) | (37) | 0 | (37) |
|  NGF | 4 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  RYL | 5 | 0 | 0 | 5 | 0 | 0 | 0 | 0 | 5 | 0 | 5 |
|  SCX | 42 | 0 | 4 | 46 | (50) | 0 | 0 | (50) | (4) | 0 | (4) |
|  SOG | 27 | 0 | 0 | 27 | (26) | 0 | 0 | (26) | 1 | 0 | 1 |
|  SSB | 6 | 0 | 0 | 6 | (279) | 0 | 0 | (279) | (273) | 291 | 18 |
|  UAG | 81 | 0 | 0 | 81 | (14) | (15) | 0 | (29) | 52 | 0 | 52 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8831) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(974) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9858) |  |  |  |

---

(i) Securities with an aggregate market value of $4,763 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

¨ 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> 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. 

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

#### 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 June 30, 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 | $0 | $0 | $806 | $806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 22 | 0 | 0 | 91 | 113 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $897 | $919 |
|  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;3904 | $0 | $3904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 70 | 0 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 45 | 0 | 35 | 132 | 212 |
|  | $0 | $45 | $0 | $4009 | $132 | $4186 |
|  | $0 | $67 | $0 | $4009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | $5105 |
|  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 | $18 | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 303 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 34 | 0 | 0 | 1368 | 1402 |
|  | $0 | $34 | $0 | $0 | $1689 | $1723 |
|  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 | $8831 | $0 | $8831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 39 | 14 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 63 | 0 | 385 | 526 | 974 |
|  | $0 | $63 | $0 | $9255 | $540 | $9858 |
|  | $0 | $97 | $0 | $9255 | $2229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11581 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $51 | $51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (78) | 0 | 0 | (2589) | (2667) |
|  | $0 | $(78) | $0 | $0 | $(2428) | $(2506) |
|  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 | $(9434) | $0 | $(9434) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 88 | (64) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1 | 0 | 73 | 412 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 96 | 0 | 1841 | 534 | 2471 |
|  | $0 | $97 | $0 | $(7432) | $882 | $(6453) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(7432) | $(1546) | $(8959) |
|  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 | 1266 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (16) | 0 | 0 | (3415) | (3431) |
|  | $0 | $(16) | $0 | $0 | $(2147) | $(2163) |
|  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 | $(11323) | $0 | $(11323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (173) | (529) | (702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | (53) | 333 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (41) | 0 | (60) | (843) | (944) |
|  | $0 | $(39) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11609) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1039) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12687) |
|  | $0 | $(55) | $0 | $(11609) | $(3186) | $(14850) |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 27

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Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) June 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 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>06/30/2025 |
|  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 | $165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $165 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5083 | 0 | 5083 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11063 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11063 |
|  Belgium | Belgium | Belgium | Belgium | Belgium |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 826 | 0 | 826 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7881 | 0 | 7881 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 862 | 0 | 862 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 27349 | 0 | 27349 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 21291 | 0 | 21291 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1110 | 0 | 1110 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 411 | 0 | 411 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 609 | 0 | 609 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6782 | 0 | 6782 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1058 | 0 | 1058 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3916 | 0 | 3916 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 29620 | 0 | 29620 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1488 | 0 | 1488 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1869 | 0 | 1869 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1345 | 0 | 1345 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 16759 | 0 | 16759 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1157 | 0 | 1157 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1599 | 0 | 1599 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1857 | 0 | 1857 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1480 | 0 | 1480 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2536 | 0 | 2536 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 50007 | 0 | 50007 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 548 | 0 | 548 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 603 | 0 | 603 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8899 | 0 | 8899 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 406 | 0 | 406 |
|  Multinational | Multinational | Multinational | Multinational | Multinational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1048 | 0 | 1048 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3608 | 0 | 3608 |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1924 | 0 | 1924 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 212 | 0 | 212 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 570 | 0 | 570 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6013 | 0 | 6013 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3161 | 0 | 3161 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 263 | 0 | 263 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7400 | 0 | 7400 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 300 | 0 | 300 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 10542 | 0 | 10542 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | $0 | $1156 | $0 | $1156 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4956 | 0 | 4956 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4319 | 0 | 4319 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11878 | 0 | 11878 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 819 | 0 | 819 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 30404 | 0 | 30404 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5377 | 0 | 5377 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6629 | 0 | 6629 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 816 | 0 | 816 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1696 | 0 | 1696 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 15689 | 0 | 15689 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 4725 | 0 | 4725 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9954 | 0 | 9954 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 16961 | 0 | 16961 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 35762 | 0 | 35762 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1708 | 0 | 1708 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 858 | 0 | 858 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 30274 | 0 | 30274 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 261558 | 0 | 261558 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 44084 | 0 | 44084 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 3740 | 0 | 3740 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 1349 | 0 | 1349 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 303 | 0 | 303 |
|  | $0 | $738635 | $0 | $738635 |
|  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;3034 | $0 | $0 | $3034 |
|  Total Investments | $3034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738635 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741669 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  United States | United States | United States | United States | United States |
|  U.S. Government Agencies | 0 | (73101) | 0 | (73101) |
|  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 | 613 | 306 | 0 | 919 |
|  Over the counter | 0 | 4176 | 10 | 4186 |
|  | $613 | $4482 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $5105 |
|  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 | (257) | (1445) | 0 | (1702) |
|  Over the counter | 0 | (9858) | 0 | (9858) |
|  | $(257) | $(11303) | $0 | $(11560) |
|  Total Financial Derivative Instruments | $356 | $(6821) | $10 | $(6455) |
|  Totals | $3390 | $658713 | $10 | $662113 |

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There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

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| | | |
|:---|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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Notes to Financial Statements June 30, 2025 (Unaudited)

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 new 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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 June 30, 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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| | |
|:---|:---|
| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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, 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 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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

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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.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

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| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

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Notes to Financial Statements (Cont.)

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 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

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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 June 30, 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>06/30/2025 | 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;189540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187500) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | $&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

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Notes to Financial Statements (Cont.)

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.

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

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

&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) 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

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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 to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold

provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended June 30, 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

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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, 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.

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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 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)

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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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap

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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 and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows

are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change 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, or 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

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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 factors affecting securities markets generally or particular industries.

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.

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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the

Portfolio's ability to employ certain strategies that use derivatives 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 markets, differing 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, inefficiencies resulting from erratic growth, the unavailability of consistently-reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of

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Notes to Financial Statements (Cont.)

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 event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

Issuer Non-Diversification Risk is the risk of focusing investments 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, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Portfolio's sensitivity to interest rate 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.

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, 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.

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| | |
|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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

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

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

Cyber Security Risk As the use of 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. 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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

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Notes to Financial Statements (Cont.)

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.

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

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| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest

expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(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 June 30, 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **47** |

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Notes to Financial Statements (Cont.)

reimbursed to PIMCO. The recoverable amounts to PIMCO as of June 30, 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;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |

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

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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 June 30, 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;2427351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413090 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80707 |

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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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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>06/30/2025 | Six Months Ended<br>06/30/2025 | 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 | 4477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44483 | 2197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 2246 | 22392 | 2800 | 27585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 584 | 5825 | 1221 | 12024 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 209 | 2092 | 417 | 4109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 171 | 1704 | 323 | 3186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 562 | 5613 | 1231 | 12146 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (3259) | (32498) | (4767) | (46862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1585) | (15808) | (2435) | (24002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (4088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40675) | (5116) | (50447) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (683) | $(6872) | (4129) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 June 30, 2025, one person owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 58% of the Portfolio.

&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.

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| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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 its last fiscal year ended December 31, 2024, 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 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428 | $&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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As of June 30, 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>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55307) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22370) |

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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> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **49** |

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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 | NGF | Nomura Global Financial Products, Inc. |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | RYL | NatWest Markets Plc |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | SOG | Societe Generale Paris |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC |  |  |
|  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: |  |  |  |  |
| CAONREPO | Canadian Overnight Repo Rate Average | SIBCSORA | Singapore Overnight Rate Average | TSFR1M | Term SOFR 1-Month |
| CDX.IG | Credit Derivatives Index - Investment Grade | SOFR | Secured Overnight Financing Rate | TSFR3M | Term SOFR 3-Month |
| CNREPOFIX | China Fixing Repo Rates 7-Day | SONIO | Sterling Overnight Interbank Average Rate | US0003M | ICE 3-Month USD LIBOR |
| MUTKCALM | Tokyo Overnight Average Rate | SRFXON3 | Swiss Overnight Rate Average (6PM) |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | Oat | Obligations Assimilables du Trésor |
| ALT | Alternate Loan Trust | EURIBOR | Euro Interbank Offered Rate | OIS | Overnight Index Swap |
| BBR | Bank Bill Rate | KLIBOR | Kuala Lumpur Interbank Offered Rate | PRIBOR | Prague Interbank Offered Rate |
| 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 |  |  |  |  |

---

---

| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

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 June 30, 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)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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) |
|  January 2025 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  February 2025 | $0.0269 | $0.0000 | $0.0000 | $0.0269 |
|  March 2025 | $0.0346 | $0.0000 | $0.0000 | $0.0346 |
|  April 2025 | $0.0323 | $0.0000 | $0.0000 | $0.0323 |
|  May 2025 | $0.0299 | $0.0000 | $0.0000 | $0.0299 |
|  June 2025 | $0.0325 | $0.0000 | $0.0000 | $0.0325 |
| 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) |
|  January 2025 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  February 2025 | $0.0262 | $0.0000 | $0.0000 | $0.0262 |
|  March 2025 | $0.0335 | $0.0000 | $0.0000 | $0.0335 |
|  April 2025 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  May 2025 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |
|  June 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
| 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) |
|  January 2025 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  February 2025 | $0.0255 | $0.0000 | $0.0000 | $0.0255 |
|  March 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
|  April 2025 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  May 2025 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  June 2025 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **51** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **53** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

#### 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.

------

#### pimco.com/pvit
![LOGO](g70183g06y60.jpg)

PVITINTLUSDFSTMSAR_063025

------

![LOGO](g15582g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO International Bond Portfolio (Unhedged)

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO International Bond Portfolio (Unhedged)](#tx15582_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx15582_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx15582_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx15582_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx15582_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx15582_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx15582_7) | 26 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx15582_8) | 44 |
| &nbsp;&nbsp; [Glossary](#tx15582_9) | 47 |
| &nbsp;&nbsp; [Distribution Information](#tx15582_10) | 48 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx15582_11) | 49 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx15582_12) | 50 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx15582_13) | 51 |

---

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.)

------

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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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,

---

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

---

------

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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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 |

---

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

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

---

------

Financial Highlights PIMCO International Bond Portfolio (Unhedged)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year 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; 01/01/2025 - 06/30/2025+ | $7.07 | $0.12 | $0.65 | $0.77 | $(0.14) | $0.00 | $0.00 | $(0.14) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.05 | 0.16 | 0.87 | 1.03 | (0.55) | 0.00 | 0.00 | (0.55) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 7.07 | 0.12 | 0.64 | 0.76 | (0.13) | 0.00 | 0.00 | (0.13) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.05 | 0.15 | 0.86 | 1.01 | (0.53) | 0.00 | 0.00 | (0.53) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 7.07 | 0.11 | 0.65 | 0.76 | (0.13) | 0.00 | 0.00 | (0.13) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.05 | 0.14 | 0.86 | 1.00 | (0.52) | 0.00 | 0.00 | (0.52) |

---

---

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **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** | **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** |
| $7.70 | 10.92% | $43 | 0.99 | %\* | 1.00 | %\* | 0.75 | %\* | 0.76 | %\* | 3.40 | %\* | 339% |
| 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 |
| 10.53 | 10.93 | 12 | 0.83 |  | 0.83 |  | 0.75 |  | 0.75 |  | 1.68 |  | 514 |
| 7.70 | 10.84 | 9548 | 1.14 | \* | 1.15 | \* | 0.90 | \* | 0.91 | \* | 3.26 | \* | 339 |
| 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 |
| 10.53 | 10.77 | 10504 | 0.98 |  | 0.98 |  | 0.90 |  | 0.90 |  | 1.54 |  | 514 |
| 7.70 | 10.78 | 24164 | 1.24 | \* | 1.25 | \* | 1.00 | \* | 1.01 | \* | 3.15 | \* | 339 |
| 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 |
| 10.53 | 10.66 | 20408 | 1.08 |  | 1.08 |  | 1.00 |  | 1.00 |  | 1.43 |  | 514 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO International Bond Portfolio (Unhedged) June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $29597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 1821 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 547 |
|  Cash | 142 |
|  Deposits with counterparty | 945 |
|  Foreign currency, at value | 218 |
|  Receivable for investments sold | 2178 |
|  Receivable for investments sold on a delayed-delivery basis | 1 |
|  Receivable for TBA investments sold | 21977 |
|  Receivable for Portfolio shares sold | 9583 |
|  Interest and/or dividends receivable | 196 |
|  Dividends receivable from Affiliates | 5 |
|  **Total Assets** | 67252 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $2891 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 406 |
|  Payable for investments purchased | 2233 |
|  Payable for investments in Affiliates purchased | 5 |
|  Payable for TBA investments purchased | 27844 |
|  Payable for Portfolio shares redeemed | 22 |
|  Accrued investment advisory fees | 4 |
|  Accrued supervisory and administrative fees | 9 |
|  Accrued distribution fees | 3 |
|  Accrued servicing fees | 1 |
|  **Total Liabilities** | 33497 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $33755 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $35654 |
|  Distributable earnings (accumulated loss) | (1899) |
|  **Net Assets** | $33755 |
|  **Net Assets:** |  |
|  Institutional Class | $43 |
|  Administrative Class | 9548 |
|  Advisor Class | 24164 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 5 |
|  Administrative Class | 1241 |
|  Advisor Class | 3139 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:**  |  |
|  Institutional Class | $7.70 |
|  Administrative Class | 7.70 |
|  Advisor Class | 7.70 |
|  Cost of investments in securities | $29545 |
|  Cost of investments in Affiliates | $1821 |
|  Cost of foreign currency held | $216 |
|  Proceeds received on short sales | $2868 |
|  Cost or premiums of financial derivative instruments, net | $(129) |

---

---

| | |
|:---|:---|
| <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)

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) | Six Months Ended June 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest | $472 |
|  Dividends from Investments in Affiliates | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 490 |
|  **Expenses:** |  |
|  Investment advisory fees | 28 |
|  Supervisory and administrative fees | 56 |
|  Distribution and/or servicing fees - Administrative Class | 6 |
|  Distribution and/or servicing fees - Advisor Class | 18 |
|  Trustee fees | 1 |
|  Interest expense | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 134 |
|  **Net Investment Income (Loss)** | 356 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 319 |
|  Investments in Affiliates | 1 |
|  Exchange-traded or centrally cleared financial derivative instruments | (148) |
|  Over the counter financial derivative instruments | 758 |
|  Foreign currency | (403) |
|  **Net Realized Gain (Loss)** | 527 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 1492 |
|  Exchange-traded or centrally cleared financial derivative instruments | (20) |
|  Over the counter financial derivative instruments | (78) |
|  Foreign currency assets and liabilities | 13 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 1407 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2290 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO International Bond Portfolio (Unhedged)

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $356 | $784 |
|  Net realized gain (loss) | 527 | (2730) |
|  Net change in unrealized appreciation (depreciation) | 1407 | (99) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 2290 | (2045) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (150) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (242) | 0 |
|  Tax basis return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | (291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 0 | (608) |
|  **Total Distributions<sup>(a)</sup>** | (393) | (901) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 8056 | 2022 |
|  **Total Increase (Decrease) in Net Assets** | 9953 | (924) |
|  **Net Assets:** |  |  |
|  Beginning of period | 23802 | 24726 |
|  End of period | $33755 | $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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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) June 30, 2025 (Unaudited)

#### (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 87.7% | INVESTMENTS IN SECURITIES 87.7% | INVESTMENTS IN SECURITIES 87.7% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% 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 1.7% | AUSTRALIA 1.7% | AUSTRALIA 1.7% |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Australian Capital Territory | Australian Capital Territory | Australian Capital Territory |
|  4.750% due 10/23/2030 | 200 | 136 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 300 | 156 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  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 | 500 | 276 |
|  Total Australia (Cost $548) | Total Australia (Cost $548) | 578 |
| BRAZIL 1.5% | BRAZIL 1.5% | BRAZIL 1.5% |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (c) | 2800 | 497 |
|  Total Brazil (Cost $468) | Total Brazil (Cost $468) | 497 |
| CANADA 3.8% | CANADA 3.8% | CANADA 3.8% |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
|  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 | 101 |
|  5.298% due 01/30/2032 | 100 | 103 |
|  |  | 411 |
| SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 100 | 76 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 600 | 443 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 400 | 294 |
|  PSP Capital, Inc. | PSP Capital, Inc. | PSP Capital, Inc. |
|  4.500% due 09/05/2031 | 100 | 66 |
|  |  | 879 |
|  Total Canada (Cost $1,240) | Total Canada (Cost $1,240) | 1290 |
| CAYMAN ISLANDS 1.9% | CAYMAN ISLANDS 1.9% | CAYMAN ISLANDS 1.9% |
| ASSET-BACKED SECURITIES 1.9% | ASSET-BACKED SECURITIES 1.9% | ASSET-BACKED SECURITIES 1.9% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.754% due 01/15/2037 •  | 57 | 57 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.779% due 12/16/2036 •  | 48 | 48 |
|  Brightspire Capital Ltd. | Brightspire Capital Ltd. | Brightspire Capital Ltd. |
|  5.582% due 08/19/2038 •  | 38 | 38 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.784% due 12/15/2036 •  | 59 | 58 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.726% due 11/15/2038 •  | 42 | 42 |
|  5.853% due 01/17/2037 •  | 82 | 82 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.509% due 10/16/2036 •  | 40 | 40 |
|  5.529% due 07/16/2036 •  | 20 | 20 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.629% due 04/18/2038 •  | 46 | 46 |
|  5.654% due 11/15/2038 •  | 75 | 75 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.523% due 10/13/2032 •  | 59 | 59 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.964% due 02/15/2039 •  | 88 | 89 |
|  Total Cayman Islands (Cost $655) | Total Cayman Islands (Cost $655) | 654 |
| CHINA 1.0% | CHINA 1.0% | CHINA 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  China Government International Bond | China Government International Bond | China Government International Bond |
|  1.920% due 01/15/2055 | 1200 | 167 |
|  3.190% due 04/15/2053 | 1000 | 177 |
|  Total China (Cost $330) | Total China (Cost $330) | 344 |
| DENMARK 0.1% | DENMARK 0.1% | DENMARK 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  1.000% due 10/01/2050 | 2 | 0 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 91 | 12 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 181 | 23 |
|  Total Denmark (Cost $41) | Total Denmark (Cost $41) | 35 |
| FRANCE 3.8% | FRANCE 3.8% | FRANCE 3.8% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.786% due 01/13/2033 •  | 150 | 156 |
| SOVEREIGN ISSUES 3.3% | SOVEREIGN ISSUES 3.3% | SOVEREIGN ISSUES 3.3% |
|  France Government International Bond | France Government International Bond | France Government International Bond |
|  0.500% due 05/25/2072 | 29 | 10 |
|  0.750% due 02/25/2028 | 250 | 284 |
|  0.750% due 05/25/2052 | 270 | 152 |
|  2.750% due 10/25/2027 | 150 | 179 |
|  2.750% due 02/25/2030 | 400 | 476 |
|  |  | 1101 |
|  Total France (Cost $1,187) | Total France (Cost $1,187) | 1257 |
| GERMANY 0.3% | GERMANY 0.3% | GERMANY 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.750% due 11/19/2030 •  | 100 | 111 |
|  Total Germany (Cost $125) | Total Germany (Cost $125) | 111 |
| IRELAND 0.4% | IRELAND 0.4% | IRELAND 0.4% |
| ASSET-BACKED SECURITIES 0.4% | ASSET-BACKED SECURITIES 0.4% | ASSET-BACKED SECURITIES 0.4% |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  2.665% due 12/15/2031 •  | 109 | 128 |
|  Total Ireland (Cost $130) | Total Ireland (Cost $130) | 128 |
| ISRAEL 0.6% | ISRAEL 0.6% | ISRAEL 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  6.500% due 11/06/2031 | 200 | 215 |
|  Total Israel (Cost $212) | Total Israel (Cost $212) | 215 |
| ITALY 1.4% | ITALY 1.4% | ITALY 1.4% |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 200 | 202 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  4.000% due 10/30/2031 | 100 | 125 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Italy Government International Bond | Italy Government International Bond | Italy Government International Bond |
|  6.000% due 08/04/2028 | 100 | 143 |
|  Total Italy (Cost $458) | Total Italy (Cost $458) | 470 |
| JAPAN 5.3% | JAPAN 5.3% | JAPAN 5.3% |
| SOVEREIGN ISSUES 5.3% | SOVEREIGN ISSUES 5.3% | SOVEREIGN ISSUES 5.3% |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 01/01/2026 | 10000 | 69 |
|  0.100% due 03/10/2028 (d) | 30329 | 218 |
|  0.300% due 06/20/2046 | 26100 | 119 |
|  0.400% due 06/20/2029 | 20000 | 136 |
|  0.400% due 06/20/2040 | 18200 | 100 |
|  0.700% due 12/20/2048 | 12750 | 60 |
|  1.400% due 09/20/2045 | 4250 | 25 |
|  1.500% due 09/20/2043 | 5200 | 32 |
|  1.800% due 09/20/2044 | 10000 | 64 |
|  1.800% due 09/20/2053 | 7800 | 44 |
|  1.800% due 03/20/2054 | 6200 | 34 |
|  1.900% due 06/20/2044 | 21800 | 142 |
|  2.000% due 12/20/2044 | 8000 | 53 |
|  2.200% due 06/20/2054 | 18900 | 115 |
|  2.200% due 03/20/2064 | 29500 | 165 |
|  2.300% due 12/20/2054 | 36550 | 228 |
|  2.400% due 03/20/2045 | 15900 | 111 |
|  2.400% due 03/20/2055 | 9850 | 63 |
|  Total Japan (Cost $2,033) | Total Japan (Cost $2,033) | 1778 |
| MALAYSIA 0.9% | MALAYSIA 0.9% | MALAYSIA 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Malaysia Government International Bond | Malaysia Government International Bond | Malaysia Government International Bond |
|  2.632% due 04/15/2031 | 200 | 46 |
|  3.519% due 04/20/2028 | 740 | 177 |
|  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 | 65 |
|  Total Malaysia (Cost $272) | Total Malaysia (Cost $272) | 300 |
| PERU 0.8% | PERU 0.8% | PERU 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  6.950% due 08/12/2031 | 480 | 148 |
|  7.300% due 08/12/2033 | 400 | 123 |
|  Total Peru (Cost $250) | Total Peru (Cost $250) | 271 |
| POLAND 0.6% | POLAND 0.6% | POLAND 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  3.625% due 01/11/2034 | 104 | 125 |
|  4.875% due 02/12/2030 | 50 | 51 |
|  5.375% due 02/12/2035 | 26 | 27 |
|  Total Poland (Cost $194) | Total Poland (Cost $194) | 203 |
| ROMANIA 0.9% | ROMANIA 0.9% | ROMANIA 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  2.750% due 04/14/2041 | 15 | 11 |
|  5.250% due 03/10/2030 | 50 | 60 |
|  5.250% due 05/30/2032 | 90 | 104 |
|  6.250% due 09/10/2034 | 8 | 10 |
|  6.375% due 09/18/2033 | 92 | 112 |
|  Total Romania (Cost $285) | Total Romania (Cost $285) | 297 |
| SAUDI ARABIA 1.5% | SAUDI ARABIA 1.5% | SAUDI ARABIA 1.5% |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.375% due 03/05/2032 | 100 | 118 |
|  4.750% due 01/16/2030 | 200 | 202 |
|  5.125% due 01/13/2028 | 200 | 203 |
|  Total Saudi Arabia (Cost $503) | Total Saudi Arabia (Cost $503) | 523 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 11

------

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SERBIA 0.3% | SERBIA 0.3% | SERBIA 0.3% | SERBIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  1.000% due 09/23/2028 | EUR | 100 | 109 |
|  Total Serbia (Cost $117) | Total Serbia (Cost $117) | Total Serbia (Cost $117) | 109 |
| SINGAPORE 0.3% | SINGAPORE 0.3% | SINGAPORE 0.3% | SINGAPORE 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Singapore Government International Bond | Singapore Government International Bond | Singapore Government International Bond | Singapore Government International Bond |
|  2.750% due 03/01/2035 | SGD | 50 | 41 |
|  3.250% due 06/01/2054 |  | 80 | 75 |
|  Total Singapore (Cost $97) | Total Singapore (Cost $97) | Total Singapore (Cost $97) | 116 |
| SOUTH AFRICA 0.8% | SOUTH AFRICA 0.8% | SOUTH AFRICA 0.8% | SOUTH AFRICA 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  8.000% due 01/31/2030 | ZAR | 1100 | 61 |
|  8.875% due 02/28/2035 |  | 4100 | 216 |
|  Total South Africa (Cost $279) | Total South Africa (Cost $279) | Total South Africa (Cost $279) | 277 |
| SPAIN 4.3% | SPAIN 4.3% | SPAIN 4.3% | SPAIN 4.3% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.375% due 11/14/2030 •  | EUR | 100 | 129 |
| SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% |
|  Spain Government International Bond | Spain Government International Bond | Spain Government International Bond | Spain Government International Bond |
|  0.000% due 01/31/2028 (c) |  | 150 | 168 |
|  1.450% due 10/31/2071 |  | 50 | 27 |
|  2.400% due 05/31/2028 |  | 150 | 178 |
|  2.700% due 01/31/2030 |  | 200 | 238 |
|  3.150% due 04/30/2035 |  | 140 | 165 |
|  3.200% due 10/31/2035 |  | 45 | 53 |
|  3.500% due 01/31/2041 |  | 100 | 115 |
|  3.550% due 10/31/2033 |  | 300 | 368 |
|  |  |  | 1312 |
|  Total Spain (Cost $1,301) | Total Spain (Cost $1,301) | Total Spain (Cost $1,301) | 1441 |
| SWITZERLAND 0.4% | SWITZERLAND 0.4% | SWITZERLAND 0.4% | SWITZERLAND 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  7.750% due 03/01/2029 •  | EUR | 100 | 133 |
|  Total Switzerland (Cost $112) | Total Switzerland (Cost $112) | Total Switzerland (Cost $112) | 133 |
| THAILAND 0.8% | THAILAND 0.8% | THAILAND 0.8% | THAILAND 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Thailand Government International Bond | Thailand Government International Bond | Thailand Government International Bond | Thailand Government International Bond |
|  2.410% due 03/17/2035 | THB | 650 | 22 |
|  2.500% due 11/17/2029 |  | 6580 | 212 |
|  3.775% due 06/25/2032 |  | 1340 | 47 |
|  Total Thailand (Cost $260) | Total Thailand (Cost $260) | Total Thailand (Cost $260) | 281 |
| UNITED KINGDOM 2.4% | UNITED KINGDOM 2.4% | UNITED KINGDOM 2.4% | UNITED KINGDOM 2.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.875% due 05/14/2032 •  | EUR | 100 | 121 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% |
|  Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC |
|  5.008% due 12/15/2049 •  | GBP | 20 | 28 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  5.358% due 12/15/2050 •  |  | 67 | 90 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RMAC Securities PLC | RMAC Securities PLC | RMAC Securities PLC |
|  2.104% due 06/12/2044 •  | 42 | 48 |
|  4.528% due 06/12/2044 •  | 49 | 65 |
|  |  | 231 |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  1.250% due 07/31/2051 | 80 | 48 |
|  3.250% due 01/22/2044 | 150 | 160 |
|  4.375% due 07/31/2054 | 130 | 154 |
|  5.375% due 01/31/2056 | 50 | 70 |
|  |  | 432 |
|  Total United Kingdom (Cost $834) | Total United Kingdom (Cost $834) | 784 |
| UNITED STATES 51.7% | UNITED STATES 51.7% | UNITED STATES 51.7% |
| ASSET-BACKED SECURITIES 2.1% | ASSET-BACKED SECURITIES 2.1% | ASSET-BACKED SECURITIES 2.1% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.824% due 06/25/2037 •  | 59 | 59 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.914% due 04/25/2037 •  | 24 | 21 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.574% due 07/25/2037 •  | 11 | 10 |
|  4.874% due 06/25/2047 •  | 136 | 131 |
|  5.094% due 08/25/2035 •  | 40 | 40 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  5.064% due 02/25/2036 •  | 82 | 77 |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.843% due 09/25/2051 þ | 55 | 55 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  6.984% due 12/25/2032 •  | 15 | 13 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  6.184% due 12/25/2037 •  | 43 | 37 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.734% due 10/25/2036 •  | 83 | 78 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 25 | 24 |
|  5.754% due 02/16/2055 •  | 53 | 54 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  6.159% due 10/25/2034 •  | 116 | 123 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  5.374% due 11/25/2033 •  | 1 | 1 |
|  |  | 723 |
| CORPORATE BONDS & NOTES 5.6% | CORPORATE BONDS & NOTES 5.6% | CORPORATE BONDS & NOTES 5.6% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.898% due 07/23/2031 •  | 100 | 88 |
|  4.979% due 01/24/2029 •  | 50 | 51 |
|  5.511% due 01/24/2036 •  | 75 | 77 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.137% due 11/15/2035 | 50 | 42 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  5.449% due 06/11/2035 •  | 100 | 102 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.016% due 10/23/2035 •  | 100 | 99 |
|  5.727% due 04/25/2030 •  | 100 | 104 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.140% due 01/24/2031 •  | 100 | 103 |
|  5.153% due 01/24/2029 ~ | 50 | 50 |
|  5.336% due 01/23/2035 •  | 100 | 103 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  3.500% due 03/15/2029 | 150 | 180 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.790% due 03/21/2030 •  | 100 | 121 |
|  5.173% due 01/16/2030 •  | 100 | 102 |
|  5.587% due 01/18/2036 •  | 50 | 51 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 100 | 96 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  5.575% due 01/29/2036 •  | 100 | 103 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  6.124% due 05/31/2027 •  | 100 | 101 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  5.150% due 04/15/2034 | 75 | 76 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  5.000% due 04/15/2034 | 75 | 75 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.211% due 12/03/2035 •  | 50 | 50 |
|  5.244% due 01/24/2031 •  | 50 | 51 |
|  5.557% due 07/25/2034 •  | 50 | 52 |
|  |  | 1877 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.548% (TSFR3M + 2.250%) due 12/15/2031 ~ | 91 | 92 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
|  Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 |
|  5.102% due 04/01/2035 | 44 | 45 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 3.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.8% |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.607% due 11/25/2036 ~ | 47 | 24 |
|  BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust |
|  5.654% due 02/15/2039 •  | 90 | 89 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.939% due 07/25/2037 ~ | 1 | 1 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  3.000% due 11/27/2051 ~ | 77 | 66 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.180% due 09/25/2035 •  | 1 | 1 |
|  Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust |
|  6.000% due 08/25/2037 ~ | 105 | 48 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  5.134% due 05/25/2036 •  | 173 | 71 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  6.500% due 11/25/2047 | 46 | 22 |
|  Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust |
|  4.814% due 08/25/2047 •  | 68 | 59 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  5.576% due 10/15/2043 •  | 100 | 97 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.506% due 07/15/2038 •  | 86 | 86 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.187% due 05/25/2037 ~ | 9 | 4 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.000% due 09/25/2052 ~ | 83 | 71 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.985% due 11/25/2035 ~ | 7 | 7 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.992% due 02/19/2036 •  | 115 | 50 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.154% due 10/25/2034 •  | 6 | 6 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.914% due 07/25/2035 •  | 7 | 6 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  5.593% due 12/25/2035 ~ | 23 | 16 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 01/25/2052 ~ | 148 | 126 |
|  3.000% due 03/25/2052 ~ | 80 | 69 |
|  3.000% due 05/25/2052 ~ | 148 | 126 |
|  5.537% due 02/25/2036 ~ | 4 | 3 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  5.286% due 08/15/2032 •  | 4 | 4 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.519% due 02/25/2035 ~ | 2 | 2 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 31 | 30 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.750% due 11/25/2059 ~ | 33 | 32 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.714% due 01/25/2036 •  | 10 | 8 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.999% due 06/25/2047 •  | 2 | 2 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.710% due 01/25/2060 ~ | 25 | 24 |
|  2.900% due 10/25/2059 ~ | 88 | 85 |
|  5.434% due 05/25/2058 •  | 13 | 13 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.434% due 09/25/2036 ~ | 5 | 4 |
|  5.064% due 03/25/2035 ~ | 12 | 12 |
|  6.205% due 03/25/2034 ~ | 13 | 13 |
|  |  | 1277 |
| U.S. GOVERNMENT AGENCIES 33.4% | U.S. GOVERNMENT AGENCIES 33.4% | U.S. GOVERNMENT AGENCIES 33.4% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  3.000% due 04/01/2027 | 27 | 26 |
|  3.500% due 01/01/2059 | 38 | 34 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.053% due 01/15/2038 ~(a) | 10 | 1 |
|  4.814% due 01/15/2038 •  | 10 | 10 |
|  5.018% due 12/15/2037 •  | 1 | 1 |
|  5.150% due 03/15/2050 •  | 445 | 440 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.000% due 04/20/2052 | 139 | 123 |
|  3.500% due 10/20/2054 | 99 | 90 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.500% due 08/01/2055 | 100 | 85 |
|  3.000% due 08/01/2055 | 695 | 615 |
|  3.500% due 07/01/2055 | 800 | 727 |
|  6.500% due 08/01/2055 | 600 | 615 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 01/01/2052 | 82 | 68 |
|  3.000% due 10/01/2049 | 62 | 54 |
|  3.500% due 10/01/2039 - 07/01/2050 | 35 | 33 |
|  4.000% due 06/01/2050 | 24 | 23 |
|  4.500% due 08/01/2052 | 93 | 89 |
|  6.500% due 08/01/2054 - 09/01/2054 | 1400 | 1446 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.000% due 08/01/2055 | 2440 | 2390 |
|  6.000% due 08/01/2055 | 1800 | 1827 |
|  6.500% due 08/01/2055 | 2500 | 2578 |
|  |  | 11275 |
| U.S. TREASURY OBLIGATIONS 6.4% | U.S. TREASURY OBLIGATIONS 6.4% | U.S. TREASURY OBLIGATIONS 6.4% |
|  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 | 250 | 229 |
|  4.500% due 11/15/2054 | 500 | 477 |
|  4.625% due 02/15/2055 | 544 | 530 |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.500% due 01/15/2028 | 247 | 243 |
|  1.375% due 07/15/2033 | 34 | 33 |
|  2.375% due 10/15/2028 | 105 | 109 |
|  2.500% due 01/15/2029 (g) | 149 | 155 |
|  3.375% due 04/15/2032 | 181 | 201 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 02/15/2033 | 63 | 61 |
|  |  | 2150 |
|  Total United States (Cost $17,550) | Total United States (Cost $17,550) | 17439 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% |
|  27.304% due 11/04/2025 - 06/29/2026 (b)(c)<br> NGN | 106426 | $— | 59 |
| Total Short-Term Instruments<br>(Cost $58) | Total Short-Term Instruments<br>(Cost $58) |  | 59 |
| Total Investments in Securities<br>(Cost $29,545) | Total Investments in Securities<br>(Cost $29,545) |  | 29597 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 5.4% | INVESTMENTS IN AFFILIATES 5.4% | INVESTMENTS IN AFFILIATES 5.4% | INVESTMENTS IN AFFILIATES 5.4% |
| SHORT-TERM INSTRUMENTS 5.4% | SHORT-TERM INSTRUMENTS 5.4% | SHORT-TERM INSTRUMENTS 5.4% | SHORT-TERM INSTRUMENTS 5.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.4% |
|  PIMCO Short-Term Floating NAV Portfolio III | 187060 |  | 1821 |
| Total Short-Term Instruments<br>(Cost $1,821) | Total Short-Term Instruments<br>(Cost $1,821) |  | 1821 |
| Total Investments in Affiliates<br>(Cost $1,821) | Total Investments in Affiliates<br>(Cost $1,821) |  | 1821 |
| Total Investments 93.1%<br>(Cost $31,366) | Total Investments 93.1%<br>(Cost $31,366) | $— | 31418 |
|  Financial Derivative<br>Instruments (e)(f) 0.3%<br> (Cost or Premiums, net $(129)) | Financial Derivative<br>Instruments (e)(f) 0.3%<br> (Cost or Premiums, net $(129)) |  | 104 |
| Other Assets and Liabilities, net 6.6% | Other Assets and Liabilities, net 6.6% |  | 2233 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 33755 |

---

#### 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) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

(d) 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 (8.6)% | United States (8.6)% | United States (8.6)% | United States (8.6)% | United States (8.6)% | United States (8.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 07/01/2040 | $600 | $(540) | $(548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 07/01/2055 | 300 | (308) | (310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | (1573) | (1584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 08/01/2055 | 250 | (206) | (207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 08/01/2055 | 100 | (90) | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 08/01/2055 | 60 | (55) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 08/01/2055 | 100 | (96) | (96) |
|  Total Short Sales (8.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2868) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2891) |

---

**The average amount of borrowings outstanding during the period ended June 30, 2025 was $(804) at a weighted average interest rate of 4.430%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 - EUREX Euro-Bund July 2025 Futures | EUR 129.000 | 07/25/2025 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $0 | $0 |
|  Call - EUREX Euro-Bund July 2025 Futures | 132.500 | 07/25/2025 | 1 | 1 | (1) | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 August Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.500 | 07/25/2025 | 1 | $1 | $(1) | $0 |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.500 | 07/25/2025 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 0 | (1) |
|  |  |  |  |  | $(1) | $(1) |
|  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;(1) |

---

#### 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 |
|  Canada Government 10-Year Bond September Futures  | 09/2025 | 9 | $806 | $7 | $2 | $0 |
|  Euro-BTP September Futures  | 09/2025 | 16 | 2281 | 8 | 4 | (4) |
|  Euro-Buxl 30-Year Bond September Futures  | 09/2025 | 1 | 140 | (3) | 0 | (1) |
|  Euro-Schatz September Futures  | 09/2025 | 7 | 884 | (2) | 0 | (1) |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 3 | 624 | 2 | 0 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 19 | 2071 | 22 | 3 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 4 | 449 | 8 | 1 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 11 | 1257 | 25 | 5 | 0 |
|  United Kingdom Long Gilt September Futures  | 09/2025 | 5 | 638 | 11 | 1 | (2) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
| 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 September Futures  | 09/2025 | 18 | $(1340) | $(9) | $5 | $0 |
|  Canada Government 5-Year Bond September Futures  | 09/2025 | 3 | (251) | (1) | 0 | 0 |
|  Euro-Bobl September Futures  | 09/2025 | 10 | (1386) | 6 | 3 | (1) |
|  Euro-Bund September Futures  | 09/2025 | 8 | (1226) | 10 | 3 | 0 |
|  Euro-Oat September Futures  | 09/2025 | 6 | (875) | 1 | 2 | (1) |
|  Japan Government 10-Year Bond September Futures  | 09/2025 | 2 | (1931) | (6) | 3 | 0 |
|  Short Euro-BTP Italy Government Bond September Futures  | 09/2025 | 9 | (1144) | 2 | 1 | (1) |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 3 | (357) | (15) | 0 | (4) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $17 | $(7) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

#### 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>June 30, 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>June 30, 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 |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.238% | EUR | 200 | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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-44 10-Year Index | (1.000)% | Quarterly | 06/20/2035 | $500 | $(1) | $(3) | $(4) | $0 | $0 |
|  CDX.iTraxx Main 43 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 600 | (13) | (2) | (15) | 0 | (1) |
|  CDX.iTraxx Main 43 5-Year Index | (1.000) | Quarterly | 06/20/2035 | 400 | (1) | (2) | (3) | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### 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-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $1300 | $29 | $1 | $30 | $1 | $0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 3300 | 61 | 13 | 74 | 1 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 03/19/2027 | 400 | $0 | $0 | $0 | $0 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.000 | Annual | 06/17/2027 | 700 | (2) | (10) | (12) | 0 | 0 |
| Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 1500 | 5 | 15 | 20 | 0 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2030 | 400 | (5) | 0 | (5) | 0 | (1) |
| Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 800 | 3 | 1 | 4 | 1 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 | 150 | 10 | (2) | 8 | 0 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 | 70 | (9) | (2) | (11) | 0 | 0 |
| Pay<sup>(6)</sup> | 1-Day INR-MIBOR Compounded-OIS | 6.000 | Semi-Annual | 09/17/2030 | 210 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 12/18/2026 | 180000 | (2) | (3) | (5) | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2027 | 90000 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 25470 | 1 | 0 | 1 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2030 | 44000 | (2) | 0 | (2) | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 | 22000 | (8) | (1) | (9) | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 140000 | (3) | 4 | 1 | 0 | (2) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.250 | Annual | 09/14/2032 | 30000 | (6) | (6) | (12) | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 09/15/2032 | 8000 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 12000 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 12/18/2034 | 90000 | 6 | (15) | (9) | 0 | (2) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | &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;(2) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 03/19/2055 | 9100 | 6 | 4 | 10 | 1 | 0 |
| Pay<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.250 | Annual | 09/17/2055 | 10000 | 1 | (1) | 0 | 0 | (1) |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 09/18/2029 | 150 | (2) | (4) | (6) | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 09/17/2030 | 100 | (1) | (2) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2025 | $100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 3707 | 13 | (10) | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.020 | Annual | 05/15/2026 | 200 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 430 | 6 | (6) | 0 | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 200 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 700 | 0 | 13 | 13 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 12/15/2026 | 200 | 1 | 10 | 11 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 3550 | 12 | (5) | 7 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 4710 | (92) | 30 | (62) | 2 | 0 |
| Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 50 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 100 | 0 | (1) | (1) | 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 | 3.851 | Annual | 02/28/2029 | 700 | 0 | (10) | (10) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 600 | 0 | (9) | (9) | 0 | (1) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 4335 | (4) | (41) | (45) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 200 | 10 | (6) | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 600 | 7 | (2) | 5 | 0 | (1) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 50 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 06/30/2031 | 300 | 0 | (5) | (5) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.335 | Annual | 05/15/2032 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.828 | Annual | 05/15/2032 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 200 | 5 | (7) | (2) | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

---

------

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645% | Annual | 08/07/2034 | $100 | $0 | $1 | $1 | $0 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 08/21/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 825 | 5 | (8) | (3) | 0 | (3) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 02/15/2035 | 1100 | (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 100 | 0 | (2) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 275 | 19 | (9) | 10 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 100 | 0 | (2) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 100 | 5 | (1) | 4 | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 50 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 25 | 7 | 2 | 9 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/20/2054 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | 17 | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 | 100 | 0 | 0 | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 100 | 0 | 0 | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 | 100 | 0 | (1) | (1) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 | 60 | 0 | (2) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 100 | 0 | 3 | 3 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.772 | Annual | 02/15/2055 | 100 | 0 | 3 | 3 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 | 100 | 0 | 2 | 2 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 100 | 0 | 2 | 2 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.892 | Annual | 02/15/2055 | 100 | 0 | 1 | 1 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 85 | 11 | (1) | 10 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 | 49 | 0 | 0 | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 | 35 | (1) | 0 | (1) | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 | 43 | 0 | (1) | (1) | 0 | 0 |
| Pay<sup>(6)</sup> | 3-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 | 2200 | (12) | 0 | (12) | 0 | 0 |
| Pay | 3-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 400 | 0 | 4 | 4 | 0 | (1) |
| Pay | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 300 | 6 | 1 | 7 | 0 | (1) |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 200 | (5) | 7 | 2 | 0 | 0 |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay<sup>(6)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | 25200 | (13) | 18 | 5 | 0 | (2) |
| Pay | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/19/2035 | 252620 | 1 | 1 | 2 | 0 | 0 |
| Pay<sup>(6)</sup> | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2035 | 518810 | (2) | (2) | (4) | 0 | 0 |
| Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | 200 | 1 | 5 | 6 | 0 | 0 |
| 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 | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 06/18/2030 | 100 | 1 | 0 | 1 | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | 800 | 0 | (2) | (2) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | 1020 | 9 | 13 | 22 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 100 | (1) | (2) | (3) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 100 | (1) | (2) | (3) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 | 650 | 2 | (2) | 0 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 | 100 | 0 | 7 | 7 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 | 200 | 0 | (2) | (2) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 | 400 | 0 | (2) | (2) | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 | 600 | 0 | (1) | (1) | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 | 400 | 1 | 1 | 2 | 0 | (1) |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 | 2850 | (26) | 21 | (5) | 0 | (3) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 | 480 | (8) | 1 | (7) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 100 | 0 | (4) | (4) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 2515 | (94) | (2) | (96) | 0 | (5) |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 | 280 | 3 | (15) | (12) | 0 | (1) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 | 300 | 0 | 15 | 15 | 0 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.270 | Annual | 03/12/2055 | 200 | 0 | 9 | 9 | 0 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 120 | 11 | 4 | 15 | 1 | 0 |
| Pay | CAONREPO | 3.500 | Annual | 12/18/2025 | 200 | 0 | 1 | 1 | 0 | 0 |
| Pay | CAONREPO | 3.898 | Annual | 06/19/2026 | 300 | 0 | 3 | 3 | 0 | 0 |
| Pay | CAONREPO | 3.925 | Annual | 06/19/2026 | 600 | 0 | 6 | 6 | 0 | 0 |
| Pay | CAONREPO | 3.500 | Semi-Annual | 12/18/2026 | 1025 | 11 | 0 | 11 | 0 | 0 |
| Pay | CAONREPO | 2.850 | Semi-Annual | 09/01/2029 | 400 | (1) | 4 | 3 | 0 | 0 |
| Pay | CAONREPO | 3.250 | Semi-Annual | 12/18/2029 | 100 | 2 | 0 | 2 | 0 | 0 |
| Pay | CAONREPO | 2.500 | Semi-Annual | 03/19/2030 | 100 | (1) | 1 | 0 | 0 | 0 |
| Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | 100 | (2) | (2) | (4) | 0 | 0 |
| Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 | 100 | 1 | (1) | 0 | 0 | 0 |
| Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 | 600 | 0 | (11) | (11) | 0 | (1) |
| Receive | CAONREPO | 3.400 | Semi-Annual | 06/01/2033 | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 | 200 | 0 | 0 | 0 | 0 | 0 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.500% | Semi-Annual | 09/01/2033 CAD | 200 | $2 | $(9) | $(7) | $0 | $0 |
| Receive | CAONREPO | 3.250 | Semi-Annual | 12/20/2033 | 200 | 2 | (6) | (4) | 0 | (1) |
| Pay | CAONREPO | 1.750 | Semi-Annual | 12/16/2046 | 150 | (30) | 4 | (26) | 0 | 0 |
| Pay | CAONREPO | 3.250 | Semi-Annual | 12/18/2054 | 75 | 3 | (2) | 1 | 1 | 0 |
|  |  |  |  |  |  | $(193) | $(59) | $(252) | $7 | $(61) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) |

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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 June 30, 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 | **Total** |  | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | **Total** |
|  | 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;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) |

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Cash of $945 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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;(f) 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 | 07/2025 | 38 | $52 | $0 | $0 |
|  | 07/2025 | 114 | 69 | 0 | (1) |
|  | 07/2025 | $201 | 310 | 3 | 0 |
|  | 07/2025 | 697 | 5025 | 5 | 0 |
|  | 07/2025 | 28 | 25 | 1 | 0 |
|  | 08/2025 | 310 | $201 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  | 08/2025 | 1619 | 227 | 0 | (1) |
|  | 08/2025 | $697 | 5025 | 8 | 0 |
|  | 08/2025 | 52 | 38 | 0 | 0 |
|  | 08/2025 | 69 | 114 | 1 | 0 |
|  BOA | 07/2025 | 13 | $8 | 0 | 0 |
|  | 07/2025 | $5650 | 4969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | 0 |
|  | 07/2025 | 7 | 9 | 0 | 0 |
|  | 08/2025 | 80 | $11 | 0 | 0 |
|  | 08/2025 | 3390 | 8 | 0 | 0 |
|  | 08/2025 | 9 | $7 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

---

------

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

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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** |
|  | 08/2025 | 10 | $0 | $0 | $0 |
|  | 08/2025 | $11 | 3592 | 0 | 0 |
|  | 08/2025 | 31 | 590 | 0 | 0 |
|  BPS | 07/2025 | 84 | $15 | 0 | 0 |
|  | 07/2025 | 19 | 95 | 0 | 0 |
|  | 07/2025 | 70 | $7 | 0 | 0 |
|  | 07/2025 | 95 | 10 | 0 | 0 |
|  | 07/2025 | 1137 | 34 | 0 | (1) |
|  | 07/2025 | 738 | 23 | 0 | (3) |
|  | 07/2025 | $15 | 84 | 0 | 0 |
|  | 07/2025 | 60 | 976453 | 0 | 0 |
|  | 07/2025 | 8 | 231 | 0 | 0 |
|  | 08/2025 | 1526 | $213 | 0 | (1) |
|  | 08/2025 | 1269 | 41 | 0 | (4) |
|  | 08/2025 | $106 | 765 | 2 | 0 |
|  | 08/2025 | 7 | 48 | 0 | 0 |
|  | 08/2025 | 5 | 117 | 0 | 0 |
|  | 08/2025 | 17 | 1470 | 0 | 0 |
|  | 08/2025 | 21 | 2960 | 0 | 0 |
|  | 08/2025 | 21 | 401 | 0 | 0 |
|  | 08/2025 | 18 | 532 | 1 | 0 |
|  | 09/2025 | 12 | 42 | 0 | 0 |
|  | 10/2025 | 2700 | $443 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
|  BRC | 07/2025 | 28 | 18 | 0 | 0 |
|  | 07/2025 | 20 | 102 | 0 | 0 |
|  | 07/2025 | 748 | $1018 | 0 | (9) |
|  | 07/2025 | 32 | 10 | 0 | 0 |
|  | 07/2025 | 62 | 2 | 0 | 0 |
|  | 07/2025 | $540 | 3480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 0 |
|  | 07/2025 | 38 | 28 | 1 | 0 |
|  | 07/2025 | 19 | 67 | 1 | 0 |
|  | 07/2025 | 4 | 622 | 0 | 0 |
|  | 07/2025 | 4 | 40 | 0 | 0 |
|  | 07/2025 | 5 | 20 | 0 | 0 |
|  | 07/2025 | 158 | 6477 | 2 | 0 |
|  | 07/2025 | 2825 | $156 | 0 | (3) |
|  | 08/2025 | 375 | 52 | 0 | 0 |
|  | 08/2025 | $49 | 355 | 0 | 0 |
|  | 08/2025 | 52 | 1152 | 3 | 0 |
|  | 08/2025 | 1018 | 748 | 9 | 0 |
|  | 08/2025 | 78 | 3244 | 1 | 0 |
|  | 09/2025 | 251 | $60 | 0 | 0 |
|  | 09/2025 | $8 | 28 | 0 | 0 |
|  | 12/2025 | 6 | 281 | 0 | 0 |
|  | 01/2026 | 400 | $57 | 0 | (7) |
|  BSH | 07/2025 | 1129 | 172 | 0 | (6) |
|  | 09/2025 | $157 | 573 | 5 | 0 |
|  | 11/2025 | 435 | $118 | 0 | (4) |
|  CBK | 07/2025 | 204 | 37 | 0 | 0 |
|  | 07/2025 | 588 | 82 | 0 | 0 |
|  | 07/2025 | 83 | 95 | 0 | (3) |
|  | 07/2025 | 4 | 3 | 0 | 0 |
|  | 07/2025 | 1533 | 47 | 0 | (6) |
|  | 07/2025 | $35 | 204 | 2 | 0 |
|  | 07/2025 | 416 | 2979 | 1 | 0 |
|  | 07/2025 | 246 | 210 | 2 | 0 |
|  | 07/2025 | 39 | 643140 | 0 | 0 |
|  | 07/2025 | 314 | 431259 | 5 | 0 |
|  | 07/2025 | 4 | 13 | 0 | 0 |
|  | 08/2025 | 439 | $61 | 0 | 0 |
|  | 08/2025 | 891 | 240 | 0 | (11) |
|  | 08/2025 | 1921 | 59 | 0 | (8) |
|  | 08/2025 | $260 | 1870 | 2 | 0 |
|  | 08/2025 | 165 | 1183 | 0 | 0 |
|  | 08/2025 | 50 | 207509 | 1 | 0 |
|  | 08/2025 | 10 | 551 | 1 | 0 |
|  | 08/2025 | 127 | 10917 | 1 | 0 |
|  | 08/2025 | 11 | 40 | 0 | 0 |
|  | 09/2025 | 88 | $24 | 0 | (1) |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  DUB | 07/2025 | 9 | $6 | $0 | $0 |
|  | 07/2025 | 626 | 98 | 0 | (1) |
|  | 07/2025 | 5182 | 6012 | 0 | (92) |
|  | 07/2025 | 13636 | 10 | 0 | 0 |
|  | 07/2025 | $1 | 6 | 0 | 0 |
|  | 07/2025 | 3 | 45258 | 0 | 0 |
|  | 07/2025 | 9 | 33 | 0 | 0 |
|  | 07/2025 | 10 | 308 | 0 | 0 |
|  | 08/2025 | 433 | $60 | 0 | 0 |
|  | 08/2025 | 34 | 171 | 0 | 0 |
|  | 08/2025 | $138 | 994 | 1 | 0 |
|  | 08/2025 | 98 | 624 | 1 | 0 |
|  | 08/2025 | 10 | 551 | 1 | 0 |
|  | 08/2025 | 6012 | 5171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | 0 |
|  | 08/2025 | 59 | 5066 | 0 | 0 |
|  | 09/2025 | 1628 | $3 | 0 | 0 |
|  | 09/2025 | 4 | 0 | 0 | 0 |
|  | 09/2025 | $22 | 11555 | 0 | (1) |
|  | 12/2025 | 10 | 5315 | 0 | 0 |
|  FAR | 07/2025 | 260 | $168 | 0 | (3) |
|  | 07/2025 | 4242 | 768 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
|  | 07/2025 | 143 | 179 | 0 | (2) |
|  | 07/2025 | 850 | 134 | 0 | (1) |
|  | 07/2025 | 198504 | 1364 | 0 | (15) |
|  | 07/2025 | 1 | 1 | 0 | 0 |
|  | 07/2025 | $747 | 4242 | 33 | 0 |
|  | 07/2025 | 174 | 143 | 7 | 0 |
|  | 07/2025 | 356 | 2556 | 2 | 0 |
|  | 07/2025 | 2392 | 343154 | 0 | (9) |
|  | 07/2025 | 45 | 167 | 1 | 0 |
|  | 07/2025 | 157 | 1501 | 2 | 0 |
|  | 07/2025 | 6 | 7 | 0 | 0 |
|  | 08/2025 | 1432 | $200 | 0 | (1) |
|  | 08/2025 | 7 | 6 | 0 | 0 |
|  | 08/2025 | $179 | 143 | 2 | 0 |
|  | 08/2025 | 134 | 848 | 1 | 0 |
|  | 08/2025 | 28 | 2426 | 0 | 0 |
|  | 08/2025 | 1364 | 197774 | 15 | 0 |
|  | 09/2025 | 768 | 4306 | 13 | 0 |
|  | 09/2025 | 161 | 3133 | 5 | 0 |
|  | 09/2025 | 0 | 1 | 0 | 0 |
|  GLM | 07/2025 | 22 | 113 | 0 | 0 |
|  | 07/2025 | 829 | $25 | 0 | (3) |
|  | 07/2025 | $9 | 152260 | 0 | 0 |
|  | 07/2025 | 2 | 3 | 0 | 0 |
|  | 08/2025 | 4 | 20 | 0 | 0 |
|  | 08/2025 | 3 | $2 | 0 | 0 |
|  | 08/2025 | 458 | 14 | 0 | (2) |
|  | 08/2025 | $37 | 13040 | 2 | 0 |
|  | 09/2025 | 310 | $74 | 0 | 0 |
|  | 09/2025 | 106 | 29 | 0 | (1) |
|  | 10/2025 | 2900 | 475 | 0 | (47) |
|  | 12/2025 | 186 | 4 | 0 | 0 |
|  | 01/2026 | 10000 | 74 | 4 | 0 |
|  IND | 07/2025 | 1408 | 149 | 0 | 0 |
|  | 08/2025 | $149 | 1405 | 0 | 0 |
|  JPM | 07/2025 | 358 | $66 | 0 | 0 |
|  | 07/2025 | 692 | 97 | 0 | 0 |
|  | 07/2025 | 875 | 133 | 0 | (6) |
|  | 07/2025 | 60 | 47 | 0 | 0 |
|  | 07/2025 | 747 | 23 | 0 | (3) |
|  | 07/2025 | $64 | 358 | 2 | 0 |
|  | 07/2025 | 724 | 5222 | 6 | 0 |
|  | 07/2025 | 68 | 487 | 0 | 0 |
|  | 07/2025 | 9 | 12103 | 0 | 0 |
|  | 07/2025 | 68 | 114 | 2 | 0 |
|  | 07/2025 | 138 | 515 | 4 | 0 |
|  | 07/2025 | 4 | 6 | 0 | 0 |
|  | 07/2025 | 898 | $50 | 0 | 0 |
|  | 08/2025 | 2540 | 355 | 0 | (1) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **19** |

---

------

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** |
|  | 08/2025 | 6 | $4 | $0 | $0 |
|  | 08/2025 | 1461 | 45 | 0 | (6) |
|  | 08/2025 | $12 | 67 | 0 | 0 |
|  | 08/2025 | 654 | 4715 | 8 | 0 |
|  | 08/2025 | 29 | 204 | 0 | 0 |
|  | 08/2025 | 228 | 194 | 1 | 0 |
|  | 08/2025 | 32 | 2770 | 0 | 0 |
|  | 08/2025 | 11 | 358 | 2 | 0 |
|  | 10/2025 | 3628 | 9 | 0 | 0 |
|  MBC | 07/2025 | 148 | $108 | 0 | (1) |
|  | 07/2025 | 339 | 47 | 0 | 0 |
|  | 07/2025 | 54 | 62 | 0 | (2) |
|  | 07/2025 | 108 | 147 | 0 | (2) |
|  | 07/2025 | 144 | 112 | 0 | (1) |
|  | 07/2025 | 151 | 5 | 0 | 0 |
|  | 07/2025 | 332 | 10 | 0 | (1) |
|  | 07/2025 | $151 | 207 | 1 | 0 |
|  | 07/2025 | 322 | 2322 | 3 | 0 |
|  | 07/2025 | 47 | 339 | 0 | 0 |
|  | 07/2025 | 356 | 309 | 8 | 0 |
|  | 07/2025 | 52 | 38 | 0 | 0 |
|  | 07/2025 | 9 | 153406 | 0 | 0 |
|  | 07/2025 | 181 | 26152 | 1 | 0 |
|  | 07/2025 | 41 | 153 | 2 | 0 |
|  | 07/2025 | 118 | 153 | 2 | 0 |
|  | 07/2025 | 1 | 17 | 0 | 0 |
|  | 08/2025 | 1419 | $197 | 0 | (2) |
|  | 08/2025 | 153 | 118 | 0 | (2) |
|  | 08/2025 | 317 | 10 | 0 | (1) |
|  | 08/2025 | $108 | 148 | 1 | 0 |
|  | 08/2025 | 419 | 3023 | 5 | 0 |
|  | 08/2025 | 47 | 338 | 0 | 0 |
|  | 08/2025 | 110 | 15744 | 0 | 0 |
|  MYI | 07/2025 | 91 | $13 | 0 | 0 |
|  | 07/2025 | 66752 | 458 | 0 | (6) |
|  | 07/2025 | 315 | 31 | 0 | 0 |
|  | 07/2025 | $54 | 7752 | 0 | 0 |
|  | 07/2025 | 0 | 1 | 0 | 0 |
|  | 08/2025 | 1459 | $204 | 0 | (1) |
|  | 08/2025 | $44 | 314 | 0 | 0 |
|  | 08/2025 | 458 | 66507 | 6 | 0 |
|  | 08/2025 | 31 | 315 | 0 | 0 |
|  | 09/2025 | 73 | $51 | 0 | (2) |
|  | 09/2025 | $5 | 2405 | 0 | 0 |
|  | 12/2025 | 252 | 10 | 0 | 0 |
|  | 01/2026 | 295 | $42 | 0 | (5) |
|  | 04/2026 | 500 | 71 | 0 | (9) |
|  NGF | 07/2025 | $112 | 1822389 | 1 | 0 |
|  RYL | 08/2025 | 387 | $53 | 0 | (1) |
|  | 08/2025 | $48 | 344 | 0 | 0 |
|  SCX | 07/2025 | 190 | $26 | 0 | 0 |
|  | 07/2025 | 4044 | 28 | 0 | 0 |
|  | 07/2025 | $73 | 525 | 0 | 0 |
|  | 07/2025 | 43 | 708110 | 0 | 0 |
|  | 07/2025 | 0 | 1 | 0 | 0 |
|  | 07/2025 | 24 | 31 | 0 | 0 |
|  | 07/2025 | 34 | 1010 | 1 | 0 |
|  | 08/2025 | 2705 | $378 | 0 | (1) |
|  | 08/2025 | 30 | 24 | 0 | 0 |
|  | 08/2025 | 190 | 6 | 0 | (1) |
|  | 08/2025 | $199 | 1435 | 3 | 0 |
|  | 08/2025 | 20 | 1700 | 0 | 0 |
|  | 08/2025 | 5 | 741 | 0 | 0 |
|  SOG | 07/2025 | 113173 | $784 | 0 | (2) |
|  | 07/2025 | 33 | 3 | 0 | 0 |
|  | 07/2025 | $26 | 112 | 0 | 0 |
|  | 08/2025 | 146 | $20 | 0 | 0 |
|  | 08/2025 | $1 | 445 | 0 | 0 |
|  | 08/2025 | 0 | 10 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 08/2025 | $763 | 109769 | $2 | $0 |
|  | 08/2025 | 3 | 33 | 0 | 0 |
|  | 08/2025 | 14 | 130 | 0 | 0 |
|  SSB | 07/2025 | 59 | $43 | 0 | 0 |
|  | 07/2025 | $1121 | 828 | 15 | 0 |
|  | 07/2025 | 18 | 24445 | 0 | 0 |
|  | 08/2025 | 43 | 59 | 0 | 0 |
|  | 11/2025 | 62 | $17 | 0 | (1) |
|  UAG | 07/2025 | 15847 | 17 | 0 | 0 |
|  | 07/2025 | 4109 | 124 | 0 | (3) |
|  | 07/2025 | $52 | 48477 | 0 | 0 |
|  | 07/2025 | 25 | 180 | 0 | 0 |
|  | 07/2025 | 1 | 5 | 0 | 0 |
|  | 07/2025 | 163 | 23558 | 1 | 0 |
|  | 07/2025 | 37 | 378 | 0 | 0 |
|  | 07/2025 | 19 | 85 | 0 | 0 |
|  | 08/2025 | 180 | $25 | 0 | 0 |
|  | 08/2025 | $257 | 1848 | 2 | 0 |
|  | 09/2025 | 51 | 72 | 2 | 0 |
|  | 12/2025 | 10 | 252 | 0 | 0 |
|  | 12/2025 | 141 | $3 | 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;534 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | 24.650 | 03/11/2026 | 22 | $0 | $0 |
|  | Put - OTC EUR versus HUF | 399.000 | 08/25/2025 | 30 | 0 | 0 |
| BRC | Call - OTC USD versus SEK | 10.200 | 11/26/2025 | 48 | 0 | 0 |
| GLM | Put - OTC EUR versus USD | $1.100 | 12/17/2025 | 6 | 1 | 1 |
| JPM | Put - OTC EUR versus CZK | 24.600 | 12/22/2025 | 69 | 1 | 0 |
|  | Put - OTC EUR versus HUF | 395.000 | 09/29/2025 | 37 | 0 | 0 |
| MBC | Put - OTC EUR versus USD | $1.098 | 12/23/2025 | 6 | 1 | 1 |
| MYI | Put - OTC EUR versus CZK | 24.750 | 12/09/2025 | 24 | 0 | 0 |
|  | Put - OTC EUR versus CZK | 24.550 | 12/16/2025 | 62 | 0 | 0 |
|  | Put - OTC EUR versus CZK | 24.700 | 12/16/2025 | 40 | 0 | 0 |
|  | Put - OTC EUR versus USD | $1.110 | 11/24/2025 | 150 | 1 | 1 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |

---

#### 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 |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570% | 08/13/2025 | 1400 | $2 | $0 |
| GLM Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.700 | 08/20/2025 | 3900 | 5 | 0 |
|  |  |  |  |  |  | $7 | $0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |

---

#### 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 |
| GLM | Call - OTC USD versus TRY | TRY | 53.500 | 12/11/2025 | 37 | $(1) | $(1) |
| UAG | Call - OTC USD versus TRY |  | 54.000 | 12/16/2025 | 24 | (1) | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 21

------

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.637% | 07/18/2025 | 100 | $0 | $(1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.037 | 07/18/2025 | 100 | 0 | 0 |
| BRC Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.350 | 09/25/2025 | 400 | (4) | 0 |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.605 | 07/23/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.955 | 07/23/2025 | 100 | 0 | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.583 | 07/23/2025 | 100 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.933 | 07/23/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $(6) | $(2) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### 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>June 30, 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>June 30, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | Korea International Bond | (1.000)% | Quarterly | 06/20/2030 | 0.262% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&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;(3) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN 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>June 30, 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>June 30, 2025<sup>(5)</sup> |  | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| CBK | Israel Government International Bond | 1.000% | Quarterly | 06/20/2027 | 0.603 | % | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $(1) | $3 | $2 | $0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 76 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&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 0.414% 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 | 12/17/2026 | $675 | JPY | 100000 | $1 | $1 | $2 | $0 |
|  GST | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% 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 | 10/15/2026 | 1031 |  | 163200 | (13) | 1 | 0 | (12) |
|  |  |  |  |  |  |  |  | $&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;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 7200 | $(4) | $5 | $1 | $0 |
|  | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 | MYR | 190 | 0 | 1 | 1 | 0 |
| GST | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 |  | 1180 | 1 | 3 | 4 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/20/2033 |  | 410 | 2 | (5) | 0 | (3) |
| JPM | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 03/19/2035 |  | 220 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $3 | $6 | $(4) |

---

22 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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 | iBoxx USD Liquid Investment Grade Index  | 1603 | 1.199% | Maturity | 12/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | $0 | $(10) | $0 | $(10) |
|  JPM | Receive | iBoxx USD Liquid Investment Grade Index  | N/A | 1.199% | Maturity | 09/22/2025 | 300 | 3 | (10) | 0 | (7) |
|  |  |  |  |  |  |  |  | $3 | $(20) | $0 | $(17) |
|  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;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) |

---

#### 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 June 30, 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 | $18 | $0 | $0 | $18 | $(5) | $0 | $0 | $(5) | $13 | $0 | $13 |
|  BOA | 203 | 0 | 0 | 203 | 0 | (1) | 0 | (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
|  BPS | 3 | 0 | 2 | 5 | (52) | 0 | (10) | (62) | (57) | 0 | (57) |
|  BRC | 27 | 0 | 0 | 27 | (19) | 0 | 0 | (19) | 8 | 0 | 8 |
|  BSH | 5 | 0 | 0 | 5 | (10) | 0 | 0 | (10) | (5) | 0 | (5) |
|  CBK | 15 | 0 | 4 | 19 | (29) | (1) | 0 | (30) | (11) | 0 | (11) |
|  DUB | 95 | 0 | 0 | 95 | (94) | 0 | 0 | (94) | 1 | 0 | 1 |
|  FAR | 81 | 0 | 0 | 81 | (44) | 0 | 0 | (44) | 37 | 0 | 37 |
|  GLM | 6 | 1 | 0 | 7 | (53) | (1) | 0 | (54) | (47) | 0 | (47) |
|  GST | 0 | 0 | 4 | 4 | 0 | 0 | (15) | (15) | (11) | 0 | (11) |
|  JPM | 25 | 0 | 0 | 25 | (16) | 0 | (8) | (24) | 1 | 0 | 1 |
|  MBC | 23 | 1 | 0 | 24 | (12) | 0 | 0 | (12) | 12 | 0 | 12 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (3) | (3) | (3) | 0 | (3) |
|  MYI | 6 | 1 | 0 | 7 | (23) | 0 | 0 | (23) | (16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 10 |
|  NGF | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  RYL | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  SCX | 4 | 0 | 0 | 4 | (2) | 0 | 0 | (2) | 2 | 0 | 2 |
|  SOG | 2 | 0 | 0 | 2 | (2) | 0 | 0 | (2) | 0 | 0 | 0 |
|  SSB | 15 | 0 | 0 | 15 | (1) | 0 | 0 | (1) | 14 | 0 | 14 |
|  UAG | 5 | 0 | 0 | 5 | (3) | (1) | 0 | (4) | 1 | 0 | 1 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406) |  |  |  |

---

(g) Securities with an aggregate market value of $26 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **23** |

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------

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

<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 June 30, 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; Futures  | $0 | $0 | $0 | $0 | $33 | $33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 7 | 9 |
|  | $0 | $2 | $0 | $0 | $40 | $42 |
|  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 | $534 | $0 | $534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 3 | 0 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 2 | 6 | 10 |
|  | $0 | $2 | $0 | $539 | $6 | $547 |
|  | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 |
|  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 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 62 | 63 |
|  | $0 | $1 | $0 | $0 | $78 | $79 |
|  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 | $366 | $0 | $366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 2 | 2 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 12 | 21 | 36 |
|  | $0 | $3 | $0 | $380 | $23 | $406 |
|  | $0 | $4 | $0 | $380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | $485 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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 |  |  |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-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 | (33) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 14 | 0 | 0 | (130) | (116) |
|  | $0 | $14 | $0 | $0 | $(162) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) |
|  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 | $622 | $0 | $622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 17 | (3) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 3 | 16 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 76 | 22 | 103 |
|  | $0 | $5 | $0 | $718 | $35 | $758 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) | $610 |

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24 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $69 | $69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | (92) | (89) |
|  | $0 | $3 | $0 | $0 | $(23) | $(20) |
|  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 | $(24) | $0 | $(24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (15) | (6) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (2) | 7 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2) | 0 | (5) | (31) | (38) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1 | $0 | $(46) | $(53) | $(98) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 |
|  Argentin a | Argentin a | Argentin a | Argentin a | Argentin a |
| &nbsp;&nbsp; Sovereign Issues | $0 | $7 | $0 | $7 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 578 | 0 | 578 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | 497 | 0 | 497 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 411 | 0 | 411 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 879 | 0 | 879 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 654 | 0 | 654 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 344 | 0 | 344 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 35 | 0 | 35 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 156 | 0 | 156 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 111 | 0 | 111 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 128 | 0 | 128 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 215 | 0 | 215 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Sovereign Issues | 0 | 470 | 0 | 470 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1778 | 0 | 1778 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 300 | 0 | 300 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 271 | 0 | 271 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 203 | 0 | 203 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 297 | 0 | 297 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 523 | 0 | 523 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 109 | 0 | 109 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Sovereign Issues | 0 | 116 | 0 | 116 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 277 | 0 | 277 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 129 | 0 | 129 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1312 | 0 | 1312 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $133 | $0 | $133 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 281 | 0 | 281 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 121 | 0 | 121 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 231 | 0 | 231 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 432 | 0 | 432 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 723 | 0 | 723 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1877 | 0 | 1877 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 92 | 0 | 92 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 45 | 0 | 45 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 1277 | 0 | 1277 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 11275 | 0 | 11275 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 2150 | 0 | 2150 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 59 | 0 | 59 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29597 |
|  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 | $1821 | $0 | $0 | $1821 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821 | $29597 | $0 | $31418 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $(2891) | $0 | $(2891) |
|  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 | 24 | 18 | 0 | 42 |
|  Over the counter | 0 | 547 | 0 | 547 |
|  | $24 | $565 | $0 | $589 |
|  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 | (11) | (67) | 0 | (78) |
|  Over the counter | 0 | (406) | 0 | (406) |
|  | $(11) | $(473) | $0 | $(484) |
|  Total Financial Derivative Instruments | $13 | $92 | $0 | $105 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26798 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28632 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

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------

Notes to Financial Statements

1. ORGANIZATION

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

---

| | |
|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

June 30, 2025 (Unaudited)

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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

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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, 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 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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

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

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

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

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| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **29** |

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Notes to Financial Statements (Cont.)

(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.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market

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| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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 June 30, 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>06/30/2025 | 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;12118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11351) | $&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;1821 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

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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.

Delayed-Delivery Transactions involve a commitment by the Porfolio 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 Porfolio 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 Porfolio 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 Porfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Porfolio has sold a security on a delayed delivery basis, the Porfolio 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 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

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| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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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.

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

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings

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banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC 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 to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(c) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a

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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 June 30, 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.

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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 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 name's weight in the index. The composition of the indexes changes

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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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The 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 and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would

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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 because of a change 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, or 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 factors affecting securities markets generally or particular industries.

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.

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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio's performance.

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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 markets, differing 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, inefficiencies resulting from erratic growth, the unavailability of consistently-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 event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

Issuer Non-Diversification Risk is the risk of focusing investments 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, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Portfolio's sensitivity to interest rate 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:

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| | |
|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

June 30, 2025 (Unaudited)

(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, 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. 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. 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,

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **41** |

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Notes to Financial Statements (Cont.)

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 arrangement in respect of portfolio margining. The porting of exposure

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| | |
|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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<br>Fee | Servicing<br>Fee |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **43** |

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Notes to Financial Statements (Cont.)

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 June 30, 2025, the amount waived and/or reimbursed was $626.

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 June 30, 2025, there were no recoverable amounts.

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

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 June 30, 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;92668 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4717 |

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|:---|:---|
| <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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June 30, 2025 (Unaudited)

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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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | 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 | (1) | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 482 | 3591 | 423 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1368 | 10503 | 3285 | 24928 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 1 | 0 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 20 | 150 | 40 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 33 | 242 | 84 | 608 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1) | (10) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (377) | (2784) | (610) | (4471) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (507) | (3637) | (3120) | (22433) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 1017 | $8056 | 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 June 30, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 74% 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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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 its last fiscal year ended December 31, 2024, 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 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | $&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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

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Notes to Financial Statements (Cont.) June 30, 2025 (Unaudited)

As of June 30, 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>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1561) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |

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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> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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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 | 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. | GST | Goldman Sachs International | RYL | NatWest Markets Plc |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | 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 | SSB | State Street Bank and Trust Co. |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | NZD | New Zealand Dollar |
| BRL | Brazilian Real | HUF | Hungarian Forint | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CHF | Swiss Franc | ILS | Israeli Shekel | RON | Romanian New Leu |
| CLP | Chilean Peso | INR | Indian Rupee | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | SGD | Singapore Dollar |
| CNY | Chinese Renminbi (Mainland) | KRW | South Korean Won | THB | Thai Baht |
| COP | Colombian Peso | KZT | Kazakhstani Tenge | TRY | Turkish New Lira |
| CZK | Czech Koruna | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| DKK | Danish Krone | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| EGP | Egyptian Pound | NGN | Nigerian Naira | ZAR | South African Rand |
| EUR | Euro | NOK | Norwegian Krone |  |  |
|  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 | MUTKCALM | Tokyo Overnight Average Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | SIBCSORA | Singapore Overnight Rate Average | SRFXON3 | Swiss Overnight Rate Average (6PM) |
| CDX.IG | Credit Derivatives Index – Investment Grade | SOFR | Secured Overnight Financing Rate | TSFR3M | Term SOFR 3-Month |
| CNREPOFIX | China Fixing Repo Rates 7-Day |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ALT | Alternate Loan Trust | DAC | Designated Activity Company | Oat | Obligations Assimilables du Trésor |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | OIS | Overnight Index Swap |
| BBSW | Bank Bill Swap Reference Rate | KLIBOR | Kuala Lumpur Interbank Offered Rate | PRIBOR | Prague Interbank Offered Rate |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | KORIBOR | Korea Interbank Offered Rate | STIBOR | Stockholm Interbank Offered Rate |
| CLO | Collateralized Loan Obligation | MIBOR | Mumbai Interbank Offered Rate | TBA | To-Be-Announced |

---

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 June 30, 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) |
|  January 2025 | $0.0187 | $0.0000 | $0.0000 | $0.0187 |
|  February 2025 | $0.0188 | $0.0000 | $0.0000 | $0.0188 |
|  March 2025 | $0.0244 | $0.0000 | $0.0000 | $0.0244 |
|  April 2025 | $0.0228 | $0.0000 | $0.0000 | $0.0228 |
|  May 2025 | $0.0243 | $0.0000 | $0.0000 | $0.0243 |
|  June 2025 | $0.0263 | $0.0000 | $0.0000 | $0.0263 |
| 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) |
|  January 2025 | $0.0178 | $0.0000 | $0.0000 | $0.0178 |
|  February 2025 | $0.0179 | $0.0000 | $0.0000 | $0.0179 |
|  March 2025 | $0.0235 | $0.0000 | $0.0000 | $0.0235 |
|  April 2025 | $0.0218 | $0.0000 | $0.0000 | $0.0218 |
|  May 2025 | $0.0233 | $0.0000 | $0.0000 | $0.0233 |
|  June 2025 | $0.0254 | $0.0000 | $0.0000 | $0.0254 |
| 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) |
|  January 2025 | $0.0172 | $0.0000 | $0.0000 | $0.0172 |
|  February 2025 | $0.0174 | $0.0000 | $0.0000 | $0.0174 |
|  March 2025 | $0.0229 | $0.0000 | $0.0000 | $0.0229 |
|  April 2025 | $0.0212 | $0.0000 | $0.0000 | $0.0212 |
|  May 2025 | $0.0226 | $0.0000 | $0.0000 | $0.0226 |
|  June 2025 | $0.0248 | $0.0000 | $0.0000 | $0.0248 |

---

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

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

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| | |
|:---|:---|
| **48** | **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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **49** |

---

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

---

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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](g15582g06y60.jpg)

PVITINTLUNHFSTMSAR_063025

------

![LOGO](g81401g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO Long-Term U.S. Government Portfolio

------

#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Long-Term U.S. Government Portfolio](#tx81401_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx81401_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx81401_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx81401_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx81401_5) | 10 |
| &nbsp;&nbsp; [Statement of Cash Flows (N-CSR Item 7)](#tx81401_6) | 11 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx81401_7) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx81401_8) | 19 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx81401_8a) | 33 |
| &nbsp;&nbsp; [Glossary](#tx81401_9) | 36 |
| &nbsp;&nbsp; [Distribution Information](#tx81401_10) | 37 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx81401_11) | 38 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx81401_12) | 39 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx81401_13) | 40 |

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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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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; 01/01/2025 - 06/30/2025+ | $7.27 | $0.12 | $0.14 | $0.26 | $(0.12) | $0.00 | $(0.12) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.90 | 0.26 | 2.02 | 2.28 | (0.28) | (0.13) | (0.41) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 7.27 | 0.11 | 0.15 | 0.26 | (0.12) | 0.00 | (0.12) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.90 | 0.24 | 2.01 | 2.25 | (0.25) | (0.13) | (0.38) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 7.27 | 0.11 | 0.15 | 0.26 | (0.12) | 0.00 | (0.12) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.90 | 0.23 | 2.01 | 2.24 | (0.24) | (0.13) | (0.37) |

---

---

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 |

---

------

(Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **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** | **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** |
| $7.41 | 3.64% | $64618 | 2.275 | %\* | 2.275 | %\* | 0.485 | %\* | 0.485 | %\* | 3.26 | %\* | 90% |
| 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 |
| 14.77 | 17.57 | 50914 | 0.695 |  | 0.695 |  | 0.475 |  | 0.475 |  | 1.76 |  | 251 |
| 7.41 | 3.57 | 320510 | 2.425 | \* | 2.425 | \* | 0.635 | \* | 0.635 | \* | 3.10 | \* | 90 |
| 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 |
| 14.77 | 17.39 | 500164 | 0.845 |  | 0.845 |  | 0.625 |  | 0.625 |  | 1.61 |  | 251 |
| 7.41 | 3.52 | 48098 | 2.525 | \* | 2.525 | \* | 0.735 | \* | 0.735 | \* | 3.01 | \* | 90 |
| 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 |
| 14.77 | 17.28 | 39831 | 0.945 |  | 0.945 |  | 0.725 |  | 0.725 |  | 1.50 |  | 251 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO Long-Term U.S. Government Portfolio June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (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 | $665109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 92 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 54 |
|  Cash | 333 |
|  Deposits with counterparty | 4744 |
|  Receivable for investments sold | 438854 |
|  Receivable for TBA investments sold | 72663 |
|  Receivable for Portfolio shares sold | 206 |
|  Interest and/or dividends receivable | 4588 |
|  Dividends receivable from Affiliates | 32 |
|  **Total Assets** | 1186675 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | $613963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 83 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 32 |
|  Payable for investments in Affiliates purchased | 33 |
|  Payable for TBA investments purchased | 135936 |
|  Deposits from counterparty | 2321 |
|  Payable for Portfolio shares redeemed | 22 |
|  Accrued investment advisory fees | 76 |
|  Accrued supervisory and administrative fees | 84 |
|  Accrued distribution fees | 9 |
|  Accrued servicing fees | 38 |
|  Accrued reimbursement to PIMCO | 1 |
|  **Total Liabilities** | 753449 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $433226 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $669121 |
|  Distributable earnings (accumulated loss) | (235895) |
|  **Net Assets** | $433226 |
|  **Net Assets:** |  |
|  Institutional Class | $64618 |
|  Administrative Class | 320510 |
|  Advisor Class | 48098 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 8717 |
|  Administrative Class | 43237 |
|  Advisor Class | 6489 |
|  **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 | $786945 |
|  Cost of investments in Affiliates | $92 |
|  Proceeds received on short sales | $82 |
|  Cost or premiums of financial derivative instruments, net | $(78) |

---

---

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

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $11547 |
|  Dividends from Investments in Affiliates | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 11670 |
|  **Expenses:** |  |
|  Investment advisory fees | 475 |
|  Supervisory and administrative fees | 528 |
|  Distribution and/or servicing fees - Administrative Class | 236 |
|  Distribution and/or servicing fees - Advisor Class | 59 |
|  Trustee fees | 12 |
|  Interest expense | 3781 |
|  Miscellaneous expense | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 5093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 5089 |
|  **Net Investment Income (Loss)** | 6581 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 72 |
|  Investments in Affiliates | (51) |
|  Exchange-traded or centrally cleared financial derivative instruments | 2477 |
|  Over the counter financial derivative instruments | 149 |
|  **Net Realized Gain (Loss)** | 2647 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 11488 |
|  Exchange-traded or centrally cleared financial derivative instruments | (5597) |
|  Over the counter financial derivative instruments | 22 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 5913 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $15141 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Long-Term U.S. Government Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $6581 | $11879 |
|  Net realized gain (loss) | 2647 | (23606) |
|  Net change in unrealized appreciation (depreciation) | 5913 | (15703) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 15141 | (27430) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1051) | (1707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (5154) | (9393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (755) | (1175) |
|  **Total Distributions<sup>(a)</sup>** | (6960) | (12275) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 2390 | (6822) |
|  **Total Increase (Decrease) in Net Assets** | 10571 | (46527) |
|  **Net Assets:** |  |  |
|  Beginning of period | 422655 | 469182 |
|  End of period | $433226 | $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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $15141 |
|  **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 | (618551) |
|  Proceeds from sales of long-term securities | 579261 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 157361 |
| (Increase) decrease in deposits with counterparty | (549) |
| (Increase) decrease in receivable for investments sold | 3361 |
| (Increase) decrease in interest and/or dividends receivable | (359) |
| (Increase) decrease in dividends receivable from Affiliates | (27) |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | (2139) |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 148 |
| (Increase) decrease in reimbursement receivable from PIMCO | 1 |
|  Increase (decrease) in payable for investments purchased | (139449) |
|  Increase (decrease) in deposits from counterparty | 2321 |
|  Increase (decrease) in accrued investment advisory fees | (7) |
|  Increase (decrease) in accrued supervisory and administrative fees | (8) |
|  Increase (decrease) in accrued distribution fees | (1) |
|  Increase (decrease) in accrued servicing fees | (3) |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (2477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (149) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (11488) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 5597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (22) |
|  Net amortization (accretion) on investments | (1079) |
|  **Net Cash Provided by (Used for) Operating Activities** | (13138) |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 25684 |
|  Payments on shares redeemed | (30956) |
|  Cash distributions paid\* | 0 |
|  Proceeds from sale-buyback transactions | 1574235 |
|  Payments on sale-buyback transactions | (1555978) |
|  **Net Cash Received from (Used for) Financing Activities** | 12985 |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | (153) |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 486 |
|  End of year | $333 |
|  \* Reinvestment of distributions | $6960 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $3511 |

---

---

| | |
|:---|:---|
| <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 period, 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 | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 153.5% | INVESTMENTS IN SECURITIES 153.5% | INVESTMENTS IN SECURITIES 153.5% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Vessel Management Services, Inc. | Vessel Management Services, Inc. | Vessel Management Services, Inc. |
|  3.432% due 08/15/2036 | 364 | 328 |
|  Total Corporate Bonds & Notes (Cost $364) | Total Corporate Bonds & Notes (Cost $364) | 328 |
| U.S. GOVERNMENT AGENCIES 18.2% | U.S. GOVERNMENT AGENCIES 18.2% | U.S. GOVERNMENT AGENCIES 18.2% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  3.000% due 09/25/2046 | 2264 | 1709 |
|  3.580% due 08/01/2030 | 1700 | 1631 |
|  3.600% due 02/01/2040 | 1156 | 1085 |
|  4.250% due 05/25/2037 | 108 | 98 |
|  4.807% due 07/25/2037 •  | 2 | 2 |
|  5.000% due 04/25/2032 - 08/25/2033 | 104 | 107 |
|  5.500% due 12/25/2035 | 31 | 33 |
|  6.500% due 07/25/2031 | 12 | 12 |
|  6.583% due 01/01/2033 •  | 2 | 2 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  0.195% due 12/15/2042 •  | 248 | 211 |
|  2.862% due 07/25/2054 ~ | 1300 | 1220 |
|  3.000% due 04/15/2053 | 1244 | 1014 |
|  3.500% due 01/15/2048 | 650 | 588 |
|  4.000% due 06/15/2032 - 09/15/2044 | 4136 | 4021 |
|  4.051% due 03/25/2036 ~ | 137 | 131 |
|  4.608% due 10/15/2043 •  | 717 | 703 |
|  4.818% due 01/15/2033 •  | 1 | 1 |
|  4.868% due 01/25/2036 ~ | 113 | 109 |
|  5.500% due 02/15/2034 | 75 | 78 |
|  5.599% due 10/25/2044 •  | 226 | 208 |
|  7.000% due 12/01/2031 | 1 | 2 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.500% due 01/20/2044 | 643 | 599 |
|  6.000% due 08/20/2033 | 220 | 221 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  4.000% due 07/01/2055 | 7300 | 6789 |
|  4.500% due 07/01/2055 | 1700 | 1628 |
|  Resolution Funding Corp. STRIPS | Resolution Funding Corp. STRIPS | Resolution Funding Corp. STRIPS |
|  0.000% due 10/15/2028 (a) | 600 | 528 |
|  Tennessee Valley Authority STRIPS | Tennessee Valley Authority STRIPS | Tennessee Valley Authority STRIPS |
|  0.000% due 05/01/2030 (b) | 800 | 664 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.290% due 12/01/2027 | 10 | 10 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 11/01/2046 | 104 | 89 |
|  4.000% due 08/01/2048 | 5 | 4 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 07/01/2055 | 4600 | 3981 |
|  4.000% due 08/01/2055 | 2400 | 2231 |
|  4.500% due 08/01/2055 | 9000 | 8606 |
|  5.000% due 08/01/2055 | 6200 | 6073 |
|  6.000% due 08/01/2055 | 33000 | 33505 |
|  6.500% due 08/01/2055 | 1100 | 1134 |
|  Total U.S. Government Agencies (Cost $79,587) | Total U.S. Government Agencies (Cost $79,587) | 79027 |
| U.S. TREASURY OBLIGATIONS 130.8% | U.S. TREASURY OBLIGATIONS 130.8% | U.S. TREASURY OBLIGATIONS 130.8% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.125% due 05/15/2040 | 12820 | 7974 |
|  1.125% due 08/15/2040 (d) | 102880 | 63323 |
|  1.375% due 11/15/2040 (d) | 21220 | 13525 |
|  1.750% due 08/15/2041 | 3300 | 2192 |
|  1.875% due 02/15/2051 | 2650 | 1489 |
|  2.000% due 11/15/2041 | 7900 | 5436 |
|  2.000% due 02/15/2050 (d) | 36908 | 21686 |
|  2.250% due 05/15/2041 (d) | 14200 | 10317 |
|  2.250% due 08/15/2049 | 4000 | 2510 |
|  2.250% due 02/15/2052 | 400 | 244 |
|  2.375% due 02/15/2042 | 6500 | 4731 |
|  2.500% due 02/15/2045 | 450 | 317 |
|  2.500% due 02/15/2046 | 3680 | 2551 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.750% due 11/15/2042 | 5600 | 4268 |
|  2.875% due 05/15/2049 (f) | 1550 | 1113 |
|  2.875% due 05/15/2052 | 400 | 282 |
|  3.000% due 11/15/2044 | 540 | 416 |
|  3.000% due 05/15/2045 | 470 | 360 |
|  3.000% due 11/15/2045 | 10100 | 7698 |
|  3.000% due 08/15/2048 (d) | 13880 | 10270 |
|  3.000% due 02/15/2049 (d) | 65070 | 47964 |
|  3.000% due 08/15/2052 (d) | 13900 | 10038 |
|  3.125% due 11/15/2041 (d) | 25610 | 21011 |
|  3.125% due 08/15/2044 | 440 | 347 |
|  3.125% due 05/15/2048 | 3730 | 2831 |
|  3.250% due 05/15/2042 | 1000 | 828 |
|  3.375% due 08/15/2042 (d) | 11300 | 9488 |
|  3.375% due 11/15/2048 (d) | 16600 | 13137 |
|  3.625% due 08/15/2043 | 2400 | 2066 |
|  3.625% due 05/15/2053 (d) | 21300 | 17379 |
|  3.875% due 05/15/2043 (d) | 15600 | 13939 |
|  4.000% due 11/15/2042 (d) | 17400 | 15880 |
|  4.000% due 11/15/2052 (d) | 73040 | 63901 |
|  4.125% due 08/15/2044 | 8000 | 7332 |
|  4.375% due 05/15/2041 (d) | 9920 | 9617 |
|  4.375% due 08/15/2043 | 8800 | 8391 |
|  4.500% due 11/15/2054 | 3000 | 2860 |
|  4.625% due 05/15/2044 | 7500 | 7357 |
|  4.625% due 11/15/2044 (d) | 10100 | 9890 |
|  4.625% due 05/15/2054 | 1500 | 1457 |
|  4.625% due 02/15/2055 (d) | 14400 | 14022 |
|  4.750% due 02/15/2041 | 2690 | 2726 |
|  4.750% due 11/15/2043 (d) | 22710 | 22693 |
|  4.750% due 02/15/2045 (d) | 4300 | 4278 |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.125% due 01/15/2032 (f) | 3356 | 3043 |
|  0.625% due 07/15/2032 | 7397 | 6903 |
|  1.125% due 01/15/2033 | 8378 | 8009 |
|  1.750% due 01/15/2034 (f) | 9600 | 9521 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  1.500% due 11/30/2028 | 5800 | 5392 |
|  2.375% due 03/31/2029 | 7300 | 6957 |
|  2.875% due 08/15/2028 | 100 | 97 |
|  3.250% due 06/30/2029 | 6300 | 6186 |
|  3.625% due 03/31/2030 | 200 | 199 |
|  3.750% due 05/31/2030 | 200 | 200 |
|  3.750% due 06/30/2030 | 400 | 399 |
|  3.875% due 09/30/2029 (d) | 15900 | 15977 |
|  4.000% due 02/28/2030 | 200 | 202 |
|  4.125% due 10/31/2029 | 100 | 101 |
|  4.125% due 08/31/2030 | 200 | 203 |
|  4.125% due 10/31/2031 | 200 | 202 |
|  4.375% due 11/30/2030 | 500 | 513 |
|  4.625% due 09/30/2028 | 200 | 206 |
|  4.625% due 09/30/2030 | 300 | 311 |
|  4.875% due 10/31/2030 | 300 | 315 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 02/15/2033 (a) | 1700 | 1239 |
|  0.000% due 05/15/2034 (a) | 500 | 342 |
|  0.000% due 08/15/2034 (a) | 1270 | 857 |
|  0.000% due 08/15/2035 (a) | 25270 | 16186 |
|  0.000% due 08/15/2036 (a) | 18000 | 10930 |
|  0.000% due 11/15/2036 (a) | 2700 | 1618 |
|  0.000% due 05/15/2041 (a) | 10 | 5 |
|  0.000% due 08/15/2041 (a) | 20 | 9 |
|  0.000% due 11/15/2041 (a) | 260 | 117 |
|  0.000% due 05/15/2042 (a) | 320 | 139 |
|  0.000% due 08/15/2042 (a) | 80 | 34 |
|  0.000% due 11/15/2042 (a) | 20 | 8 |
|  Total U.S. Treasury Obligations (Cost $687,063) | Total U.S. Treasury Obligations (Cost $687,063) | 566554 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 3.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.8% |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.384% due 04/15/2035 •  | 74 | 74 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.539% due 12/15/2036 •  | 353 | 345 |
|  BANK | BANK | BANK |
|  4.046% due 03/15/2061 ~ | 500 | 494 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  6.575% due 04/25/2033 ~ | 5 | 4 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  4.016% due 03/15/2052 | 2300 | 2241 |
|  5.926% due 03/15/2057 | 800 | 835 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  3.140% due 10/10/2036 | 1700 | 1581 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.854% due 05/25/2035 •  | 14 | 14 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.074% due 03/25/2035 •  | 23 | 22 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  6.015% due 11/25/2032 ~ | 1 | 1 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  5.826% due 07/15/2038 •  | 865 | 781 |
|  DBWF Mortgage Trust | DBWF Mortgage Trust | DBWF Mortgage Trust |
|  3.791% due 12/10/2036 | 2100 | 2044 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.506% due 07/15/2038 •  | 1115 | 1116 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.872% due 05/19/2035 •  | 11 | 11 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  3.719% due 11/05/2038 | 2100 | 2065 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.266% due 09/25/2034 þ | 55 | 67 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.809% due 12/15/2031 •  | 221 | 220 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.334% due 12/25/2049 •  | 13 | 12 |
|  6.373% due 07/25/2035 ~ | 12 | 12 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  3.885% due 08/15/2038 | 500 | 482 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 62 | 60 |
|  2.750% due 11/25/2059 ~ | 267 | 256 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  6.000% due 06/25/2036 | 15 | 12 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  5.132% due 07/20/2033 •  | 9 | 9 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.576% due 05/15/2038 •  | 1000 | 996 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.874% due 05/25/2037 •  | 29 | 27 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  5.092% due 09/19/2032 •  | 4 | 4 |
|  5.272% due 10/19/2033 •  | 7 | 7 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.100% due 01/25/2060 ~ | 600 | 548 |
|  VNDO Trust | VNDO Trust | VNDO Trust |
|  3.805% due 01/10/2035 | 1900 | 1870 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.399% due 08/25/2046 •  | 47 | 43 |
|  5.899% due 10/25/2046 •  | 18 | 17 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  5.371% due 05/25/2033 ~ | 4 | 4 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 | 300 | 213 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $17,186) | Total Non-Agency Mortgage-Backed Securities (Cost $17,186) | 16487 |
| 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 | 673 |
|  |  | 673 |
| 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 |
|  5.434% due 11/25/2042 •  | 9 | 9 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  5.259% due 10/25/2034 •  | 318 | 307 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.364% due 07/25/2035 •  | 303 | 303 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.733% due 08/25/2033 •  | 2 | 2 |
|  |  | 621 |
| OTHER ABS 0.3% | OTHER ABS 0.3% | OTHER ABS 0.3% |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.680% due 07/22/2027 | 1300 | 1306 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.170% due 02/27/2068 •  | 114 | 113 |
|  |  | 1419 |
|  Total Asset-Backed Securities (Cost $2,745) | Total Asset-Backed Securities (Cost $2,745) | 2713 |
| Total Investments in Securities (Cost $786,945) | Total Investments in Securities (Cost $786,945) | 665109 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 9417 | $— | 92 |
| Total Short-Term Instruments<br>(Cost $92) | Total Short-Term Instruments<br>(Cost $92) |  | 92 |
| Total Investments in Affiliates<br>(Cost $92) | Total Investments in Affiliates<br>(Cost $92) |  | 92 |
| Total Investments 153.5% (Cost $787,037) | Total Investments 153.5% (Cost $787,037) | $— | 665201 |
|  Financial Derivative<br>Instruments (e)(g) (0.2)%<br> (Cost or Premiums, net $(78)) | Financial Derivative<br>Instruments (e)(g) (0.2)%<br> (Cost or Premiums, net $(78)) |  | (829) |
| Other Assets and Liabilities, net (53.3)% | Other Assets and Liabilities, net (53.3)% |  | (231146) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 433226 |

---

#### 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 | 4.490% | 07/02/2025 | 07/03/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210107) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210107) |
|  | 4.520 | 06/30/2025 | 07/01/2025 | (1572) | (1572) |
|  BPG | 4.500 | 07/01/2025 | 07/02/2025 | (228747) | (228746) |
|  UBS | 4.440 | 06/11/2025 | 07/18/2025 | (78571) | (78765) |
|  | 4.450 | 05/20/2025 | 07/07/2025 | (511) | (514) |
|  | 4.450 | 06/02/2025 | 07/18/2025 | (93922) | (94259) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(613963) |

---

#### 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% | 08/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $(82) | $(83) |
|  Total Short Sales 0.0% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 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 June 30, 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 | $(211679) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211679) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211644 | $(35) |
|  BPG | 0 | 0 | (228746) | (228746) | 229182 | 436 |
|  UBS | 0 | 0 | (173538) | (173538) | 173333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205) |
|  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;(613963) |  |  |  |

---

#### 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 | $(1572) | $(612391) | $0 | $0 | $(613963) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1572) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(612391) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(613963) |
|  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;(613963) |

---

(d) Securities with an aggregate market value of $616,459 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(168946) at a weighted average interest rate of 4.458%. 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 $(417) 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 August Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.500 | 07/25/2025 | 14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $(5) | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 109.000 | 07/25/2025 | 20 | 20 | (8) | (1) |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 109.500 | 07/25/2025 | 9 | 9 | (3) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.500 | 07/25/2025 | 29 | 29 | (11) | (15) |
|  Call - CBOT U.S. Treasury 10-Year Note August Futures | 112.000 | 07/25/2025 | 14 | 14 | (5) | (10) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15805 | $171 | $19 | $0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 111 | 12446 | 292 | 35 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 September Futures  | 09/2025 | 33 | $(6865) | $(27) | $0 | $(2) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76444) | (1352) | 0 | (324) |
|  U.S. Treasury Long-Term Bond September Futures  | 09/2025 | 173 | (19976) | (874) | 0 | (173) |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 48 | (5718) | (222) | 0 | (64) |
|  |  |  |  | $(2475) | $0 | $(563) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2012) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(563) |

---

#### 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 | $(6) | $(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 2100 | 0 | (13) | (13) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 9800 | 0 | (65) | (65) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 9800 | 0 | (73) | (73) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 05/31/2028 | 9800 | 0 | (74) | (74) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 800 | 0 | (9) | (9) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 6000 | (118) | 53 | (65) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 600 | (1) | (9) | (10) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.821 | Annual | 10/31/2030 | 5300 | 0 | (75) | (75) | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.834 | Annual | 10/31/2030 | 3760 | 0 | (56) | (56) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 02/28/2031 | 3700 | 22 | (80) | (58) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 800 | 0 | 7 | 7 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 1200 | 0 | 4 | 4 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 4500 | (40) | (27) | (67) | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 2400 | 0 | 39 | 39 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.441 | Semi-Annual | 07/21/2031 | 5100 | (53) | 707 | 654 | 0 | (10) |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 6462 | (6) | (93) | (99) | 0 | (17) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.610 | Annual | 12/12/2032 | 1100 | (5) | 6 | 1 | 0 | (3) |
| 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) | (4) | (6) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 400 | (2) | (4) | (6) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 600 | (3) | (1) | (4) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 600 | (3) | (4) | (7) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 500 | (2) | 2 | 0 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 400 | (2) | 4 | 2 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 500 | (2) | (2) | (4) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 600 | (2) | 6 | 4 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 500 | (2) | 11 | 9 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 500 | (2) | 10 | 8 | 0 | (2) |
| 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 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 400 | (1) | 4 | 3 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 400 | (2) | 11 | 9 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 700 | (3) | 33 | 30 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 600 | (3) | 27 | 24 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 350 | (1) | (5) | (6) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 500 | (2) | (7) | (9) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 500 | (2) | (5) | (7) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 700 | (2) | (9) | (11) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/15/2049 | 300 | 0 | 30 | 30 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 | 500 | 0 | 43 | 43 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | 11/15/2049 | 100 | 0 | 8 | 8 | 0 | (1) |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2052 | 1170 | (2) | (29) | (31) | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 10/23/2053 | 4500 | (78) | 1848 | 1770 | 0 | (25) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.330 | Semi-Annual | 10/25/2053 | 4010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | 1066 | 1310 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 | 500 | (3) | 61 | 58 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.956 | Annual | 11/15/2054 | 1000 | 0 | (5) | (5) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 2700 | 65 | 145 | 210 | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.846 | Annual | 02/15/2055 | 600 | 0 | 8 | 8 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.872 | Annual | 02/15/2055 | 1800 | 0 | 16 | 16 | 0 | (15) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261) |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 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 June 30, 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;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(563) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(851) |

---

(f) Securities with an aggregate market value of $1,965 and cash of $4,744 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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 |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.637% | 07/18/2025 | 600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $(3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.037 | 07/18/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.555 | 07/24/2025 | 900 | (3) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.905 | 07/24/2025 | 900 | (3) | (2) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.775 | 07/07/2025 | 400 | (1) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.125 | 07/07/2025 | 400 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.583 | 07/23/2025 | 500 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.933 | 07/23/2025 | 500 | (2) | (1) |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.772 | 07/10/2025 | 1000 | (3) | (9) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.122 | 07/10/2025 | 1000 | (3) | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.725 | 07/03/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.075 | 07/03/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.669 | 07/07/2025 | 400 | (2) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.019 | 07/07/2025 | 400 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.697 | 07/16/2025 | 800 | (2) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.097 | 07/16/2025 | 800 | (2) | 0 |
|  Total Written Options | Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |

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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 June 30, 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>(2)</sup> |
|  BOA | $0 | $0 | $0 | $0 | $0 | $(8) | $0 | $(8) | $&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;(8) |
|  GLM | 0 | 0 | 0 | 0 | 0 | (7) | 0 | (7) | (7) | 0 | (7) |
|  JPM | 0 | 0 | 0 | 0 | 0 | (9) | 0 | (9) | (9) | 0 | (9) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (8) | 0 | (8) | (8) | 0 | (8) |
|  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;(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |  |  |  |

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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 |

---

------

June 30, 2025 (Unaudited)

#### 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 June 30, 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 | $54 | $54 |
|  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 | $27 | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 563 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 261 | 261 |
|  | $0 | $0 | $0 | $0 | $851 | $851 |
|  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 | $32 | $32 |
|  | $&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;&nbsp;&nbsp;&nbsp;&nbsp;883 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 |

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The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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 | $52 | $52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1501 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 924 | 924 |
|  | $0 | $0 | $0 | $0 | $2477 | $2477 |
|  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 | $149 | $149 |
|  | $0 | $0 | $0 | $0 | $2626 | $2626 |
|  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 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (2914) | (2914) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (2688) | (2688) |
|  | $0 | $0 | $0 | $0 | $(5597) | $(5597) |
|  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 | $22 | $22 |
|  | $&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;(5575) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5575) |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 17

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Schedule of Investments PIMCO Long-Term U.S. Government Portfolio (Cont.) June 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 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>06/30/2025** |
|  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 | $0 | $328 | $0 | $328 |
|  U.S. Government Agencies | 0 | 79027 | 0 | 79027 |
|  U.S. Treasury Obligations | 0 | 566554 | 0 | 566554 |
|  Non-Agency Mortgage-Backed Securities | 0 | 16487 | 0 | 16487 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 673 | 0 | 673 |
| &nbsp;&nbsp; Home Equity Other | 0 | 621 | 0 | 621 |
| &nbsp;&nbsp; Other ABS | 0 | 1419 | 0 | 1419 |
|  | $0 | $665109 | $0 | $665109 |
|  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;92 | $0 | $0 | $92 |
|  Total Investments | $92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665201 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  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 | $(83) | $0 | $(83) |
|  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 | $54 | $0 | $54 |
|  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 | (851) | 0 | (851) |
|  Over the counter | 0 | (32) | 0 | (32) |
|  | $0 | $(883) | $0 | $(883) |
|  Total Financial Derivative Instruments | $0 | $(829) | $0 | $(829) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664289 |

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There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

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

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Notes to Financial Statements June 30, 2025 (Unaudited)

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 new 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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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, 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 December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11,

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| **20** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

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

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed 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.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **21** |

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Notes to Financial Statements (Cont.)

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.

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

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| **22** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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, 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **23** |

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Notes to Financial Statements (Cont.)

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 June 30, 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>06/30/2025 | 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;332223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333900) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | $&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

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| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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.

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

current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

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

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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) 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 to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a

security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(c) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 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 June 30, 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

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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 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

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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.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap

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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 because of a change 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, or 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 factors affecting securities markets generally or particular industries.

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 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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more

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volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Portfolio's sensitivity to interest rate 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, 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. 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. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the

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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 (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

---

------

Notes to Financial Statements (Cont.)

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):

---

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

---

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

---

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

---

------

June 30, 2025 (Unaudited)

of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(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 June 30, 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 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 June 30, 2025 were (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| 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;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |

---

---

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

---

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 June 30, 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;616779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

---

------

Notes to Financial Statements (Cont.)

13. SHARES OF BENEFICIAL INTEREST

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>06/30/2025 | Six Months Ended<br>06/30/2025 | 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 | 653 | $4775 | 2160 | $16542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 2119 | 15765 | 5560 | 42720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 722 | 5331 | 1927 | 14694 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 141 | 1051 | 225 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 692 | 5154 | 1237 | 9393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 101 | 755 | 155 | 1175 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (433) | (3212) | (1473) | (11440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (739) | (5421) | (1234) | (9440) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 303 | $2390 | (882) | $(6822) |

---

---

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

---

As of June 30, 2025, one person owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 57% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

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

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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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.

---

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

---

------

June 30, 2025 (Unaudited)

As of its last fiscal year ended December 31, 2024, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Short-Term | Long-Term |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8363 |

---

---

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

---

As of June 30, 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>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5993 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126342) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120349) |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| BCY | Barclays Capital, Inc. | GLM | Goldman Sachs Bank USA | MYC | Morgan Stanley Capital Services LLC |
| BOA | Bank of America N.A. | JPM | JP Morgan Chase Bank N.A. | UBS | UBS Securities LLC |
| BPG | BNP Paribas Securities Corp. |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| USD (or $) | United States Dollar |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | CBOT | Chicago Board of Trade | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| SOFR | Secured Overnight Financing Rate |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | OIS | Overnight Index Swap | TBA | To-Be-Announced |

---

---

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

---

------

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 June 30, 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

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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) |
|  January 2025 | $0.0203 | $0.0000 | $0.0000 | $0.0203 |
|  February 2025 | $0.0184 | $0.0000 | $0.0000 | $0.0184 |
|  March 2025 | $0.0220 | $0.0000 | $0.0000 | $0.0220 |
|  April 2025 | $0.0217 | $0.0000 | $0.0000 | $0.0217 |
|  May 2025 | $0.0221 | $0.0000 | $0.0000 | $0.0221 |
|  June 2025 | $0.0201 | $0.0000 | $0.0000 | $0.0201 |
| 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) |
|  January 2025 | $0.0194 | $0.0000 | $0.0000 | $0.0194 |
|  February 2025 | $0.0175 | $0.0000 | $0.0000 | $0.0175 |
|  March 2025 | $0.0211 | $0.0000 | $0.0000 | $0.0211 |
|  April 2025 | $0.0208 | $0.0000 | $0.0000 | $0.0208 |
|  May 2025 | $0.0211 | $0.0000 | $0.0000 | $0.0211 |
|  June 2025 | $0.0193 | $0.0000 | $0.0000 | $0.0193 |
| 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) |
|  January 2025 | $0.0187 | $0.0000 | $0.0000 | $0.0187 |
|  February 2025 | $0.0170 | $0.0000 | $0.0000 | $0.0170 |
|  March 2025 | $0.0205 | $0.0000 | $0.0000 | $0.0205 |
|  April 2025 | $0.0202 | $0.0000 | $0.0000 | $0.0202 |
|  May 2025 | $0.0205 | $0.0000 | $0.0000 | $0.0205 |
|  June 2025 | $0.0187 | $0.0000 | $0.0000 | $0.0187 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **37** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **39** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

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

------

#### pimco.com/pvit
![LOGO](g81401g06y60.jpg)

PVITLNGTRMFSTMSAR_063025

------

![LOGO](g18810g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO Low Duration Portfolio

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Low Duration Portfolio](#tx18810_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx18810_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx18810_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx18810_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx18810_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx18810_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx18810_7) | 24 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx18810_8) | 41 |
| &nbsp;&nbsp; [Glossary](#tx18810_9) | 45 |
| &nbsp;&nbsp; [Distribution Information](#tx18810_10) | 46 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx18810_11) | 47 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx18810_12) | 48 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx18810_13) | 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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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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|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net**<br> **Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | $9.64 | $0.20 | $0.09 | $0.29 | $(0.20) | $0.00 | $0.00 | $(0.20) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.20 | 0.13 | 0.19 | 0.32 | (0.14) | 0.00 | 0.00 | (0.14) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 9.64 | 0.19 | 0.09 | 0.28 | (0.19) | 0.00 | 0.00 | (0.19) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.20 | 0.11 | 0.19 | 0.30 | (0.12) | 0.00 | 0.00 | (0.12) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 9.64 | 0.19 | 0.08 | 0.27 | (0.18) | 0.00 | 0.00 | (0.18) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.20 | 0.10 | 0.19 | 0.29 | (0.11) | 0.00 | 0.00 | (0.11) |

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

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+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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/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** | **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** |
| $9.73 | 2.99% | $16640 | 0.52 | %\* | 0.52 | %\* | 0.51 | %\* | 0.51 | %\* | 4.13 | %\* | 186% |
| 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 |
| 10.38 | 3.15 | 11436 | 0.54 |  | 0.54 |  | 0.50 |  | 0.50 |  | 1.21 |  | 427 |
| 9.73 | 2.92 | 668909 | 0.67 | \* | 0.67 | \* | 0.66 | \* | 0.66 | \* | 3.98 | \* | 186 |
| 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 |
| 10.38 | 2.99 | 1130716 | 0.69 |  | 0.69 |  | 0.65 |  | 0.65 |  | 1.04 |  | 427 |
| 9.73 | 2.87 | 655383 | 0.77 | \* | 0.77 | \* | 0.76 | \* | 0.76 | \* | 3.88 | \* | 186 |
| 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 |
| 10.38 | 2.89 | 831900 | 0.79 |  | 0.79 |  | 0.75 |  | 0.75 |  | 0.95 |  | 427 |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 7

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Statement of Assets and Liabilities PIMCO Low Duration Portfolio June 30, 2025 (Unaudited)

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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\* | $1490305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 150155 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1945 |
|  Cash | 1517 |
|  Deposits with counterparty | 15775 |
|  Foreign currency, at value | 3565 |
|  Receivable for investments sold | 1044 |
|  Receivable for investments sold on a delayed-delivery basis | 3 |
|  Receivable for TBA investments sold | 465744 |
|  Receivable for Portfolio shares sold | 1703 |
|  Interest and/or dividends receivable | 6435 |
|  Dividends receivable from Affiliates | 578 |
|  **Total Assets** | 2139248 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $85651 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 5104 |
|  Payable for investments purchased | 111829 |
|  Payable for investments in Affiliates purchased | 598 |
|  Payable for TBA investments purchased | 590102 |
|  Deposits from counterparty | 1644 |
|  Payable for Portfolio shares redeemed | 1604 |
|  Accrued investment advisory fees | 265 |
|  Accrued supervisory and administrative fees | 265 |
|  Accrued distribution fees | 130 |
|  Accrued servicing fees | 79 |
|  Accrued reimbursement to PIMCO | 1 |
|  **Total Liabilities** | 798316 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $1340932 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $1471903 |
|  Distributable earnings (accumulated loss) | (130971) |
|  **Net Assets** | $1340932 |
|  **Net Assets:** |  |
|  Institutional Class | $16640 |
|  Administrative Class | 668909 |
|  Advisor Class | 655383 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 1710 |
|  Administrative Class | 68737 |
|  Advisor Class | 67348 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.73 |
|  Administrative Class | 9.73 |
|  Advisor Class | 9.73 |
|  Cost of investments in securities | $1493736 |
|  Cost of investments in Affiliates | $149723 |
|  Cost of foreign currency held | $3517 |
|  Proceeds received on short sales | $84354 |
|  Cost or premiums of financial derivative instruments, net | $39 |
|  \* Includes repurchase agreements of: | $209700 |

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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 Low Duration Portfolio

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| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) | Six Months Ended June 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest | $27644 |
|  Dividends from Investments in Affiliates | 3554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 31198 |
|  **Expenses:** |  |
|  Investment advisory fees | 1680 |
|  Supervisory and administrative fees | 1679 |
|  Distribution and/or servicing fees - Administrative Class | 497 |
|  Distribution and/or servicing fees - Advisor Class | 831 |
|  Trustee fees | 38 |
|  Interest expense | 81 |
|  Miscellaneous expense | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 4814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 4800 |
|  **Net Investment Income (Loss)** | 26398 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (1813) |
|  Investments in Affiliates | (8) |
|  Exchange-traded or centrally cleared financial derivative instruments | 2066 |
|  Over the counter financial derivative instruments | (1112) |
|  Foreign currency | 676 |
|  **Net Realized Gain (Loss)** | (191) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 17706 |
|  Investments in Affiliates | 32 |
|  Exchange-traded or centrally cleared financial derivative instruments | 870 |
|  Over the counter financial derivative instruments | (6208) |
|  Foreign currency assets and liabilities | 59 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 12459 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $38666 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Low Duration Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $26398 | $57870 |
|  Net realized gain (loss) | (191) | (5822) |
|  Net change in unrealized appreciation (depreciation) | 12459 | 9016 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 38666 | 61064 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (328) | (618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (13122) | (27094) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (12836) | (27705) |
|  **Total Distributions<sup>(a)</sup>** | (26286) | (55417) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (55317) | (52736) |
|  **Total Increase (Decrease) in Net Assets** | (42937) | (47089) |
|  **Net Assets:** |  |  |
|  Beginning of period | 1383869 | 1430958 |
|  End of period | $1340932 | $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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 June 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 111.1% | INVESTMENTS IN SECURITIES 111.1% | INVESTMENTS IN SECURITIES 111.1% |
| CORPORATE BONDS & NOTES 15.7% | CORPORATE BONDS & NOTES 15.7% | CORPORATE BONDS & NOTES 15.7% |
| BANKING & FINANCE 10.7% | BANKING & FINANCE 10.7% | BANKING & FINANCE 10.7% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  4.718% due 01/22/2027 | 3900 | 3936 |
|  6.575% due 10/13/2026 •  | 2200 | 2212 |
|  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 | 1855 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  3.046% due 02/23/2027 ~ | 1900 | 2249 |
|  5.097% 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 | 1121 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.623% due 05/09/2029 •  | 3200 | 3221 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  4.567% due 09/10/2027 •  | 2100 | 2105 |
|  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 | 1427 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.304% due 08/09/2026 •  | 4500 | 4501 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.975% due 01/18/2027 •  | 2100 | 2115 |
|  6.612% due 10/19/2027 •  | 5000 | 5120 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  4.985% due 07/24/2026 •  | 4100 | 4100 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.876% due 11/19/2027 •  | 1600 | 1610 |
|  4.929% due 08/06/2026 | 1500 | 1511 |
|  5.438% due 04/30/2026 | 2500 | 2520 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.002% due 08/28/2026 ~ | 1700 | 1705 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.606% due 09/11/2028 ~ | 1600 | 1610 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  5.427% due 03/01/2028 •  | 2400 | 2442 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  4.999% due 09/11/2030 •  | 2000 | 2016 |
|  5.589% due 11/16/2027 ~ | 4600 | 4602 |
|  Ford Credit Canada Co. | Ford Credit Canada Co. | Ford Credit Canada Co. |
|  6.777% due 09/15/2025 | 500 | 369 |
|  7.000% due 02/10/2026 | 600 | 449 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 1900 | 1916 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  5.400% due 05/08/2027 | 3600 | 3654 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  5.125% due 05/21/2027 ~ | 1400 | 1404 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  4.937% due 04/23/2028 •  | 2700 | 2722 |
|  5.049% due 07/23/2030 •  | 200 | 203 |
|  5.798% due 08/10/2026 •  | 4100 | 4106 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.980% due 06/07/2030 «(e) | 1000 | 1010 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  6.161% due 03/09/2029 •  | 4500 | 4680 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.171% due 09/22/2027 ~ | 5000 | 5013 |
|  5.571% due 04/22/2028 •  | 1200 | 1225 |
|  6.070% due 10/22/2027 •  | 3000 | 3066 |
|  Metropolitan Life Global Funding | Metropolitan Life Global Funding | Metropolitan Life Global Funding |
|  4.050% due 08/25/2025 | 4100 | 4096 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.367% due 04/13/2028 ~ | 1900 | 1911 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.968% due 07/14/2028 •  | 500 | 506 |
|  5.016% due 01/12/2029 •  | 3300 | 3352 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  7.472% due 11/10/2026 •  | 3100 | 3131 |
|  Pricoa Global Funding | Pricoa Global Funding | Pricoa Global Funding |
|  4.200% due 08/28/2025 | 3000 | 2998 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.850% due 07/22/2026 ~ | $| 2000 | 2002 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.965% due 01/24/2029 •  |  | 1000 | 1015 |
|  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 | 2198 |
|  6.833% due 11/21/2026 •  |  | 3200 | 3226 |
|  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 | 403 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  1.474% due 07/08/2025 |  | 5300 | 5297 |
|  5.464% due 01/13/2026 |  | 3000 | 3015 |
|  Swedbank AB | Swedbank AB | Swedbank AB | Swedbank AB |
|  5.337% due 09/20/2027 |  | 4100 | 4184 |
|  Synchrony Bank | Synchrony Bank | Synchrony Bank | Synchrony Bank |
|  5.400% due 08/22/2025 |  | 4300 | 4299 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.550% due 08/07/2026 |  | 500 | 502 |
|  UBS AG | UBS AG | UBS AG | UBS AG |
|  5.800% due 09/11/2025 |  | 3600 | 3609 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  6.373% due 07/15/2026 •  |  | 4200 | 4204 |
|  6.537% due 08/12/2033 •  |  | 250 | 272 |
|  UBS Switzerland AG | UBS Switzerland AG | UBS Switzerland AG | UBS Switzerland AG |
|  3.390% due 12/05/2025 | EUR | 1900 | 2250 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.900% due 01/24/2028 •  | $| 3500 | 3526 |
|  4.970% due 04/23/2029 •  |  | 1200 | 1217 |
|  |  |  | 142714 |
| INDUSTRIALS 4.0% | INDUSTRIALS 4.0% | INDUSTRIALS 4.0% | INDUSTRIALS 4.0% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.800% due 03/15/2027 |  | 4100 | 4141 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  4.250% due 09/11/2029 |  | 2900 | 2889 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  5.150% due 03/02/2028 |  | 283 | 289 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 |  | 2670 | 2701 |
|  5.050% due 08/11/2028 |  | 1930 | 1967 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  5.050% due 07/12/2027 |  | 700 | 710 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  1.547% due 10/01/2025 |  | 4900 | 4861 |
|  Equifax, Inc. | Equifax, Inc. | Equifax, Inc. | Equifax, Inc. |
|  5.100% due 12/15/2027 |  | 4000 | 4065 |
|  Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
|  4.450% due 09/25/2026 |  | 2250 | 2254 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.875% due 06/23/2027 |  | 1300 | 1308 |
|  5.509% due 08/04/2025 •  |  | 2600 | 2601 |
|  5.847% due 01/08/2027 ~ |  | 4000 | 4025 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
|  4.650% due 02/10/2028 |  | 2800 | 2833 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.625% due 06/15/2028 |  | 500 | 510 |
|  5.900% due 06/01/2027 |  | 3400 | 3475 |
|  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 | 2824 |
|  4.900% due 11/15/2027 |  | 700 | 708 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  5.120% due 08/03/2028 ~ |  | 750 | 754 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  4.125% due 04/28/2028 |  | 3200 | 3195 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  4.250% due 09/11/2029 |  | 300 | 300 |
|  The Campbell's Co. | The Campbell's Co. | The Campbell's Co. | The Campbell's Co. |
|  5.300% due 03/20/2026 |  | 1700 | 1708 |
|  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 | 5231 |
|  |  |  | 53349 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTILITIES 1.0% | UTILITIES 1.0% | UTILITIES 1.0% | UTILITIES 1.0% | UTILITIES 1.0% |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 | $— | 5100 | $— | 5004 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  7.050% due 10/14/2025 |  | 5000 |  | 5030 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.159% due 02/04/2028 ~ |  | 1400 |  | 1407 |
|  Southern California Edison Co. | Southern California Edison Co. | 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 |  | 100 |
|  4.875% due 02/01/2027 |  | 300 |  | 302 |
|  5.350% due 03/01/2026 |  | 1200 |  | 1206 |
|  5.850% due 11/01/2027 |  | 600 |  | 615 |
|  |  |  |  | 13779 |
|  Total Corporate Bonds & Notes (Cost $207,925) | Total Corporate Bonds & Notes (Cost $207,925) | Total Corporate Bonds & Notes (Cost $207,925) |  | 209842 |
| U.S. GOVERNMENT AGENCIES 43.3% | U.S. GOVERNMENT AGENCIES 43.3% | U.S. GOVERNMENT AGENCIES 43.3% | U.S. GOVERNMENT AGENCIES 43.3% | U.S. GOVERNMENT AGENCIES 43.3% |
|  Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae |
|  1.000% due 01/25/2043 |  | 22 |  | 19 |
|  1.250% due 11/25/2027 |  | 1384 |  | 1344 |
|  2.000% due 11/25/2046 |  | 2689 |  | 2507 |
|  2.080% due 10/01/2026 |  | 900 |  | 875 |
|  3.150% due 03/01/2026 |  | 2800 |  | 2771 |
|  3.220% due 01/01/2028 |  | 1000 |  | 983 |
|  3.590% due 12/01/2025 |  | 2800 |  | 2782 |
|  4.496% due 12/25/2036 •  |  | 12 |  | 12 |
|  4.735% due 12/25/2042 ~ |  | 2 |  | 2 |
|  4.770% due 09/25/2042 - 03/25/2044 •  |  | 160 |  | 159 |
|  4.807% due 07/25/2037 •  |  | 41 |  | 40 |
|  4.864% due 09/25/2049 •  |  | 223 |  | 221 |
|  5.000% due 04/25/2033 |  | 2 |  | 2 |
|  5.130% due 12/25/2047 •  |  | 1142 |  | 1143 |
|  5.150% due 01/25/2051 •  |  | 1145 |  | 1146 |
|  5.205% due 03/25/2055 •  |  | 1940 |  | 1940 |
|  5.255% due 03/25/2055 •  |  | 951 |  | 952 |
|  5.275% due 08/25/2054 •  |  | 694 |  | 696 |
|  5.318% due 06/17/2027 •  |  | 2 |  | 2 |
|  5.465% due 03/25/2055 •  |  | 2860 |  | 2861 |
|  5.696% due 06/01/2043 •  |  | 28 |  | 28 |
|  5.697% due 07/01/2042 •  |  | 11 |  | 11 |
|  5.747% due 09/01/2041 •  |  | 32 |  | 32 |
|  5.805% due 12/25/2054 •  |  | 3709 |  | 3739 |
|  6.213% due 11/01/2035 •  |  | 9 |  | 9 |
|  6.703% due 07/01/2035 •  |  | 2 |  | 2 |
|  7.018% due 05/01/2038 •  |  | 461 |  | 478 |
|  7.190% due 09/01/2035 •  |  | 17 |  | 17 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  0.650% due 10/22/2025 - 10/27/2025 |  | 48700 |  | 48140 |
|  0.680% due 08/06/2025 |  | 18800 |  | 18728 |
|  0.800% due 10/28/2026 (h) |  | 11800 |  | 11320 |
|  2.611% due 08/15/2044 •  |  | 731 |  | 752 |
|  2.862% due 07/25/2054 ~ |  | 1700 |  | 1595 |
|  3.000% due 01/01/2027 |  | 26 |  | 26 |
|  3.250% due 10/25/2033 |  | 1197 |  | 1192 |
|  4.000% due 12/01/2047 - 08/01/2048 |  | 2014 |  | 1910 |
|  4.694% due 08/25/2031 •  |  | 20 |  | 20 |
|  4.862% due 08/25/2027 •  |  | 1100 |  | 1100 |
|  5.000% due 06/01/2031 |  | 41 |  | 42 |
|  5.150% due 03/15/2050 •  |  | 2316 |  | 2287 |
|  5.245% due 11/25/2054 •  |  | 5427 |  | 5416 |
|  5.250% due 12/15/2050 •  |  | 859 |  | 859 |
|  5.255% due 03/25/2055 •  |  | 2328 |  | 2310 |
|  5.275% due 08/25/2054 •  |  | 2508 |  | 2514 |
|  5.305% due 02/25/2055 •  |  | 2104 |  | 2110 |
|  5.404% due 07/25/2055 ~•  |  | 2600 |  | 2601 |
|  5.455% due 03/25/2055 •  |  | 1111 |  | 1111 |
|  5.500% due 01/25/2047 |  | 1242 |  | 1250 |
|  5.599% due 02/25/2045 •  |  | 53 |  | 51 |
|  5.705% due 03/25/2055 •  |  | 3225 |  | 3240 |
|  6.500% due 07/25/2043 |  | 20 |  | 21 |
|  6.886% due 07/01/2035 •  |  | 8 |  | 8 |
|  7.355% due 09/01/2035 •  |  | 14 |  | 14 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.000% due 02/20/2030 | 64 | 63 |
|  3.500% due 10/20/2029 | 730 | 722 |
|  4.893% due 06/20/2065 •  | 259 | 259 |
|  4.946% due 06/20/2064 •  | 1349 | 1352 |
|  4.952% due 02/20/2074 •  | 905 | 904 |
|  4.966% due 10/20/2065 •  | 2696 | 2702 |
|  4.986% due 07/20/2063 •  | 205 | 206 |
|  5.102% due 04/20/2072 •  | 2481 | 2472 |
|  5.202% due 07/20/2073 - 07/20/2074 •  | 7092 | 7126 |
|  5.246% due 05/20/2066 •  | 258 | 259 |
|  5.252% due 09/20/2073 •  | 6884 | 6935 |
|  5.272% due 08/20/2073 •  | 1555 | 1570 |
|  5.296% due 04/20/2066 •  | 1831 | 1837 |
|  5.302% due 05/20/2073 •  | 2846 | 2877 |
|  5.462% due 11/20/2072 •  | 10860 | 11041 |
|  5.472% due 11/20/2072 •  | 12398 | 12629 |
|  5.696% due 08/20/2070 •  | 3832 | 3896 |
|  5.802% due 08/20/2071 •  | 1753 | 1791 |
|  6.717% due 07/20/2067 •  | 2594 | 2633 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 01/01/2029 | 44 | 43 |
|  3.000% due 12/01/2026 - 04/01/2052 | 55960 | 48943 |
|  3.500% due 09/01/2030 - 12/01/2047 | 28661 | 26158 |
|  4.000% due 08/01/2044 - 08/01/2048 | 2910 | 2755 |
|  4.500% due 05/01/2026 - 08/01/2046 | 209 | 207 |
|  5.000% due 05/01/2027 - 06/01/2054 | 93518 | 91895 |
|  6.000% due 02/01/2033 - 04/01/2055 | 6071 | 6256 |
|  6.500% due 04/01/2036 | 36 | 37 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 08/01/2055 | 4400 | 3650 |
|  4.000% due 07/01/2055 | 41100 | 38221 |
|  4.500% due 07/01/2040 | 200 | 199 |
|  5.000% due 08/01/2055 | 16400 | 16064 |
|  5.500% due 08/01/2055 | 10300 | 10291 |
|  6.000% due 08/01/2055 | 139700 | 141838 |
|  Total U.S. Government Agencies (Cost $587,082) | Total U.S. Government Agencies (Cost $587,082) | 581221 |
| U.S. TREASURY OBLIGATIONS 17.9% | U.S. TREASURY OBLIGATIONS 17.9% | U.S. TREASURY OBLIGATIONS 17.9% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.125% due 10/15/2025 | 1669 | 1663 |
|  0.375% due 07/15/2025 | 5613 | 5611 |
|  0.625% due 07/15/2032 | 10157 | 9478 |
|  1.125% due 01/15/2033 | 9476 | 9059 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.875% due 05/15/2032 (j) | 2100 | 1960 |
|  3.625% due 05/15/2026 | 151600 | 151050 |
|  3.875% due 01/15/2026 | 53100 | 53031 |
|  4.875% due 04/30/2026 (j) | 8600 | 8655 |
|  Total U.S. Treasury Obligations (Cost $240,790) | Total U.S. Treasury Obligations (Cost $240,790) | 240507 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 3.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.5% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.460% due 09/25/2035 ~ | 89 | 79 |
|  AOA Mortgage Trust | AOA Mortgage Trust | AOA Mortgage Trust |
|  5.301% due 10/15/2038 •  | 3320 | 3257 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.539% due 12/15/2036 •  | 3614 | 3535 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.078% due 01/20/2047 ~ | 64 | 56 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.855% due 07/25/2034 ~ | 72 | 70 |
|  6.538% due 08/25/2034 ~ | 73 | 73 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.848% due 07/25/2034 ~ | 45 | 42 |
|  5.056% due 01/25/2035 ~ | 800 | 782 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.125% due 01/25/2035 ~ | $— | 22 | $— | 20 |
|  5.939% due 01/25/2034 ~ |  | 3 |  | 3 |
|  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 |
|  4.754% due 02/25/2034 •  |  | 66 |  | 62 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.120% due 12/26/2046 ~ |  | 128 |  | 102 |
|  5.062% due 01/26/2036 ~ |  | 156 |  | 111 |
|  BX Trust | BX Trust | BX Trust | BX Trust | BX Trust |
|  5.061% due 04/15/2039 •  |  | 707 |  | 706 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.714% due 01/25/2035 •  |  | 3 |  | 3 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.988% due 08/25/2035 ~ |  | 34 |  | 31 |
|  6.490% due 05/25/2035 •  |  | 6 |  | 6 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  5.805% due 11/15/2038 •  |  | 3896 |  | 3828 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  6.000% due 10/25/2033 |  | 4 |  | 4 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.138% due 11/25/2034 ~ |  | 83 |  | 80 |
|  5.395% due 02/20/2035 ~ |  | 15 |  | 15 |
|  5.852% due 11/20/2034 ~ |  | 189 |  | 183 |
|  6.248% due 02/20/2036 •  |  | 124 |  | 115 |
|  CRSNT Trust | CRSNT Trust | CRSNT Trust | CRSNT Trust | CRSNT Trust |
|  5.254% due 04/15/2036 •  |  | 6000 |  | 5928 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  5.204% due 06/15/2033 •  |  | 2100 |  | 2013 |
|  5.821% due 10/15/2036 •  |  | 100 |  | 99 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  5.576% due 10/15/2043 •  |  | 5000 |  | 4857 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.308% (BP0003M + 0.950%) due 06/13/2045 ~ |  | 1996 |  | 2737 |
|  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 |
|  5.151% due 09/25/2034 ~ | $— | 46 |  | 47 |
|  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 |
|  6.431% due 08/25/2035 ~ |  | 43 |  | 31 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  3.678% due 11/19/2035 ~ |  | 19 |  | 17 |
|  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 |
|  3.000% due 09/25/2052 ~ |  | 3981 |  | 3394 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.293% due 09/25/2035 ~ |  | 57 |  | 55 |
|  7.323% due 09/25/2034 ~ |  | 18 |  | 18 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.824% due 07/19/2035 ~ |  | 136 |  | 102 |
|  4.872% due 05/19/2035 •  |  | 25 |  | 24 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.750% due 01/25/2036 |  | 10 |  | 4 |
|  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 |
|  4.934% due 11/25/2035 •  |  | 16 |  | 15 |
|  5.094% due 09/25/2029 •  |  | 16 |  | 17 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  5.526% due 08/15/2038 •  |  | 4300 |  | 4158 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.521% due 11/15/2038 •  |  | 4400 |  | 4394 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ |  | 3934 |  | 3347 |
|  PHHMC Trust | PHHMC Trust | PHHMC Trust | PHHMC Trust | PHHMC Trust |
|  5.855% due 07/18/2035 ~ |  | 48 |  | 48 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.834% due 02/25/2034 •  |  | 1 |  | 1 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  5.871% due 09/25/2035 ~ |  | 327 |  | 210 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.576% due 05/15/2038 •  |  | 2200 |  | 2192 |
|  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 |
|  4.728% due 08/25/2035 ~ |  | 46 |  | 40 |
|  5.799% due 01/25/2035 •  |  | 74 |  | 66 |
|  6.525% due 02/25/2034 ~ |  | 26 |  | 25 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.994% due 02/25/2036 •  |  | 31 |  | 26 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.974% due 12/25/2045 •  | 21 | 22 |
|  5.114% due 01/25/2045 •  | 155 | 154 |
|  5.799% due 06/25/2042 •  | 3 | 3 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $48,700) | Total Non-Agency Mortgage-Backed Securities (Cost $48,700) | 47207 |
| ASSET-BACKED SECURITIES 8.9% | ASSET-BACKED SECURITIES 8.9% | ASSET-BACKED SECURITIES 8.9% |
| AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.694% due 03/16/2027 •  | 1064 | 1064 |
| AUTOMOBILE SEQUENTIAL 1.5% | AUTOMOBILE SEQUENTIAL 1.5% | AUTOMOBILE SEQUENTIAL 1.5% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.420% due 04/10/2028 | 2432 | 2440 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.480% due 04/26/2027 | 594 | 595 |
|  Chesapeake Funding LLC | Chesapeake Funding LLC | Chesapeake Funding LLC |
|  5.520% due 05/15/2036 | 2312 | 2336 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 | 743 | 748 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  6.027% due 07/15/2028 | 1514 | 1136 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.850% due 08/15/2035 | 1250 | 1269 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.660% due 02/21/2028 | 2500 | 2518 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  3.730% due 09/25/2026 | 2250 | 2247 |
|  Oscar U.S. Funding LLC | Oscar U.S. Funding LLC | Oscar U.S. Funding LLC |
|  2.820% due 04/10/2029 | 3758 | 3705 |
|  Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust |
|  4.630% due 07/20/2027 | 1900 | 1905 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  7.120% due 11/15/2028 | 118 | 118 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.820% due 09/15/2027 | 1384 | 1385 |
|  |  | 20402 |
| CMBS OTHER 2.5% | CMBS OTHER 2.5% | CMBS OTHER 2.5% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.776% due 11/15/2036 •  | 2674 | 2681 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.551% due 01/20/2037 •  | 2649 | 2646 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.779% due 12/16/2036 •  | 2412 | 2415 |
|  FORT CRE Issuer LLC | FORT CRE Issuer LLC | FORT CRE Issuer LLC |
|  6.152% due 02/23/2039 •  | 51 | 50 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.929% due 07/16/2035 •  | 1469 | 1440 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.768% due 02/17/2039 •  | 3457 | 3463 |
|  LFT CRE Ltd. | LFT CRE Ltd. | LFT CRE Ltd. |
|  5.596% due 06/15/2039 •  | 1536 | 1536 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.853% due 01/17/2037 •  | 3438 | 3446 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.468% due 06/19/2037 •  | 4058 | 4060 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.668% due 02/19/2037 •  | 3641 | 3644 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.586% due 08/19/2035 •  | 2237 | 2241 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.628% due 03/15/2038 •  | 2107 | 2105 |
|  5.964% due 02/15/2039 •  | 4065 | 4074 |
|  |  | 33801 |

---

12 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| CREDIT CARD BULLET 0.2% | CREDIT CARD BULLET 0.2% | CREDIT CARD BULLET 0.2% |
|  Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
|  5.036% due 08/07/2027 •  | 2100 | 2101 |
| CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 4400 | 4482 |
| 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 |
|  4.554% due 10/25/2036 •  | 42 | 17 |
|  5.334% due 12/25/2034 •  | 717 | 648 |
|  5.364% due 02/25/2036 •  | 2028 | 1904 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  6.076% due 03/15/2032 •  | 9 | 9 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  5.134% due 12/25/2033 •  | 248 | 246 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.562% due 01/25/2032 •  | 1 | 1 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.514% due 08/25/2036 •  | 6 | 3 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.684% due 05/25/2037 •  | 3608 | 3253 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.754% due 05/25/2036 •  | 595 | 590 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.319% due 01/25/2034 •  | 81 | 83 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.139% due 03/25/2034 •  | 138 | 143 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.054% due 05/25/2036 •  | 2626 | 2578 |
|  |  | 9475 |
| 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 |
|  4.994% due 12/25/2035 •  | 117 | 116 |
| OTHER ABS 3.5% | OTHER ABS 3.5% | OTHER ABS 3.5% |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.469% due 10/20/2034 •  | 1400 | 1403 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  0.000% due 08/15/2038 «•(a) | 4500 | 5301 |
|  3.033% due 08/15/2032 •  | 4139 | 4855 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.259% due 07/20/2032 •  | 986 | 987 |
|  CCG Receivables Trust | CCG Receivables Trust | CCG Receivables Trust |
|  4.480% due 10/14/2032 | 2700 | 2707 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.487% due 10/24/2030 •  | 1540 | 1541 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.582% due 01/25/2035 •  | 1200 | 1200 |
|  Fortress Credit BSL Ltd. | Fortress Credit BSL Ltd. | Fortress Credit BSL Ltd. |
|  5.369% due 07/23/2032 •  | 555 | 555 |
|  Indigo Credit Management DAC | Indigo Credit Management DAC | Indigo Credit Management DAC |
|  3.479% due 07/15/2038 •  | 1200 | 1416 |
|  Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC |
|  3.079% due 07/15/2032 •  | 4189 | 4921 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.575% due 04/25/2038 •  | 46 | 46 |
|  Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO |
|  5.466% due 07/15/2034 •  | 1100 | 1101 |
|  5.489% due 10/11/2034 •  | 1000 | 1001 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.539% due 09/15/2042 | 700 | 701 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.536% due 10/15/2034 •  | 2200 | 2201 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  3.940% due 02/16/2055 | 2344 | 2284 |
|  5.380% due 07/15/2053 | 889 | 907 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.670% due 11/15/2052 | $— | 2108 | 2166 |
|  5.754% due 02/16/2055 •  |  | 2344 | 2364 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 |  | 1568 | 1502 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 |  | 483 | 486 |
|  Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC |
|  2.953% due 02/15/2034 •  |  | 5326 | 6254 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.491% due 04/17/2030 •  | $— | 521 | 522 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.316% due 10/15/2034 •  |  | 895 | 893 |
|  |  |  | 47314 |
|  Total Asset-Backed Securities (Cost $117,984) | Total Asset-Backed Securities (Cost $117,984) | Total Asset-Backed Securities (Cost $117,984) | 118755 |
| SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (b) |  | 130100 | 23097 |
|  0.000% due 04/01/2026 (b) |  | 25000 | 4145 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | $— | 3100 | 3245 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.375% due 02/19/2030 |  | 1500 | 1530 |
|  Korea Expressway Corp. | Korea Expressway Corp. | Korea Expressway Corp. | Korea Expressway Corp. |
|  5.000% due 05/14/2027 |  | 2000 | 2032 |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  4.875% due 08/27/2027 |  | 1300 | 1319 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.625% due 03/18/2029 |  | 3850 | 3911 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.125% due 01/13/2028 |  | 3600 | 3661 |
|  Total Sovereign Issues (Cost $41,419) | Total Sovereign Issues (Cost $41,419) | Total Sovereign Issues (Cost $41,419) | 42940 |
| SHORT-TERM INSTRUMENTS 18.6% | SHORT-TERM INSTRUMENTS 18.6% | SHORT-TERM INSTRUMENTS 18.6% | SHORT-TERM INSTRUMENTS 18.6% |
| COMMERCIAL PAPER 3.0% | COMMERCIAL PAPER 3.0% | COMMERCIAL PAPER 3.0% | COMMERCIAL PAPER 3.0% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 07/07/2025 |  | 2200 | 2198 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.800% due 07/17/2025 |  | 250 | 249 |
|  4.820% due 07/02/2025 (a) |  | 2000 | 2000 |
|  4.840% due 07/15/2025 |  | 700 | 699 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.610% due 07/10/2025 |  | 700 | 699 |
|  4.630% due 07/07/2025 |  | 800 | 799 |
|  4.630% due 07/09/2025 |  | 600 | 599 |
|  4.640% due 07/29/2025 |  | 850 | 847 |
|  4.640% due 07/30/2025 |  | 750 | 747 |
|  4.670% due 07/02/2025 |  | 250 | 250 |
|  4.670% due 07/08/2025 |  | 250 | 250 |
|  Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
|  4.670% due 07/15/2025 |  | 250 | 250 |
|  4.670% due 07/16/2025 |  | 2000 | 1996 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.900% due 07/03/2025 |  | 250 | 250 |
|  4.950% due 07/10/2025 |  | 250 | 250 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.730% due 07/10/2025 |  | 2950 | 2946 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.830% due 07/11/2025 |  | 250 | 250 |
|  4.870% due 07/25/2025 (a) |  | 1150 | 1146 |
|  4.900% due 08/06/2025 (a) |  | 2550 | 2538 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.640% due 07/24/2025 |  | 250 | 249 |
|  4.690% due 07/10/2025 |  | 450 | 449 |
|  4.710% due 07/10/2025 |  | 250 | 250 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  5.030% due 07/22/2025 |  | 2700 | 2692 |
|  5.030% due 07/24/2025 |  | 1350 | 1345 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  4.920% due 07/14/2025 |  | 2250 | 2246 |
|  4.920% due 07/15/2025 |  | 450 | 449 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.600% due 07/11/2025 | 250 | 250 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 07/01/2025 | 250 | 250 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.950% due 08/14/2025 | 900 | 894 |
|  4.950% due 08/15/2025 | 650 | 646 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  4.590% due 07/01/2025 | 5150 | 5149 |
|  JABIL, Inc. | JABIL, Inc. | JABIL, Inc. |
|  4.860% due 07/02/2025 | 250 | 250 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.650% due 07/14/2025 | 250 | 250 |
|  4.720% due 07/09/2025 | 500 | 499 |
|  4.720% due 07/16/2025 | 250 | 249 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.570% due 08/11/2025 | 600 | 597 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.600% due 07/23/2025 | 250 | 249 |
|  4.610% due 08/25/2025 (a) | 1050 | 1042 |
|  4.610% due 08/28/2025 (a) | 300 | 298 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  4.690% due 07/24/2025 | 1250 | 1246 |
|  NXP BV | NXP BV | NXP BV |
|  4.600% due 07/01/2025 | 550 | 550 |
|  4.600% due 07/02/2025 | 250 | 250 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  4.660% due 07/15/2025 | 300 | 300 |
|  TELUS Corp. | TELUS Corp. | TELUS Corp. |
|  4.990% due 09/04/2025 | 250 | 248 |
|  |  | 39860 |
| REPURCHASE AGREEMENTS (f) 15.6% | REPURCHASE AGREEMENTS (f) 15.6% | REPURCHASE AGREEMENTS (f) 15.6% |
|  |  | 209700 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.294% due 07/10/2025 (b)(c)(j) | 273 | 273 |
| Total Short-Term Instruments<br> (Cost $249,836) | Total Short-Term Instruments<br> (Cost $249,836) | 249833 |
| Total Investments in Securities<br> (Cost $1,493,736) | Total Investments in Securities<br> (Cost $1,493,736) | 1490305 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 11.2% | INVESTMENTS IN AFFILIATES 11.2% | INVESTMENTS IN AFFILIATES 11.2% |
| SHORT-TERM INSTRUMENTS 11.2% | SHORT-TERM INSTRUMENTS 11.2% | SHORT-TERM INSTRUMENTS 11.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.2% |
|  PIMCO Short Asset Portfolio | 12539110 | 122833 |
|  PIMCO Short-Term Floating NAV Portfolio III | 2806031 | 27322 |
| Total Short-Term Instruments (Cost $149,723) | Total Short-Term Instruments (Cost $149,723) | 150155 |
| Total Investments in Affiliates (Cost $149,723) | Total Investments in Affiliates (Cost $149,723) | 150155 |
| Total Investments 122.3% (Cost $1,643,459) |  | 1640460 |
|  Financial Derivative<br>Instruments (g)(i) (0.3)%<br> (Cost or Premiums, net $39) | Financial Derivative<br>Instruments (g)(i) (0.3)%<br> (Cost or Premiums, net $39) | (3724) |
| Other Assets and Liabilities, net (22.0)% | Other Assets and Liabilities, net (22.0)% | (295804) |
| Net Assets 100.0% |  | 1340932 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 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;1010 | 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 | 4.450% | 06/30/2025 | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | U.S. Treasury Notes 4.375% due 11/30/2028 | $(96496) | $94400 | $94412 |
| SAL | 4.410 | 06/30/2025 | 07/01/2025 | 15800 | U.S. Treasury Bills 0.000% due 10/07/2025 | (16123) | 15800 | 15802 |
|  | 4.410 | 07/01/2025 | 07/02/2025 | 100 | U.S. Treasury Notes 3.875% due 05/31/2027 | (102) | 100 | 100 |
|  | 4.470 | 07/01/2025 | 07/02/2025 | 99400 | U.S. Treasury Notes 4.125% due 01/31/2027 | (101453) | 99400 | 99400 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214174) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209714 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (6.4)% | U.S. Government Agencies (6.4)% | U.S. Government Agencies (6.4)% | U.S. Government Agencies (6.4)% | U.S. Government Agencies (6.4)% | U.S. Government Agencies (6.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000% | 08/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63100 | $(53490) | $(54595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 08/01/2055 | 34500 | (30864) | (31056) |
|  Total Short Sales (6.4)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84354) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85651) |

---

#### 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 June 30, 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 | $94412 | $0 | $0 | $94412 | $(96496) | $(2084) |
|  SAL | 115302 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2376) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209714 | $&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 June 30, 2025 was $(62) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

---

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

---

------

June 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 August Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.750 | 07/25/2025 | 12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $(2) | $(2) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 113.250 | 07/25/2025 | 12 | 12 | (3) | (4) |
|  Put - EUREX Euro-Bobl July 2025 Futures | 117.250 | 07/25/2025 | 4 | 4 | (1) | (1) |
|  Call - EUREX Euro-Bobl July 2025 Futures | 118.500 | 07/25/2025 | 4 | 4 | (1) | (1) |
|  Put - EUREX Euro-Bund July 2025 Futures | 129.000 | 07/25/2025 | 1 | 1 | 0 | 0 |
|  Call - EUREX Euro-Bund July 2025 Futures | 132.500 | 07/25/2025 | 1 | 1 | (1) | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### 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 August Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.500 | 07/25/2025 | 2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $(1) | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 109.500 | 07/25/2025 | 9 | 9 | (3) | (1) |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 110.250 | 07/25/2025 | 30 | 30 | (7) | (4) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.500 | 07/25/2025 | 9 | 9 | (3) | (5) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.750 | 07/25/2025 | 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | (9) | (13) |
|  Call - CBOT U.S. Treasury 10-Year Note August Futures | 112.000 | 07/25/2025 | 2 | 2 | (1) | (1) |
|  |  |  |  |  | $(24) | $(24) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |

---

#### 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 September Futures  | 09/2025 | 5 | $693 | $(3) | $1 | $(2) |
|  Euro-Bund September Futures  | 09/2025 | 3 | 460 | (4) | 0 | (1) |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 5053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051142 | 4033 | 270 | (3) |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 1406 | 153254 | 1692 | 187 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### 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 September Futures  | 09/2025 | 416 | $(46644) | $(746) | $0 | $(130) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 1064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121579) | (2568) | 0 | (515) |
|  |  |  |  | $(3314) | $0 | $(645) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(651) |

---

#### 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>June 30, 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>June 30, 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 |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.238% | 900 | $5 | $(1) | $4 | $0 | $0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.321 | $500 | 3 | 1 | 4 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.241 | 1600 | 6 | 0 | 6 | 0 | 0 |
|  |  |  |  |  |  | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 15

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

#### 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-44 5-Year Index | 1.000% | Quarterly | 06/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | 3.500% | Annual | 03/19/2030 | 42500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1168) | $639 | $(529) | $0 | $(2) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 300 | (1) | (1) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2025 | $27420 | 186 | 41 | 227 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.150 | Annual | 06/15/2027 | 31500 | (120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 16000 | 36 | (206) | (170) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 2100 | (4) | (31) | (35) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 7930 | 0 | (8) | (8) | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 2600 | 0 | (8) | (8) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 1700 | 0 | (9) | (9) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 1400 | 0 | (9) | (9) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 5900 | 0 | (41) | (41) | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 2700 | 0 | (19) | (19) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 5600 | 0 | (49) | (49) | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 3700 | 0 | (35) | (35) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 2100 | 0 | (20) | (20) | 0 | (4) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 59700 | 5 | (918) | (913) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 12230 | 1262 | 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | 0 | (32) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 400 | (2) | (1) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 200 | (1) | 4 | 3 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 200 | (1) | 3 | 2 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 300 | (1) | 7 | 6 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 200 | (1) | 7 | 6 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 150 | (1) | 7 | 6 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 300 | (1) | 14 | 13 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 280 | (1) | 12 | 11 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 200 | (1) | 9 | 8 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 500 | (2) | 24 | 22 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 150 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 900 | (3) | (13) | (16) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 300 | (1) | (3) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 1200 | (4) | (14) | (18) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 900 | (3) | (12) | (15) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 600 | (2) | (9) | (11) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 1300 | (4) | (27) | (31) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 1500 | (4) | (26) | (30) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 800 | (2) | (11) | (13) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 10000 | 213 | 162 | 375 | 0 | (40) |
|  Receive | 3-Month EUR-EURIBOR | 2.700 | Annual | 08/13/2029 | 700 | (1) | (27) | (28) | 1 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 | 300 | 0 | (11) | (11) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 | 200 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 300 | (1) | (1) | (2) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 520 | (1) | (14) | (15) | 1 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 200 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 800 | (2) | 4 | 2 | 2 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 | 500 | (2) | 6 | 4 | 1 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 200 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 | 300 | (1) | 2 | 1 | 1 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 | 400 | (2) | 4 | 2 | 1 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 | 300 | (1) | 5 | 4 | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 100 | 0 | (4) | (4) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 600 | (2) | (8) | (10) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 500 | (1) | 2 | 1 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 300 | (1) | (1) | (2) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 400 | (1) | (4) | (5) | 0 | (1) |
|  |  |  |  |  |  | $355 | $(1156) | $(801) | $21 | $(361) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1152) | $(776) | $21 | $(361) |

---

16 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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 June 30, 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;458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(651) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1044) |

---

(h) Securities with an aggregate market value of $1,390 and cash of $15,775 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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 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. 

<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;(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 |
|  AZD | 07/2025 | 103 | $14 | $0 | $0 |
|  | 07/2025 | $1119 | 1860 | 14 | 0 |
|  | 08/2025 | 8661 | $1213 | 0 | (2) |
|  | 08/2025 | 1860 | 1120 | 0 | (14) |
|  BOA | 07/2025 | 19709 | 22410 | 0 | (806) |
|  | 07/2025 | 22067104 | 1353 | 0 | (8) |
|  | 07/2025 | $942 | 1284547 | 8 | 0 |
|  | 07/2025 | 30 | 38 | 0 | 0 |
|  | 08/2025 | 2904 | $406 | 0 | (1) |
|  | 08/2025 | 38 | 30 | 0 | 0 |
|  | 08/2025 | 166 | 5 | 0 | (1) |
|  | 08/2025 | $1479 | 10573 | 4 | 0 |
|  BPS | 07/2025 | 129 | $24 | 0 | 0 |
|  | 07/2025 | 129 | 4 | 0 | 0 |
|  | 07/2025 | $23 | 129 | 1 | 0 |
|  | 07/2025 | 439 | 7156868 | 3 | 0 |
|  | 07/2025 | 250 | 8272 | 5 | 0 |
|  | 07/2025 | 17 | 561 | 2 | 0 |
|  | 08/2025 | 7578 | $1061 | 0 | (2) |
|  | 08/2025 | 1853 | 21 | 0 | 0 |
|  | 08/2025 | 2445 | 75 | 0 | (10) |
|  | 08/2025 | $1495 | 10665 | 0 | 0 |
|  | 08/2025 | 35 | 1146 | 5 | 0 |
|  | 10/2025 | 100900 | $16902 | 0 | (1247) |
|  BRC | 07/2025 | 425 | 122 | 0 | (4) |
|  | 07/2025 | 27726 | 20 | 0 | 0 |
|  | 07/2025 | $4078 | 2997 | 36 | 0 |
|  | 07/2025 | 61 | 204 | 0 | 0 |
|  | 07/2025 | 6 | 813 | 0 | 0 |
|  | 07/2025 | 11 | 40 | 0 | 0 |
|  | 07/2025 | 1044 | 18876 | 20 | 0 |
|  | 08/2025 | 2997 | $4078 | 0 | (36) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  | 08/2025 | $670 | 532 | $3 | $0 |
|  CBK | 07/2025 | 48137 | $8821 | 0 | (39) |
|  | 07/2025 | 2567313 | 1868 | 0 | (31) |
|  | 07/2025 | 6764 | 203 | 0 | (5) |
|  | 07/2025 | 5669 | 174 | 0 | (21) |
|  | 07/2025 | $8293 | 48137 | 567 | 0 |
|  | 07/2025 | 90 | 1460133 | 0 | 0 |
|  | 07/2025 | 1048 | 1436312 | 14 | 0 |
|  | 07/2025 | 100 | 3339 | 3 | 0 |
|  | 07/2025 | 3617 | 107556 | 86 | 0 |
|  | 08/2025 | 32 | $4 | 0 | 0 |
|  | 08/2025 | 11619 | 135 | 0 | (1) |
|  | 08/2025 | 15282 | 472 | 0 | (60) |
|  | 08/2025 | $1141 | 8261 | 18 | 0 |
|  | 08/2025 | 168 | 14498 | 1 | 0 |
|  | 08/2025 | 63 | 2054 | 9 | 0 |
|  DUB | 07/2025 | 206 | $60 | 0 | (2) |
|  | 07/2025 | $22864 | 19709 | 352 | 0 |
|  | 07/2025 | 104 | 3086 | 2 | 0 |
|  | 08/2025 | 19666 | $22864 | 0 | (352) |
|  | 08/2025 | 6383 | 74 | 0 | 0 |
|  | 09/2025 | $0 | 2 | 0 | 0 |
|  FAR | 07/2025 | 59871 | $10472 | 0 | (548) |
|  | 07/2025 | 977 | 1187 | 0 | (45) |
|  | 07/2025 | 52 | 7 | 0 | 0 |
|  | 07/2025 | 256042 | 1759 | 0 | (19) |
|  | 07/2025 | 6 | 5 | 0 | 0 |
|  | 07/2025 | $10971 | 59871 | 49 | 0 |
|  | 07/2025 | 1219 | 976 | 11 | 0 |
|  | 07/2025 | 3125 | 448339 | 0 | (12) |
|  | 07/2025 | 24 | 31 | 0 | 0 |
|  | 08/2025 | 972 | $1219 | 0 | (11) |
|  | 08/2025 | 7998 | 1118 | 0 | (4) |
|  | 08/2025 | 3057 | 35 | 0 | 0 |
|  | 08/2025 | 31 | 24 | 0 | 0 |
|  | 08/2025 | $1759 | 255101 | 19 | 0 |
|  | 09/2025 | 108 | $19 | 0 | 0 |
|  | 09/2025 | 1387 | 71 | 0 | (2) |
|  GLM | 07/2025 | 240095 | 7382 | 0 | (885) |
|  | 07/2025 | $21 | 345682 | 0 | 0 |
|  | 07/2025 | 30 | 126 | 0 | 0 |
|  | 07/2025 | 9 | 12 | 0 | 0 |
|  | 08/2025 | 12 | $9 | 0 | 0 |
|  | 08/2025 | $246 | 8076 | 35 | 0 |
|  | 10/2025 | 29200 | $4865 | 0 | (387) |
|  JPM | 07/2025 | 11499 | 2107 | 0 | (9) |
|  | 07/2025 | 99 | 14 | 0 | 0 |
|  | 07/2025 | 1860 | 1109 | 0 | (25) |
|  | 07/2025 | 266 | 207 | 0 | (2) |
|  | 07/2025 | $1965 | 11499 | 151 | 0 |
|  | 07/2025 | 87 | 119607 | 1 | 0 |
|  | 07/2025 | 115 | 432 | 5 | 0 |
|  | 07/2025 | 20 | 25 | 0 | 0 |
|  | 07/2025 | 459 | 13696 | 12 | 0 |
|  | 07/2025 | 299 | 5352 | 2 | 0 |
|  | 08/2025 | 8199 | $1147 | 0 | (3) |
|  | 08/2025 | 2066 | 24 | 0 | 0 |
|  | 08/2025 | 25 | 19 | 0 | 0 |
|  | 08/2025 | 17767 | 547 | 0 | (71) |
|  | 08/2025 | $1480 | 10578 | 3 | 0 |
|  | 08/2025 | 21 | 675 | 3 | 0 |
|  | 04/2026 | 25000 | $4241 | 0 | (60) |
|  MBC | 07/2025 | 3479 | 2533 | 0 | (22) |
|  | 07/2025 | 48 | 7 | 0 | 0 |
|  | 07/2025 | 638 | 498 | 0 | (5) |
|  | 07/2025 | 3395 | 103 | 0 | (2) |
|  | 07/2025 | $2532 | 3481 | 24 | 0 |
|  | 07/2025 | 18 | 290274 | 0 | 0 |
|  | 07/2025 | 137 | 19666 | 0 | 0 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | $83 | 309 | $3 | $0 |
|  | 07/2025 | 516 | 667 | 9 | 0 |
|  | 07/2025 | 150 | 5002 | 4 | 0 |
|  | 07/2025 | 426 | 13522 | 39 | 0 |
|  | 08/2025 | 3475 | $2532 | 0 | (24) |
|  | 08/2025 | 2944 | 410 | 0 | (2) |
|  | 08/2025 | 665 | 516 | 0 | (9) |
|  | 08/2025 | 6471 | 203 | 0 | (22) |
|  | 08/2025 | $731 | 5282 | 10 | 0 |
|  | 08/2025 | 23 | 738 | 3 | 0 |
|  MYI | 07/2025 | 86101 | $591 | 0 | (7) |
|  | 07/2025 | $673 | 537 | 4 | 0 |
|  | 07/2025 | 70 | 10128 | 0 | 0 |
|  | 08/2025 | 8152 | $1139 | 0 | (5) |
|  | 08/2025 | $591 | 85785 | 7 | 0 |
|  NGF | 07/2025 | 254 | 4137445 | 1 | 0 |
|  SCX | 07/2025 | 3 | $1 | 0 | 0 |
|  | 07/2025 | 959 | 7 | 0 | 0 |
|  | 07/2025 | $99 | 1607681 | 1 | 0 |
|  | 07/2025 | 103 | 133 | 2 | 0 |
|  | 07/2025 | 4064 | 120285 | 77 | 0 |
|  | 08/2025 | 14045 | $1966 | 0 | (3) |
|  | 08/2025 | 2142 | 25 | 0 | 0 |
|  | 08/2025 | 133 | 103 | 0 | (2) |
|  | 08/2025 | $1218 | 8816 | 19 | 0 |
|  | 08/2025 | 7 | 956 | 0 | 0 |
|  | 08/2025 | 14 | 442 | 2 | 0 |
|  SOG | 07/2025 | 142108 | $984 | 0 | (2) |
|  | 08/2025 | 12 | 0 | 0 | 0 |
|  | 08/2025 | $984 | 141587 | 2 | 0 |
|  SSB | 07/2025 | 2997 | $4058 | 0 | (56) |
|  UAG | 07/2025 | 31 | 9 | 0 | (1) |
|  | 07/2025 | 550 | 17 | 0 | 0 |
|  | 07/2025 | $46 | 6608 | 0 | 0 |
|  | 08/2025 | 643 | 4667 | 12 | 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;1663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4887) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 46800 | $251 | $162 |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750 | 08/01/2025 | 138100 | 842 | 120 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 07/08/2025 | 159800 | 192 | 0 |
|  |  |  |  |  |  | $1285 | $282 |
|  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;1285 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850% | 07/16/2025 | 1000 | $(1) | $0 |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 07/16/2025 | 1200 | (2) | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 19

------

Schedule of Investments PIMCO Low Duration 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 |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.770% | 07/09/2025 | 700 | $(2) | $(6) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.120 | 07/09/2025 | 700 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.637 | 07/18/2025 | 400 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.037 | 07/18/2025 | 400 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.700 | 07/21/2025 | 900 | (3) | (7) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.050 | 07/21/2025 | 900 | (3) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.555 | 07/24/2025 | 500 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.905 | 07/24/2025 | 500 | (2) | (1) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.605 | 07/23/2025 | 500 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.955 | 07/23/2025 | 500 | (2) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.564 | 07/24/2025 | 600 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.914 | 07/24/2025 | 600 | (2) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.380 | 07/03/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.640 | 07/03/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.460 | 07/16/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.720 | 07/16/2025 | 300 | (1) | (1) |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 46800 | (95) | (28) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 46800 | (156) | (65) |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.750 | 08/01/2025 | 138100 | (318) | (2) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.250 | 08/01/2025 | 138100 | (525) | (15) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.750 | 07/03/2025 | 800 | (3) | (6) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.100 | 07/03/2025 | 800 | (3) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.790 | 07/09/2025 | 700 | (2) | (7) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.140 | 07/09/2025 | 700 | (2) | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.775 | 07/07/2025 | 1400 | (4) | (13) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.125 | 07/07/2025 | 1400 | (4) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.653 | 07/14/2025 | 600 | (2) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.053 | 07/14/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 07/17/2025 | 600 | (2) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 07/17/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.583 | 07/23/2025 | 300 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.933 | 07/23/2025 | 300 | (1) | 0 |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.772 | 07/10/2025 | 500 | (2) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.122 | 07/10/2025 | 500 | (2) | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 07/02/2025 | 1200 | (4) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 07/02/2025 | 1200 | (4) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.725 | 07/03/2025 | 500 | (2) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.075 | 07/03/2025 | 500 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.669 | 07/07/2025 | 600 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.019 | 07/07/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.664 | 07/14/2025 | 600 | (2) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.064 | 07/14/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.697 | 07/16/2025 | 700 | (2) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.097 | 07/16/2025 | 700 | (2) | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1177) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) |
|  Total Written Options | Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1180) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) |

---

#### 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>June 30, 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>June 30, 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 Bond | 1.000% | Quarterly | 06/20/2027 | 1.163% | $800 | $(38) | $36 | $0 | $(2) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.337 | 200 | (18) | 16 | 0 | (2) |
| CBK | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | (117) | 116 | 0 | (1) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.163 | 900 | (32) | 30 | 0 | (2) |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.490 | 300 | (3) | 2 | 0 | (1) |
| MYC | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.163 | 1400 | (50) | 46 | 0 | (4) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.337 | 1700 | (152) | 139 | 0 | (13) |
|  |  |  |  |  |  |  | $(410) | $385 | $0 | $(25) |
|  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;385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |

---

20 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### 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 June 30, 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 | $14 | $0 | $0 | $14 | $(16) | $0 | $0 | $(16) | $(2) | $0 | $(2) |
|  BOA | 12 | 0 | 0 | 12 | (816) | (18) | 0 | (834) | (822) | 533 | (289) |
|  BPS | 16 | 0 | 0 | 16 | (1259) | 0 | (4) | (1263) | (1247) | 1018 | (229) |
|  BRC | 59 | 0 | 0 | 59 | (40) | 0 | 0 | (40) | 19 | 0 | 19 |
|  CBK | 698 | 0 | 0 | 698 | (157) | (7) | (3) | (167) | 531 | (440) | 91 |
|  DUB | 354 | 162 | 0 | 516 | (354) | (93) | 0 | (447) | 69 | 0 | 69 |
|  FAR | 79 | 120 | 0 | 199 | (641) | (30) | 0 | (671) | (472) | 273 | (199) |
|  GLM | 35 | 0 | 0 | 35 | (1272) | (21) | 0 | (1293) | (1258) | 1097 | (161) |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (1) | 0 | (1) |
|  JPM | 177 | 0 | 0 | 177 | (170) | (5) | 0 | (175) | 2 | (260) | (258) |
|  MBC | 92 | 0 | 0 | 92 | (86) | 0 | 0 | (86) | 6 | 0 | 6 |
|  MYC | 0 | 0 | 0 | 0 | 0 | (18) | (17) | (35) | (35) | 0 | (35) |
|  MYI | 11 | 0 | 0 | 11 | (12) | 0 | 0 | (12) | (1) | 0 | (1) |
|  NGF | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  SCX | 101 | 0 | 0 | 101 | (5) | 0 | 0 | (5) | 96 | 0 | 96 |
|  SOG | 2 | 0 | 0 | 2 | (2) | 0 | 0 | (2) | 0 | 0 | 0 |
|  SSB | 0 | 0 | 0 | 0 | (56) | 0 | 0 | (56) | (56) | 0 | (56) |
|  UAG | 12 | 0 | 0 | 12 | (1) | 0 | 0 | (1) | 11 | 0 | 11 |
|  Total Over the Counter | $1663 | $282 | $0 | $1945 | $(4887) | $(192) | $(25) | $(5104) |  |  |  |

---

(j) Securities with an aggregate market value of $2,921 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 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 | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **21** |

---

------

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 June 30, 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 | $458 | $458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 21 | 21 |
|  | $0 | $0 | $0 | $0 | $479 | $479 |
|  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;1663 | $0 | $1663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 282 | 282 |
|  | $0 | $0 | $0 | $1663 | $282 | $1945 |
|  | $0 | $0 | $0 | $1663 | $761 | $2424 |
|  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 | $32 | $32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 651 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 361 | 361 |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 | $1044 |
|  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 | $4887 | $0 | $4887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 192 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 25 | 0 | 0 | 0 | 25 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $0 | $4887 | $192 | $5104 |
|  | $0 | $25 | $0 | $4887 | $1236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6148 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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 | $43 | $43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 3593 | 3593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1578) | (1570) |
|  | $0 | $8 | $0 | $0 | $2058 | $2066 |
|  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 | $(1580) | $0 | $(1580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (23) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 5 | 0 | 0 | 447 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 39 | 0 | 0 | 0 | 39 |
|  | $0 | $44 | $0 | $(1580) | $424 | $(1112) |
|  | $0 | $52 | $0 | $(1580) | $2482 | $954 |
|  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  | (3) | 0 | 0 | 0 | 1001 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | (135) | (132) |
|  | $(3) | $3 | $0 | $0 | $870 | $870 |
|  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 | $(6277) | $0 | $(6277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (169) | (169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 3 | 0 | 0 | 229 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6 | 0 | 0 | 0 | 6 |
|  | $0 | $9 | $0 | $(6277) | $60 | $(6208) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&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;(6277) | $930 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5338) |

---

22 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 | $141704 | $1010 | $142714 |
| &nbsp;&nbsp; Industrials | 0 | 53349 | 0 | 53349 |
| &nbsp;&nbsp; Utilities | 0 | 13779 | 0 | 13779 |
|  U.S. Government Agencies | 0 | 581221 | 0 | 581221 |
|  U.S. Treasury Obligations | 0 | 240507 | 0 | 240507 |
|  Non-Agency Mortgage-Backed Securities | 0 | 47207 | 0 | 47207 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 1064 | 0 | 1064 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 20402 | 0 | 20402 |
| &nbsp;&nbsp; CMBS Other | 0 | 33801 | 0 | 33801 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 2101 | 0 | 2101 |
| &nbsp;&nbsp; Credit Card Other | 0 | 4482 | 0 | 4482 |
| &nbsp;&nbsp; Home Equity Other | 0 | 9475 | 0 | 9475 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 116 | 0 | 116 |
| &nbsp;&nbsp; Other ABS | 0 | 42013 | 5301 | 47314 |
|  Sovereign Issues | 0 | 42940 | 0 | 42940 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 2000 | 37860 | 0 | 39860 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 209700 | 0 | 209700 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 273 | 0 | 273 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481994 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490305 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150155 | $0 | $0 | $150155 |
|  Total Investments | $152155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481994 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640460 |
|  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 | $(85651) | $0 | $(85651) |
|  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 | 478 | 0 | 479 |
|  Over the counter | 0 | 1945 | 0 | 1945 |
|  | $1 | $2423 | $0 | $2424 |
|  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 | (5) | (1039) | 0 | (1044) |
|  Over the counter | 0 | (5104) | 0 | (5104) |
|  | $(5) | $(6143) | $0 | $(6148) |
|  Total Financial Derivative Instruments | $(4) | $(3720) | $0 | $(3724) |
|  Totals | $152151 | $1392623 | $6311 | $1551085 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 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 new 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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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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

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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, 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 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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes, as applicable, is determined by dividing the

total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

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

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

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

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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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 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.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

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Notes to Financial Statements (Cont.)

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.

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(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, 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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| **28** | **PIMCO VARIABLE INSURANCE TRUST** |

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

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing 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 June 30, 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>06/30/2025 | 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;2967 | $&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;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 29

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Notes to Financial Statements (Cont.)

#### 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>06/30/2025 | 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;179074 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152400) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | $&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 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

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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.

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 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. 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 June 30, 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. 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

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

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC 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 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 to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of

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derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(c) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 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 June 30, 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.

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 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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when

compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please

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June 30, 2025 (Unaudited)

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 because of a change 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, or 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 factors affecting securities markets generally or particular industries.

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.

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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **37** |

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Notes to Financial Statements (Cont.)

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 markets, differing 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 event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

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

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, 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

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| | |
|:---|:---|
| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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. 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. 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.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **39** |

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Notes to Financial Statements (Cont.)

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 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

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|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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; (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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **41** |

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Notes to Financial Statements (Cont.)

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 June 30, 2025, the amount waived and/or reimbursed was $13,708.

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 June 30, 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;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |

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

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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 June 30, 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;2241562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220912 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123496 |

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

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|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | 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 | 232 | $2248 | 360 | $3472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 7608 | 73742 | 13738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 2694 | 26127 | 7019 | 67379 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 34 | 326 | 64 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1352 | 13122 | 2820 | 27094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1322 | 12836 | 2884 | 27705 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (198) | (1920) | (431) | (4156) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (10553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102359) | (17873) | (171836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (8201) | (79439) | (14128) | (135713) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (5710) | $(55317) | (5547) | $(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 June 30, 2025, three persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 53% 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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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 its last fiscal year ended December 31, 2024, 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 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53617 |

---

---

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

---

SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 43

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Notes to Financial Statements (Cont.) June 30, 2025 (Unaudited)

As of June 30, 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>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26344) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5898) |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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| | |
|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | RBC | Royal Bank of Canada |
| BOS | BofA Securities, Inc. | GST | Goldman Sachs International | SAL | Citigroup Global Markets, Inc. |
| BPS | BNP Paribas S.A. | JPM | JP Morgan Chase Bank N.A. | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | 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 |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| 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 |
| IDR | Indonesian Rupiah | NZD | New Zealand Dollar |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | EUREX | Eurex Exchange | OTC | Over the Counter |
| CBOT | Chicago Board of Trade |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BP0003M | 3 Month GBP-LIBOR | SOFR | Secured Overnight Financing Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CDX.IG | Credit Derivatives Index - Investment Grade |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CMBS | Collateralized Mortgage-Backed Security | OIS | Overnight Index Swap |
| ALT | Alternate Loan Trust | DAC | Designated Activity Company | TBA | To-Be-Announced |
| CLO | Collateralized Loan Obligation | EURIBOR | Euro Interbank Offered Rate |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

---

------

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 June 30, 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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  January 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  February 2025 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
|  March 2025 | $0.0326 | $0.0000 | $0.0000 | $0.0326 |
|  April 2025 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
|  May 2025 | $0.0339 | $0.0000 | $0.0000 | $0.0339 |
|  June 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
| **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)** |
|  January 2025 | $0.0321 | $0.0000 | $0.0000 | $0.0321 |
|  February 2025 | $0.0298 | $0.0000 | $0.0000 | $0.0298 |
|  March 2025 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  April 2025 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
|  May 2025 | $0.0326 | $0.0000 | $0.0000 | $0.0326 |
|  June 2025 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
| **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)** |
|  January 2025 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  February 2025 | $0.0291 | $0.0000 | $0.0000 | $0.0291 |
|  March 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  April 2025 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  May 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  June 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |

---

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

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

---

| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **47** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **49** |

---

------

#### 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.

------

#### pimco.com/pvit
![LOGO](g18810g06y60.jpg)

PVITLOWDURFSTMSAR_063025

------

![LOGO](g88324g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual

## Financial and Other Information
June 30, 2025

PIMCO Real Return Portfolio

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Real Return Portfolio](#tx88324_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx88324_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx88324_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx88324_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx88324_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx88324_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx88324_7) | 23 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx88324_8) | 39 |
| &nbsp;&nbsp; [Glossary](#tx88324_10) | 42 |
| &nbsp;&nbsp; [Distribution Information](#tx88324_11) | 43 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx88324_13) | 44 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx88324_14) | 45 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx88324_15) | 46 |

---

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.)

------

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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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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| | |
|:---|:---|
| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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<br> 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** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | $11.51 | $0.21 | $0.39 | $0.60 | $(0.21) | $0.00 | $0.00 | $(0.21) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.64 | 0.19 | 1.30 | 1.49 | (0.21) | 0.00 | 0.00 | (0.21) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 11.51 | 0.21 | 0.38 | 0.59 | (0.20) | 0.00 | 0.00 | (0.20) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.64 | 0.17 | 1.30 | 1.47 | (0.19) | 0.00 | 0.00 | (0.19) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 11.51 | 0.20 | 0.39 | 0.59 | (0.20) | 0.00 | 0.00 | (0.20) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.64 | 0.15 | 1.31 | 1.46 | (0.18) | 0.00 | 0.00 | (0.18) |

---

---

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

---

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

---

---

| | |
|:---|:---|
| <sup>(</sup><sup>c)</sup> | The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.  |

---

---

| | |
|:---|:---|
| <sup>(</sup><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/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** | **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<br>of Year<br>or 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** |
| $11.90 | 5.22% | $178900 | 1.13 | %\* | 1.13 | %\* | 0.51 | %\* | 0.51 | %\* | 3.70 | %\* | 98% |
| 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 |
| 13.92 | 11.88 | 199783 | 0.69 |  | 0.69 |  | 0.50 |  | 0.50 |  | 1.39 |  | 240 |
| 11.90 | 5.15 | 860312 | 1.28 | \* | 1.28 | \* | 0.66 | \* | 0.66 | \* | 3.55 | \* | 98 |
| 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 |
| 13.92 | 11.71 | 1278844 | 0.84 |  | 0.84 |  | 0.65 |  | 0.65 |  | 1.24 |  | 240 |
| 11.90 | 5.10 | 349409 | 1.38 | \* | 1.38 | \* | 0.76 | \* | 0.76 | \* | 3.45 | \* | 98 |
| 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 |
| 13.92 | 11.60 | 344989 | 0.94 |  | 0.94 |  | 0.75 |  | 0.75 |  | 1.09 |  | 240 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 7

------

Statement of Assets and Liabilities PIMCO Real Return Portfolio June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (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\* | $2283912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 5341 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 6292 |
|  Cash | 525 |
|  Deposits with counterparty | 6217 |
|  Foreign currency, at value | 3870 |
|  Receivable for investments sold | 707415 |
|  Receivable for investments sold on a delayed-delivery basis | 1769 |
|  Receivable for TBA investments sold | 348334 |
|  Receivable for Portfolio shares sold | 4031 |
|  Interest and/or dividends receivable | 6629 |
|  Dividends receivable from Affiliates | 25 |
|  **Total Assets** | 3376719 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | $910213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 40599 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 8934 |
|  Payable for investments purchased | 535693 |
|  Payable for investments in Affiliates purchased | 26 |
|  Payable for TBA investments purchased | 483051 |
|  Deposits from counterparty | 4877 |
|  Payable for Portfolio shares redeemed | 1038 |
|  Accrued investment advisory fees | 272 |
|  Accrued supervisory and administrative fees | 272 |
|  Accrued distribution fees | 69 |
|  Accrued servicing fees | 101 |
|  Accrued reimbursement to PIMCO | 1 |
|  **Total Liabilities** | 1988098 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $1388621 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $1633336 |
|  Distributable earnings (accumulated loss) | (244715) |
|  **Net Assets** | $1388621 |
|  **Net Assets:** |  |
|  Institutional Class | $178900 |
|  Administrative Class | 860312 |
|  Advisor Class | 349409 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 15035 |
|  Administrative Class | 72300 |
|  Advisor Class | 29364 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $11.90 |
|  Administrative Class | 11.90 |
|  Advisor Class | 11.90 |
|  Cost of investments in securities | $2392797 |
|  Cost of investments in Affiliates | $5341 |
|  Cost of foreign currency held | $3839 |
|  Proceeds received on short sales | $40000 |
|  Cost or premiums of financial derivative instruments, net | $(4338) |
|  \* Includes repurchase agreements of: | $530500 |

---

---

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

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $32819 |
|  Dividends from Investments in Affiliates | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 32953 |
|  **Expenses:** |  |
|  Investment advisory fees | 1709 |
|  Supervisory and administrative fees | 1709 |
|  Distribution and/or servicing fees - Administrative Class | 635 |
|  Distribution and/or servicing fees - Advisor Class | 434 |
|  Trustee fees | 38 |
|  Interest expense | 4221 |
|  Miscellaneous expense | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 8753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 8740 |
|  **Net Investment Income (Loss)** | 24213 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (1708) |
|  Investments in Affiliates | (29) |
|  Exchange-traded or centrally cleared financial derivative instruments | (5255) |
|  Over the counter financial derivative instruments | (6422) |
|  Foreign currency | (68) |
|  **Net Realized Gain (Loss)** | (13482) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 52759 |
|  Exchange-traded or centrally cleared financial derivative instruments | 6329 |
|  Over the counter financial derivative instruments | 60 |
|  Foreign currency assets and liabilities | (983) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 58165 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $68896 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Real Return Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $24213 | $38075 |
|  Net realized gain (loss) | (13482) | (12387) |
|  Net change in unrealized appreciation (depreciation) | 58165 | 4889 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 68896 | 30577 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (3127) | (4899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (14663) | (23696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5828) | (8670) |
|  **Total Distributions<sup>(a)</sup>** | (23618) | (37265) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions<sup>\*</sup> | (36916) | (94530) |
|  **Total Increase (Decrease) in Net Assets** | 8362 | (101218) |
|  **Net Assets:** |  |  |
|  Beginning of period | 1380259 | 1481477 |
|  End of period | $1388621 | $1380259 |

---

† 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 June 30, 2025 (Unaudited)

#### (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 164.5% | INVESTMENTS IN SECURITIES 164.5% | INVESTMENTS IN SECURITIES 164.5% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 120 | 114 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 « | 900 | 266 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  6.373% due 07/15/2026 •  | 300 | 300 |
|  7.750% due 03/01/2029 •  | 100 | 133 |
|  |  | 813 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  VMware LLC | VMware LLC | VMware LLC |
|  3.900% due 08/21/2027 | 190 | 188 |
|  Total Corporate Bonds & Notes (Cost $967) | Total Corporate Bonds & Notes (Cost $967) | 1001 |
| U.S. GOVERNMENT AGENCIES 20.0% | U.S. GOVERNMENT AGENCIES 20.0% | U.S. GOVERNMENT AGENCIES 20.0% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.496% due 12/25/2036 •  | 8 | 8 |
|  4.586% due 08/25/2034 •  | 3 | 3 |
|  4.770% due 07/25/2037 - 05/25/2042 •  | 17 | 17 |
|  4.860% due 05/25/2036 •  | 4 | 4 |
|  5.255% due 11/25/2053 •  | 1767 | 1770 |
|  5.335% due 06/25/2055 •  | 6752 | 6785 |
|  5.465% due 03/25/2055 •  | 6673 | 6676 |
|  5.697% due 07/01/2044 - 09/01/2044 •  | 7 | 8 |
|  6.163% due 10/01/2035 •  | 11 | 11 |
|  6.782% due 05/25/2035 ~ | 43 | 44 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.920% due 01/25/2026 •  | 24 | 23 |
|  4.694% due 08/25/2031 •  | 8 | 8 |
|  4.768% due 01/15/2047 •  | 621 | 604 |
|  4.814% due 07/15/2044 •  | 560 | 550 |
|  4.868% due 09/15/2042 •  | 1114 | 1099 |
|  5.245% due 11/25/2054 •  | 13119 | 13092 |
|  5.255% due 02/25/2055 •  | 2759 | 2765 |
|  5.599% due 10/25/2044 - 02/25/2045 •  | 822 | 763 |
|  6.430% due 01/01/2034 •  | 9 | 9 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.500% due 05/20/2052 - 06/20/2055 •  | 67017 | 61086 |
|  5.202% due 10/20/2072 •  | 2172 | 2181 |
|  5.402% due 05/20/2073 •  | 583 | 592 |
|  5.461% due 08/20/2068 •  | 1524 | 1531 |
|  5.592% due 04/20/2067 •  | 833 | 845 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  3.500% due 07/01/2055 | 18550 | 16867 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  6.020% due 08/01/2028 | 48 | 49 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.500% due 09/01/2052 - 11/01/2052 | 885 | 848 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 08/01/2055 | 33000 | 30682 |
|  4.500% due 08/01/2055 | 56400 | 53929 |
|  5.500% due 08/01/2055 | 17500 | 17484 |
|  6.000% due 08/01/2055 | 35800 | 36348 |
|  6.500% due 08/01/2055 | 20600 | 21241 |
|  Total U.S. Government Agencies<br>(Cost $274,839) | Total U.S. Government Agencies<br>(Cost $274,839) | 277922 |
| U.S. TREASURY OBLIGATIONS 93.0% | U.S. TREASURY OBLIGATIONS 93.0% | U.S. TREASURY OBLIGATIONS 93.0% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.125% due 04/15/2026 | 20426 | 20200 |
|  0.125% due 07/15/2026 (g) | 39048 | 38714 |
|  0.125% due 10/15/2026 (g) | 49771 | 49204 |
|  0.125% due 04/15/2027 (i) | 9316 | 9122 |
|  0.125% due 01/15/2030 (g) | 42937 | 40533 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.125% due 07/15/2030 (g) | 49917 | 46907 |
|  0.125% due 01/15/2031 | 15982 | 14813 |
|  0.125% due 07/15/2031 | 30542 | 28117 |
|  0.125% due 01/15/2032 | 10761 | 9758 |
|  0.125% due 02/15/2051 | 14846 | 8095 |
|  0.125% due 02/15/2052 (k) | 6914 | 3695 |
|  0.250% due 07/15/2029 (i)(k) | 2479 | 2381 |
|  0.250% due 02/15/2050 | 12439 | 7233 |
|  0.375% due 01/15/2027 (i) | 8897 | 8776 |
|  0.375% due 07/15/2027 | 9520 | 9392 |
|  0.500% due 01/15/2028 (g) | 83458 | 81919 |
|  0.625% due 01/15/2026 (g) | 50752 | 50476 |
|  0.625% due 07/15/2032 (g) | 90196 | 84168 |
|  0.625% due 02/15/2043 | 9236 | 6871 |
|  0.750% due 07/15/2028 (g) | 42412 | 41903 |
|  0.750% due 02/15/2042 (g) | 42799 | 33264 |
|  0.750% due 02/15/2045 | 37789 | 27613 |
|  0.875% due 01/15/2029 | 14444 | 14223 |
|  0.875% due 02/15/2047 | 28310 | 20530 |
|  1.000% due 02/15/2046 | 25967 | 19694 |
|  1.000% due 02/15/2048 (k) | 7059 | 5197 |
|  1.125% due 01/15/2033 | 26490 | 25325 |
|  1.250% due 04/15/2028 (i)(k) | 2353 | 2349 |
|  1.375% due 07/15/2033 (g) | 58616 | 56951 |
|  1.375% due 02/15/2044 (g) | 36114 | 30350 |
|  1.500% due 02/15/2053 | 22661 | 17965 |
|  1.625% due 10/15/2027 | 24039 | 24342 |
|  1.625% due 10/15/2029 (g) | 31704 | 32103 |
|  1.625% due 04/15/2030 | 4837 | 4873 |
|  1.750% due 01/15/2028 (g) | 54380 | 55083 |
|  1.750% due 01/15/2034 | 20557 | 20388 |
|  1.875% due 07/15/2034 (g) | 62254 | 62338 |
|  2.125% due 04/15/2029 | 12133 | 12463 |
|  2.125% due 01/15/2035 (g) | 9046 | 9199 |
|  2.125% due 02/15/2040 | 9379 | 9265 |
|  2.125% due 02/15/2041 | 9594 | 9398 |
|  2.125% due 02/15/2054 | 18917 | 17327 |
|  2.375% due 01/15/2027 (k) | 493 | 501 |
|  2.375% due 10/15/2028 (g) | 73516 | 76274 |
|  2.375% due 02/15/2055 (g) | 9555 | 9246 |
|  2.500% due 01/15/2029 | 18493 | 19246 |
|  3.375% due 04/15/2032 (k) | 2722 | 3031 |
|  3.625% due 04/15/2028 (g) | 47680 | 50710 |
|  3.875% due 04/15/2029 (g) | 54805 | 59846 |
|  Total U.S. Treasury Obligations<br>(Cost $1,400,052) | Total U.S. Treasury Obligations<br>(Cost $1,400,052) | 1291371 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.759% due 05/25/2036 ~ | 49 | 43 |
|  AG Trust | AG Trust | AG Trust |
|  6.327% due 07/15/2041 •  | 808 | 810 |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.914% due 07/25/2037 •  | 457 | 408 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.469% due 06/25/2065 ~ | 64 | 61 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.078% due 01/20/2047 ~ | 55 | 48 |
|  6.249% due 02/20/2036 ~ | 53 | 51 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.056% due 02/25/2036 ~ | 65 | 60 |
|  5.442% due 06/25/2035 ~ | 9 | 8 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.235% due 07/25/2036 ~ | 77 | 66 |
|  4.521% due 02/25/2036 ~ | 17 | 16 |
|  4.847% due 03/25/2035 ~ | 76 | 70 |
|  5.166% due 01/25/2035 ~ | 49 | 48 |
|  7.080% due 10/25/2035 •  | 87 | 82 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.053% due 03/25/2036 ~ | 157 | 128 |
|  4.905% due 09/25/2035 ~ | 473 | 272 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.409% due 02/25/2037 ~ | 7 | 6 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  6.000% due 02/25/2037 | 280 | 96 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.714% due 01/25/2035 •  | 1 | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.742% due 03/25/2037 ~ | 830 | 704 |
|  4.783% due 09/25/2037 ~ | 167 | 154 |
|  6.300% due 03/25/2036 •  | 72 | 72 |
|  6.490% due 05/25/2035 •  | 2 | 2 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.500% due 08/25/2034 | 20 | 20 |
|  5.830% due 09/25/2035 •  | 1 | 1 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.612% due 02/20/2047 •  | 179 | 144 |
|  4.794% due 05/25/2047 •  | 47 | 43 |
|  4.814% due 09/25/2046 •  | 989 | 961 |
|  4.994% due 12/25/2035 •  | 13 | 12 |
|  5.399% due 12/25/2035 •  | 26 | 22 |
|  6.000% due 03/25/2037 | 2584 | 885 |
|  6.000% due 04/25/2037 | 214 | 180 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.048% due 05/20/2036 ~ | 36 | 34 |
|  5.029% due 10/20/2035 ~ | 511 | 484 |
|  5.500% due 08/25/2035 | 18 | 13 |
|  6.000% due 04/25/2036 | 227 | 110 |
|  6.000% due 03/25/2037 | 778 | 346 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  5.154% due 10/26/2036 ~ | 80 | 73 |
|  Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust |
|  4.534% due 10/25/2036 •  | 4 | 3 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.308% due 06/13/2045 •  | 428 | 587 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.876% due 06/25/2034 ~ | 40 | 40 |
|  6.000% due 02/25/2037 | 260 | 95 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  6.431% due 08/25/2035 ~ | 83 | 60 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.794% due 09/25/2046 •  | 160 | 148 |
|  4.974% due 11/25/2045 •  | 48 | 45 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.874% due 06/25/2045 •  | 48 | 43 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.018% due 07/25/2035 ~ | 21 | 20 |
|  5.293% due 09/25/2035 ~ | 42 | 40 |
|  5.946% due 12/25/2034 ~ | 61 | 57 |
|  6.922% due 01/25/2035 ~ | 18 | 17 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.812% due 09/19/2037 •  | 27 | 23 |
|  4.872% due 05/19/2035 •  | 21 | 21 |
|  4.992% due 02/19/2036 •  | 66 | 29 |
|  5.112% due 06/20/2035 •  | 30 | 29 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.588% due 12/25/2034 ~ | 32 | 30 |
|  4.994% due 07/25/2035 •  | 105 | 76 |
|  5.214% due 05/25/2034 •  | 5 | 4 |
|  5.373% due 11/25/2035 ~ | 13 | 13 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.154% due 07/27/2037 ~ | 167 | 156 |
|  5.479% due 07/25/2035 ~ | 63 | 60 |
|  5.479% due 08/25/2035 ~ | 34 | 30 |
|  5.677% due 09/25/2035 ~ | 7 | 7 |
|  5.875% due 02/25/2035 ~ | 22 | 22 |
|  6.739% due 07/25/2035 ~ | 14 | 14 |
|  6.830% due 08/25/2035 ~ | 38 | 36 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  6.043% due 11/21/2034 ~ | 28 | 27 |
|  Mellon Residential Funding Corp. Mortgage<br>Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage<br>Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage<br>Pass-Through Certificates |
|  5.126% due 11/15/2031 •  | 12 | 12 |
|  Mellon Residential Funding Corp. Mortgage<br>Pass-Through Trust | Mellon Residential Funding Corp. Mortgage<br>Pass-Through Trust | Mellon Residential Funding Corp. Mortgage<br>Pass-Through Trust |
|  4.866% due 12/15/2030 •  | 13 | 13 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.934% due 11/25/2035 •  | 16 | 15 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.075% due 06/25/2036 ~ | 75 | 74 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 2362 | 2270 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.734% due 08/25/2035 •  | 34 | 24 |
|  5.397% due 10/25/2037 ~ | 593 | 477 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.834% due 05/25/2035 •  | 392 | 238 |
|  6.500% due 09/25/2036 | 213 | 65 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  6.000% due 06/25/2037 | 112 | 89 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.832% due 07/20/2036 •  | 120 | 104 |
|  5.132% due 10/19/2026 •  | 5 | 5 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.728% due 08/25/2035 ~ | 32 | 28 |
|  5.799% due 01/25/2035 •  | 38 | 34 |
|  6.525% due 02/25/2034 ~ | 17 | 16 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.814% due 06/25/2036 •  | 10 | 10 |
|  4.854% due 04/25/2036 •  | 46 | 42 |
|  4.932% due 07/19/2035 •  | 32 | 30 |
|  4.932% due 07/19/2035 •  | 92 | 91 |
|  5.092% due 10/19/2034 •  | 11 | 11 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.054% due 06/25/2044 •  | 1057 | 1004 |
|  Wachovia Mortgage Loan Trust | Wachovia Mortgage Loan Trust | Wachovia Mortgage Loan Trust |
|  4.883% due 01/25/2037 •  | 1025 | 366 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.068% due 12/25/2046 •  | 25 | 21 |
|  5.129% due 01/25/2047 •  | 167 | 158 |
|  5.135% due 12/25/2035 ~ | 21 | 20 |
|  5.169% due 05/25/2047 •  | 130 | 113 |
|  5.399% due 02/25/2046 •  | 40 | 37 |
|  5.447% due 07/25/2046 •  | 225 | 204 |
|  5.599% due 11/25/2042 •  | 3 | 3 |
|  5.899% due 11/25/2046 •  | 37 | 33 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $16,731) | Total Non-Agency Mortgage-Backed Securities (Cost $16,731) | 13873 |
| ASSET-BACKED SECURITIES 7.7% | ASSET-BACKED SECURITIES 7.7% | ASSET-BACKED SECURITIES 7.7% |
| CMBS OTHER 0.6% | CMBS OTHER 0.6% | CMBS OTHER 0.6% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.754% due 01/15/2037 •  | 2694 | 2700 |
|  BDS LLC | BDS LLC | BDS LLC |
|  6.121% due 03/19/2039 •  | 1067 | 1069 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.853% due 01/17/2037 •  | 1473 | 1477 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.468% due 06/19/2037 •  | 1510 | 1511 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.529% due 07/16/2036 •  | 100 | 100 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.964% due 02/15/2039 •  | 1326 | 1328 |
|  |  | 8185 |
| HOME EQUITY OTHER 1.1% | HOME EQUITY OTHER 1.1% | HOME EQUITY OTHER 1.1% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.834% due 03/25/2037 •  | 325 | 131 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.914% due 05/25/2035 •  | 366 | 328 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.754% due 05/25/2036 •  | 108 | 26 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.684% due 10/25/2037 •  | 2432 | 2458 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.594% due 01/25/2037 •  | 72 | 52 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.934% due 03/25/2037 •  | 454 | 448 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.624% due 11/25/2037 •  | 1960 | 1864 |
|  5.174% due 08/25/2047 •  | 93 | 91 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.748% due 06/25/2035 •  | 339 | 329 |
|  4.654% due 07/25/2037 •  | 559 | 368 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  4.554% due 11/25/2036 •  | 46 | 21 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.534% due 05/25/2037 •  | 197 | 193 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.704% due 10/25/2036 •  | 531 | 484 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  6.720% due 03/25/2046 þ | 211 | 111 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.504% due 12/25/2036 •  | 58 | 29 |
|  5.169% due 09/25/2035 •  | 21 | 21 |
|  5.409% due 03/25/2035 •  | 31 | 29 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.109% due 02/25/2036 •  | 950 | 932 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.534% due 10/25/2036 •  | 4 | 1 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.644% due 10/25/2036 •  | 8 | 8 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.674% due 08/25/2036 •  | 891 | 358 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  5.184% due 10/25/2035 •  | 41 | 40 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.594% due 09/25/2037 •  | 12 | 2 |
|  4.674% due 02/25/2037 •  | 236 | 67 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.654% due 10/25/2036 •  | 1498 | 654 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.534% due 11/25/2036 •  | 8 | 3 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.754% due 08/25/2036 •  | 795 | 787 |
|  5.199% due 02/25/2035 •  | 62 | 60 |
|  Park Place Securities, Inc. Asset-Backed<br>Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed<br>Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed<br>Pass-Through Certificates |
|  5.169% due 09/25/2035 •  | 209 | 205 |
|  5.484% due 10/25/2034 •  | 1096 | 1083 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.194% due 12/25/2032 •  | 41 | 38 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.714% due 09/25/2036 •  | 585 | 579 |
|  4.894% due 06/25/2036 •  | 1558 | 1534 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.744% due 09/25/2037 •  | 300 | 289 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.554% due 12/25/2036 •  | 251 | 54 |
|  4.734% due 07/25/2036 •  | 175 | 69 |
|  4.754% due 07/25/2036 •  | 2537 | 833 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.554% due 11/25/2036 •  | 37 | 10 |
|  4.614% due 07/25/2037 •  | 587 | 528 |
|  4.634% due 06/25/2037 •  | 1229 | 836 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.939% due 04/25/2035 •  | 10 | 10 |
|  |  | 15963 |
| 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 | 746 |
| WHOLE LOAN COLLATERAL 0.3% | WHOLE LOAN COLLATERAL 0.3% | WHOLE LOAN COLLATERAL 0.3% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.139% due 11/25/2036 •  | 1607 | 1568 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.574% due 07/25/2036 •  | 519 | 163 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.702% due 06/25/2036 þ | 353 | 346 |
|  4.754% due 05/25/2036 •  | 539 | 466 |
|  6.734% due 12/25/2037 •  | 1295 | 1263 |
|  |  | 3806 |
| OTHER ABS 5.6% | OTHER ABS 5.6% | OTHER ABS 5.6% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.571% due 10/20/2031 •  | 388 | 389 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AlbaCore Euro CLO DAC | AlbaCore Euro CLO DAC | AlbaCore Euro CLO DAC |
|  3.269% due 07/15/2035 •  | 1000 | 1180 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.369% due 01/20/2035 •  | 700 | 698 |
|  5.712% due 04/22/2034 •  | 700 | 702 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.568% due 01/15/2032 •  | 234 | 234 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.059% due 10/15/2031 •  | 148 | 175 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.379% due 01/18/2035 •  | 4500 | 4497 |
|  5.608% due 01/15/2031 •  | 40 | 40 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.299% due 10/21/2034 •  | 3200 | 3185 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.123% due 05/15/2032 •  | 223 | 263 |
|  Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC |
|  2.875% due 12/15/2032 •  | 543 | 639 |
|  BlueMountain Fuji EUR CLO DAC | BlueMountain Fuji EUR CLO DAC | BlueMountain Fuji EUR CLO DAC |
|  2.999% due 01/15/2031 •  | 149 | 175 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.059% due 10/15/2031 •  | 219 | 257 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.169% due 01/20/2037 •  | 1000 | 1004 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  0.000% due 08/15/2038 «•(a) | 3800 | 4476 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.893% due 11/15/2031 •  | 655 | 772 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.634% due 04/22/2030 •  | 177 | 177 |
|  Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. |
|  5.641% due 07/17/2031•  | 340 | 341 |
|  CIFC European Funding CLO DAC | CIFC European Funding CLO DAC | CIFC European Funding CLO DAC |
|  3.329% due 01/15/2034 •  | 4750 | 5597 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.487% due 10/24/2030 •  | 893 | 893 |
|  Contego CLO DAC | Contego CLO DAC | Contego CLO DAC |
|  2.823% due 01/23/2030 •  | 795 | 936 |
|  Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. |
|  5.561% due 04/20/2030 •  | 13 | 13 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  2.974% due 09/22/2034 •  | 1400 | 1644 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.983% due 08/15/2033 •  | 1766 | 2074 |
|  Dryden CLO Ltd. | Dryden CLO Ltd. | Dryden CLO Ltd. |
|  5.501% due 04/18/2031•  | 295 | 295 |
|  5.568% due 07/15/2031 •  | 965 | 967 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.003% due 05/15/2034 •  | 216 | 254 |
|  3.159% due 04/15/2034 •  | 2194 | 2575 |
|  Fortress Credit BSL Ltd. | Fortress Credit BSL Ltd. | Fortress Credit BSL Ltd. |
|  5.369% due 07/23/2032 •  | 1276 | 1277 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.608% due 07/15/2031 •  | 377 | 378 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.039% due 07/15/2031 •  | 1041 | 1227 |
|  Hayfin Emerald CLO DAC | Hayfin Emerald CLO DAC | Hayfin Emerald CLO DAC |
|  3.898% due 01/25/2037 •  | 2200 | 2595 |
|  Henley CLO DAC | Henley CLO DAC | Henley CLO DAC |
|  3.148% due 04/25/2034 •  | 1100 | 1294 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.468% due 07/15/2030 •  | 116 | 116 |
|  LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. |
|  5.561% due 04/20/2031 •  | 275 | 275 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  2.665% due 12/15/2031 •  | 174 | 204 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.415% due 10/15/2034 •  | 4200 | 4196 |
|  Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. |
|  5.302% due 10/14/2036 •  | 1100 | 1098 |
|  OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC |
|  2.976% due 10/20/2031 •  | 835 | 983 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.482% due 04/16/2031 •  | 352 | 352 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.469% due 10/20/2031 •  | 175 | 175 |
|  5.691% due 07/20/2032 •  | 356 | 356 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.113% due 05/15/2033 •  | 841 | 992 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.318% due 10/15/2029 •  | 200 | 201 |
|  Providus CLO DAC | Providus CLO DAC | Providus CLO DAC |
|  3.056% due 04/20/2034 •  | 1900 | 2234 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.657% due 07/24/2032 •  | 2563 | 2567 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.561% due 04/24/2037 •  | 1600 | 1886 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.571% due 10/23/2030 •  | 174 | 174 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.724% due 08/13/2031 •  | 451 | 451 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  3.116% due 07/20/2032 •  | 544 | 642 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.175% due 10/25/2064 •  | 1249 | 1247 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.681% due 04/18/2031 •  | 190 | 190 |
|  5.741% due 07/20/2032 •  | 1010 | 1011 |
|  St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC |
|  2.988% due 04/25/2030 •  | 554 | 653 |
|  3.036% due 04/22/2035 •  | 800 | 941 |
|  3.138% due 10/25/2035 •  | 800 | 940 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.624% due 08/16/2034 •  | 4700 | 4707 |
|  Tikehau CLO DAC | Tikehau CLO DAC | Tikehau CLO DAC |
|  3.179% due 10/15/2031 •  | 490 | 578 |
|  3.456% due 01/20/2037 •  | 6200 | 7304 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.521% due 07/20/2030 •  | 58 | 58 |
|  Vibrant CLO Ltd. | Vibrant CLO Ltd. | Vibrant CLO Ltd. |
|  5.651% due 07/20/2032 •  | 706 | 707 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.469% due 07/20/2032 •  | 452 | 452 |
|  5.491% due 04/17/2030 •  | 31 | 31 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.863% due 04/25/2034 •  | 1400 | 1403 |
|  |  | 78347 |
|  Total Asset-Backed Securities<br>(Cost $105,590) | Total Asset-Backed Securities<br>(Cost $105,590) | 107047 |
| SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  4.250% due 12/01/2026 (d) | 6996 | 5404 |
|  France Government International Bond | France Government International Bond | France Government International Bond |
|  0.100% due 03/01/2026 (d) | 15357 | 17982 |
|  0.100% due 07/25/2031 (d) | 2564 | 2884 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (d) | 3589 | 4117 |
|  1.800% due 05/15/2036 (d) | 1345 | 1584 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 03/10/2028 (d) | 1607414 | 11558 |
|  0.100% due 03/10/2029 (d) | 2140683 | 15460 |
|  Mexican Udibonos | Mexican Udibonos | Mexican Udibonos |
|  4.000% due 08/24/2034 (d) | 3086 | 153 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  5.850% due 07/02/2032 (a) | 400 | 405 |
|  6.625% due 01/29/2038 (a) | 300 | 305 |
|  Total Sovereign Issues<br>(Cost $61,792) | Total Sovereign Issues<br>(Cost $61,792) | 59852 |
|  | **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 • (e) | 1220000 | 1240 |
|  Total Preferred Securities (Cost $1,220) | Total Preferred Securities (Cost $1,220) | 1240 |
| SHORT-TERM INSTRUMENTS 38.3% | SHORT-TERM INSTRUMENTS 38.3% | SHORT-TERM INSTRUMENTS 38.3% |
| REPURCHASE AGREEMENTS (f) 38.2% | REPURCHASE AGREEMENTS (f) 38.2% |  |
|  |  | 530500 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.331% due 07/03/2025 - 10/21/2025 (b)(c)(k) | 1115 | $— | 1106 |
| Total Short-Term Instruments<br>(Cost $531,606) | Total Short-Term Instruments<br>(Cost $531,606) |  | 531606 |
| Total Investments in Securities<br>(Cost $2,392,797) | Total Investments in Securities<br>(Cost $2,392,797) |  | 2283912 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 548566 |  | 5341 |
| Total Short-Term Instruments<br>(Cost $5,341) | Total Short-Term Instruments<br>(Cost $5,341) |  | 5341 |
| Total Investments in Affiliates<br>(Cost $5,341) | Total Investments in Affiliates<br>(Cost $5,341) |  | 5341 |
| Total Investments 164.9%<br>(Cost $2,398,138) | Total Investments 164.9%<br>(Cost $2,398,138) | $— | 2289253 |
|  Financial Derivative Instruments (h)(j) (0.2)%<br> (Cost or Premiums, net $(4338)) |  |  | (3235) |
| Other Assets and Liabilities, net (64.7)% | Other Assets and Liabilities, net (64.7)% |  | (897397) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1388621 |

---

#### 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) When-issued security.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

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

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

#### 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> |
| DEU | 4.420% | 07/01/2025 | 07/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530500 | U.S. Treasury Bonds 4.750% due 11/15/2043 | $(540760) | $530500 | $530500 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540760) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530500 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 13

------

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

#### 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> |
|  BOS | 4.340% | 06/25/2025 | 07/02/2025 | $(9216) | $(9223) |
|  BPG | 4.450 | 06/18/2025 | 07/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160911) | (161171) |
|  | 4.500 | 07/01/2025 | 07/02/2025 | (703308) | (703308) |
|  GSC | 4.450 | 06/23/2025 | 07/28/2025 | (33177) | (33209) |
|  TDM | 4.440 | 06/16/2025 | 07/14/2025 | (2149) | (2153) |
|  | 4.470 | 06/24/2025 | 07/01/2025 | (1148) | (1149) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(910213) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (2.9)% | U.S. Government Agencies (2.9)% | U.S. Government Agencies (2.9)% | U.S. Government Agencies (2.9)% | U.S. Government Agencies (2.9)% | U.S. Government Agencies (2.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ginnie Mae, TBA | 3.500% | 07/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44650 | $(40000) | $(40599) |
|  Total Short Sales (2.9)% | Total Short Sales (2.9)% | Total Short Sales (2.9)% |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40599) |

---

#### 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 June 30, 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 |
|  DEU | $530500 | $0 | $0 | $530500 | $(540760) | $(10260) |
|  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 |
|  BOS | 0 | 0 | (9223) | (9223) | 9246 | 23 |
|  BPG | 0 | 0 | (864479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(864479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864625 | 146 |
|  BPS | 0 | 0 | 0 | 0 | (1190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1190) |
|  GSC | 0 | 0 | (33209) | (33209) | 33147 | (62) |
|  TDM | 0 | 0 | (3302) | (3302) | 3319 | 17 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(910213) |  |  |  |

---

#### 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 | $(1149) | $(909064) | $0 | $0 | $(910213) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1149) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(909064) | $&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;(910213) |
|  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  | $(910213) |

---

(g) Securities with an aggregate market value of $910,337 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(190763) at a weighted average interest rate of 4.211%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Payable for sale-buyback transactions includes $(779) 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. 

---

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

---

------

June 30, 2025 (Unaudited)

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR September Futures  | 09/2026 | 1042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301225 | $675 | $46 | $(138) |
|  Arabica Coffee December Futures  | 12/2025 | 4 | 442 | (97) | 0 | (4) |
|  Australia Government 10-Year Bond September Futures  | 09/2025 | 242 | 18256 | 148 | 0 | (84) |
|  Brent Crude March Futures  | 01/2026 | 5 | 324 | (12) | 0 | (1) |
|  Cocoa September Futures  | 09/2025 | 2 | 180 | (9) | 2 | 0 |
|  Euro-Bobl September Futures  | 09/2025 | 165 | 22873 | (105) | 16 | (83) |
|  Euro-BTP September Futures  | 09/2025 | 317 | 45183 | 145 | 71 | (86) |
|  Euro-Buxl 30-Year Bond September Futures  | 09/2025 | 39 | 5455 | (104) | 0 | (17) |
|  European Climate Exchange December Futures  | 12/2025 | 2 | 162 | (10) | 1 | (5) |
|  Gas Oil December Futures  | 12/2025 | 5 | 315 | 4 | 0 | 0 |
|  Gold 100 oz. December Futures  | 12/2025 | 3 | 1009 | (13) | 6 | 0 |
|  Iron Ore September Futures  | 09/2025 | 11 | 103 | 0 | 0 | 0 |
|  Japan Government 10-Year Bond September Futures  | 09/2025 | 1 | 965 | 3 | 0 | (1) |
|  Live Cattle October Futures  | 10/2025 | 8 | 673 | (3) | 1 | 0 |
|  New York Harbor December Futures  | 11/2025 | 5 | 461 | 5 | 4 | 0 |
|  Palladium September Futures  | 09/2025 | 1 | 111 | 3 | 0 | (5) |
|  Platinum October Futures  | 10/2025 | 6 | 403 | 46 | 0 | (3) |
|  RBOB Gasoline December Futures  | 11/2025 | 6 | 457 | 3 | 0 | 0 |
|  Silver September Futures  | 09/2025 | 3 | 543 | 42 | 0 | (3) |
|  Soybean Meal December Futures  | 12/2025 | 41 | 1186 | (68) | 3 | 0 |
|  Soybean November Futures  | 11/2025 | 13 | 668 | (9) | 1 | 0 |
|  Soybean Oil January Futures  | 01/2026 | 2 | 63 | 0 | 0 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 1558 | 178026 | 3755 | 746 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 319 | 38001 | 1412 | 429 | 0 |
|  WTI Crude December Futures  | 11/2025 | 4 | 247 | (5) | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430) |

---

#### 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 EURIBOR September Futures  | 09/2025 | 1042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301057) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(511) | $77 | $(15) |
|  Aluminum September Futures  | 09/2025 | 4 | (260) | (12) | 0 | (12) |
|  Arabica Coffee September Futures  | 09/2025 | 2 | (225) | 28 | 3 | 0 |
|  Corn December Futures  | 12/2025 | 29 | (617) | 26 | 2 | 0 |
|  Corn September Futures  | 09/2025 | 52 | (1064) | 55 | 6 | 0 |
|  Cotton No. 2 December Futures  | 12/2025 | 18 | (613) | 1 | 11 | 0 |
|  Euro-Bund September Futures  | 09/2025 | 505 | (77422) | 551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
|  Euro-Oat September Futures  | 09/2025 | 422 | (61560) | 463 | 134 | (30) |
|  Euro-Schatz September Futures  | 09/2025 | 221 | (27920) | 43 | 25 | (8) |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 7 | (193) | 16 | 2 | 0 |
|  Hard Red Winter Wheat September Futures  | 09/2025 | 8 | (211) | 8 | 3 | 0 |
|  Lead September Futures  | 09/2025 | 9 | (460) | (15) | 0 | (15) |
|  Lean Hogs October Futures  | 10/2025 | 11 | (407) | 4 | 10 | 0 |
|  Natural Gas January Futures  | 12/2025 | 2 | (97) | 4 | 5 | 0 |
|  Natural Gas September Futures  | 08/2025 | 25 | (873) | 68 | 66 | 0 |
|  Natural Gas September Futures  | 08/2025 | 5 | (142) | 28 | 7 | 0 |
|  Nickel September Futures  | 09/2025 | 2 | (182) | 5 | 5 | 0 |
|  Robusta Coffee September Futures  | 09/2025 | 2 | (72) | 21 | 1 | 0 |
|  Soybean January Futures  | 01/2026 | 9 | (469) | 6 | 0 | (1) |
|  Soybean Meal January Futures  | 01/2026 | 8 | (234) | 8 | 0 | (1) |
|  Soybean Oil December Futures  | 12/2025 | 3 | (95) | (10) | 0 | 0 |
|  Sugar No. 11 March Futures  | 02/2026 | 9 | (171) | 1 | 4 | 0 |
|  Sugar No. 11 October Futures  | 09/2025 | 15 | (272) | 24 | 8 | 0 |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 1450 | (301634) | (1050) | 0 | (76) |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 254 | (27686) | (304) | 0 | (34) |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 377 | (42271) | (544) | 0 | (118) |
|  U.S. Treasury Long-Term Bond September Futures  | 09/2025 | 1182 | (136484) | (5417) | 0 | (1182) |
|  Wheat December Futures  | 12/2025 | 4 | (112) | 5 | 1 | 0 |
|  Wheat September Futures  | 09/2025 | 15 | (404) | 1 | 2 | 0 |
|  Wheat September Futures  | 09/2025 | 14 | (161) | 16 | 1 | (1) |
|  White Sugar October Futures  | 09/2025 | 4 | (93) | 3 | 2 | 0 |
|  Zinc September Futures  | 09/2025 | 5 | (344) | (5) | 0 | (5) |
|  |  |  |  | $(6483) | $595 | $(1516) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(677) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1946) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 15

------

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

#### 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 | 3.500% | Annual | 03/19/2030 | 69000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1254) | $396 | $(858) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(4) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | 400000 | (7) | 40 | 33 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 03/20/2028 | 118480 | (2) | 15 | 13 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 1600000 | (19) | 97 | 78 | 6 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 1061000 | 21 | 203 | 224 | 11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $54750 | 364 | (322) | 42 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | 53300 | (704) | (1780) | (2484) | 48 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 6020 | (76) | (196) | (272) | 5 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 81197 | (81) | (1161) | (1242) | 0 | (210) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 9600 | 427 | (141) | 286 | 0 | (33) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 02/15/2035 | 3620 | (8) | (65) | (73) | 0 | (14) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2052 | 8900 | (82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 6810 | 428 | 1831 | 2259 | 0 | (40) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 5300 | 329 | 1471 | 1800 | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 22300 | 462 | 3736 | 4198 | 0 | (153) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 8300 | 221 | 401 | 622 | 0 | (65) |
|  Receive<sup>(1)</sup> | 3-Month EUR-EURIBOR | 1.830 | Annual | 09/17/2027 | 16300 | 0 | 60 | 60 | 6 | 0 |
|  Receive<sup>(1)</sup> | 3-Month EUR-EURIBOR | 1.895 | Annual | 10/08/2027 | 20000 | 0 | 47 | 47 | 8 | 0 |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.120 | Annual | 09/03/2027 | 11400 | 0 | (33) | (33) | 5 | 0 |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 165800 | (5527) | (818) | (6345) | 0 | (336) |
|  Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 5400 | 334 | 2846 | 3180 | 15 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 5600 | 3 | 3288 | 3291 | 15 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 9900 | 616 | 5198 | 5814 | 27 | 0 |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 36240 | 1954 | 2484 | 4438 | 138 | 0 |
|  Receive | CPTFEMU | 2.000 | Maturity | 02/15/2027 | 2500 | 0 | (9) | (9) | 0 | 0 |
|  Receive | CPTFEMU | 3.000 | Maturity | 05/15/2027 | 1900 | 1 | 32 | 33 | 0 | 0 |
|  Receive | CPTFEMU | 3.130 | Maturity | 05/15/2027 | 1200 | 0 | 11 | 11 | 0 | 0 |
|  Receive | CPTFEMU | 1.636 | Maturity | 06/15/2027 | 21300 | 0 | 44 | 44 | 5 | 0 |
|  Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 13430 | (100) | (2781) | (2881) | 0 | (3) |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 8700 | (4) | (70) | (74) | 11 | 0 |
|  Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 | 5700 | (16) | (21) | (37) | 7 | 0 |
|  Pay | CPTFEMU | 2.487 | Maturity | 05/15/2037 | 40 | 0 | 0 | 0 | 0 | 0 |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 800 | 1 | 26 | 27 | 1 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 1300 | (34) | 83 | 49 | 1 | 0 |
|  Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 200 | 0 | 7 | 7 | 0 | 0 |
|  Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 550 | 0 | (3) | (3) | 0 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 2000 | 0 | 208 | 208 | 0 | 0 |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 | 1800 | 12 | 264 | 276 | 0 | (1) |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 800 | 5 | 137 | 142 | 0 | 0 |
|  Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 | 900 | 0 | 134 | 134 | 0 | (1) |
|  Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 | 1400 | 13 | 222 | 235 | 0 | (1) |
|  Pay | CPURNSA | 1.980 | Maturity | 09/19/2025 | $14000 | 0 | (105) | (105) | 0 | (4) |
|  Pay | CPURNSA | 2.033 | Maturity | 09/23/2025 | 2600 | 0 | (19) | (19) | 0 | (1) |
|  Pay | CPURNSA | 2.208 | Maturity | 10/07/2025 | 14333 | 0 | (88) | (88) | 0 | (4) |
|  Pay | CPURNSA | 2.380 | Maturity | 10/15/2025 | 7500 | 0 | (37) | (37) | 0 | (2) |
|  Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 | 11600 | 0 | (49) | (49) | 0 | 0 |
|  Pay | CPURNSA | 2.820 | Maturity | 02/05/2026 | 6900 | 0 | (21) | (21) | 1 | 0 |
|  Pay | CPURNSA | 2.842 | Maturity | 02/13/2026 | 7200 | 0 | (20) | (20) | 0 | 0 |
|  Pay | CPURNSA | 3.042 | Maturity | 02/21/2026 | 5500 | 0 | (3) | (3) | 1 | 0 |
|  Receive | CPURNSA | 2.313 | Maturity | 02/26/2026 | 2700 | 0 | 337 | 337 | 0 | 0 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | CPURNSA | 2.418% | Maturity | 03/05/2026 |  | $10200 | $0 | $1215 | $1215 | $0 | $(1) |
|  Pay | CPURNSA | 3.323 | Maturity | 04/23/2026 |  | 3800 | 0 | 17 | 17 | 0 | (2) |
|  Receive | CPURNSA | 2.767 | Maturity | 05/13/2026 |  | 7700 | 0 | 746 | 746 | 4 | 0 |
|  Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 |  | 3300 | 0 | 311 | 311 | 2 | 0 |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 |  | 5980 | 0 | 592 | 592 | 1 | 0 |
|  Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 |  | 400 | 0 | 40 | 40 | 0 | 0 |
|  Pay | CPURNSA | 3.300 | Maturity | 06/04/2026 |  | 7000 | 0 | 16 | 16 | 0 | 0 |
|  Receive | CPURNSA | 1.797 | Maturity | 08/25/2027 |  | 7000 | 0 | 1220 | 1220 | 4 | 0 |
|  Receive | CPURNSA | 1.890 | Maturity | 08/27/2027 |  | 7100 | 0 | 1188 | 1188 | 4 | 0 |
|  Pay | CPURNSA | 2.379 | Maturity | 07/09/2028 |  | 3700 | (2) | (390) | (392) | 0 | (1) |
|  Receive | CPURNSA | 2.573 | Maturity | 08/26/2028 |  | 800 | 0 | 63 | 63 | 0 | 0 |
|  Receive | CPURNSA | 2.645 | Maturity | 09/10/2028 |  | 1900 | 0 | 135 | 135 | 0 | 0 |
|  Pay | CPURNSA | 2.165 | Maturity | 04/16/2029 |  | 18000 | 0 | (2425) | (2425) | 0 | (7) |
|  Pay | CPURNSA | 1.954 | Maturity | 06/03/2029 |  | 6450 | 0 | (997) | (997) | 0 | (3) |
|  Pay | CPURNSA | 1.997 | Maturity | 07/25/2029 |  | 20100 | 0 | (2969) | (2969) | 0 | (6) |
|  Pay | CPURNSA | 1.760 | Maturity | 11/04/2029 |  | 12300 | (11) | (2132) | (2143) | 0 | (4) |
|  Receive | CPURNSA | 2.311 | Maturity | 02/24/2031 |  | 21800 | 0 | 2665 | 2665 | 11 | 0 |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 |  | 6300 | 36 | 124 | 160 | 42 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 |  | 2700 | 0 | 54 | 54 | 15 | 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;(2700) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12481 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(997) |

---

#### 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 June 30, 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> | |
|  | 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;1962 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1955) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(997) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2952) |

---

(i) Securities with an aggregate market value of $13,575 and cash of $6,217 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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 $41 and liability of $(9) 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 | 07/2025 | 7314 | $1015 | $0 | $(8) |
|  | 07/2025 | 1318 | 1543 | 0 | (9) |
|  | 07/2025 | $7177 | 11048 | 95 | 0 |
|  | 07/2025 | 562 | 934 | 7 | 0 |
|  | 08/2025 | 11048 | $7181 | 0 | (95) |
|  | 08/2025 | 18657 | 2603 | 0 | (14) |
|  | 08/2025 | 934 | 563 | 0 | (7) |
|  | 08/2025 | $1546 | 1318 | 9 | 0 |
|  BOA | 07/2025 | 853 | $556 | 0 | (6) |
|  | 07/2025 | 54808 | 62320 | 0 | (2242) |
|  | 07/2025 | 1140371 | 837 | 0 | (7) |
|  | 07/2025 | 900 | 248 | 0 | (6) |
|  | 07/2025 | $812 | 13256053 | 5 | 0 |
|  | 07/2025 | 726 | 982307 | 1 | 0 |
|  | 07/2025 | 372 | 476 | 3 | 0 |
|  | 08/2025 | 4356 | $609 | 0 | (2) |
|  | 08/2025 | 475 | 372 | 0 | (3) |
|  | 08/2025 | 332 | 10 | 0 | (1) |
|  BPS | 07/2025 | 4910 | 900 | 0 | (4) |
|  | 07/2025 | 2115 | 209 | 0 | (1) |
|  | 07/2025 | 3455 | $360 | 0 | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  | 07/2025 | 939 | $28 | $0 | $(1) |
|  | 07/2025 | 59612 | 1834 | 0 | (218) |
|  | 07/2025 | $882 | 4910 | 22 | 0 |
|  | 07/2025 | 1781 | 29060497 | 11 | 0 |
|  | 07/2025 | 130 | 4258 | 1 | 0 |
|  | 07/2025 | 496 | 14751 | 12 | 0 |
|  | 08/2025 | 10042 | $1406 | 0 | (2) |
|  | 08/2025 | 365 | 3 | 0 | 0 |
|  | 08/2025 | 49653 | 1523 | 0 | (203) |
|  | 08/2025 | $1058 | 91965 | 13 | 0 |
|  | 08/2025 | 2803 | 81341 | 25 | 0 |
|  BRC | 07/2025 | 1472 | $1685 | 0 | (49) |
|  | 07/2025 | 3510 | 4776 | 0 | (42) |
|  | 07/2025 | 7560 | 2171 | 0 | (73) |
|  | 07/2025 | 134205 | 98 | 0 | (1) |
|  | 07/2025 | 1719 | 169 | 0 | (2) |
|  | 07/2025 | $1077 | 3635 | 3 | 0 |
|  | 07/2025 | 12 | 17112 | 0 | 0 |
|  | 07/2025 | 36 | 133 | 1 | 0 |
|  | 07/2025 | 1233 | 22296 | 24 | 0 |
|  | 08/2025 | 4776 | 3510 | 42 | 0 |
|  BSH | 07/2025 | 252 | 899 | 2 | 0 |
|  | 09/2025 | 902 | $252 | 0 | (2) |
|  CBK | 07/2025 | 99186 | 18176 | 0 | (80) |
|  | 07/2025 | 9699474 | 7075 | 0 | (99) |
|  | 07/2025 | 49148 | 1478 | 0 | (35) |
|  | 07/2025 | 104313 | 3206 | 0 | (385) |
|  | 07/2025 | $17088 | 99186 | 1168 | 0 |
|  | 07/2025 | 617 | 10049230 | 3 | 0 |
|  | 07/2025 | 790 | 23409 | 16 | 0 |
|  | 08/2025 | 2329 | $324 | 0 | (3) |
|  | 08/2025 | 117192 | 3606 | 0 | (468) |
|  | 08/2025 | $774 | 5528 | 1 | 0 |
|  | 08/2025 | 7922 | 682855 | 30 | (3) |
|  | 09/2025 | 3810 | $199 | 0 | (3) |
|  DUB | 07/2025 | 3671 | 1059 | 0 | (31) |
|  | 07/2025 | 149998 | 110 | 0 | (1) |
|  | 07/2025 | 49 | 38 | 0 | (1) |
|  | 07/2025 | $65290 | 56280 | 1005 | 0 |
|  | 07/2025 | 108 | 1765468 | 0 | 0 |
|  | 07/2025 | 177 | 5277 | 4 | 0 |
|  | 08/2025 | 56157 | $65290 | 0 | (1004) |
|  | 08/2025 | $3672 | 316878 | 17 | 0 |
|  | 09/2025 | 47 | $2 | 0 | 0 |
|  FAR | 07/2025 | 10195 | 6578 | 0 | (132) |
|  | 07/2025 | 104358 | 18689 | 0 | (519) |
|  | 07/2025 | 2896 | 3517 | 0 | (133) |
|  | 07/2025 | 3721 | 518 | 0 | (3) |
|  | 07/2025 | 3022835 | 21071 | 80 | 0 |
|  | 07/2025 | 124 | 96 | 0 | (1) |
|  | 07/2025 | $19123 | 104358 | 85 | 0 |
|  | 07/2025 | 3807 | 3048 | 34 | 0 |
|  | 07/2025 | 11860 | 1726311 | 128 | 0 |
|  | 07/2025 | 2193 | 8086 | 50 | 0 |
|  | 07/2025 | 299 | 381 | 1 | 0 |
|  | 08/2025 | 3036 | $3807 | 0 | (34) |
|  | 08/2025 | 10599 | 1481 | 0 | (5) |
|  | 08/2025 | 1719962 | 11860 | 0 | (128) |
|  | 08/2025 | 439 | 345 | 0 | (1) |
|  | 08/2025 | $1755 | 151765 | 12 | 0 |
|  | 09/2025 | 13236 | 74301 | 231 | 0 |
|  | 09/2025 | 2035 | 39622 | 60 | 0 |
|  GLM | 07/2025 | 11323 | $348 | 0 | (42) |
|  | 07/2025 | $146 | 2379135 | 1 | 0 |
|  | 07/2025 | 116 | 148 | 0 | 0 |
|  | 07/2025 | 11 | 356 | 1 | 0 |
|  | 08/2025 | 148 | $116 | 0 | 0 |
|  IND | 07/2025 | $366 | 3459 | 0 | 0 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 08/2025 | 3452 | $366 | $0 | $0 |
|  JPM | 07/2025 | 156 | 190 | 0 | (6) |
|  | 07/2025 | 7049 | 977 | 0 | (9) |
|  | 07/2025 | 802249 | 586 | 0 | (7) |
|  | 07/2025 | 934 | 557 | 0 | (12) |
|  | 07/2025 | 3283 | 2555 | 0 | (26) |
|  | 07/2025 | 60339 | 1855 | 0 | (222) |
|  | 07/2025 | $4327 | 16016 | 115 | 0 |
|  | 07/2025 | 244 | 312 | 2 | 0 |
|  | 07/2025 | 354 | 6322 | 3 | 0 |
|  | 08/2025 | 17416 | $2428 | 0 | (15) |
|  | 08/2025 | 311 | 244 | 0 | (2) |
|  | 08/2025 | 60399 | 1853 | 0 | (246) |
|  | 08/2025 | $1183 | 102570 | 11 | 0 |
|  | 08/2025 | 31 | 1022 | 4 | 0 |
|  MBC | 07/2025 | 23575 | $17165 | 0 | (148) |
|  | 07/2025 | 3380 | 469 | 0 | (4) |
|  | 07/2025 | 138068 | 961 | 2 | 0 |
|  | 07/2025 | 7886 | 6147 | 0 | (55) |
|  | 07/2025 | 24672 | 745 | 0 | (14) |
|  | 07/2025 | 29084 | 892 | 0 | (109) |
|  | 07/2025 | $17157 | 23583 | 162 | 0 |
|  | 07/2025 | 1537 | 1318 | 15 | 0 |
|  | 07/2025 | 1132 | 835 | 14 | 0 |
|  | 07/2025 | 184 | 2993143 | 0 | 0 |
|  | 07/2025 | 273 | 1024 | 11 | 0 |
|  | 07/2025 | 6426 | 8310 | 110 | 0 |
|  | 07/2025 | 36 | 1073 | 1 | 0 |
|  | 08/2025 | 23544 | $17157 | 0 | (162) |
|  | 08/2025 | 9180 | 1276 | 0 | (11) |
|  | 08/2025 | 1939 | 13 | 0 | 0 |
|  | 08/2025 | 8291 | 6426 | 0 | (111) |
|  | 08/2025 | 68172 | 2168 | 0 | (202) |
|  MYI | 07/2025 | 68285 | 473 | 0 | (2) |
|  | 07/2025 | $3983 | 580521 | 48 | 0 |
|  | 07/2025 | 513 | 5175 | 0 | 0 |
|  | 07/2025 | 11 | 42 | 0 | 0 |
|  | 08/2025 | 10803 | $1509 | 0 | (6) |
|  | 08/2025 | 578387 | 3983 | 0 | (48) |
|  | 08/2025 | 5174 | 513 | 0 | 0 |
|  NGF | 07/2025 | $1747 | 28475350 | 9 | 0 |
|  SCX | 07/2025 | 56 | $16 | 0 | 0 |
|  | 07/2025 | 3552 | 122 | 0 | 0 |
|  | 07/2025 | $679 | 11064617 | 3 | 0 |
|  | 07/2025 | 45 | 6467 | 0 | 0 |
|  | 07/2025 | 1283 | 1655 | 19 | 0 |
|  | 07/2025 | 272 | 8084 | 6 | 0 |
|  | 08/2025 | 18612 | $2605 | 0 | (4) |
|  | 08/2025 | 6443 | 45 | 0 | 0 |
|  | 08/2025 | 1651 | 1283 | 0 | (19) |
|  | 08/2025 | 16276 | 499 | 0 | (67) |
|  | 08/2025 | $1238 | 106321 | 0 | (1) |
|  SOG | 07/2025 | 6638 | 958134 | 16 | 0 |
|  | 07/2025 | 54 | 539 | 0 | 0 |
|  | 08/2025 | 954618 | $6638 | 0 | (16) |
|  | 08/2025 | 539 | 54 | 0 | 0 |
|  | 08/2025 | $7 | 613 | 0 | 0 |
|  SSB | 07/2025 | 3622 | 2675 | 50 | 0 |
|  UAG | 07/2025 | 555 | $155 | 0 | (10) |
|  | 07/2025 | 44555 | 308 | 0 | (2) |
|  | 07/2025 | 133928 | 99 | 0 | 0 |
|  | 07/2025 | 1879 | 185 | 0 | (1) |
|  | 07/2025 | 3918 | 118 | 0 | (3) |
|  | 07/2025 | $99 | 133993 | 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;3804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7654) |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 19

------

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

#### 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;(236) |

---

#### 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) | $(49) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 4900 | (44) | (30) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.740 | 09/08/2025 | 5300 | (122) | (103) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.740 | 09/08/2025 | 5300 | (122) | (35) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 19600 | (178) | (177) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 19600 | (178) | (138) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 30500 | (280) | (335) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 30500 | (280) | (177) |
|  |  |  |  |  |  | $(1247) | $(1044) |
|  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;(1638) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1280) |

---

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying<br>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<br>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 | 4.500% | Maturity | 07/28/2025 | $100000 | $0 | $1381 | $1381 | $0 |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.570 | Maturity | 07/28/2025 | 135000 | 0 | 1107 | 1107 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488 | $&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 June 30, 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 | $111 | $0 | $0 | $111 | $(133) | $0 | $0 | $(133) | $(22) | $0 | $(22) |
|  BOA | 9 | 0 | 0 | 9 | (2267) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2267) | (2258) | 1976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282) |
|  BPS | 84 | 0 | 0 | 84 | (434) | 0 | 0 | (434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350) | 338 | (12) |
|  BRC | 70 | 0 | 0 | 70 | (167) | (217) | 0 | (384) | (314) | 106 | (208) |
|  BSH | 2 | 0 | 0 | 2 | (2) | 0 | 0 | (2) | 0 | 0 | 0 |
|  CBK | 1218 | 0 | 0 | 1218 | (1076) | 0 | 0 | (1076) | 142 | 0 | 142 |
|  DUB | 1026 | 0 | 0 | 1026 | (1037) | 0 | 0 | (1037) | (11) | 0 | (11) |
|  FAR | 681 | 0 | 0 | 681 | (956) | 0 | 0 | (956) | (275) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275) |
|  GLM | 2 | 0 | 0 | 2 | (42) | (1063) | 0 | (1105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420) | (1523) |
|  JPM | 135 | 0 | 0 | 135 | (545) | 0 | 0 | (545) | (410) | 446 | 36 |
|  MBC | 315 | 0 | 0 | 315 | (816) | 0 | 0 | (816) | (501) | 502 | 1 |
|  MYC | 0 | 0 | 2488 | 2488 | 0 | 0 | 0 | 0 | 2488 | (2175) | 313 |
|  MYI | 48 | 0 | 0 | 48 | (56) | 0 | 0 | (56) | (8) | 0 | (8) |
|  NGF | 9 | 0 | 0 | 9 | 0 | 0 | 0 | 0 | 9 | 0 | 9 |
|  SCX | 28 | 0 | 0 | 28 | (91) | 0 | 0 | (91) | (63) | 0 | (63) |
|  SOG | 16 | 0 | 0 | 16 | (16) | 0 | 0 | (16) | 0 | 0 | 0 |
|  SSB | 50 | 0 | 0 | 50 | 0 | 0 | 0 | 0 | 50 | 0 | 50 |
|  UAG | 0 | 0 | 0 | 0 | (16) | 0 | 0 | (16) | (16) | 0 | (16) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7654) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1280) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8934) |  |  |  |

---

(k) Securities with an aggregate market value of $3,369 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

<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. 

#### 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 June 30, 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  | $394 | $0 | $0 | $0 | $1568 | $1962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 397 | 397 |
|  | $394 | $0 | $0 | $0 | $1965 | $2359 |
|  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 | $3804 | $0 | $3804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2488 | 2488 |
|  | $0 | $0 | $0 | $3804 | $2488 | $6292 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | $&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;3804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8651 |
|  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  | $255 | $0 | $0 | $0 | $1700 | $1955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 997 | 997 |
|  | $255 | $0 | $0 | $0 | $2697 | $2952 |
|  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 | $7654 | $0 | $7654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1280 | 1280 |
|  | $0 | $0 | $0 | $7654 | $1280 | $8934 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | $&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;7654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3977 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11886 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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  | $(1527) | $0 | $0 | $0 | $(33) | $(1560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (3695) | (3695) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1527) | $&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;(3728) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5255) |
|  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 | $(8709) | $0 | $(8709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 410 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1877 | 1877 |
|  | $0 | $0 | $0 | $(8709) | $2287 | $(6422) |
|  | $(1527) | $0 | $0 | $(8709) | $(1441) | $(11677) |
|  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  | $2 | $0 | $0 | $0 | $(2832) | $(2830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 9159 | 9159 |
|  | $2 | $0 | $0 | $0 | $6327 | $6329 |
|  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 | $(6499) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6499) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (195) | (195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 6754 | 6754 |
|  | $0 | $0 | $0 | $(6499) | $6559 | $60 |
|  | $&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;(6499) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12886 | $6389 |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 21

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Schedule of Investments PIMCO Real Return Portfolio (Cont.) June 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 | $547 | $266 | $813 |
| &nbsp;&nbsp; Industrials | 0 | 188 | 0 | 188 |
|  U.S. Government Agencies | 0 | 277922 | 0 | 277922 |
|  U.S. Treasury Obligations | 0 | 1291371 | 0 | 1291371 |
|  Non-Agency Mortgage-Backed Securities | 0 | 13873 | 0 | 13873 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 8185 | 0 | 8185 |
| &nbsp;&nbsp; Home Equity Other | 0 | 15963 | 0 | 15963 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 746 | 0 | 746 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 3806 | 0 | 3806 |
| &nbsp;&nbsp; Other ABS | 0 | 73871 | 4476 | 78347 |
|  Sovereign Issues | 0 | 59852 | 0 | 59852 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 1240 | 0 | 1240 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 530500 | 0 | 530500 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1106 | 0 | 1106 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4742 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283912 |
|  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 | $5341 | $0 | $0 | $5341 |
|  Total Investments | $5341 | $2279170 | $4742 | $2289253 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 | $(40599) | $0 | $(40599) |
|  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 | 746 | 1572 | 0 | 2318 |
|  Over the counter | 0 | 6292 | 0 | 6292 |
|  | $746 | $7864 | $0 | $8610 |
|  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 | (536) | (2407) | 0 | (2943) |
|  Over the counter | 0 | (8934) | 0 | (8934) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536) | $(11341) | $0 | $(11877) |
|  Total Financial Derivative Instruments | $210 | $(3477) | $0 | $(3267) |
|  Totals | $5551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235094 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4742 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245387 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

Notes to Financial Statements June 30, 2025 (Unaudited)

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 new 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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **23** |

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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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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, 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 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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

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Notes to Financial Statements (Cont.)

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 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

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

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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.

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 June 30, 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>06/30/2025 | 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;383534 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378200) | $&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;5341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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

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(b) Investments in Securities

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

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted 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.

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

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

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(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 to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is

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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 June 30, 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

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realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

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.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's

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prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may 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 and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and

purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change 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

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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, or 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 factors affecting securities markets generally or particular industries.

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.

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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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 markets, differing 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.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

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Notes to Financial Statements (Cont.)

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

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

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

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

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, 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

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

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June 30, 2025 (Unaudited)

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. 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. 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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **37** |

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Notes to Financial Statements (Cont.)

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.

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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|:---|:---|
| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

(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; (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 June 30, 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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **39** |

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Notes to Financial Statements (Cont.)

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 June 30, 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;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |

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

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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 June 30, 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 |
| $1677272 | $1670875 | $16968 | $64357 |

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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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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>06/30/2025<br>(Unaudited) | Six Months Ended<br>06/30/2025<br>(Unaudited) | 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 | 1042 | $12264 | 1348 | $15657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 6082 | 71583 | 8374 | 97178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1327 | 15590 | 3511 | 40758 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 263 | 3127 | 426 | 4898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1231 | 14663 | 2061 | 23696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 489 | 5828 | 754 | 8670 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1310) | (15378) | (2968) | (34347) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (9440) | (110968) | (18471) | (213743) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (2856) | (33625) | (3216) | (37297) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (3172) | $(36916) | (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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|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

As of June 30, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 25% 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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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 its last fiscal year ended December 31, 2024, 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 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43862 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89108 |

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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 June 30, 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 Tax<br>Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | **Net Unrealized**<br> **Appreciation/**<br> (Depreciation)<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154472) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95984) |

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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> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **41** |

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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 |
| BOS | BofA Securities, Inc. | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BPG | BNP Paribas Securities Corp. | GLM | Goldman Sachs Bank USA | SCX | Standard Chartered Bank, London |
| BPS | BNP Paribas S.A. | GSC | Goldman Sachs & Co. LLC | SOG | Societe Generale Paris |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | SSB | State Street Bank and Trust Co. |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | TDM | TD Securities (USA) LLC |
| 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 | 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: |  |  |  |  |
| 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 |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | oz. | Ounce |
| ALT | Alternate Loan Trust | 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 | TBA | To-Be-Announced |
| CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap | WTI | West Texas Intermediate |
| CMBS | Collateralized Mortgage-Backed Security |  |  |  |  |

---

---

| | |
|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

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 June 30, 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

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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) |
|  January 2025 | $0.0033 | $0.0000 | $0.0000 | $0.0033 |
|  February 2025 | $0.0054 | $0.0000 | $0.0000 | $0.0054 |
|  March 2025 | $0.0744 | $0.0000 | $0.0000 | $0.0744 |
|  April 2025 | $0.0555 | $0.0000 | $0.0000 | $0.0555 |
|  May 2025 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  June 2025 | $0.0398 | $0.0000 | $0.0000 | $0.0398 |
| 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) |
|  January 2025 | $0.0018 | $0.0000 | $0.0000 | $0.0018 |
|  February 2025 | $0.0040 | $0.0000 | $0.0000 | $0.0040 |
|  March 2025 | $0.0730 | $0.0000 | $0.0000 | $0.0730 |
|  April 2025 | $0.0540 | $0.0000 | $0.0000 | $0.0540 |
|  May 2025 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  June 2025 | $0.0384 | $0.0000 | $0.0000 | $0.0384 |
| 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) |
|  January 2025 | $0.0008 | $0.0000 | $0.0000 | $0.0008 |
|  February 2025 | $0.0031 | $0.0000 | $0.0000 | $0.0031 |
|  March 2025 | $0.0720 | $0.0000 | $0.0000 | $0.0720 |
|  April 2025 | $0.0531 | $0.0000 | $0.0000 | $0.0531 |
|  May 2025 | $0.0291 | $0.0000 | $0.0000 | $0.0291 |
|  June 2025 | $0.0374 | $0.0000 | $0.0000 | $0.0374 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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.

---

| | |
|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

#### 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.

------

#### pimco.com/pvit
![LOGO](g88324g06y60.jpg)

PVITREALRETFSTMSAR_063025

------

![LOGO](g71740g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 2025

PIMCO Short-Term Portfolio

------

#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Short-Term Portfolio](#tx71740_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx71740_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx71740_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx71740_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx71740_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments](#tx71740_6) (N-CSR Item 6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx71740_7) | 20 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx71740_8) | 36 |
| &nbsp;&nbsp; [Glossary](#tx71740_9) | 39 |
| &nbsp;&nbsp; [Distribution Information](#tx71740_10) | 40 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx71740_11) | 41 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx71740_12) | 42 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx71740_13) | 43 |

---

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.)

------

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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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,

---

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

---

------

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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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 | **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 |

---

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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>3</sub> |

---

------

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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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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>** | **<br>Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | $10.32 | $0.24 | $0.00 | $0.24 | $(0.24) | $0.00 | $(0.24) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.32 | 0.17 | 0.07 | 0.24 | (0.14) | 0.00 | (0.14) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 10.32 | 0.23 | 0.00 | 0.23 | (0.23) | 0.00 | (0.23) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.32 | 0.15 | 0.08 | 0.23 | (0.13) | 0.00 | (0.13) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 10.32 | 0.23 | 0.00 | 0.23 | (0.23) | 0.00 | (0.23) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.32 | 0.14 | 0.08 | 0.22 | (0.12) | 0.00 | (0.12) |

---

---

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 |

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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/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** | **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** |
| $10.32 | 2.35% | $51961 | 0.56 | %\* | 0.56 | %\* | 0.46 | %\* | 0.46 | %\* | 4.68 | %\* | 59% |
| 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 |
| 10.42 | 2.40 | 29870 | 0.47 |  | 0.47 |  | 0.45 |  | 0.45 |  | 1.63 |  | 114 |
| 10.32 | 2.28 | 273758 | 0.71 | \* | 0.71 | \* | 0.61 | \* | 0.61 | \* | 4.53 | \* | 59 |
| 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 |
| 10.42 | 2.24 | 246924 | 0.62 |  | 0.62 |  | 0.60 |  | 0.60 |  | 1.40 |  | 114 |
| 10.32 | 2.23 | 306388 | 0.81 | \* | 0.81 | \* | 0.71 | \* | 0.71 | \* | 4.43 | \* | 59 |
| 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 |
| 10.42 | 2.14 | 222266 | 0.72 |  | 0.72 |  | 0.70 |  | 0.70 |  | 1.30 |  | 114 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO Short-Term Portfolio June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $649005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 28374 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 443 |
|  Cash | 219 |
|  Deposits with counterparty | 7308 |
|  Foreign currency, at value | 1317 |
|  Receivable for investments sold | 1 |
|  Receivable for TBA investments sold | 13941 |
|  Receivable for Portfolio shares sold | 743 |
|  Interest and/or dividends receivable | 3430 |
|  Dividends receivable from Affiliates | 108 |
|  **Total Assets** | 705180 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 919 |
|  Payable for investments purchased | 42462 |
|  Payable for investments in Affiliates purchased | 112 |
|  Payable for TBA investments purchased | 27791 |
|  Deposits from counterparty | 80 |
|  Payable for Portfolio shares redeemed | 856 |
|  Accrued investment advisory fees | 124 |
|  Accrued supervisory and administrative fees | 99 |
|  Accrued distribution fees | 60 |
|  Accrued servicing fees | 32 |
|  Accrued reimbursement to PIMCO | 1 |
|  **Total Liabilities** | 73073 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |
|  **Net Assets** | $632107 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $630569 |
|  Distributable earnings (accumulated loss) | 1538 |
|  **Net Assets** | $632107 |
|  **Net Assets:** |  |
|  Institutional Class | $51961 |
|  Administrative Class | 273758 |
|  Advisor Class | 306388 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 5037 |
|  Administrative Class | 26536 |
|  Advisor Class | 29700 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $10.32 |
|  Administrative Class | 10.32 |
|  Advisor Class | 10.32 |
|  Cost of investments in securities | $648428 |
|  Cost of investments in Affiliates | $28374 |
|  Cost of foreign currency held | $1313 |
|  Cost or premiums of financial derivative instruments, net | $(344) |
|  \* Includes repurchase agreements of: | $3300 |

---

---

| | |
|:---|:---|
| <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 Short-Term Portfolio

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $15405 |
|  Dividends from Investments in Affiliates | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 16034 |
|  **Expenses:** |  |
|  Investment advisory fees | 766 |
|  Supervisory and administrative fees | 613 |
|  Distribution and/or servicing fees - Administrative Class | 197 |
|  Distribution and/or servicing fees - Advisor Class | 374 |
|  Trustee fees | 17 |
|  Interest expense | 300 |
|  Miscellaneous expense | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 2265 |
|  **Net Investment Income (Loss)** | 13769 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 756 |
|  Investments in Affiliates | (5) |
|  Exchange-traded or centrally cleared financial derivative instruments | (157) |
|  Over the counter financial derivative instruments | (590) |
|  Short sales | 119 |
|  Foreign currency | 75 |
|  **Net Realized Gain (Loss)** | 198 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 2219 |
|  Investments in Affiliates | (10) |
|  Exchange-traded or centrally cleared financial derivative instruments | (799) |
|  Over the counter financial derivative instruments | (1655) |
|  Foreign currency assets and liabilities | 46 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (199) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $13768 |
|  \* Foreign tax withholdings | $18 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets PIMCO Short-Term Portfolio

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $13769 | $29936 |
|  Net realized gain (loss) | 198 | 63 |
|  Net change in unrealized appreciation (depreciation) | (199) | 5154 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 13768 | 35153 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1201) | (3336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (6027) | (12629) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (6696) | (13940) |
|  **Total Distributions<sup>(a)</sup>** | (13924) | (29905) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 24232 | 12816 |
|  **Total Increase (Decrease) in Net Assets** | 24076 | 18064 |
|  **Net Assets:** |  |  |
|  Beginning of period | 608031 | 589967 |
|  End of period | $632107 | $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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 June 30, 2025 (Unaudited)

#### (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 102.7% | INVESTMENTS IN SECURITIES 102.7% | INVESTMENTS IN SECURITIES 102.7% |
| CORPORATE BONDS & NOTES 45.9% | CORPORATE BONDS & NOTES 45.9% | CORPORATE BONDS & NOTES 45.9% |
| BANKING & FINANCE 31.0% | BANKING & FINANCE 31.0% | BANKING & FINANCE 31.0% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.387% due 12/03/2028 ~ | 5600 | 5599 |
|  6.185% due 09/18/2027 •  | 700 | 708 |
|  6.575% due 10/13/2026 •  | 1000 | 1005 |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  1.750% due 01/30/2026 | 700 | 688 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  5.300% due 06/25/2026 | 600 | 604 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  4.250% due 06/15/2026 | 200 | 199 |
|  5.250% due 08/11/2025 | 1000 | 1000 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.285% due 07/26/2028 ~ | 2500 | 2512 |
|  5.645% due 04/23/2027 •  | 1000 | 1009 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  5.133% due 10/03/2025 ~ | 1900 | 1903 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.950% due 01/07/2027 | 600 | 604 |
|  5.097% due 07/16/2026 •  | 1300 | 1302 |
|  5.411% due 08/27/2026 ~ | 1200 | 1205 |
|  5.622% due 03/25/2027 ~ | 5300 | 5342 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 01/30/2026 | 1200 | 1181 |
|  1.950% due 09/20/2026 | 1200 | 1162 |
|  4.125% due 08/01/2025 | 200 | 200 |
|  4.875% due 10/01/2025 | 200 | 200 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 441 | 433 |
|  5.500% due 01/15/2026 | 1300 | 1302 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.862% due 09/14/2026 •  | 800 | 802 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.465% due 07/15/2028 ~ | 2000 | 2006 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.323% due 07/22/2027 ~ | 300 | 301 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  4.925% due 10/30/2026 ~ | 1000 | 662 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  5.274% due 09/10/2027 ~ | 1200 | 1204 |
|  Bank of Queensland Ltd. | Bank of Queensland Ltd. | Bank of Queensland Ltd. |
|  4.365% due 12/09/2025 ~ | 2500 | 1647 |
|  4.993% due 10/29/2025 ~ | 1000 | 660 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  4.780% due 05/24/2027 ~ | 500 | 329 |
|  5.440% due 02/16/2028 ~ | 1800 | 1809 |
|  5.482% due 01/23/2027 ~ | 1200 | 1207 |
|  5.745% due 07/13/2026 ~ | 800 | 808 |
|  5.790% due 07/13/2028 | 1000 | 1038 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 1200 | 1199 |
|  5.304% due 08/09/2026 •  | 1400 | 1400 |
|  5.887% due 03/12/2028 ~ | 700 | 706 |
|  7.325% due 11/02/2026 •  | 500 | 504 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.323% due 01/13/2027 •  | 4000 | 3931 |
|  BPCE SA | BPCE SA | BPCE SA |
|  1.652% due 10/06/2026 •  | 2600 | 2579 |
|  4.954% due 09/29/2025 ~ | 700 | 462 |
|  5.975% due 01/18/2027 •  | 2800 | 2820 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  1.550% due 05/24/2026 | 1300 | 1265 |
|  5.550% due 04/09/2027 | 500 | 508 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  5.065% due 01/13/2028 ~ | 1300 | 1299 |
|  5.326% due 09/11/2027 ~ | 200 | 201 |
|  5.354% due 06/28/2027 ~ | 300 | 302 |
|  5.563% due 10/02/2026 ~ | 1400 | 1413 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
|  5.037% due 10/16/2026 •  | 500 | 502 |
|  Citibank NA | Citibank NA | Citibank NA |
|  5.069% due 08/06/2026 ~ | 2100 | 2105 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.449% 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 •  |  | 400 |  | 391 |
|  1.980% due 12/15/2027 •  |  | 1000 |  | 965 |
|  5.100% due 03/05/2027 ~ |  | 1400 |  | 1405 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  5.092% due 01/07/2028 ~ |  | 1800 |  | 1793 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.247% due 01/26/2027 •  |  | 1300 |  | 1275 |
|  4.400% due 07/06/2027 |  | 200 |  | 131 |
|  5.266% due 03/11/2027 ~ | $— | 850 |  | 852 |
|  5.606% due 09/11/2028 ~ |  | 600 |  | 604 |
|  5.632% due 07/05/2026 ~ |  | 1200 |  | 1209 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 |  | 4800 |  | 4624 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  1.621% due 09/11/2026 •  |  | 1200 |  | 1193 |
|  DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. |
|  5.010% due 03/21/2028 ~ |  | 1800 |  | 1804 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  |  | 2700 |  | 2673 |
|  4.100% due 01/13/2026 |  | 1200 |  | 1196 |
|  5.589% due 11/16/2027 ~ |  | 600 |  | 600 |
|  6.119% due 07/14/2026 •  |  | 1700 |  | 1701 |
|  7.146% due 07/13/2027 •  |  | 700 |  | 718 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  5.896% due 10/09/2026 •  |  | 900 |  | 903 |
|  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 |
|  4.985% due 01/27/2027 ~ |  | 2200 |  | 2202 |
|  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 |
|  3.375% due 11/13/2025 |  | 700 |  | 695 |
|  4.134% due 08/04/2025 |  | 1600 |  | 1598 |
|  4.389% due 01/08/2026 |  | 200 |  | 199 |
|  7.341% due 03/06/2026 ~ |  | 550 |  | 555 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  4.400% due 09/23/2027 |  | 200 |  | 200 |
|  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. |
|  5.395% due 07/15/2027 ~ |  | 4700 |  | 4694 |
|  5.711% due 05/08/2027 ~ |  | 1000 |  | 999 |
|  6.050% due 10/10/2025 |  | 1500 |  | 1505 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  5.125% due 05/21/2027 ~ |  | 1100 |  | 1103 |
|  5.175% due 03/18/2027 ~ |  | 800 |  | 802 |
|  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 |  | 294 |
|  1.542% due 09/10/2027 •  |  | 200 |  | 193 |
|  5.182% due 12/09/2026 •  |  | 1200 |  | 1202 |
|  5.214% due 09/10/2027 ~ |  | 400 |  | 401 |
|  5.427% due 08/10/2026 ~ |  | 2200 |  | 2202 |
|  5.498% due 02/24/2028 ~ |  | 300 |  | 301 |
|  5.798% due 08/10/2026 •  |  | 1000 |  | 1001 |
|  6.249% due 03/15/2028 ~ |  | 200 |  | 204 |
|  Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP |
|  0.904% due 08/12/2025 |  | 200 |  | 199 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.292% due 09/12/2026 •  |  | 200 |  | 200 |
|  5.887% due 08/14/2027 •  |  | 400 |  | 406 |
|  5.932% due 08/14/2027 ~ |  | 200 |  | 202 |
|  5.966% (US0003M + 1.380%) due 09/12/2026 ~ |  | 4900 |  | 4914 |
|  7.336% due 11/03/2026 •  |  | 500 |  | 505 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  5.422% due 03/25/2029 ~ |  | 1900 |  | 1902 |
|  5.423% due 04/01/2027 •  |  | 1600 |  | 1605 |
|  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 |
|  5.315% 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. |
|  5.025% due 07/15/2027 ~ |  | 1100 |  | 1107 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.171% due 09/22/2027 ~ |  | 500 |  | 501 |
|  5.270% due 04/22/2028 ~ |  | 1400 |  | 1404 |
|  5.552% due 01/23/2028 ~ |  | 700 |  | 706 |
|  5.558% due 02/24/2028 ~ |  | 3300 |  | 3329 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.716% due 08/11/2026 •  |  | 400 |  | 400 |
|  5.434% due 11/26/2028 ~ |  | 3900 |  | 3910 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.920% due 08/07/2027 ~ | $— | 600 | $— | 605 |
|  5.920% due 01/05/2028 ~ |  | 1000 |  | 1011 |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
|  4.564% due 09/14/2026 ~ |  | 1100 |  | 727 |
|  4.584% due 02/23/2026 ~ |  | 1900 |  | 1254 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.446% due 05/13/2031 ~ | $— | 1300 |  | 1301 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.030% due 10/15/2027 ~ |  | 4000 |  | 4003 |
|  5.250% due 05/26/2028 ~ |  | 1100 |  | 1103 |
|  5.427% due 01/14/2028 ~ |  | 1900 |  | 1912 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
|  4.678% due 02/17/2026 ~ |  | 2800 |  | 1849 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada | National Bank of Canada | National Bank of Canada |
|  5.312% due 03/25/2027 •  | $— | 2100 |  | 2102 |
|  5.373% due 07/02/2027 ~ |  | 4600 |  | 4611 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.055% due 08/12/2025 |  | 1400 |  | 922 |
|  5.174% due 09/29/2026 ~ | $— | 1300 |  | 1304 |
|  5.270% due 05/17/2027 ~ |  | 800 |  | 804 |
|  5.356% due 03/21/2028 ~ |  | 900 |  | 901 |
|  Nissan Motor Acceptance Co. LLC | 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 |  | 2400 |  | 2291 |
|  2.000% due 03/09/2026 |  | 1800 |  | 1756 |
|  6.950% due 09/15/2026 |  | 200 |  | 202 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 |  | 600 |  | 583 |
|  1.851% due 07/16/2025 |  | 1500 |  | 1498 |
|  5.099% due 07/03/2025 |  | 858 |  | 858 |
|  5.591% due 07/02/2027 ~ |  | 600 |  | 604 |
|  5.709% due 01/09/2026 |  | 1400 |  | 1407 |
|  Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. |
|  4.588% due 05/18/2026 ~ |  | 600 |  | 396 |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA | PNC Bank NA | PNC Bank NA |
|  4.845% due 01/15/2027 ~ | $— | 2000 |  | 2001 |
|  Reliance Standard Life Global Funding | Reliance Standard Life Global Funding | Reliance Standard Life Global Funding | Reliance Standard Life Global Funding | Reliance Standard Life Global Funding |
|  5.243% due 02/02/2026 |  | 400 |  | 401 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  5.142% due 07/23/2027 ~ |  | 300 |  | 301 |
|  5.183% due 01/24/2029 ~ |  | 1700 |  | 1698 |
|  5.208% due 10/18/2028 ~ |  | 500 |  | 501 |
|  5.234% due 03/27/2028 ~ |  | 4100 |  | 4114 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | 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. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  4.500% due 07/17/2025 |  | 200 |  | 200 |
|  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 |
|  6.833% due 11/21/2026 •  |  | 3600 |  | 3630 |
|  Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. |
|  5.747% due 11/16/2025 ~ |  | 300 |  | 199 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  1.456% due 01/14/2027 •  | $— | 2700 |  | 2655 |
|  5.538% due 05/14/2028 ~ |  | 500 |  | 502 |
|  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 |  | 500 |  | 504 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  4.644% due 02/20/2026 ~ |  | 1400 |  | 924 |
|  4.946% due 07/28/2026 ~ |  | 1300 |  | 861 |
|  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. |
|  5.776% due 01/13/2026 ~ | $— | 2100 |  | 2113 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.517% due 03/09/2026 ~ |  | 825 |  | 830 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  5.042% due 05/28/2027 ~ |  | 700 |  | 702 |
|  Swedbank AB | Swedbank AB | Swedbank AB | Swedbank AB | Swedbank AB |
|  5.337% due 09/20/2027 |  | 2000 |  | 2041 |
|  Synchrony Bank | Synchrony Bank | Synchrony Bank | Synchrony Bank | Synchrony Bank |
|  5.400% due 08/22/2025 |  | 600 |  | 600 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.362% due 03/17/2026 ~ |  | 300 |  | 197 |
|  UBS AG | UBS AG | UBS AG | UBS AG | UBS AG |
|  4.745% due 07/30/2025 ~ |  | 1800 |  | 1185 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  1.364% due 01/30/2027 •  | $— | 800 |  | 786 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  1.500% due 05/24/2027 | 500 | 579 |
|  5.133% due 01/24/2028 ~ | 4400 | 4404 |
|  Western Union Co. | Western Union Co. | Western Union Co. |
|  1.350% due 03/15/2026 | 500 | 488 |
|  |  | 195835 |
| INDUSTRIALS 10.8% | INDUSTRIALS 10.8% | INDUSTRIALS 10.8% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  0.950% due 02/10/2026 | 1700 | 1663 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 | 1300 | 1307 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  5.500% due 04/20/2026 | 367 | 366 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 6400 | 6383 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 3100 | 3045 |
|  1.650% due 01/15/2027 | 1404 | 1347 |
|  4.875% due 07/15/2026 | 1277 | 1276 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  5.166% due 08/13/2026 ~ | 2000 | 2008 |
|  5.185% due 03/19/2027 ~ | 1700 | 1702 |
|  5.326% due 03/21/2028 ~ | 2400 | 2394 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.600% due 10/30/2025 | 800 | 793 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  4.908% due 07/23/2025 | 300 | 300 |
|  Dyno Nobel Ltd. | Dyno Nobel Ltd. | Dyno Nobel Ltd. |
|  4.300% due 03/18/2026 | 1500 | 987 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.165% due 10/01/2026 ~ | 1800 | 1800 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  5.500% due 10/15/2026 | 500 | 495 |
|  Harley-Davidson, Inc. | Harley-Davidson, Inc. | Harley-Davidson, Inc. |
|  3.500% due 07/28/2025 | 2100 | 2097 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.257% due 03/01/2028 ~ | 1000 | 1006 |
|  5.875% due 02/15/2026 | 603 | 604 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.402% due 03/25/2027 ~ | 1100 | 1099 |
|  5.509% due 08/04/2025 •  | 5236 | 5239 |
|  5.847% due 01/08/2027 ~ | 1300 | 1308 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  4.650% due 09/09/2026 | 900 | 901 |
|  5.800% due 12/12/2025 | 500 | 502 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 700 | 692 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.900% due 06/01/2027 | 600 | 613 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.985% due 07/31/2026 ~ | 1900 | 1901 |
|  5.344% due 03/31/2028 ~ | 500 | 499 |
|  MPLX LP | MPLX LP | MPLX LP |
|  1.750% due 03/01/2026 | 1300 | 1275 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.522% due 09/17/2025 | 1100 | 1094 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  3.625% due 10/14/2025 | 1100 | 1099 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  4.250% due 07/01/2026 | 100 | 100 |
|  5.500% due 08/31/2026 | 1000 | 1004 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  5.500% due 01/16/2027 | 400 | 406 |
|  6.250% due 01/17/2026 | 800 | 808 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.650% due 04/01/2028 | 1300 | 1314 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  4.500% due 08/15/2029 | 1400 | 1393 |
|  6.250% due 01/15/2028 | 1300 | 1307 |
|  7.500% due 09/15/2027 | 1300 | 1312 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 3300 | 3280 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.236% due 03/20/2026 ~ | 3800 | 3801 |
|  5.327% due 09/12/2025 ~ | 200 | 200 |
|  5.428% due 08/14/2026 ~ | 2800 | 2809 |
|  5.472% due 03/25/2027 ~ | 1600 | 1599 |
|  Whitbread Group PLC | Whitbread Group PLC | Whitbread Group PLC |
|  3.375% due 10/16/2025 | 1400 | 1912 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.400% due 03/02/2026 | 1100 | 1106 |
|  |  | 68146 |
| UTILITIES 4.1% | UTILITIES 4.1% | UTILITIES 4.1% |
|  AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 | 1700 | 1668 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  3.625% due 10/13/2025 | 500 | 498 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  4.625% due 06/15/2027 | 800 | 803 |
|  7.050% due 10/14/2025 | 500 | 503 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  1.600% due 01/15/2026 | 200 | 196 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.116% due 01/29/2026 ~ | 1000 | 1003 |
|  5.159% due 02/04/2028 ~ | 2700 | 2714 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.250% due 09/24/2027 | 900 | 899 |
|  5.850% due 01/15/2026 | 1000 | 1005 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.150% due 01/01/2026 | 2700 | 2675 |
|  3.450% due 07/01/2025 | 500 | 500 |
|  5.339% due 09/04/2025 ~ | 5300 | 5300 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.214% due 06/10/2026 ~ | 800 | 801 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 | 3500 | 3413 |
|  3.650% due 03/01/2028 | 300 | 292 |
|  4.400% due 09/06/2026 | 900 | 899 |
|  4.700% due 06/01/2027 | 200 | 201 |
|  4.875% due 02/01/2027 | 200 | 201 |
|  4.900% due 06/01/2026 | 200 | 200 |
|  5.300% due 03/01/2028 | 1100 | 1114 |
|  5.350% due 03/01/2026 | 1000 | 1005 |
|  Victoria Power Networks Finance Pty. Ltd. | Victoria Power Networks Finance Pty. Ltd. | Victoria Power Networks Finance Pty. Ltd. |
|  4.752% due 04/21/2026 ~ | 400 | 263 |
|  |  | 26153 |
|  Total Corporate Bonds & Notes (Cost $289,261) | Total Corporate Bonds & Notes (Cost $289,261) | 290134 |
| 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 |
|  4.888% (US0003M + 0.300%) due 02/15/2036 ~ | 1990 | 1848 |
|  Total Municipal Bonds & Notes (Cost $1,849) | Total Municipal Bonds & Notes (Cost $1,849) | 1848 |
| U.S. GOVERNMENT AGENCIES 17.7% | U.S. GOVERNMENT AGENCIES 17.7% | U.S. GOVERNMENT AGENCIES 17.7% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.496% due 12/25/2036 •  | 1 | 1 |
|  4.620% due 02/25/2037 •  | 13 | 12 |
|  4.770% due 05/25/2042 •  | 1 | 1 |
|  5.100% due 12/25/2037 •  | 12 | 12 |
|  5.130% due 12/25/2047 •  | 457 | 457 |
|  5.205% due 09/25/2054 •  | 5680 | 5661 |
|  5.255% due 03/25/2055 •  | 285 | 286 |
|  5.305% due 05/25/2055 •  | 966 | 965 |
|  5.355% due 01/25/2055 - 05/25/2055 •  | 3506 | 3504 |
|  5.405% due 12/25/2054 - 01/25/2055 •  | 3413 | 3412 |
|  5.455% due 01/25/2055 - 03/25/2055 •  | 4502 | 4502 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.465% due 03/25/2055 •  | $— | 1716 | 1717 |
|  5.505% due 10/25/2053 - 12/25/2053 •  |  | 1844 | 1851 |
|  5.524% due 07/25/2055 •  |  | 1900 | 1905 |
|  5.555% due 11/25/2053 - 02/25/2055 •  |  | 2646 | 2656 |
|  5.697% due 03/01/2044 - 07/01/2044 •  |  | 4 | 4 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  2.500% due 10/25/2048 |  | 138 | 126 |
|  3.000% due 09/25/2045 |  | 237 | 205 |
|  4.868% due 09/15/2041 •  |  | 6 | 6 |
|  5.118% due 02/15/2038 •  |  | 7 | 7 |
|  5.205% due 09/25/2054 •  |  | 4388 | 4382 |
|  5.235% due 05/25/2055 •  |  | 4288 | 4288 |
|  5.245% due 11/25/2054 •  |  | 8022 | 8006 |
|  5.255% due 10/25/2054 - 04/25/2055 •  |  | 10473 | 10452 |
|  5.305% due 10/25/2052 - 06/25/2055 •  |  | 10126 | 10086 |
|  5.306% due 06/25/2055 «•  |  | 400 | 401 |
|  5.404% due 07/25/2055 •  |  | 200 | 200 |
|  5.405% due 11/25/2054 - 01/25/2055 •  |  | 6532 | 6509 |
|  5.455% due 05/25/2054 - 03/25/2055 •  |  | 10574 | 10573 |
|  5.505% due 12/25/2054 •  |  | 1380 | 1384 |
|  5.555% due 06/25/2055 •  |  | 4265 | 4285 |
|  5.599% due 10/25/2044 - 02/25/2045 •  |  | 37 | 35 |
|  5.799% due 07/25/2044 •  |  | 6 | 6 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  2.500% due 01/20/2049 - 10/20/2049 |  | 95 | 85 |
|  4.946% due 11/20/2069 •  |  | 55 | 55 |
|  5.092% due 04/20/2074 •  |  | 289 | 289 |
|  5.202% due 01/20/2074 - 07/20/2074 •  |  | 1943 | 1951 |
|  5.204% due 06/20/2055 •  |  | 600 | 600 |
|  5.246% due 01/20/2066 •  |  | 97 | 97 |
|  5.252% due 05/20/2055 - 10/20/2073 •  |  | 4583 | 4615 |
|  5.282% due 09/20/2073 •  |  | 464 | 468 |
|  5.296% due 11/20/2066 •  |  | 151 | 152 |
|  5.302% due 05/20/2073 •  |  | 1044 | 1055 |
|  5.402% due 05/20/2073 - 11/20/2073 •  |  | 388 | 394 |
|  5.446% due 01/20/2066 •  |  | 237 | 238 |
|  5.625% due 02/20/2032 •  |  | 1 | 1 |
|  6.595% due 05/20/2071 •  |  | 161 | 165 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.000% due 08/01/2049 |  | 14 | 13 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.500% due 08/01/2055 |  | 14000 | 13988 |
|  Total U.S. Government Agencies (Cost $112,110) | Total U.S. Government Agencies (Cost $112,110) | Total U.S. Government Agencies (Cost $112,110) | 112063 |
| U.S. TREASURY OBLIGATIONS 0.7% | U.S. TREASURY OBLIGATIONS 0.7% | U.S. TREASURY OBLIGATIONS 0.7% | U.S. TREASURY OBLIGATIONS 0.7% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.125% due 10/15/2025 (d)(g)(i) |  | 2225 | 2218 |
|  2.125% due 04/15/2029 (d) |  | 1929 | 1981 |
|  Total U.S. Treasury Obligations (Cost $4,140) | Total U.S. Treasury Obligations (Cost $4,140) | Total U.S. Treasury Obligations (Cost $4,140) | 4199 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 6.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.5% |
|  AG Trust | AG Trust | AG Trust | AG Trust |
|  6.327% due 07/15/2041 •  |  | 143 | 143 |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  5.139% due 12/28/2049 •  |  | 1970 | 2709 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  5.903% due 01/25/2064 | $— | 668 | 671 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  6.884% due 01/25/2034 ~ |  | 1 | 1 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.905% due 09/25/2035 ~ |  | 5 | 3 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.042% due 08/15/2052 |  | 861 | 837 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
|  5.376% due 08/15/2038 •  | 2130 | 2027 |
|  BSST Mortgage Trust | BSST Mortgage Trust | BSST Mortgage Trust |
|  5.612% due 02/15/2037 •  | 2600 | 2348 |
|  BX Trust | BX Trust | BX Trust |
|  5.126% due 01/15/2034 •  | 76 | 76 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  5.555% due 09/25/2055 •  | 766 | 767 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.805% due 06/25/2055 •  | 595 | 596 |
|  6.080% due 09/25/2035 •  | 1 | 1 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  5.805% due 11/15/2038 •  | 332 | 326 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  5.835% due 02/25/2069 þ | 1126 | 1132 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  5.726% due 12/15/2038 •  | 2055 | 2030 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.774% due 06/25/2035 •  | 2 | 2 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.063% due 03/25/2032 ~ | 1 | 1 |
|  5.695% due 06/25/2033 ~ | 2 | 2 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  3.904% due 04/25/2062 ~ | 151 | 144 |
|  4.118% due 12/27/2060 ~ | 604 | 602 |
|  5.000% due 07/25/2056 •  | 281 | 262 |
|  5.194% due 07/15/2032 •  | 238 | 236 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.655% due 02/25/2060 þ | 484 | 488 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.508% due 06/15/2044 •  | 12 | 17 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.506% due 07/15/2038 •  | 2144 | 2146 |
|  Finsbury Square Green PLC | Finsbury Square Green PLC | Finsbury Square Green PLC |
|  4.889% due 12/16/2067 •  | 33 | 45 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  1.091% due 05/25/2066 ~ | 609 | 529 |
|  2.885% due 12/27/2066 ~ | 695 | 649 |
|  Gemgarto PLC | Gemgarto PLC | Gemgarto PLC |
|  5.124% due 12/16/2067 •  | 108 | 148 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.874% 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 ~ | 1173 | 1102 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  5.000% due 12/25/2051 •  | 228 | 212 |
|  5.000% due 02/25/2052 •  | 665 | 617 |
|  5.656% due 11/25/2054 •  | 1212 | 1218 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.293% due 09/25/2035 ~ | 1 | 1 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.872% due 05/19/2035 •  | 8 | 8 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.074% due 03/25/2035 •  | 48 | 46 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.569% due 06/15/2035 •  | 291 | 251 |
|  5.809% due 12/15/2031 •  | 138 | 137 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.500% due 05/25/2050 ~ | 73 | 66 |
|  5.000% due 02/25/2052 •  | 215 | 199 |
|  Kinbane DAC | Kinbane DAC | Kinbane DAC |
|  2.739% due 09/25/2062 ~ | 521 | 622 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.250% due 07/25/2067 | 241 | 241 |
|  5.750% due 07/25/2061 | 313 | 312 |
|  MA Money Pinnacle Residential Securitisation Trust | MA Money Pinnacle Residential Securitisation Trust | MA Money Pinnacle Residential Securitisation Trust |
|  4.535% due 04/15/2066 •  | 438 | 289 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 139 | 135 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  1.125% due 11/25/2060 ~ | 374 | 358 |
|  2.750% due 08/25/2059 ~ | 231 | 224 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  5.426% due 05/15/2036 •  | $| 800 | 504 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  5.000% due 09/25/2051 •  |  | 296 | 275 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  5.074% due 02/25/2035 •  |  | 23 | 24 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.348% due 04/15/2032 •  |  | 1000 | 993 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  0.941% due 10/25/2058 ~ |  | 166 | 159 |
|  2.464% due 01/26/2060 ~ |  | 652 | 616 |
|  3.500% due 12/25/2057 ~ |  | 40 | 39 |
|  4.500% due 05/25/2058 ~ |  | 105 | 103 |
|  New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust |
|  4.670% due 08/25/2061 þ |  | 542 | 539 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.521% due 11/15/2038 •  |  | 1600 | 1598 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  5.988% due 01/25/2064 þ |  | 479 | 483 |
|  6.067% due 01/25/2064 þ |  | 721 | 727 |
|  6.129% due 12/25/2063 þ |  | 1013 | 1022 |
|  6.447% due 02/25/2064 þ |  | 720 | 729 |
|  Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust |
|  5.261% due 05/25/2055 •  |  | 1000 | 1002 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.333% due 03/25/2059 þ |  | 130 | 131 |
|  Progress Trust | Progress Trust | Progress Trust | Progress Trust |
|  4.693% due 01/21/2051 •  | AUD | 955 | 629 |
|  PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust |
|  6.327% due 06/25/2069 þ | $| 405 | 412 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.553% due 03/25/2055 þ |  | 288 | 290 |
|  5.653% due 01/25/2045 þ |  | 373 | 375 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.466% due 11/25/2063 ~ |  | 782 | 791 |
|  5.290% due 02/20/2034 •  |  | 47 | 42 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.894% due 05/25/2045 •  |  | 9 | 9 |
|  4.932% due 07/19/2035 •  |  | 1 | 1 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.223% due 07/20/2053 •  | GBP | 695 | 957 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 12/25/2061 ~ | $| 556 | 539 |
|  2.710% due 01/25/2060 ~ |  | 864 | 830 |
|  3.750% due 05/25/2058 ~ |  | 248 | 243 |
|  5.434% due 05/25/2058 •  |  | 190 | 195 |
|  5.434% due 10/25/2059 •  |  | 135 | 136 |
|  Triton Bond Trust | Triton Bond Trust | Triton Bond Trust | Triton Bond Trust |
|  4.458% due 02/09/2053 •  | AUD | 563 | 370 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.712% due 01/25/2069 þ | $| 769 | 771 |
|  5.811% due 05/25/2068 |  | 163 | 163 |
|  5.850% due 12/25/2067 þ |  | 198 | 198 |
|  6.443% due 08/25/2068 |  | 133 | 134 |
|  6.476% due 06/25/2068 |  | 265 | 267 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.399% due 02/25/2046 •  |  | 5 | 5 |
|  5.399% due 08/25/2046 •  |  | 5 | 4 |
|  5.599% due 11/25/2042 •  |  | 2 | 1 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $41,824) | Total Non-Agency Mortgage-Backed Securities (Cost $41,824) | Total Non-Agency Mortgage-Backed Securities (Cost $41,824) | 41286 |
| ASSET-BACKED SECURITIES 18.8% | ASSET-BACKED SECURITIES 18.8% | ASSET-BACKED SECURITIES 18.8% | ASSET-BACKED SECURITIES 18.8% |
| AUTOMOBILE ABS OTHER 0.9% | AUTOMOBILE ABS OTHER 0.9% | AUTOMOBILE ABS OTHER 0.9% | AUTOMOBILE ABS OTHER 0.9% |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.924% due 03/15/2027 •  |  | 710 | 710 |
|  5.104% due 12/15/2026 •  |  | 126 | 126 |
|  Chesapeake Funding LLC | Chesapeake Funding LLC | Chesapeake Funding LLC | Chesapeake Funding LLC |
|  5.554% due 05/15/2035 •  |  | 1164 | 1169 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  4.904% due 10/15/2026 •  |  | 701 | 701 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  4.804% due 07/15/2026 •  |  | 46 | 46 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ford Credit Floorplan Master Owner Trust | Ford Credit Floorplan Master Owner Trust | Ford Credit Floorplan Master Owner Trust |
|  5.074% due 09/15/2029 •  | 1500 | 1504 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.712% due 05/20/2027 •  | 700 | 701 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.834% due 11/16/2026 •  | 54 | 54 |
|  Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
|  4.864% due 05/15/2026 •  | 40 | 40 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.742% due 02/22/2027 •  | 788 | 788 |
|  |  | 5839 |
| AUTOMOBILE SEQUENTIAL 2.2% | AUTOMOBILE SEQUENTIAL 2.2% | AUTOMOBILE SEQUENTIAL 2.2% |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  5.990% due 09/25/2026 | 453 | 455 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.590% due 07/17/2028 | 1600 | 1606 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  0.800% due 01/10/2027 | 81 | 81 |
|  Chesapeake Funding LLC | Chesapeake Funding LLC | Chesapeake Funding LLC |
|  5.520% due 05/15/2036 | 660 | 667 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.540% due 11/16/2026 | 309 | 310 |
|  5.840% due 01/18/2028 | 297 | 299 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.380% due 07/20/2029 | 264 | 264 |
|  5.740% due 12/20/2026 | 1415 | 1421 |
|  5.760% due 10/22/2029 | 524 | 527 |
|  6.400% due 03/20/2030 | 1253 | 1272 |
|  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 | 1509 |
|  GMF Canada Leasing Trust | GMF Canada Leasing Trust | GMF Canada Leasing Trust |
|  4.883% due 12/21/2026 | 655 | 487 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  5.490% due 06/25/2027 | 2100 | 2112 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.530% due 09/15/2027 | 847 | 847 |
|  5.800% due 01/15/2027 | 111 | 111 |
|  Oscar U.S. Funding LLC | Oscar U.S. Funding LLC | Oscar U.S. Funding LLC |
|  5.480% due 02/10/2027 | 398 | 399 |
|  5.810% due 12/10/2027 | 700 | 704 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.560% due 11/22/2027 | 900 | 908 |
|  |  | 13979 |
| CMBS OTHER 1.1% | CMBS OTHER 1.1% | CMBS OTHER 1.1% |
|  ACREC LLC | ACREC LLC | ACREC LLC |
|  6.542% due 02/19/2038 •  | 477 | 478 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.556% due 06/17/2039 •  | 2311 | 2312 |
|  BDS LLC | BDS LLC | BDS LLC |
|  6.454% due 08/19/2038 •  | 1373 | 1374 |
|  HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. |
|  5.479% due 02/18/2038 •  | 31 | 31 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.726% due 07/15/2036 •  | 756 | 756 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.936% due 11/22/2038 •  | 34 | 34 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.144% due 09/17/2039 •  | 441 | 442 |
|  6.586% due 08/19/2035 •  | 895 | 896 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.693% due 10/25/2039 •  | 198 | 198 |
|  |  | 6521 |
| CREDIT CARD BULLET 1.3% | CREDIT CARD BULLET 1.3% | CREDIT CARD BULLET 1.3% |
|  Master Credit Card Trust | Master Credit Card Trust | Master Credit Card Trust |
|  5.053% due 01/21/2028 •  | 4000 | 4006 |
|  5.153% due 01/21/2027 •  | 4400 | 4398 |
|  |  | 8404 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 13

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| CREDIT CARD OTHER 2.3% | CREDIT CARD OTHER 2.3% | CREDIT CARD OTHER 2.3% |
|  CARDS Trust | CARDS Trust | CARDS Trust |
|  5.192% due 07/15/2028 •  | 1000 | 1000 |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.970% due 01/15/2029 | 2000 | 1932 |
|  Trillium Credit Card Trust | Trillium Credit Card Trust | Trillium Credit Card Trust |
|  5.130% due 12/26/2028 •  | 5500 | 5510 |
|  5.226% due 08/26/2028 •  | 6000 | 6005 |
|  |  | 14447 |
| HOME EQUITY OTHER 0.4% | HOME EQUITY OTHER 0.4% | HOME EQUITY OTHER 0.4% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.214% due 04/25/2034 •  | 210 | 200 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  5.934% due 10/25/2034 •  | 115 | 115 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  3.968% due 08/25/2032 •  | 1 | 1 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  5.259% due 08/25/2034 •  | 124 | 118 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  5.169% due 01/25/2035 •  | 32 | 31 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  5.409% due 04/25/2035 •  | 116 | 116 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.534% due 11/25/2036 •  | 1 | 0 |
|  5.134% due 09/25/2034 •  | 111 | 102 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  5.334% due 05/25/2034 •  | 225 | 237 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  5.094% due 01/25/2036 •  | 7 | 7 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.733% due 08/25/2033 •  | 2 | 2 |
|  5.154% due 11/25/2034 •  | 3 | 2 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.348% due 07/25/2065 þ | 200 | 200 |
|  5.848% due 01/25/2064 ~ | 347 | 349 |
|  6.290% due 05/25/2064 ~ | 757 | 765 |
|  |  | 2245 |
| OTHER ABS 10.6% | OTHER ABS 10.6% | OTHER ABS 10.6% |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.712% due 04/22/2034 •  | 1400 | 1403 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.568% due 01/15/2032 •  | 100 | 100 |
|  5.600% due 04/17/2033 •  | 2500 | 2508 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.379% due 01/18/2035 •  | 400 | 400 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.491% due 07/16/2034 •  | 1000 | 999 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  2.976% due 01/20/2032 •  | 664 | 780 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.472% due 10/25/2030 •  | 566 | 566 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.491% due 07/16/2031 •  | 1963 | 1966 |
|  CCG Receivables Trust | CCG Receivables Trust | CCG Receivables Trust |
|  4.480% due 10/14/2032 | 900 | 902 |
|  Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. |
|  5.581% due 04/20/2034 •  | 2200 | 2206 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.487% due 10/24/2030 •  | 862 | 863 |
|  CNH Equipment Trust | CNH Equipment Trust | CNH Equipment Trust |
|  5.900% due 02/16/2027 | 160 | 160 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  2.550% due 05/25/2041 | 24 | 23 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.690% due 08/22/2030 | 1000 | 1001 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  5.930% due 07/20/2026 | 40 | 40 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DLLST LLC | DLLST LLC | DLLST LLC |
|  5.330% due 01/20/2026 | 237 | 237 |
|  Dryden CLO Ltd. | Dryden CLO Ltd. | Dryden CLO Ltd. |
|  5.362% due 08/20/2034 •  | 2400 | 2394 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.419% due 10/19/2029 •  | 469 | 469 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.170% due 02/27/2068 •  | 267 | 264 |
|  5.420% due 07/25/2069 •  | 230 | 229 |
|  ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC |
|  1.530% due 12/26/2046 | 445 | 396 |
|  FirstKey Homes Trust | FirstKey Homes Trust | FirstKey Homes Trust |
|  1.266% due 10/19/2037 | 1662 | 1642 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.608% due 07/15/2031 •  | 678 | 680 |
|  Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. |
|  5.502% due 04/22/2033 •  | 2900 | 2907 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.468% due 07/15/2030 •  | 126 | 126 |
|  5.471% due 07/18/2030 •  | 281 | 281 |
|  LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. |
|  5.561% due 04/20/2031 •  | 687 | 688 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.611% due 04/20/2031 •  | 1021 | 1023 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.256% due 10/15/2034 •  | 2400 | 2403 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.200% due 09/13/2027 | 1100 | 1103 |
|  5.790% due 11/13/2026 | 268 | 269 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.326% due 11/15/2068 •  | 193 | 192 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.170% due 09/16/2069 | 135 | 126 |
|  1.310% due 01/15/2069 | 337 | 317 |
|  1.690% due 05/15/2069 | 1097 | 1028 |
|  5.426% due 04/15/2069 •  | 875 | 871 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  6.004% due 03/15/2072 •  | 580 | 585 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.874% due 09/27/2066 •  | 43 | 43 |
|  5.120% due 09/27/2038 •  | 686 | 683 |
|  5.234% due 08/25/2067 •  | 363 | 362 |
|  5.320% due 06/27/2067 •  | 151 | 151 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.419% due 10/20/2030 •  | 353 | 353 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  6.660% due 07/15/2031 | 61 | 62 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.259% due 01/15/2033 •  | 1006 | 1186 |
|  PFS Financing Corp. | PFS Financing Corp. | PFS Financing Corp. |
|  5.454% due 08/15/2027 •  | 2900 | 2902 |
|  Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO |
|  5.466% due 07/15/2034 •  | 3000 | 3002 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  4.870% due 06/25/2043 •  | 359 | 353 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.340% due 03/17/2053 | 176 | 165 |
|  1.600% due 09/15/2054 | 203 | 191 |
|  5.284% due 09/15/2054 •  | 804 | 799 |
|  5.403% due 07/15/2053 •  | 1777 | 1780 |
|  5.754% due 04/15/2054 •  | 987 | 993 |
|  5.853% due 11/15/2052 •  | 703 | 710 |
|  6.154% due 05/16/2050 •  | 560 | 565 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  4.820% due 06/25/2034 | 1000 | 1002 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.562% due 01/25/2032 •  | 874 | 874 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 | 94 | 90 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.409% due 01/20/2032 •  | 1573 | 1575 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Towd Point Asset Trust | Towd Point Asset Trust | Towd Point Asset Trust |
|  5.132% due 11/20/2061 •  | 209 | 208 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.349% due 10/20/2034 •  | 2400 | 2403 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.652% due 04/25/2033 •  | 1000 | 1001 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.521% due 07/20/2030 •  | 444 | 445 |
|  5.578% due 09/07/2030 •  | 600 | 600 |
|  5.581% due 07/20/2030 •  | 810 | 809 |
|  5.664% due 04/20/2032 •  | 1720 | 1722 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.399% due 07/20/2032 •  | 2523 | 2520 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.952% due 12/20/2028 •  | 4000 | 4006 |
|  Volvo Financial Equipment LLC | Volvo Financial Equipment LLC | Volvo Financial Equipment LLC |
|  4.560% due 05/17/2027 | 1684 | 1685 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  0.000% due 04/20/2034 •(a) | 1700 | 1700 |
|  |  | 67087 |
|  Total Asset-Backed Securities (Cost $118,373) | Total Asset-Backed Securities (Cost $118,373) | 118522 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  0.500% due 02/27/2026 | 2200 | 639 |
|  5.000% due 10/30/2026 | 200 | 242 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  5.192% due 03/31/2028 ~ | 300 | 300 |
|  Total Sovereign Issues (Cost $1,097) | Total Sovereign Issues (Cost $1,097) | 1181 |
| SHORT-TERM INSTRUMENTS 12.6% | SHORT-TERM INSTRUMENTS 12.6% | SHORT-TERM INSTRUMENTS 12.6% |
| COMMERCIAL PAPER 5.8% | COMMERCIAL PAPER 5.8% | COMMERCIAL PAPER 5.8% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 07/07/2025 | 6300 | 6294 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.640% due 07/29/2025 | 2400 | 2391 |
|  4.640% due 07/30/2025 | 3700 | 3686 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.730% due 07/10/2025 | 6200 | 6192 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  5.030% due 07/22/2025 | 300 | 299 |
|  5.030% due 07/24/2025 | 600 | 598 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.000% due 08/22/2025 | 15700 | 15587 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.600% due 07/28/2025 | 700 | 697 |
|  4.600% due 07/29/2025 | 700 | 697 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  4.690% due 07/24/2025 | 300 | 299 |
|  |  | 36740 |
| REPURCHASE AGREEMENTS (e) 0.5% | REPURCHASE AGREEMENTS (e) 0.5% | REPURCHASE AGREEMENTS (e) 0.5% |
|  |  | 3300 |
| U.S. TREASURY BILLS 6.3% | U.S. TREASURY BILLS 6.3% | U.S. TREASURY BILLS 6.3% |
|  4.256% due 07/31/2025 - 01/02/2026 (b)(c)(i) | 40574 | 39732 |
| Total Short-Term Instruments<br>(Cost $79,774) | Total Short-Term Instruments<br>(Cost $79,774) | 79772 |
| Total Investments in Securities<br>(Cost $648,428) | Total Investments in Securities<br>(Cost $648,428) | 649005 |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 4.5% | INVESTMENTS IN AFFILIATES 4.5% | INVESTMENTS IN AFFILIATES 4.5% | INVESTMENTS IN AFFILIATES 4.5% |
| SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5% |
|  PIMCO Short Asset Portfolio | 2886652 | $— | 28278 |
|  PIMCO Short-Term Floating NAV Portfolio III | 9857 |  | 96 |
| Total Short-Term Instruments<br>(Cost $28,374) | Total Short-Term Instruments<br>(Cost $28,374) |  | 28374 |
| Total Investments in Affiliates<br>(Cost $28,374) | Total Investments in Affiliates<br>(Cost $28,374) |  | 28374 |

---

---

| | | |
|:---|:---|:---|
|  | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| Total Investments 107.2%<br>(Cost $676,802) | $— | 677379 |
|  Financial Derivative Instruments (f)(h) (0.1)%<br> (Cost or Premiums, net $(344)) |  | (722) |
| Other Assets and Liabilities, net (7.1)% |  | (44550) |
| Net Assets 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632107 |

---

#### 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) When-issued security.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

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

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(e) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| FICC STR | 4.400% | 06/30/2025 | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | U.S. Treasury Notes 0.000% due 06/30/2027 | $(3366) | $3300 | $3300 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3366) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 |

---

#### 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 June 30, 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>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC STR | $3300 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3366) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | $&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> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(12664) at a weighted average interest rate of 4.517%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 |
|  3-Month SOFR Active Contract June Futures  | 09/2025 | 756 | $180807 | $(44) | $0 | $(14) |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 634 | 153111 | 385 | 47 | 0 |
|  Australia Government 10-Year Bond September Futures  | 09/2025 | 132 | 9360 | 30 | 0 | (8) |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 1822 | 198598 | 2028 | 242 | 0 |
|  |  |  |  | $2399 | $289 | $(22) |
| 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 September Futures  | 09/2025 | 736 | $(153105) | $(569) | $0 | $(40) |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 118 | (13231) | (187) | 0 | (37) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 36 | (4114) | (104) | 0 | (17) |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 113 | (13461) | (347) | 0 | (152) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1207) | $0 | $(246) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $1192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268) |

---

#### 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>June 30, 2025<sup>(2)</sup> | 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 |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(2)</sup> | 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 |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.238% | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | 3.500% | Annual | 03/19/2030 |  | 20100 | $(548) | $298 | $(250) | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/11/2026 |  | $101500 | 126 | 5 | 131 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.920 | Annual | 02/27/2026 |  | 800 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 |  | 15500 | 0 | (223) | (223) | 0 | (18) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149712 | (90) | (1479) | (1569) | 0 | (221) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 19900 | (81) | (133) | (214) | 0 | (29) |
|  |  |  |  |  |  |  | $(593) | $(1531) | $(2124) | $2 | $(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;(588) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1532) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2120) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&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 June 30, 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;289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&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;(268) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537) |

---

(g) Securities with an aggregate market value of $1,730 and cash of $7,308 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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. 

---

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

---

------

June 30, 2025 (Unaudited)

<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.

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 07/2025 | $14790 | 22768 | $195 | $0 |
|  | 08/2025 | 22768 | $14799 | 0 | (195) |
|  BOA | 07/2025 | 3061 | 3480 | 0 | (125) |
|  | 07/2025 | $1335 | 2062 | 22 | 0 |
|  BRC | 07/2025 | 104 | $31 | 0 | 0 |
|  | 07/2025 | $6532 | 4801 | 58 | 0 |
|  | 07/2025 | 62 | 216 | 2 | 0 |
|  | 08/2025 | 4801 | $6533 | 0 | (58) |
|  DUB | 07/2025 | $3551 | 3061 | 55 | 0 |
|  | 07/2025 | 30 | 105 | 1 | 0 |
|  | 08/2025 | 3054 | $3551 | 0 | (55) |
|  FAR | 07/2025 | 24830 | 16020 | 0 | (322) |
|  | 07/2025 | 15 | 18 | 0 | (1) |
|  | 07/2025 | $19 | 15 | 0 | 0 |
|  | 08/2025 | 15 | $19 | 0 | 0 |
|  MBC | 07/2025 | 230 | 151 | 0 | (1) |
|  | 07/2025 | 1250 | 910 | 0 | (8) |
|  | 07/2025 | $910 | 1251 | 8 | 0 |
|  | 08/2025 | 230 | $150 | 0 | (1) |
|  | 08/2025 | 1249 | 910 | 0 | (9) |
|  | 02/2026 | 2211 | 605 | 0 | (54) |
|  SCX | 07/2025 | $1 | 2 | 0 | 0 |
|  SSB | 07/2025 | 4801 | $6501 | 0 | (89) |
|  UAG | 07/2025 | $5 | 16 | 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;341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(918) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.400% | 09/26/2025 | 19800 | $5 | $0 |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600 | 08/12/2025 | 157800 | 125 | 102 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.600 | 08/12/2025 | 157800 | 126 | 0 |
|  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;256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850% | 07/16/2025 | 2350 | $(3) | $0 |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 2650 | (3) | 0 |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 07/16/2025 | 2500 | (3) | 0 |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 2650 | (3) | (1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(12) | $(1) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 17

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 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> |
|  AZD | $195 | $0 | $0 | $195 | $(195) | $0 | $0 | $(195) | $0 | $0 | $0 |
|  BOA | 22 | 0 | 0 | 22 | (125) | 0 | 0 | (125) | (103) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) |
|  BRC | 60 | 0 | 0 | 60 | (58) | 0 | 0 | (58) | 2 | 0 | 2 |
|  DUB | 56 | 0 | 0 | 56 | (55) | 0 | 0 | (55) | 1 | 0 | 1 |
|  FAR | 0 | 0 | 0 | 0 | (323) | 0 | 0 | (323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | (50) |
|  JPM | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 11 |
|  MBC | 8 | 0 | 0 | 8 | (73) | 0 | 0 | (73) | (65) | 0 | (65) |
|  MYC | 0 | 102 | 0 | 102 | 0 | 0 | 0 | 0 | 102 | (80) | 22 |
|  RBC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  SSB | 0 | 0 | 0 | 0 | (89) | 0 | 0 | (89) | (89) | 0 | (89) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(918) | $&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;(919) |  |  |  |

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(i) Securities with an aggregate market value of $284 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

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

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

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 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; Futures  | $0 | $0 | $0 | $0 | $289 | $289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2 | 2 |
|  | $0 | $0 | $0 | $0 | $291 | $291 |
|  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 | $341 | $0 | $341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 102 | 102 |
|  | $0 | $0 | $0 | $341 | $102 | $443 |
|  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | $734 |
|  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 | $268 | $268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 269 | 269 |
|  | $&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 | $537 | $537 |
|  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 | $918 | $0 | $918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1 | 0 | 0 | 0 | 1 |
|  | $0 | $1 | $0 | $918 | $0 | $919 |
|  | $0 | $1 | $0 | $918 | $537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456 |

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18 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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 | $0 | $0 | $1704 | $1704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6 | 0 | 0 | (1867) | (1861) |
|  | $0 | $6 | $0 | $0 | $(163) | $(157) |
|  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 | $(598) | $0 | $(598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 8 | 0 | 0 | 0 | 8 |
|  | $0 | $8 | $0 | $(598) | $0 | $(590) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $0 | $(598) | $(163) | $(747) |
|  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 | $1007 | $1007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1806) |
|  | $0 | $(2) | $0 | $0 | $(797) | $(799) |
|  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 | $(1513) | $0 | $(1513) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (153) | (153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 11 | 0 | 0 | 0 | 11 |
|  | $0 | $11 | $0 | $(1513) | $(153) | $(1655) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1513) | $(950) | $(2454) |

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#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 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>06/30/2025 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195835 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195835 |
| &nbsp;&nbsp; Industrials | 0 | 68146 | 0 | 68146 |
| &nbsp;&nbsp; Utilities | 0 | 26153 | 0 | 26153 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Louisiana | 0 | 1848 | 0 | 1848 |
|  U.S. Government Agencies | 0 | 111662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | 112063 |
|  U.S. Treasury Obligations | 0 | 4199 | 0 | 4199 |
|  Non-Agency Mortgage-Backed Securities | 0 | 41286 | 0 | 41286 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 5839 | 0 | 5839 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 13979 | 0 | 13979 |
| &nbsp;&nbsp; CMBS Other | 0 | 6521 | 0 | 6521 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 8404 | 0 | 8404 |
| &nbsp;&nbsp; Credit Card Other | 0 | 14447 | 0 | 14447 |
| &nbsp;&nbsp; Home Equity Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 2045 | 0 | 2245 |
| &nbsp;&nbsp; Other ABS | 0 | 67087 | 0 | 67087 |
|  Sovereign Issues | 0 | 1181 | 0 | 1181 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 36740 | 0 | 36740 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 3300 | 0 | 3300 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 39732 | 0 | 39732 |
|  | $200 | $648404 | $401 | $649005 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 | $28374 | $0 | $0 | $28374 |
|  Total Investments | $28574 | $648404 | $401 | $677379 |
|  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 | 291 | 0 | 291 |
|  Over the counter | 0 | 443 | 0 | 443 |
|  | $0 | $734 | $0 | $734 |
|  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 | (8) | (529) | 0 | (537) |
|  Over the counter | 0 | (919) | 0 | (919) |
|  | $(8) | $(1448) | $0 | $(1456) |
|  Total Financial Derivative Instruments | $(8) | $(714) | $0 | $(722) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28566 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647690 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676657 |

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There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **19** |

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------

Notes to Financial Statements

1. ORGANIZATION

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

Hereinafter, the Board of Trustees of the 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 new 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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| | |
|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

June 30, 2025 (Unaudited)

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 June 30, 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.

(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 Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **21** |

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------

Notes to Financial Statements (Cont.)

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, 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 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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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| **22** | **PIMCO VARIABLE INSURANCE TRUST** |

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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.

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **23** |

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Notes to Financial Statements (Cont.)

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.

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

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, 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

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| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, 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 June 30, 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>06/30/2025 | 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;20706 | $&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;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

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Notes to Financial Statements (Cont.)

#### 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>06/30/2025 | 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;26423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31276) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&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.

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 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. 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

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

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Notes to Financial Statements (Cont.)

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) 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 to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in

value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

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

During the period ended June 30, 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

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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.

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(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

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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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.

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

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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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability

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to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change 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, or 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 factors affecting securities markets generally or particular industries.

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.

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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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 markets, differing 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 will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

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

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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, 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. 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. 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

---

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

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------

June 30, 2025 (Unaudited)

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 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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

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Notes to Financial Statements (Cont.)

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):

---

| | | | |
|:---|:---|:---|:---|
| 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% |

---

(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.

---

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

---

(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

(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 June 30, 2025, the amount waived and/or reimbursed was $4,977.

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

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June 30, 2025 (Unaudited)

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 June 30, 2025 were (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| 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;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |

---

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

---

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 June 30, 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;230254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131526 |

---

---

| | |
|:---|:---|
| <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>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | 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 | 109 | $1120 | 335 | $3441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 6019 | 62103 | 10427 | 107226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 3387 | 34939 | 7496 | 77056 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 116 | 1201 | 324 | 3336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 584 | 6027 | 1228 | 12628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 649 | 6696 | 1355 | 13940 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (279) | (2881) | (2297) | (23615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (4929) | (50853) | (11353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116726) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (3308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34120) | (6270) | (64470) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 2348 | $24232 | 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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **37** |

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Notes to Financial Statements (Cont.) June 30, 2025 (Unaudited)

As of June 30, 2025, four persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 64% 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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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 its last fiscal year ended December 31, 2024, 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 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646 |

---

---

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

---

As of June 30, 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>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6169) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483) |

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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| | |
|:---|:---|
| **38** | **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 | FICC STR | Fixed Income Clearing Corp. - State Street FICC Repo | RBC | Royal Bank of Canada |
| BOA | Bank of America N.A. | GST | Goldman Sachs International | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | JPM | JP Morgan Chase Bank N.A. | SSB | State Street Bank and Trust Co. |
| DUB | Deutsche Bank AG | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
| FAR | Wells Fargo Bank National Association | MYC | Morgan Stanley Capital Services LLC |  |  |
|  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: |  |  |  |  |
| CDX.IG | Credit Derivatives Index - Investment Grade | SONIO | Sterling Overnight Interbank Average Rate | US0003M | ICE 3-Month USD LIBOR |
| SOFR | Secured Overnight Financing 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 | CMBS | Collateralized Mortgage-Backed Security | REMIC | Real Estate Mortgage Investment Conduit |
| ALT | Alternate Loan Trust | DAC | Designated Activity Company | TBA | To-Be-Announced |
| CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap |  |  |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **39** |

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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 June 30, 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) |
|  January 2025 | $0.0417 | $0.0000 | $0.0000 | $0.0417 |
|  February 2025 | $0.0381 | $0.0000 | $0.0000 | $0.0381 |
|  March 2025 | $0.0388 | $0.0000 | $0.0000 | $0.0388 |
|  April 2025 | $0.0410 | $0.0000 | $0.0000 | $0.0410 |
|  May 2025 | $0.0421 | $0.0000 | $0.0000 | $0.0421 |
|  June 2025 | $0.0389 | $0.0000 | $0.0000 | $0.0389 |
| 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) |
|  January 2025 | $0.0403 | $0.0000 | $0.0000 | $0.0403 |
|  February 2025 | $0.0369 | $0.0000 | $0.0000 | $0.0369 |
|  March 2025 | $0.0376 | $0.0000 | $0.0000 | $0.0376 |
|  April 2025 | $0.0397 | $0.0000 | $0.0000 | $0.0397 |
|  May 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  June 2025 | $0.0377 | $0.0000 | $0.0000 | $0.0377 |
| 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) |
|  January 2025 | $0.0394 | $0.0000 | $0.0000 | $0.0394 |
|  February 2025 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  March 2025 | $0.0368 | $0.0000 | $0.0000 | $0.0368 |
|  April 2025 | $0.0389 | $0.0000 | $0.0000 | $0.0389 |
|  May 2025 | $0.0399 | $0.0000 | $0.0000 | $0.0399 |
|  June 2025 | $0.0368 | $0.0000 | $0.0000 | $0.0368 |

---

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

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

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| | |
|:---|:---|
| **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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **43** |

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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](g71740g06y60.jpg)

PVITSHTERMFSTMSAR_063025

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![LOGO](g78982g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Semiannual Financial and Other Information
June 30, 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](#tx78982_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx78982_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx78982_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx78982_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx78982_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx78982_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx78982_7) | 29 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx78982_8) | 47 |
| &nbsp;&nbsp; [Glossary](#tx78982_9) | 50 |
| &nbsp;&nbsp; [Distribution Information](#tx78982_10) | 51 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx78982_11) | 52 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx78982_12) | 53 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx78982_13) | 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 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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolio and issuers in which it invests. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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 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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>3</sub> |

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| | |
|:---|:---|
| Important Information About the PIMCO Total Return Portfolio | (Cont.) |

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Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

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

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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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>** | **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; 01/01/2025 - 06/30/2025+ | $9.04 | $0.19 | $0.22 | $0.41 | $(0.19) | $0.00 | $0.00 | $(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.18 | 0.39 | (0.15) | 0.24 | (0.38) | 0.00 | 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 | 0.00 | (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 | 0.00 | (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) | 0.00 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.02 | 0.25 | 0.71 | 0.96 | (0.26) | (0.13) | 0.00 | (0.39) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 9.04 | 0.18 | 0.22 | 0.40 | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.18 | 0.38 | (0.15) | 0.23 | (0.37) | 0.00 | 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 | 0.00 | (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 | 0.00 | (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) | 0.00 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.02 | 0.24 | 0.70 | 0.94 | (0.24) | (0.13) | 0.00 | (0.37) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | 9.04 | 0.18 | 0.22 | 0.40 | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.18 | 0.37 | (0.15) | 0.22 | (0.36) | 0.00 | 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 | 0.00 | (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 | 0.00 | (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) | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.02 | 0.23 | 0.70 | 0.93 | (0.23) | (0.13) | 0.00 | (0.36) |

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

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+ Unaudited

\* Annualized, except for organizational expense, if any.

<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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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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(Unaudited)

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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/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** | **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** |
| $9.26 | 4.59% | $343165 | 0.58 | %\* | 0.58 | %\* | 0.51 | %\* | 0.51 | %\* | 4.20 | %\* | 257% |
| 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 |
| 11.59 | 8.81 | 160779 | 0.54 |  | 0.54 |  | 0.50 |  | 0.50 |  | 2.22 |  | 514 |
| 9.26 | 4.51 | 2177350 | 0.73 | \* | 0.73 | \* | 0.66 | \* | 0.66 | \* | 4.05 | \* | 257 |
| 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 |
| 11.59 | 8.65 | 3980729 | 0.69 |  | 0.69 |  | 0.65 |  | 0.65 |  | 2.08 |  | 514 |
| 9.26 | 4.46 | 1927042 | 0.83 | \* | 0.83 | \* | 0.76 | \* | 0.76 | \* | 3.95 | \* | 257 |
| 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 |
| 11.59 | 8.54 | 2615776 | 0.79 |  | 0.79 |  | 0.75 |  | 0.75 |  | 1.98 |  | 514 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

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| | | | |
|:---|:---|:---|:---|
| Statement of Assets and Liabilities | PIMCO Total Return Portfolio | June 30, 2025 | (Unaudited) |

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $5867586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 176770 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 23607 |
|  Cash | 1436 |
|  Deposits with counterparty | 20538 |
|  Foreign currency, at value | 7464 |
|  Receivable for investments sold | 3906 |
|  Receivable for investments sold on a delayed-delivery basis | 25 |
|  Receivable for TBA investments sold | 1978144 |
|  Receivable for Portfolio shares sold | 25329 |
|  Interest and/or dividends receivable | 33877 |
|  Dividends receivable from Affiliates | 645 |
|  **Total Assets** | 8142151 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $3819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 88802 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 3798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 26893 |
|  Payable for investments purchased | 25839 |
|  Payable for investments in Affiliates purchased | 669 |
|  Payable for investments purchased on a delayed-delivery basis | 156 |
|  Payable for TBA investments purchased | 3499688 |
|  Payable for unfunded loan commitments | 12499 |
|  Deposits from counterparty | 28013 |
|  Payable for Portfolio shares redeemed | 2051 |
|  Accrued investment advisory fees | 867 |
|  Accrued supervisory and administrative fees | 867 |
|  Accrued distribution fees | 374 |
|  Accrued servicing fees | 256 |
|  Accrued reimbursement to PIMCO | 3 |
|  **Total Liabilities** | 3694594 |
|  **Commitments and Contingent Liabilities** |  |
|  **Net Assets** | $4447557 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | 5277451 |
|  Distributable earnings (accumulated loss) | (829894) |
|  **Net Assets** | $4447557 |
|  **Net Assets:** |  |
|  Institutional Class | $343165 |
|  Administrative Class | 2177350 |
|  Advisor Class | 1927042 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 37061 |
|  Administrative Class | 235152 |
|  Advisor Class | 208116 |
|  **Net Asset Value Per Share Outstanding:<sup>(a)</sup>** |  |
|  Institutional Class | $9.26 |
|  Administrative Class | 9.26 |
|  Advisor Class | 9.26 |
|  Cost of investments in securities | $6187311 |
|  Cost of investments in Affiliates | $179376 |
|  Cost of foreign currency held | $7368 |
|  Proceeds received on short sales | $88159 |
|  Cost or premiums of financial derivative instruments, net | $21002 |
|  \* Includes repurchase agreements of: | $24100 |

---

† 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 |

---

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $98695 |
|  Dividends | 318 |
|  Dividends from Investments in Affiliates | 4964 |
|  Miscellaneous income | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 104149 |
|  **Expenses:** |  |
|  Investment advisory fees | 5449 |
|  Supervisory and administrative fees | 5449 |
|  Distribution and/or servicing fees - Administrative Class | 1610 |
|  Distribution and/or servicing fees - Advisor Class | 2367 |
|  Trustee fees | 122 |
|  Interest expense | 1575 |
|  Miscellaneous expense | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 16597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 16554 |
|  **Net Investment Income (Loss)** | 87595 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (19729) |
|  Investments in Affiliates | (4) |
|  Exchange-traded or centrally cleared financial derivative instruments | 16180 |
|  Over the counter financial derivative instruments | (11959) |
|  Short sales | (81) |
|  Foreign currency | 1046 |
|  **Net Realized Gain (Loss)** | (14547) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 134664 |
|  Investments in Affiliates | 31 |
|  Exchange-traded or centrally cleared financial derivative instruments | 10489 |
|  Over the counter financial derivative instruments | (21494) |
|  Foreign currency assets and liabilities | 650 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 124340 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $197388 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

---

| | |
|:---|:---|
| Statements of Changes in Net Assets | PIMCO Total Return Portfolio |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $87595 | $185700 |
|  Net realized gain (loss) | (14547) | (55163) |
|  Net change in unrealized appreciation (depreciation) | 124340 | (23897) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 197388 | 106640 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (6807) | (12410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (44041) | (92245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (37914) | (77039) |
|  **Total Distributions<sup>(a)</sup>** | (88762) | (181694) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions<sup>\*</sup> | (128748) | (110718) |
|  **Total Increase (Decrease) in Net Assets** | (20122) | (185772) |
|  **Net Assets:** |  |  |
|  Beginning of period | 4467679 | 4653451 |
|  End of period | $4447557 | $4467679 |

---

---

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

---

<sup>\*</sup> 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 | June 30, 2025 | (Unaudited) |

---

#### (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 131.9% | INVESTMENTS IN SECURITIES 131.9% | INVESTMENTS IN SECURITIES 131.9% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/13/2031 « | 7110 | 6717 |
|  CoreWeave Compute Acquisition Co. LLC | CoreWeave Compute Acquisition Co. LLC | CoreWeave Compute Acquisition Co. LLC |
|  TBD% (TSFR3M + 6.000%) due 05/16/2029 «~µ | 200 | 205 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% - 1.000% due 01/03/2031 «µ | 430 | 434 |
|  TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~ | 1941 | 1960 |
|  Pantheon Senior Debt Secondaries | Pantheon Senior Debt Secondaries | Pantheon Senior Debt Secondaries |
|  6.317% (TSFR3M + 2.000%)<br>due 03/26/2026 «(g) | 1500 | 1500 |
|  Project Alpha Investindustrial | Project Alpha Investindustrial | Project Alpha Investindustrial |
|  4.256% (EUR003M + 2.100%) due 02/27/2026 «~(g) | 945 | 1113 |
|  Project Flash | Project Flash | Project Flash |
|  TBD% due 04/30/2030 «µ | 12000 | 12000 |
|  Project Hudson | Project Hudson | Project Hudson |
|  7.730% due 05/29/2026 « | 2300 | 2333 |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  8.608% - 8.651% (TSFR3M + 4.500%) due 12/19/2031 | 1100 | 1069 |
|  Total Loan Participations and Assignments (Cost $27,535) | Total Loan Participations and Assignments (Cost $27,535) | 27331 |
| CORPORATE BONDS & NOTES 38.0% | CORPORATE BONDS & NOTES 38.0% | CORPORATE BONDS & NOTES 38.0% |
| BANKING & FINANCE 21.2% | BANKING & FINANCE 21.2% | BANKING & FINANCE 21.2% |
|  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 | 6709 |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  2.450% due 10/29/2026 | 6450 | 6286 |
|  3.000% due 10/29/2028 | 801 | 763 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  4.500% due 07/30/2029 | 4500 | 4493 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.848% due 01/03/2030 •  | 8000 | 8450 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 2800 | 2509 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.098% due 02/16/2028 •  | 2000 | 2023 |
|  5.645% due 04/23/2027 •  | 9000 | 9085 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.750% due 01/15/2027 | 13400 | 13086 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.684% due 02/23/2026 | 9000 | 9063 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  4.125% due 08/01/2025 | 14600 | 14587 |
|  5.375% due 07/15/2029 | 3400 | 3464 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.552% due 03/14/2028 •  | 8200 | 8334 |
|  5.565% due 01/17/2030 | 1100 | 1142 |
|  6.527% due 11/07/2027 •  | 4400 | 4517 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.197% due 10/24/2026 •  | 5700 | 5641 |
|  3.824% due 01/20/2028 •  | 9200 | 9123 |
|  4.376% due 04/27/2028 •  | 5250 | 5251 |
|  4.948% due 07/22/2028 •  | 3849 | 3894 |
|  5.162% due 01/24/2031 •  | 6000 | 6151 |
|  5.202% due 04/25/2029 •  | 1100 | 1124 |
|  5.819% due 09/15/2029 •  | 9500 | 9898 |
|  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 | 9422 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.887% due 03/12/2028 ~ | 3700 | 3730 |
|  7.437% due 11/02/2033 •  | 4500 | 5109 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  8.000% due 05/25/2028 | 5000 | 5350 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 | 8100 | 7196 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  2.871% due 04/19/2032 •  | 17000 | 15239 |
|  5.497% due 05/20/2030 •  | 8400 | 8628 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.281% due 05/30/2029 | 3500 | 3603 |
|  6.612% due 10/19/2027 •  | 8800 | 9011 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.673% due 03/15/2030 •  | 7000 | 7241 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  4.985% due 07/24/2026 •  | 7500 | 7500 |
|  Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC |
|  3.500% due 09/19/2029 | 4900 | 4701 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  7.500% due 05/30/2029 | 4700 | 4961 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.948% due 04/30/2026 ~ | 7000 | 7010 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.572% due 06/03/2031 •  | 3905 | 3543 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.106% due 02/24/2027 •  | 8000 | 7826 |
|  5.447% due 03/05/2030 •  | 9200 | 9491 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.650% due 08/20/2027 | 1000 | 1007 |
|  Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
|  6.740% due 03/20/2030 «(g) | 1800 | 1820 |
|  Credit Suisse AG AT1 Claim | 12700 | 1524 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.100% due 04/01/2031 | 6200 | 5322 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP |
|  2.250% due 12/15/2028 | 8200 | 7645 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  4.298% due 04/01/2028 •  | 14000 | 13954 |
|  5.427% due 03/01/2028 •  | 4500 | 4579 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.547% due 09/18/2031 •  | 5000 | 4679 |
|  5.706% due 02/08/2028 •  | 600 | 610 |
|  DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC |
|  4.300% due 03/15/2027 | 1550 | 1547 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.750% due 08/15/2029 | 4300 | 4096 |
|  European Union | European Union | European Union |
|  2.875% due 10/05/2029 | 17800 | 21394 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.250% due 09/15/2025 | 4900 | 5780 |
|  3.375% due 11/13/2025 | 6600 | 6557 |
|  5.918% due 03/20/2028 | 1300 | 1313 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.950% due 09/15/2028 | 15400 | 14228 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  5.711% due 05/08/2027 ~ | 9200 | 9191 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  5.750% due 06/01/2028 | 7900 | 8100 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  5.175% due 03/18/2027 ~ | 7700 | 7721 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.691% due 06/05/2028 •  | 5900 | 5819 |
|  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 | 13745 |
|  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 | 10982 |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | 3732 | 3754 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.150% due 01/15/2031 | 8100 | 8204 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  4.125% due 03/15/2028 | 3600 | 3527 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.899% due 03/03/2029 •  | 8000 | 8069 |
|  5.546% due 03/04/2030 •  | 4500 | 4635 |
|  6.254% due 03/09/2034 •  | 4600 | 4924 |
|  7.390% due 11/03/2028 •  | 7200 | 7648 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  3.950% due 03/29/2027 | 1000 | 996 |
|  4.625% due 01/06/2026 | 3700 | 3702 |
|  5.066% due 03/25/2031 •  | 12000 | 12210 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.578% due 04/22/2027 •  | 17000 | 16609 |
|  2.182% due 06/01/2028 •  | 16000 | 15384 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.299% due 07/24/2029 •  | $— | 9200 | $— | 9448 |
|  6.070% due 10/22/2027 •  |  | 8200 |  | 8380 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  3.050% due 02/15/2030 |  | 2200 |  | 1992 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ |  | 14200 |  | 10308 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.985% due 08/07/2027 •  |  | 3700 |  | 3757 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  4.650% due 03/15/2030 |  | 4200 |  | 4249 |
|  MassMutual Global Funding | MassMutual Global Funding | MassMutual Global Funding | MassMutual Global Funding | MassMutual Global Funding |
|  4.300% due 10/22/2027 |  | 9500 |  | 9531 |
|  5.050% due 12/07/2027 |  | 7900 |  | 8063 |
|  Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP |
|  2.750% due 03/15/2030 |  | 3000 |  | 2802 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  1.412% due 07/17/2025 |  | 1900 |  | 1897 |
|  1.640% due 10/13/2027 •  |  | 11600 |  | 11201 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  2.201% due 07/10/2031 •  |  | 1700 |  | 1514 |
|  5.382% due 07/10/2030 •  |  | 9300 |  | 9571 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.654% due 10/18/2030 •  |  | 9200 |  | 9219 |
|  5.123% due 02/01/2029 •  |  | 6100 |  | 6208 |
|  5.173% due 01/16/2030 •  |  | 4500 |  | 4595 |
|  5.449% due 07/20/2029 •  |  | 9200 |  | 9463 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.250% due 05/26/2028 ~ |  | 5000 |  | 5016 |
|  5.427% due 01/14/2028 ~ |  | 9300 |  | 9357 |
|  5.504% due 05/26/2028 •  |  | 3600 |  | 3678 |
|  5.882% due 10/30/2026 |  | 5700 |  | 5822 |
|  Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
|  4.500% due 02/11/2027 |  | 15000 |  | 14909 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  3.960% due 07/18/2030 •  |  | 3700 |  | 3611 |
|  6.557% due 10/18/2027 •  |  | 8800 |  | 9024 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  3.073% due 05/22/2028 •  |  | 2600 |  | 2536 |
|  5.778% due 03/01/2035 •  |  | 8500 |  | 8831 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.022% due 03/21/2030 |  | 6900 |  | 7011 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.927% due 01/16/2026 •  |  | 7300 |  | 7315 |
|  4.952% due 06/11/2027 ~ |  | 4900 |  | 4912 |
|  Nissan Motor Acceptance Co. LLC | 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 |  | 16225 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 |  | 500 |  | 467 |
|  2.679% due 07/16/2030 |  | 9400 |  | 8532 |
|  5.591% due 07/02/2027 ~ |  | 7200 |  | 7251 |
|  5.842% due 01/18/2028 |  | 4400 |  | 4538 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  3.375% due 02/01/2031 |  | 12000 |  | 10987 |
|  Panama Infrastructure Receivable Purchaser PLC | 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 |  | 2633 |
|  Prologis LP | Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 |  | 12800 |  | 9466 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.250% due 06/15/2029 | $— | 900 |  | 864 |
|  4.625% due 11/01/2025 |  | 4100 |  | 4100 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.875% due 01/19/2027 |  | 7200 |  | 7273 |
|  Sanders Re Ltd. | Sanders Re Ltd. | Sanders Re Ltd. | Sanders Re Ltd. | Sanders Re Ltd. |
|  17.294% due 04/09/2029 ~ |  | 10000 |  | 5750 |
|  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 •  |  | 6375 |  | 6369 |
|  Scentre Group Trust | Scentre Group Trust | Scentre Group Trust | Scentre Group Trust | Scentre Group Trust |
|  3.625% due 01/28/2026 |  | 15900 |  | 15808 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.447% due 01/12/2027 •  |  | 6100 |  | 6156 |
|  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. |
|  1.474% due 07/08/2025 |  | 2500 |  | 2499 |
|  1.902% due 09/17/2028 |  | 17000 |  | 15785 |
|  5.464% due 01/13/2026 |  | 3200 |  | 3216 |
|  5.513% due 07/09/2029 ~ |  | 6700 |  | 6769 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</sub> |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  4.200% due 04/15/2032 | 16000 | 15165 |
|  Thames SSNM | Thames SSNM | Thames SSNM |
|  9.750% due 10/10/2027 « | 122 | 156 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  2.800% due 03/10/2027 | 8000 | 7815 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.125% due 04/15/2026 | 10300 | 10272 |
|  5.711% due 01/12/2027 •  | 4100 | 4125 |
|  6.442% due 08/11/2028 •  | 17900 | 18603 |
|  6.537% due 08/12/2033 •  | 7500 | 8160 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  2.569% due 09/22/2026 •  | 9300 | 9252 |
|  Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
|  3.250% due 10/15/2026 | 4100 | 4037 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  1.741% due 05/04/2030 •  | 5200 | 5871 |
|  4.808% due 07/25/2028 •  | 7100 | 7161 |
|  6.303% due 10/23/2029 •  | 11000 | 11628 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.466% due 12/11/2026 ~ | 9100 | 9173 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  3.100% due 01/15/2030 | 7000 | 6633 |
|  |  | 943388 |
| INDUSTRIALS 11.4% | INDUSTRIALS 11.4% | INDUSTRIALS 11.4% |
|  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 | 6896 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  4.250% due 09/11/2029 | 4200 | 4183 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 9876 | 9892 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 | 9700 | 9754 |
|  Amdocs Ltd. | Amdocs Ltd. | Amdocs Ltd. |
|  2.538% due 06/15/2030 | 6900 | 6254 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.000% due 04/15/2030 | 4906 | 4648 |
|  3.250% due 04/15/2030 | 2511 | 2357 |
|  3.500% due 08/15/2033 | 5028 | 4553 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  5.500% due 04/20/2026 | 2600 | 2596 |
|  American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
|  3.375% due 03/08/2029 | 6300 | 7589 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  5.250% due 03/02/2030 | 7300 | 7524 |
|  BAE Systems PLC | BAE Systems PLC | BAE Systems PLC |
|  1.900% due 02/15/2031 | 5300 | 4608 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 4700 | 4687 |
|  6.125% due 11/21/2026 | 2600 | 2643 |
|  6.250% due 01/21/2029 | 5898 | 6195 |
|  6.375% due 11/21/2030 | 4300 | 4571 |
|  6.875% due 11/21/2053 | 500 | 531 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 | 9500 | 9612 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.750% due 02/01/2026 | 15500 | 15326 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  4.900% due 02/22/2027 | 5700 | 5775 |
|  4.900% due 02/22/2029 | 3400 | 3482 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.600% due 02/15/2033 | 16900 | 14461 |
|  3.137% due 11/15/2035 | 13663 | 11529 |
|  3.187% due 11/15/2036 | 700 | 581 |
|  5.050% due 07/12/2027 | 8900 | 9031 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  3.000% due 10/15/2030 | 1800 | 1609 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.100% due 06/01/2029 | 7600 | 7959 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  3.250% due 01/31/2032 | 4100 | 3678 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cigna Group | Cigna Group | Cigna Group |
|  5.000% due 05/15/2029 | 7500 | 7671 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  5.000% due 01/30/2029 | 6500 | 6600 |
|  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 | 13432 |
|  Emory University | Emory University | Emory University |
|  2.143% due 09/01/2030 | 12700 | 11418 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  5.900% due 11/15/2026 | 2900 | 2952 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  6.050% due 12/01/2026 | 4400 | 4494 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  2.350% due 06/15/2032 | 15500 | 13404 |
|  EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. |
|  4.400% due 07/15/2028 (b) | 7800 | 7847 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  3.250% due 02/15/2030 (i) | 11700 | 11041 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  3.250% due 03/15/2028 | 1700 | 1651 |
|  General Electric Co. | General Electric Co. | General Electric Co. |
|  4.902% (US0003M + 0.380%) due 05/05/2026 ~ | 3771 | 3772 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 16000 | 15627 |
|  Gray Oak Pipeline LLC | Gray Oak Pipeline LLC | Gray Oak Pipeline LLC |
|  3.450% due 10/15/2027 | 13300 | 13021 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.129% due 02/23/2038 | 2500 | 2580 |
|  6.510% due 02/23/2042 | 4900 | 5082 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.200% due 06/01/2028 | 1500 | 1533 |
|  5.450% due 04/01/2031 | 2300 | 2372 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  2.043% due 08/16/2028 | 17000 | 15833 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  2.100% due 09/15/2028 | 14200 | 13108 |
|  5.300% due 01/08/2029 | 5500 | 5590 |
|  6.500% due 01/16/2029 | 2400 | 2532 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  1.832% due 10/15/2027 | 1276 | 1203 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.800% due 03/01/2030 | 6400 | 6487 |
|  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 | 9105 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.000% due 03/15/2028 | 6900 | 6834 |
|  National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(g) | 2400 | 2442 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.810% due 09/17/2030 | 16600 | 15240 |
|  NXP BV | NXP BV | NXP BV |
|  3.875% due 06/18/2026 | 12100 | 12032 |
|  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 | 1795 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.500% due 05/06/2028 | 4900 | 4931 |
|  4.650% due 05/06/2030 | 4900 | 4947 |
|  4.800% due 08/03/2028 | 4000 | 4067 |
|  Paramount Global | Paramount Global | Paramount Global |
|  3.700% due 06/01/2028 | 1200 | 1165 |
|  Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. |
|  4.750% due 05/19/2033 | 1700 | 1696 |
|  Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |
|  5.100% due 03/29/2026 | 4600 | 4623 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  1.200% due 09/02/2025 | 3000 | 2980 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  5.750% due 11/08/2026 | 6400 | 6520 |
|  Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC |
|  5.152% due 09/20/2029 | 5885 | 5928 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sutter Health | Sutter Health | Sutter Health |
|  3.161% due 08/15/2040 | 13100 | 10150 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.650% due 04/01/2028 | 1300 | 1313 |
|  4.850% due 04/01/2030 | 3800 | 3854 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  4.200% due 10/01/2029 | 8000 | 7947 |
|  4.850% due 01/15/2029 | 5475 | 5552 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 121 | 183 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  4.375% due 01/18/2033 | 2100 | 1619 |
|  6.500% due 02/09/2034 | 400 | 370 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (d) | 16 | 19 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  3.100% due 01/07/2030 | 604 | 578 |
|  5.800% due 07/15/2037 | 8693 | 8898 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  9.875% due 02/01/2032 | 4500 | 4863 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 (b) | 2000 | 2000 |
|  6.750% due 01/15/2036 (b) | 1600 | 1600 |
|  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 | 9531 |
|  4.750% due 11/13/2028 | 16100 | 16040 |
|  |  | 504333 |
| UTILITIES 5.4% | UTILITIES 5.4% | UTILITIES 5.4% |
|  AES Corp. | AES Corp. | AES Corp. |
|  3.950% due 07/15/2030 | 6400 | 6088 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
|  5.950% due 03/30/2029 | 4400 | 4621 |
|  Ameren Missouri Securitization Funding LLC | Ameren Missouri Securitization Funding LLC | Ameren Missouri Securitization Funding LLC |
|  4.850% due 10/01/2041 | 4500 | 4467 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  4.500% due 05/15/2035 | 15550 | 14825 |
|  Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC |
|  5.927% due 08/15/2030 | 3100 | 3274 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  5.100% due 03/01/2029 | 4600 | 4692 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.750% due 04/01/2031 | 800 | 958 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  2.000% due 08/15/2031 | 12000 | 10425 |
|  Edison International | Edison International | Edison International |
|  5.450% due 06/15/2029 | 9400 | 9301 |
|  6.250% due 03/15/2030 | 2250 | 2286 |
|  EDP Finance BV | EDP Finance BV | EDP Finance BV |
|  1.710% due 01/24/2028 | 13300 | 12447 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  6.000% due 04/22/2064 | 3400 | 3224 |
|  6.250% due 05/23/2033 | 5200 | 5575 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  2.500% due 07/12/2031 | 17000 | 14920 |
|  5.125% due 06/26/2029 | 8600 | 8763 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.950% due 02/01/2029 | 6700 | 7000 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 497 | 473 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  5.004% due 02/23/2027 | 4000 | 4058 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 1100 | 1057 |
|  Mid-Atlantic Interstate Transmission LLC | Mid-Atlantic Interstate Transmission LLC | Mid-Atlantic Interstate Transmission LLC |
|  4.100% due 05/15/2028 | 2100 | 2087 |
|  National Grid PLC | National Grid PLC | National Grid PLC |
|  5.602% due 06/12/2028 | 3300 | 3418 |
|  5.809% due 06/12/2033 | 3500 | 3681 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  2.250% due 06/01/2030 | 19000 | 17119 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 | 2790 | 2423 |
|  2.950% due 03/01/2026 | 1900 | 1875 |
|  3.150% due 01/01/2026 | 2400 | 2377 |
|  3.300% due 03/15/2027 | 3100 | 3030 |
|  3.300% due 12/01/2027 | 200 | 194 |
|  3.300% due 08/01/2040 | 4300 | 3080 |
|  4.200% due 03/01/2029 | 11000 | 10739 |
|  4.250% due 03/15/2046 | 1500 | 1119 |
|  4.550% due 07/01/2030 | 8700 | 8496 |
|  4.650% due 08/01/2028 | 2000 | 1989 |
|  4.750% due 02/15/2044 | 1900 | 1548 |
|  5.450% due 06/15/2027 | 3100 | 3137 |
|  5.700% due 03/01/2035 | 1900 | 1884 |
|  6.400% due 06/15/2033 | 3900 | 4079 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  5.450% due 02/15/2034 | 9300 | 9437 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.125% due 03/01/2048 | 950 | 690 |
|  4.650% due 10/01/2043 | 200 | 162 |
|  5.150% due 06/01/2029 | 9200 | 9297 |
|  5.250% due 03/15/2030 | 4300 | 4346 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.950% due 04/15/2027 | 11300 | 11075 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  4.100% due 09/15/2028 | 1361 | 1350 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  4.877% due 05/01/2033 | 9200 | 9357 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
|  1.375% due 10/15/2027 | 4525 | 4242 |
|  |  | 240685 |
|  Total Corporate Bonds & Notes<br>(Cost $1,725,758) | Total Corporate Bonds & Notes<br>(Cost $1,725,758) | 1688406 |
| 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 | 4619 |
|  3.007% due 01/01/2033 | 2000 | 1788 |
|  |  | 6407 |
| 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 | 7061 |
| 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 | 2207 |
|  Texas Natural Gas Securitization Finance Corp.<br>Series 2023 | Texas Natural Gas Securitization Finance Corp.<br>Series 2023 | Texas Natural Gas Securitization Finance Corp.<br>Series 2023 |
|  5.102% due 04/01/2035 | 6090 | 6233 |
|  |  | 8440 |
| 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 | 6321 |
|  Total Municipal Bonds & Notes<br>(Cost $29,585) | Total Municipal Bonds & Notes<br>(Cost $29,585) | 28229 |
| U.S. GOVERNMENT AGENCIES 47.9% | U.S. GOVERNMENT AGENCIES 47.9% | U.S. GOVERNMENT AGENCIES 47.9% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  2.301% due 08/25/2055 ~(a) | 3289 | 185 |
|  2.349% due 01/25/2031 ~(a) | 14960 | 868 |
|  4.300% due 11/01/2029 | 1500 | 1508 |
|  4.490% due 10/01/2032 •  | 27 | 26 |
|  4.496% due 12/25/2036 •  | 49 | 48 |
|  4.670% due 05/25/2037 •  | 9 | 9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.770% due 03/25/2044 •  | $— | 101 | $— | 101 |
|  4.774% due 06/25/2055 •  |  | 659 |  | 652 |
|  4.807% due 07/25/2037 •  |  | 135 |  | 133 |
|  4.826% due 11/01/2035 •  |  | 3 |  | 3 |
|  4.830% due 09/25/2035 •  |  | 90 |  | 90 |
|  4.887% due 12/01/2036 •  |  | 12 |  | 12 |
|  4.920% due 02/25/2042 •  |  | 3144 |  | 3112 |
|  5.000% due 04/25/2033 |  | 108 |  | 108 |
|  5.205% due 09/25/2054 •  |  | 8520 |  | 8491 |
|  5.613% due 09/01/2034 •  |  | 9 |  | 9 |
|  5.696% due 06/01/2043 •  |  | 137 |  | 139 |
|  5.697% due 07/01/2044 •  |  | 26 |  | 26 |
|  5.950% due 04/01/2035 •  |  | 98 |  | 99 |
|  6.782% due 05/25/2035 ~ |  | 18 |  | 19 |
|  7.000% due 06/01/2032 |  | 28 |  | 29 |
|  7.018% due 05/01/2038 •  |  | 1759 |  | 1825 |
|  7.046% due 09/01/2039 •  |  | 6 |  | 6 |
|  7.223% due 08/01/2035 •  |  | 90 |  | 91 |
|  7.465% due 09/01/2035 •  |  | 10 |  | 10 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  3.500% due 03/01/2048 |  | 1416 |  | 1299 |
|  4.000% due 04/01/2029 - 01/01/2041 |  | 595 |  | 580 |
|  4.500% due 03/01/2029 - 04/01/2029 |  | 244 |  | 244 |
|  4.608% due 10/15/2043 •  |  | 3911 |  | 3835 |
|  4.814% due 08/15/2040 - 10/15/2040 •  |  | 5031 |  | 4958 |
|  4.918% due 09/15/2030 •  |  | 1 |  | 1 |
|  5.138% due 05/15/2037 •  |  | 162 |  | 162 |
|  5.500% due 10/01/2034 - 07/01/2038 |  | 514 |  | 529 |
|  5.599% due 02/25/2045 •  |  | 46 |  | 44 |
|  5.605% due 05/25/2054 •  |  | 8375 |  | 8320 |
|  6.000% due 02/01/2033 - 05/01/2040 |  | 883 |  | 925 |
|  6.500% due 04/15/2029 - 10/01/2037 |  | 6 |  | 6 |
|  7.500% due 07/15/2030 - 03/01/2032 |  | 14 |  | 15 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  2.000% due 04/20/2052 |  | 582 |  | 474 |
|  2.500% due 04/20/2052 |  | 10415 |  | 8859 |
|  3.000% due 07/15/2045 - 08/15/2045 |  | 923 |  | 825 |
|  3.500% due 03/20/2053 - 06/20/2055 |  | 15692 |  | 14298 |
|  4.000% due 06/15/2049 - 03/15/2052 |  | 3871 |  | 3626 |
|  4.500% due 04/20/2048 - 05/20/2048 |  | 2611 |  | 2550 |
|  4.739% due 10/20/2043 •  |  | 2910 |  | 2824 |
|  4.750% due 10/20/2029 - 11/20/2029 •  |  | 9 |  | 8 |
|  4.752% due 01/20/2072 •  |  | 412 |  | 411 |
|  4.875% (H15T1Y + 1.500%) due 04/20/2026 ~ |  | 1 |  | 1 |
|  4.896% due 08/20/2066 •  |  | 10 |  | 10 |
|  5.000% due 07/20/2049 |  | 385 |  | 385 |
|  5.046% due 07/20/2065 - 08/20/2065 •  |  | 5891 |  | 5891 |
|  5.102% due 01/20/2073 •  |  | 8569 |  | 8588 |
|  5.182% due 02/20/2073 - 03/20/2073 •  |  | 18880 |  | 18990 |
|  5.202% due 01/20/2073 •  |  | 7676 |  | 7677 |
|  5.216% due 10/20/2066 •  |  | 2540 |  | 2545 |
|  5.227% due 06/20/2067 •  |  | 159 |  | 161 |
|  5.246% due 06/20/2066 •  |  | 1114 |  | 1117 |
|  5.272% due 12/20/2073 •  |  | 19097 |  | 19281 |
|  5.276% due 08/20/2066 •  |  | 4344 |  | 4358 |
|  5.322% due 12/20/2072 •  |  | 6071 |  | 6143 |
|  5.446% due 01/20/2066 •  |  | 1249 |  | 1255 |
|  5.592% due 04/20/2067 •  |  | 3986 |  | 4044 |
|  5.625% due 02/20/2027 - 02/20/2032 •  |  | 25 |  | 25 |
|  6.000% due 12/15/2038 - 11/15/2039 |  | 7 |  | 7 |
|  7.843% due 09/20/2066 ~ |  | 5466 |  | 5641 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.000% due 08/01/2055 |  | 15300 |  | 12463 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 07/01/2055 - 08/01/2055 | 48600 | 45186 |
|  4.500% due 07/01/2055 | 40400 | 38678 |
|  5.000% due 08/01/2055 | 45700 | 44872 |
|  6.000% due 07/01/2055 - 08/01/2055 | 25900 | 26266 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.000% due 02/01/2052 - 03/01/2052 | 54514 | 43222 |
|  2.500% due 02/01/2035 - 03/01/2040 | 4278 | 4086 |
|  3.000% due 09/01/2027 - 04/01/2052 | 145161 | 126870 |
|  3.500% due 09/01/2025 - 06/01/2052 | 3125 | 2991 |
|  4.000% due 01/01/2026 - 10/01/2052 | 19769 | 18608 |
|  4.500% due 11/01/2025 - 05/01/2053 | 22159 | 21284 |
|  5.000% due 01/01/2026 - 07/01/2053 | 64701 | 63796 |
|  5.500% due 01/01/2032 - 01/01/2055 | 49819 | 49973 |
|  6.000% due 05/01/2033 - 04/01/2055 | 9611 | 9918 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 07/01/2055 - 08/01/2055 | 25200 | 20902 |
|  3.000% due 07/01/2055 - 08/01/2055 | 418859 | 362454 |
|  4.000% due 07/01/2055 - 08/01/2055 | 266100 | 247416 |
|  4.500% due 08/01/2055 | 326900 | 312578 |
|  5.000% due 08/01/2055 | 162800 | 159464 |
|  5.500% due 08/01/2055 | 203700 | 203518 |
|  6.000% due 08/01/2055 | 154500 | 156864 |
|  Total U.S. Government Agencies (Cost $2,128,729) | Total U.S. Government Agencies (Cost $2,128,729) | 2129920 |
| U.S. TREASURY OBLIGATIONS 17.4% | U.S. TREASURY OBLIGATIONS 17.4% | U.S. TREASURY OBLIGATIONS 17.4% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 | 96500 | 61507 |
|  1.375% due 08/15/2050 | 14500 | 7154 |
|  1.875% due 02/15/2041 | 69000 | 47481 |
|  2.000% due 02/15/2050 | 19100 | 11223 |
|  2.250% due 05/15/2041 | 19000 | 13805 |
|  2.250% due 08/15/2049 | 34000 | 21339 |
|  2.375% due 11/15/2049 (m) | 1000 | 643 |
|  2.500% due 02/15/2045 (m) | 9800 | 6902 |
|  2.750% due 08/15/2047 (m) | 3800 | 2710 |
|  2.875% due 05/15/2049 | 51600 | 37057 |
|  3.000% due 05/15/2042 (m) | 2400 | 1917 |
|  3.000% due 11/15/2044 (m) | 155300 | 119636 |
|  3.000% due 05/15/2045 | 27600 | 21149 |
|  3.000% due 02/15/2048 | 9900 | 7359 |
|  3.000% due 08/15/2048 (m) | 4100 | 3033 |
|  3.000% due 02/15/2049 | 13600 | 10025 |
|  3.125% due 11/15/2041 (k) | 20500 | 16819 |
|  3.125% due 08/15/2044 | 35700 | 28160 |
|  3.125% due 05/15/2048 (m) | 3500 | 2656 |
|  3.250% due 05/15/2042 (m) | 2100 | 1738 |
|  3.375% due 05/15/2044 (k)(m) | 10100 | 8311 |
|  3.375% due 11/15/2048 | 17700 | 14007 |
|  3.625% due 02/15/2044 (m) | 2900 | 2484 |
|  3.750% due 08/15/2041 (k) | 27700 | 24825 |
|  3.875% due 05/15/2043 (m) | 4300 | 3842 |
|  4.250% due 08/15/2054 | 13300 | 12150 |
|  4.500% due 11/15/2054 | 6100 | 5815 |
|  4.625% due 05/15/2044 | 7100 | 6965 |
|  4.625% due 05/15/2054 | 19600 | 19043 |
|  4.625% due 02/15/2055 | 24300 | 23662 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 07/15/2031 (k) | 18670 | 17187 |
|  0.125% due 01/15/2032 | 26267 | 23818 |
|  0.125% due 02/15/2051 | 49897 | 27208 |
|  0.125% due 02/15/2052 | 5531 | 2956 |
|  0.250% due 02/15/2050 | 13724 | 7980 |
|  0.625% due 02/15/2043 | 1814 | 1349 |
|  0.750% due 02/15/2045 | 27243 | 19907 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.875% due 02/15/2047 | $— | 5049 | 3662 |
|  1.000% due 02/15/2046 |  | 541 | 411 |
|  1.000% due 02/15/2049 |  | 3187 | 2314 |
|  1.250% due 04/15/2028 (k) |  | 88225 | 88076 |
|  1.375% due 02/15/2044 |  | 3303 | 2776 |
|  1.500% due 02/15/2053 |  | 1511 | 1198 |
|  2.125% due 02/15/2054 |  | 14423 | 13211 |
|  2.375% due 02/15/2055 (i) |  | 3151 | 3049 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 08/15/2040 (a) |  | 3700 | 1779 |
|  0.000% due 02/15/2041 (a) |  | 2700 | 1264 |
|  0.000% due 05/15/2041 (a) |  | 700 | 323 |
|  0.000% due 08/15/2041 (a) |  | 900 | 410 |
|  0.000% due 05/15/2042 (a) |  | 15100 | 6564 |
|  0.000% due 08/15/2042 (a) |  | 6800 | 2914 |
|  Total U.S. Treasury Obligations (Cost $981,088) | Total U.S. Treasury Obligations (Cost $981,088) | Total U.S. Treasury Obligations (Cost $981,088) | 771773 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% |
|  Alba PLC | Alba PLC | Alba PLC | Alba PLC |
|  4.528% due 03/17/2039 •  |  | 4125 | 5578 |
|  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 | $— | 11432 | 1603 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.627% due 01/15/2032 |  | 14000 | 12276 |
|  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 | 2837 |
|  5.490% due 05/25/2035 ~ |  | 79 | 74 |
|  6.000% due 03/25/2037 |  | 1162 | 918 |
|  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 |
|  4.466% due 03/26/2037 |  | 87 | 87 |
|  4.854% due 05/25/2047 •  |  | 1202 | 1148 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.848% due 07/25/2034 ~ |  | 151 | 141 |
|  5.125% due 01/25/2035 ~ |  | 72 | 64 |
|  5.224% due 01/25/2035 ~ |  | 39 | 38 |
|  5.337% due 04/25/2034 ~ |  | 155 | 139 |
|  5.925% due 11/25/2034 ~ |  | 376 | 346 |
|  5.939% due 01/25/2034 ~ |  | 76 | 73 |
|  6.530% due 02/25/2036 •  |  | 11 | 11 |
|  6.575% due 04/25/2033 ~ |  | 11 | 11 |
|  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 | 526 |
|  4.905% due 09/25/2035 ~ |  | 338 | 194 |
|  5.467% due 05/25/2035 ~ |  | 302 | 289 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.120% due 12/26/2046 ~ |  | 434 | 345 |
|  5.062% due 01/26/2036 ~ |  | 505 | 360 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.458% due 03/15/2055 |  | 15000 | 13733 |
|  BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust |
|  5.654% due 02/15/2039 •  |  | 13427 | 13402 |
|  CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
|  3.431% due 08/15/2050 |  | 5900 | 5767 |
|  CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust |
|  3.644% due 12/10/2054 |  | 1833 | 1818 |
|  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 ~ |  | 7584 | 6800 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.639% due 01/25/2036 ~ |  | 619 | 564 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.500% due 12/25/2035 |  | 1764 | 861 |
|  7.230% due 10/25/2035 •  |  | 30 | 31 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.485% due 05/25/2035 ~ |  | 109 | 105 |
|  6.180% due 09/25/2035 •  |  | 639 | 625 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.622% due 09/20/2046 •  |  | 956 | 981 |
|  4.814% due 09/25/2046 •  |  | 5000 | 4860 |
|  4.834% due 05/25/2036 •  |  | 566 | 484 |
|  5.434% due 08/25/2035 •  |  | 2197 | 1170 |
|  6.000% due 03/25/2035 |  | 7158 | 5683 |
|  6.000% due 02/25/2037 |  | 5546 | 2157 |
|  6.000% due 08/25/2037 |  | 4460 | 2629 |

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---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.138% due 11/25/2034 ~ | 271 | 259 |
|  5.395% due 02/20/2035 ~ | 50 | 51 |
|  6.662% due 02/20/2036 •  | 46 | 40 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  5.826% due 07/15/2038 •  | 1500 | 1354 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  6.093% due 04/25/2069 þ | 4384 | 4418 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  2.968% due 12/15/2052 | 7446 | 6923 |
|  Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust |
|  4.734% due 03/25/2037 •  | 2100 | 1961 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.934% due 02/25/2035 •  | 71 | 70 |
|  DOLP Trust | DOLP Trust | DOLP Trust |
|  2.956% due 05/10/2041 | 20100 | 17917 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  2.006% due 05/25/2065 ~ | 72 | 71 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.506% due 07/15/2038 •  | 3002 | 3006 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.706% due 08/25/2035 ~ | 714 | 592 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.257% due 10/25/2035 ~ | 457 | 422 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.794% due 09/25/2046 •  | 90 | 83 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  2.856% due 05/10/2034 | 9079 | 7933 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  3.722% due 10/10/2049 ~ | 3037 | 2557 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  2.500% due 06/25/2052 ~ | 10897 | 8894 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 01/25/2052 ~ | 13111 | 10705 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.429% due 11/25/2035 ~ | 83 | 72 |
|  5.293% due 09/25/2035 ~ | 369 | 355 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.824% due 07/19/2035 ~ | 451 | 337 |
|  4.872% due 05/19/2035 •  | 111 | 107 |
|  5.174% due 12/19/2035 ~ | 1321 | 672 |
|  5.932% due 10/19/2035 •  | 1195 | 848 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  2.828% due 11/05/2035 | 14400 | 12247 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.571% due 06/25/2036 ~ | 3936 | 2700 |
|  4.774% due 01/25/2037 •  | 1084 | 972 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  4.046% due 06/10/2042 ~ | 13200 | 12218 |
|  7.235% due 10/05/2040 | 6800 | 7239 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.500% due 09/25/2052 ~ | 12512 | 11055 |
|  4.337% due 12/26/2037 ~ | 4617 | 4037 |
|  4.504% due 10/25/2036 ~ | 1034 | 745 |
|  5.198% due 08/25/2034 ~ | 289 | 287 |
|  5.750% due 01/25/2036 | 313 | 134 |
|  5.929% due 06/25/2035 ~ | 19 | 19 |
|  5.990% due 07/25/2064 ~ | 1586 | 1597 |
|  JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
|  4.789% due 05/26/2036 ~ | 8116 | 5681 |
|  Landmark Mortgage Securities PLC | Landmark Mortgage Securities PLC | Landmark Mortgage Securities PLC |
|  4.711% due 04/17/2044 •  | 8533 | 11367 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 | 16100 | 15234 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.715% due 08/25/2034 ~ | 1601 | 1209 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.154% due 04/25/2035 ~ | 617 | 555 |
|  MFA Trust | MFA Trust | MFA Trust |
|  2.479% due 03/25/2065 ~ | 1743 | 1686 |
|  Morgan Stanley Mortgage Capital Holdings Trust | Morgan Stanley Mortgage Capital Holdings Trust | Morgan Stanley Mortgage Capital Holdings Trust |
|  3.397% due 09/13/2039 | 17400 | 16384 |

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---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.370% due 07/25/2035 ~ | 870 | 716 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  5.054% due 12/25/2035 •  | 442 | 440 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  3.000% due 03/25/2052 ~ | 12035 | 10241 |
|  6.864% due 10/25/2063 | 5934 | 5998 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  4.434% due 11/26/2036 •  | 13029 | 11306 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 12588 | 10712 |
|  6.113% due 03/25/2063 þ | 4372 | 4387 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.376% due 01/15/2036 •  | 17300 | 16828 |
|  PRET Trust | PRET Trust | PRET Trust |
|  3.900% due 10/25/2063 ~ | 2216 | 2139 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.834% due 02/25/2034 •  | 12 | 11 |
|  4.934% due 02/25/2035 •  | 224 | 224 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.634% due 05/25/2037 •  | 3694 | 3333 |
|  5.309% due 12/25/2035 ~ | 181 | 160 |
|  6.000% due 09/25/2036 | 367 | 291 |
|  6.500% due 09/25/2036 | 3334 | 1390 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.884% due 10/25/2035 •  | 796 | 462 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  6.000% due 06/25/2037 | 1057 | 839 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.576% due 05/15/2038 •  | 13680 | 13627 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.972% due 01/25/2035 ~ | 158 | 157 |
|  4.583% due 11/25/2035 ~ | 3804 | 2464 |
|  4.834% due 04/25/2047 •  | 592 | 488 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.932% due 07/19/2035 •  | 292 | 286 |
|  5.092% due 09/19/2032 •  | 2 | 2 |
|  SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust |
|  5.985% due 02/25/2037 ~ | 503 | 434 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.999% due 06/25/2047 •  | 1879 | 1664 |
|  6.049% due 03/25/2037 •  | 421 | 297 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.223% due 07/20/2053 •  | 7030 | 9672 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 12581 | 12089 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  2.500% due 12/25/2051 ~ | 12297 | 10003 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.338% due 04/25/2069 | 3258 | 3296 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  6.988% due 05/20/2036 ~ | 64 | 62 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.413% due 05/25/2037 ~ | 1566 | 1270 |
|  4.142% due 12/25/2036 ~ | 126 | 112 |
|  4.475% due 12/25/2036 ~ | 3121 | 2778 |
|  4.934% due 02/25/2045 •  | 3876 | 3863 |
|  4.967% due 07/25/2037 ~ | 1885 | 1717 |
|  5.014% due 10/25/2045 •  | 70 | 70 |
|  5.469% due 01/25/2046 •  | 324 | 309 |
|  Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC |
|  0.000% due 12/21/2049 (d) | 0 | 2157 |
|  5.189% due 12/21/2049 •  | 5519 | 7604 |
|  5.889% due 12/21/2049 •  | 2259 | 3121 |
|  6.389% due 12/21/2049 •  | 1179 | 1617 |
|  6.889% due 12/21/2049 •  | 674 | 920 |
|  7.389% due 12/21/2049 •  | 674 | 913 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 | 6000 | 4265 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $456,391) | Total Non-Agency Mortgage-Backed Securities (Cost $456,391) | 418476 |

---

14 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| ASSET-BACKED SECURITIES 9.1% | ASSET-BACKED SECURITIES 9.1% | ASSET-BACKED SECURITIES 9.1% |
| AUTOMOBILE SEQUENTIAL 0.4% | AUTOMOBILE SEQUENTIAL 0.4% | AUTOMOBILE SEQUENTIAL 0.4% |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  5.990% due 09/25/2026 | 2883 | 2893 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.750% due 10/15/2027 | 4238 | 4243 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  5.740% due 12/20/2026 | 6438 | 6468 |
|  First Help Financial Trust | First Help Financial Trust | First Help Financial Trust |
|  6.570% due 06/15/2028 | 415 | 419 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.350% due 06/21/2027 | 660 | 660 |
|  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 | 4697 |
|  |  | 19380 |
| CMBS OTHER 2.2% | CMBS OTHER 2.2% | CMBS OTHER 2.2% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  5.579% due 10/16/2036 •  | 6935 | 6920 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.754% due 01/15/2037 •  | 8656 | 8673 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.551% due 01/20/2037 •  | 7947 | 7937 |
|  6.556% due 06/17/2039 •  | 11117 | 11125 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  6.202% due 01/19/2039 •  | 4786 | 4798 |
|  HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. |
|  5.479% due 02/18/2038 •  | 2471 | 2472 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.768% due 02/17/2039 •  | 11522 | 11543 |
|  LFT CRE Ltd. | LFT CRE Ltd. | LFT CRE Ltd. |
|  5.596% due 06/15/2039 •  | 5221 | 5222 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.953% due 09/17/2037 •  | 10166 | 10205 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.509% due 10/16/2036 •  | 6769 | 6770 |
|  5.529% due 07/16/2036 •  | 3397 | 3400 |
|  5.668% due 02/19/2037 •  | 10923 | 10932 |
|  6.128% due 12/15/2035 •  | 2454 | 2458 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.693% due 10/25/2039 •  | 4056 | 4056 |
|  |  | 96511 |
| HOME EQUITY OTHER 3.8% | HOME EQUITY OTHER 3.8% | HOME EQUITY OTHER 3.8% |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.694% due 09/25/2036 •  | 650 | 647 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.674% due 12/25/2036 •  | 1795 | 937 |
|  4.734% due 07/25/2036 •  | 4613 | 1372 |
|  4.874% due 08/25/2036 •  | 9397 | 2119 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.139% due 11/25/2035 •  | 1235 | 1219 |
|  5.544% due 03/25/2035 •  | 5769 | 5726 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.734% due 07/25/2036 •  | 15163 | 4084 |
|  4.814% due 03/25/2036 •  | 4887 | 2694 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.734% due 11/25/2036 •  | 2641 | 2617 |
|  4.754% due 08/25/2036 •  | 390 | 378 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.276% due 10/25/2046 | 8125 | 6798 |
|  4.714% due 06/25/2047 •  | 5010 | 4507 |
|  4.894% due 05/25/2037 •  | 5045 | 4723 |
|  5.334% due 09/25/2036 •  | 1421 | 1330 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  4.554% due 11/25/2036 •  | 267 | 121 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.174% due 05/25/2040 •  | 47 | 47 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.494% due 01/25/2037 •  | 55 | 25 |
|  5.049% due 11/25/2035 •  | 9248 | 8507 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  6.500% due 10/25/2037 | 8846 | 4979 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  5.995% due 03/25/2046 ~ | 5543 | 1995 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.614% due 06/25/2036 •  | 2612 | 1440 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.664% due 04/25/2037 •  | 4452 | 4296 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  2.924% due 10/25/2035 •  | 1219 | 1200 |
|  5.019% due 05/25/2035 •  | 662 | 656 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.654% due 08/25/2036 •  | 1815 | 1363 |
|  4.914% due 08/25/2036 •  | 935 | 702 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.754% due 05/25/2036 •  | 33035 | 9665 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.914% due 03/25/2036 •  | 3210 | 1913 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.871% due 03/25/2037 | 3981 | 788 |
|  4.654% due 07/25/2037 •  | 2297 | 884 |
|  4.914% due 08/25/2037 •  | 2107 | 1032 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.614% due 05/25/2037 •  | 6308 | 5688 |
|  4.734% due 06/25/2036 •  | 3507 | 1744 |
|  4.734% due 07/25/2036 •  | 5662 | 2061 |
|  4.934% due 08/25/2036 •  | 9847 | 4910 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.319% due 05/25/2034 •  | 6869 | 6983 |
|  Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust |
|  5.154% due 03/25/2036 •  | 6757 | 6687 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.914% due 11/25/2036 •  | 2299 | 704 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.574% due 03/25/2037 •  | 3298 | 3018 |
|  4.654% due 05/25/2037 •  | 7051 | 4245 |
|  Option One Mortgage Loan Trust Asset-<br>Backed Certificates | Option One Mortgage Loan Trust Asset-<br>Backed Certificates | Option One Mortgage Loan Trust Asset-<br>Backed Certificates |
|  5.124% due 11/25/2035 •  | 6186 | 5969 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  4.654% due 09/25/2037 •  | 1753 | 770 |
|  4.739% due 05/25/2037 •  | 17548 | 14347 |
|  4.914% due 09/25/2037 •  | 8618 | 3784 |
|  Park Place Securities, Inc. Asset-Backed Pass-<br>Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-<br>Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-<br>Through Certificates |
|  5.559% due 03/25/2035 •  | 1251 | 1232 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.285% due 01/25/2037 þ | 12617 | 3844 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.034% due 02/25/2036 •  | 2089 | 2085 |
|  5.094% due 12/25/2035 •  | 1862 | 1624 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.694% due 05/25/2037 •  | 596 | 456 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.974% due 02/25/2036 •  | 1968 | 973 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.654% due 02/25/2037 •  | 7341 | 1961 |
|  5.334% due 10/25/2037 •  | 11439 | 8779 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.334% due 05/25/2037 •  | 2326 | 2282 |
|  Wachovia Mortgage Loan Trust | Wachovia Mortgage Loan Trust | Wachovia Mortgage Loan Trust |
|  5.124% due 10/25/2035 •  | 4293 | 3939 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.684% due 04/25/2037 •  | 4734 | 1735 |
|  4.734% due 01/25/2037 •  | 2405 | 1093 |
|  |  | 169677 |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.694% due 03/25/2037 •  | 437 | 432 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.774% due 10/25/2046 •  | 2172 | 2132 |
|  |  | 2564 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  7.250% due 05/25/2036 þ | 2298 | 1140 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.794% due 06/25/2036 •  | 185 | 197 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.734% due 11/25/2037 •  | 10923 | 6007 |
|  |  | 7344 |
| OTHER ABS 2.5% | OTHER ABS 2.5% | OTHER ABS 2.5% |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.712% due 04/22/2034 •  | 11500 | 11526 |
|  Avoca CLO DAC | Avoca CLO DAC | Avoca CLO DAC |
|  3.239% due 10/15/2034 •  | 5000 | 5883 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  0.000% due 04/22/2035 •(b) | 3350 | 3350 |
|  0.000% due 07/15/2035 •(b) | 10250 | 10258 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.634% due 04/22/2030 •  | 2596 | 2599 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.343% due 11/15/2033 •  | 6930 | 8184 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.418% due 04/15/2029 •  | 2513 | 2515 |
|  5.419% due 10/19/2029 •  | 4313 | 4316 |
|  Elmwood CLO Ltd. | Elmwood CLO Ltd. | Elmwood CLO Ltd. |
|  5.612% due 04/22/2035 •  | 10000 | 10000 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.419% due 10/20/2034 •  | 5700 | 5704 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  2.929% due 07/15/2031 •  | 2665 | 3135 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.586% due 04/15/2035 •  | 7000 | 7009 |
|  Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust |
|  5.610% due 07/15/2026 | 840 | 841 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  2.665% due 12/15/2031 •  | 6000 | 7049 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.502% due 02/20/2041 •  | 2418 | 2472 |
|  6.640% due 02/20/2041 | 2583 | 2675 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.419% due 10/20/2030 •  | 3247 | 3250 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  6.258% due 10/15/2031 | 3831 | 3857 |
|  8.050% due 03/15/2030 ~ | 1 | 2 |
|  T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust |
|  5.050% due 09/20/2029 | 9200 | 9275 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.578% due 07/15/2031 •  | 2437 | 2438 |
|  5.581% due 07/20/2030 •  | 4026 | 4019 |
|  |  | 110357 |
|  Total Asset-Backed Securities<br>(Cost $445,461) | Total Asset-Backed Securities<br>(Cost $445,461) | 405833 |
| SOVEREIGN ISSUES 7.9% | SOVEREIGN ISSUES 7.9% | SOVEREIGN ISSUES 7.9% |
|  Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond |
|  6.125% due 03/15/2034 | 9200 | 9132 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (d) | 102600 | 18215 |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  0.830% due 07/02/2031 | 14400 | 14671 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 6500 | 4979 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  1.300% due 05/15/2028 (e) | 18519 | 22145 |
|  Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond |
|  5.875% due 10/17/2031 | 6200 | 6919 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  2.000% due 12/20/2044 | 2040000 | 13414 |
|  2.200% due 03/20/2064 | 886000 | 4947 |
|  2.300% due 12/20/2054 | 1560000 | 9738 |
|  2.400% due 03/20/2045 | 1140000 | 7970 |
|  2.400% due 03/20/2055 | 1769400 | 11288 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

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------

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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)** |
|  Korea Development Bank | Korea Development Bank | Korea Development Bank |
|  5.051% due 10/23/2026 ~ | 1900 | 1912 |
|  Mexican Udibonos | Mexican Udibonos | Mexican Udibonos |
|  4.000% due 08/24/2034 (e) | 10201 | 506 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  6.000% due 05/07/2036 | 2700 | 2671 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  6.150% due 08/12/2032 | 22200 | 6482 |
|  6.950% due 08/12/2031 | 22241 | 6827 |
|  7.300% due 08/12/2033 | 59100 | 18205 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 3100 | 2348 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.800% due 12/02/2034 | 7500 | 5505 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | 28700 | 22184 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  5.125% due 09/18/2034 | 4600 | 4628 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.100% due 11/19/2036 | 3000 | 2979 |
|  8.500% due 01/31/2037 | 72600 | 3570 |
|  8.875% due 02/28/2035 | 216700 | 11430 |
|  10.500% due 12/21/2026 | 372500 | 21830 |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  3.624% due 05/26/2030 | 14000 | 15685 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  4.750% due 01/18/2028 | 9700 | 9782 |
|  4.750% due 01/16/2030 | 9200 | 9295 |
|  5.125% due 01/13/2028 | 3200 | 3254 |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  0.500% due 10/22/2061 | 1700 | 609 |

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| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.750% due 03/07/2027 | $| 45000 | 61700 |
|  4.375% due 07/31/2054 |  | 15295 | 18198 |
|  Total Sovereign Issues (Cost $348,443) | Total Sovereign Issues (Cost $348,443) | Total Sovereign Issues (Cost $348,443) | 353018 |
|  |  | **SHARES** |  |
| 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% |
|  Drillco Holding Lux SA «(g) | Drillco Holding Lux SA «(g) | 48286 | 990 |
|  Foresea Holdings SA « |  | 142284 | 2917 |
|  Total Common Stocks (Cost $3,811) | Total Common Stocks (Cost $3,811) | Total Common Stocks (Cost $3,811) | 3907 |
| PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  5.700% due 09/15/2025 •(f) | 5.700% due 09/15/2025 •(f) | 6600000 | 6596 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.900% due 03/15/2026 •(f) | 3.900% due 03/15/2026 •(f) | 3900000 | 3868 |
|  Total Preferred Securities (Cost $10,500) | Total Preferred Securities (Cost $10,500) | Total Preferred Securities (Cost $10,500) | 10464 |
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% |
| REPURCHASE AGREEMENTS (h) 0.5% | REPURCHASE AGREEMENTS (h) 0.5% | REPURCHASE AGREEMENTS (h) 0.5% | REPURCHASE AGREEMENTS (h) 0.5% |
|  |  |  | 24100 |
| 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) | NGN | 7295946 | 3847 |

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| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.334% due 07/17/2025 - 09/16/2025 (c)(d)(m) | 2298 | $— | 2282 |
| Total Short-Term Instruments<br>(Cost $30,010) | Total Short-Term Instruments<br>(Cost $30,010) |  | 30229 |
| Total Investments in Securities<br>(Cost $6,187,311) | Total Investments in Securities<br>(Cost $6,187,311) |  | 5867586 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 4.0% | INVESTMENTS IN AFFILIATES 4.0% | INVESTMENTS IN AFFILIATES 4.0% | INVESTMENTS IN AFFILIATES 4.0% |
| SHORT-TERM INSTRUMENTS 4.0% | SHORT-TERM INSTRUMENTS 4.0% | SHORT-TERM INSTRUMENTS 4.0% | SHORT-TERM INSTRUMENTS 4.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0% |
|  PIMCO Short Asset Portfolio | 16835686 |  | 164923 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1216717 |  | 11847 |
| Total Short-Term Instruments<br>(Cost $179,376) | Total Short-Term Instruments<br>(Cost $179,376) |  | 176770 |
| Total Investments in Affiliates<br>(Cost $179,376) | Total Investments in Affiliates<br>(Cost $179,376) |  | 176770 |
| Total Investments 135.9%<br>(Cost $6,366,687) | Total Investments 135.9%<br>(Cost $6,366,687) | $— | 6044356 |
|  Financial Derivative<br>Instruments (j)(l) (0.1)%<br> (Cost or Premiums, net $21,002) | Financial Derivative<br>Instruments (j)(l) (0.1)%<br> (Cost or Premiums, net $21,002) |  | (4260) |
| Other Assets and Liabilities, net (35.8)% | Other Assets and Liabilities, net (35.8)% |  | (1592539) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 4447557 |

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

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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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) RESTRICTED SECURITIES:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | **Maturity**<br> **Date** | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Credit Opportunities Partners LLC | 6.740% | 03/20/2030 | 02/20/2025 | $1800 | $1820 | 0.04% |
|  Drillco Holding Lux SA |  |  | 06/08/2023 | 966 | 990 | 0.02 |
|  National Football League | 5.480% | 10/05/2028 | 03/14/2024 | 2400 | 2442 | 0.05 |
|  Pantheon Senior Debt Secondaries | 6.317% | 03/26/2026 | 03/18/2025 | 1500 | 1500 | 0.03 |
|  Project Alpha Investindustrial | 4.256% | 02/27/2026 | 02/28/2025 | 980 | 1113 | 0.03 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865 | 0.17% |

---

16 PIMCO VARIABLE INSURANCE TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(h) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| SAL | 4.410% | 06/30/2025 | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24100 | U.S.Treasury Bills 0.000% due 10/07/2025 | $(24592) | $24100 | $24103 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24592) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24103 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOS | 4.300% | 06/23/2025 | 08/01/2025 | $(438) | $(438) |
|  DEU | 4.400 | 06/25/2025 | 07/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3038) | (3040) |
|  JPS | 4.250 | 06/23/2025 | 08/01/2025 | (340) | (341) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3819) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (2.0)% | U.S. Government Agencies (2.0)% | U.S. Government Agencies (2.0)% | U.S. Government Agencies (2.0)% | U.S. Government Agencies (2.0)% | U.S. Government Agencies (2.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 07/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60900 | $(47671) | $(48224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41400 | (40488) | (40578) |
|  Total Short Sales (2.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88159) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88802) |

---

#### 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 June 30, 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>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $0 | $(438) | $0 | $(438) | $461 | $23 |
|  DEU | 0 | (3040) | 0 | (3040) | 3049 | 9 |
|  JPS | 0 | (341) | 0 | (341) | 377 | 36 |
|  SAL | 24103 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(489) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3819) | $&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 |
|  Corporate Bonds & Notes | $0 | $0 | $(779) | $0 | $(779) |
|  U.S. Treasury Obligations | 0 | (3040) | 0 | 0 | (3040) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3040) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(779) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3819) |
|  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  | $(3819) |

---

(i) Securities with an aggregate market value of $3,887 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(8889) at a weighted average interest rate of 4.350%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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 August Futures | $110.750 | 07/25/2025 | 60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | (13) | (12) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 113.250 | 07/25/2025 | 60 | 60 | (15) | (18) |
|  Put - EUREX Euro-Bobl July 2025 Futures | EUR 117.250 | 07/25/2025 | 23 | 23 | (5) | (5) |
|  Call - EUREX Euro-Bobl July 2025 Futures | 118.500 | 07/25/2025 | 23 | 23 | (4) | (3) |
|  Put - EUREX Euro-Bund July 2025 Futures | 129.000 | 07/25/2025 | 15 | 15 | (7) | (6) |
|  Call - EUREX Euro-Bund July 2025 Futures | 132.500 | 07/25/2025 | 15 | 15 | (8) | (2) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) |

---

#### 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 August Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.500 | 07/25/2025 | 66 | $66 | $(22) | $(2) |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 109.000 | 07/25/2025 | 128 | 128 | (55) | (4) |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 109.500 | 07/25/2025 | 68 | 68 | (22) | (4) |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 110.250 | 07/25/2025 | 63 | 63 | (16) | (8) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.500 | 07/25/2025 | 196 | 196 | (75) | (104) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.750 | 07/25/2025 | 63 | 63 | (20) | (28) |
|  Call - CBOT U.S. Treasury 10-Year Note August Futures | 112.000 | 07/25/2025 | 66 | 66 | (22) | (50) |
|  |  |  |  |  | $(232) | $(200) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246) |

---

#### 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 |
|  Canada Government 10-Year Bond September Futures  | 09/2025 | 427 | $38255 | $331 | $85 | $0 |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 91 | 18930 | 73 | 5 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 4668 | 508812 | 5608 | 620 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 4866 | 545600 | 8703 | 1521 | 0 |
|  United Kingdom Long Gilt September Futures  | 09/2025 | 150 | 19155 | 463 | 20 | (66) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 September Futures  | 09/2025 | 1 | $(139) | $1 | $0 | $0 |
|  Euro-Bund September Futures  | 09/2025 | 157 | (24070) | 175 | 68 | (6) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 870 | (99411) | (1929) | 0 | (421) |
|  U.S. Treasury Long-Term Bond September Futures  | 09/2025 | 39 | (4503) | (198) | 0 | (39) |
|  |  |  |  | $(1951) | $68 | $(466) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532) |

---

#### 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>June 30, 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>June 30, 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 |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.238% | EUR | 10200 | $60 | $(13) | $47 | $1 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2027 | 0.473 | $— | 4400 | (195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | 56 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2029 | 0.685 |  | 600 | (11) | 19 | 8 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2030 | 0.742 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | 38 | 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.089 |  | 5300 | 36 | 12 | 48 | 0 | 0 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>June 30, 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>June 30, 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** |
|  General Electric Co. | 1.000% | Quarterly | 12/20/2026 | 0.107% | $600 | $7 | $1 | $8 | $0 | $0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.321 | 7000 | 44 | 4 | 48 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.416 | 6700 | (24) | 137 | 113 | 2 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.462 | 1700 | (4) | 35 | 31 | 1 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&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>(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 | $3500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&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 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | GBP | 16100 | $(439) | $239 | $(200) | $0 | $(1) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 | JPY | 9440000 | (1744) | 718 | (1026) | 110 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | $— | 47480 | 0 | (305) | (305) | 0 | (39) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 |  | 25600 | 0 | (276) | (276) | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 70530 | (1307) | 548 | (759) | 0 | (103) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 |  | 6100 | (12) | (91) | (103) | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 |  | 56100 | 803 | (346) | 457 | 0 | (93) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.585 | Annual | 10/31/2030 |  | 58120 | 0 | (67) | (67) | 0 | (107) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 |  | 27500 | 0 | (151) | (151) | 0 | (51) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 |  | 91500 | 0 | (630) | (630) | 0 | (169) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 |  | 3200 | 0 | (28) | (28) | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 |  | 7400 | 0 | (66) | (66) | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 |  | 6300 | 0 | (58) | (58) | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 |  | 9400 | 0 | (91) | (91) | 0 | (17) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 |  | 20676 | (28) | (288) | (316) | 0 | (54) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.717 | Annual | 08/15/2033 |  | 16930 | 0 | (12) | (12) | 0 | (53) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 02/15/2035 |  | 18700 | (54) | (321) | (375) | 0 | (73) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 3600 | (12) | (50) | (62) | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 4100 | (12) | (85) | (97) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 6900 | (20) | (117) | (137) | 0 | (27) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 580 | (2) | (7) | (9) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/02/2035 |  | 16100 | (115) | (81) | (196) | 0 | (63) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 |  | 69300 | 14010 | 12572 | 26582 | 0 | (381) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 112375 | 3182 | 5048 | 8230 | 0 | (854) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 12/17/2054 |  | 5500 | 0 | 165 | 165 | 0 | (44) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 17300 | 337 | 1006 | 1343 | 0 | (133) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.642 | Annual | 02/15/2055 |  | 3800 | 0 | 188 | 188 | 0 | (30) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 02/15/2055 |  | 1900 | 0 | 90 | 90 | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 02/15/2055 |  | 2100 | 0 | 43 | 43 | 0 | (17) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 |  | 31300 | 2919 | 737 | 3656 | 0 | (236) |
| Pay | 1-Year BRL-CDI | 11.496 | Maturity | 01/04/2027 | BRL | 54600 | 0 | (340) | (340) | 11 | 0 |
| Pay | 1-Year BRL-CDI | 11.548 | Maturity | 01/04/2027 |  | 218600 | 0 | (1320) | (1320) | 44 | 0 |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 |  | 16700 | 0 | (9) | (9) | 2 | 0 |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 162000 | 1 | (85) | (84) | 16 | 0 |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 |  | 10700 | 0 | (2) | (2) | 2 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 106900 | (1) | 165 | 164 | 157 | 0 |
| Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 9400 | 0 | 16 | 16 | 14 | 0 |
| Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 |  | 12900 | 0 | 16 | 16 | 12 | 0 |
| Pay | 3-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 03/19/2035 | AUD | 15500 | (17) | (39) | (56) | 0 | (24) |
| Receive | 3-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | EUR | 3700 | (8) | (22) | (30) | 4 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 |  | 2900 | (5) | (12) | (17) | 3 | 0 |
| Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 | NZD | 49600 | (636) | 962 | 326 | 0 | (13) |
| Pay | 3-Month NZD-BBR | 4.250 | Semi-Annual | 12/21/2027 |  | 3900 | 3 | 54 | 57 | 0 | (1) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | AUD | 26500 | (326) | 1032 | 706 | 0 | (30) |
| Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 |  | 100 | (1) | 2 | 1 | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 13900 | (396) | 756 | 360 | 0 | (18) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 24000 | 110 | 494 | 604 | 0 | (35) |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | EUR | 32000 | (174) | (837) | (1011) | 0 | (10) |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 27400 | (101) | (534) | (635) | 0 | (11) |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 10900 | (515) | 260 | (255) | 0 | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 | 6-Month EUR-EURIBOR | 2.050% | Annual | 10/05/2029 | EUR | 3600 | $0 | $4 | $4 | $5 | $0 |
| Receive | 6-Month EUR-EURIBOR | 2.056 | Annual | 10/05/2029 |  | 4000 | 0 | 3 | 3 | 6 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 |  | 2700 | (7) | 5 | (2) | 0 | (5) |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 1600 | (4) | (17) | (21) | 0 | (3) |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 21600 | (1061) | 234 | (827) | 0 | (44) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 22900 | 1678 | 1126 | 2804 | 86 | 0 |
| Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 | MXN | 64600 | 3 | 7 | 10 | 10 | 0 |
| Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | CAD | 46600 | (413) | (1216) | (1629) | 0 | (70) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 4800 | 17 | (60) | (43) | 0 | (8) |
| Receive | CAONREPO | 3.750 | Semi-Annual | 12/20/2033 |  | 12800 | (49) | (577) | (626) | 0 | (26) |
| Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 3400 | 0 | 32 | 32 | 0 | (7) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 25800 | 25 | (177) | (152) | 0 | (55) |
|  |  |  |  |  |  |  | $15629 | $18205 | $33834 | $482 | $(3019) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $15637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18886 | $34523 | $501 | $(3019) |

---

#### 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 June 30, 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>(7)</sup> | Variation Margin<br>Asset<sup>(7)</sup> | **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;2319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3020) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3798) |

---

(k) Securities with an aggregate market value of $77,030 and cash of $13,848 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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 $4 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. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin asset of $4 and liability of $(1) for closed swap agreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 07/2025 | 20 | $14 | $0 | $0 |
|  | 07/2025 | 14271 | 1981 | 0 | (15) |
|  | 07/2025 | $8132 | 12519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | 0 |
|  | 07/2025 | 2377 | 3949 | 31 | 0 |
|  | 08/2025 | 12519 | $8137 | 0 | (107) |
|  | 08/2025 | 44106 | 6157 | 0 | (28) |
|  | 08/2025 | 3949 | 2379 | 0 | (31) |
|  | 08/2025 | $14 | 20 | 0 | 0 |
|  BOA | 07/2025 | 1028 | $670 | 0 | (7) |
|  | 07/2025 | 120682 | 137221 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4936) |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | 24917252 | $1527 | $0 | $(9) |
|  | 07/2025 | 18684487 | 13706 | 0 | (114) |
|  | 07/2025 | $1163 | 1489 | 8 | 0 |
|  | 08/2025 | 10165 | $1421 | 0 | (5) |
|  | 08/2025 | 1486 | 1163 | 0 | (8) |
|  | 08/2025 | 746 | 23 | 0 | (3) |
|  | 08/2025 | $2988 | 21365 | 8 | 0 |
|  | 08/2025 | 1294 | 24553 | 8 | 0 |
|  BPS | 07/2025 | 5812 | $1065 | 0 | (5) |
|  | 07/2025 | 14242 | 10426 | 0 | (33) |
|  | 07/2025 | 101 | 117 | 0 | (3) |
|  | 07/2025 | 257449 | 16 | 0 | 0 |
|  | 07/2025 | 1250 | 124 | 0 | 0 |
|  | 07/2025 | 3650 | 380 | 0 | (6) |
|  | 07/2025 | 1818 | 55 | 0 | (1) |
|  | 07/2025 | 171627 | 5280 | 0 | (629) |
|  | 07/2025 | $1042 | 5812 | 27 | 0 |
|  | 07/2025 | 3361 | 54849017 | 21 | 0 |
|  | 07/2025 | 31 | 42558 | 0 | 0 |
|  | 07/2025 | 1110 | 36524 | 15 | 0 |
|  | 07/2025 | 550 | 16364 | 13 | 0 |
|  | 08/2025 | 26415 | $3698 | 0 | (6) |
|  | 08/2025 | 582 | 4 | 0 | 0 |
|  | 08/2025 | 175601 | 5387 | 0 | (717) |
|  | 08/2025 | $3010 | 21473 | 1 | 0 |
|  | 08/2025 | 689 | 59887 | 8 | 0 |
|  | 08/2025 | 878 | 16716 | 9 | 0 |
|  | 08/2025 | 5024 | 149261 | 164 | 0 |
|  | 10/2025 | 100 | $16 | 0 | (2) |
|  BRC | 07/2025 | 21567101 | 1321 | 0 | (9) |
|  | 07/2025 | 10817 | 3107 | 0 | (105) |
|  | 07/2025 | 40555 | 29 | 0 | 0 |
|  | 07/2025 | 307 | 30 | 0 | 0 |
|  | 07/2025 | 15550 | 379 | 0 | (3) |
|  | 07/2025 | $128989 | 94802 | 1141 | 0 |
|  | 07/2025 | 1541 | 5202 | 4 | 0 |
|  | 07/2025 | 1448 | 1977342 | 14 | 0 |
|  | 07/2025 | 192 | 721 | 8 | 0 |
|  | 07/2025 | 17157 | 707849 | 416 | 0 |
|  | 07/2025 | 306215 | $16933 | 0 | (337) |
|  | 08/2025 | 94802 | 129006 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1143) |
|  | 08/2025 | $13750 | 570361 | 149 | 0 |
|  | 08/2025 | 4676 | 137942 | 119 | 0 |
|  BSH | 07/2025 | 8275 | $1260 | 0 | (46) |
|  | 07/2025 | $4930 | 17828 | 102 | 0 |
|  | 08/2025 | 18554 | $5022 | 0 | (208) |
|  | 09/2025 | 27134 | 7383 | 0 | (258) |
|  | 09/2025 | $283 | 1027 | 6 | 0 |
|  | 12/2025 | 17465 | $4812 | 0 | (96) |
|  CBK | 07/2025 | 467 | 338 | 0 | (5) |
|  | 07/2025 | 2870307 | 2088 | 0 | (35) |
|  | 07/2025 | 17391 | 4758 | 0 | (150) |
|  | 07/2025 | 4775 | 503 | 0 | (2) |
|  | 07/2025 | 95121 | 2860 | 0 | (69) |
|  | 07/2025 | 274526 | 8438 | 0 | (1014) |
|  | 07/2025 | $1135 | 969 | 6 | 0 |
|  | 07/2025 | 1367 | 22261123 | 6 | 0 |
|  | 07/2025 | 3829 | 5243673 | 50 | 0 |
|  | 07/2025 | 312 | 1128 | 7 | 0 |
|  | 07/2025 | 200 | 6677 | 6 | 0 |
|  | 07/2025 | 5334 | 158380 | 118 | 0 |
|  | 08/2025 | 4543 | $632 | 0 | (5) |
|  | 08/2025 | 371677 | 11400 | 0 | (1521) |
|  | 08/2025 | $2090 | 15126 | 31 | 0 |
|  | 08/2025 | 10215 | 879546 | 30 | (5) |
|  | 09/2025 | 4185 | $218 | 0 | (3) |
|  | 09/2025 | 8401 | 2276 | 0 | (89) |
|  DUB | 07/2025 | 5253 | 1516 | 0 | (44) |
|  | 07/2025 | 163634 | 120 | 0 | (1) |
|  | 07/2025 | 153 | 119 | 0 | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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** |
|  | 07/2025 | $1050 | 1630 | $23 | $0 |
|  | 07/2025 | 978 | 6228 | 5 | 0 |
|  | 07/2025 | 137843 | 118820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121 | 0 |
|  | 07/2025 | 120 | 1946551 | 0 | 0 |
|  | 07/2025 | 847 | 25176 | 20 | 0 |
|  | 08/2025 | 6212 | $978 | 0 | (5) |
|  | 08/2025 | 118559 | 137843 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2119) |
|  | 08/2025 | $4747 | 408735 | 12 | 0 |
|  | 09/2025 | 21031 | $5747 | 0 | (177) |
|  FAR | 07/2025 | 13121 | 8466 | 0 | (170) |
|  | 07/2025 | 191593 | 33511 | 0 | (1753) |
|  | 07/2025 | 5453 | 6622 | 0 | (251) |
|  | 07/2025 | 7259 | 1010 | 0 | (5) |
|  | 07/2025 | 4824974 | 33633 | 128 | 0 |
|  | 07/2025 | 387 | 301 | 0 | (4) |
|  | 07/2025 | $35109 | 191593 | 155 | 0 |
|  | 07/2025 | 7017 | 5617 | 63 | 0 |
|  | 07/2025 | 1330 | 8464 | 6 | 0 |
|  | 07/2025 | 18930 | 2755494 | 204 | 0 |
|  | 07/2025 | 2234 | 8238 | 51 | 0 |
|  | 07/2025 | 935 | 1192 | 3 | 0 |
|  | 08/2025 | 5594 | $7017 | 0 | (63) |
|  | 08/2025 | 27880 | 3896 | 0 | (13) |
|  | 08/2025 | 8444 | 1330 | 0 | (6) |
|  | 08/2025 | 2745360 | 18930 | 0 | (205) |
|  | 08/2025 | 1373 | 1079 | 0 | (3) |
|  | 08/2025 | $1143 | 98829 | 8 | 0 |
|  | 09/2025 | 12655 | 246415 | 371 | 0 |
|  | 09/2025 | 0 | 1 | 0 | 0 |
|  GLM | 07/2025 | 176517 | $32011 | 0 | (478) |
|  | 07/2025 | 1259722 | 77 | 0 | 0 |
|  | 07/2025 | 35042 | 1077 | 0 | (129) |
|  | 07/2025 | $32346 | 176517 | 143 | 0 |
|  | 07/2025 | 323 | 5270292 | 2 | 0 |
|  | 07/2025 | 363 | 463 | 1 | 0 |
|  | 07/2025 | 1081 | 19554 | 21 | 0 |
|  | 07/2025 | 1066 | $59 | 0 | (1) |
|  | 08/2025 | 462 | 363 | 0 | (1) |
|  | 09/2025 | $32011 | 179246 | 476 | 0 |
|  | 10/2025 | 88600 | $14587 | 0 | (1349) |
|  IND | 07/2025 | $892 | 8436 | 0 | 0 |
|  | 08/2025 | 8418 | $892 | 0 | 0 |
|  JPM | 07/2025 | 361966 | 66329 | 0 | (293) |
|  | 07/2025 | 172 | 210 | 0 | (7) |
|  | 07/2025 | 13754 | 1906 | 0 | (18) |
|  | 07/2025 | 6412 | 971 | 0 | (41) |
|  | 07/2025 | 3949 | 2355 | 0 | (52) |
|  | 07/2025 | 10265 | 7991 | 0 | (82) |
|  | 07/2025 | 173541 | 5335 | 0 | (640) |
|  | 07/2025 | $61814 | 361966 | 4808 | 0 |
|  | 07/2025 | 2094 | 2852220 | 16 | 0 |
|  | 07/2025 | 6082 | 22601 | 187 | 0 |
|  | 07/2025 | 762 | 975 | 5 | 0 |
|  | 07/2025 | 565 | 16772 | 13 | 0 |
|  | 07/2025 | 108819 | $6089 | 0 | (48) |
|  | 08/2025 | 41320 | 5763 | 0 | (31) |
|  | 08/2025 | 973 | 762 | 0 | (5) |
|  | 08/2025 | 178443 | 5472 | 0 | (732) |
|  | 08/2025 | $3000 | 21444 | 7 | 0 |
|  | 08/2025 | 1138 | 968 | 5 | 0 |
|  | 08/2025 | 770 | 66793 | 7 | 0 |
|  | 08/2025 | 1400 | 41286 | 35 | 0 |
|  MBC | 07/2025 | 72888 | $53069 | 0 | (457) |
|  | 07/2025 | 6594 | 915 | 0 | (7) |
|  | 07/2025 | 220381 | 1534 | 4 | 0 |
|  | 07/2025 | 24659 | 19222 | 0 | (172) |
|  | 07/2025 | 47749 | 1443 | 0 | (28) |
|  | 07/2025 | 102540 | 3146 | 0 | (384) |
|  | 07/2025 | $69450 | 95466 | 655 | 0 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | $2153 | 1861 | $39 | $0 |
|  | 07/2025 | 340 | 5522874 | 1 | 0 |
|  | 07/2025 | 1479 | 5537 | 57 | 0 |
|  | 07/2025 | 20094 | 25986 | 343 | 0 |
|  | 07/2025 | 720 | 23666 | 9 | 0 |
|  | 07/2025 | 2014 | 63746 | 181 | 0 |
|  | 08/2025 | 95307 | $69450 | 0 | (657) |
|  | 08/2025 | 19641 | 2732 | 0 | (23) |
|  | 08/2025 | 3095 | 22 | 0 | 0 |
|  | 08/2025 | 25926 | 20094 | 0 | (347) |
|  | 08/2025 | 141905 | 4372 | 0 | (561) |
|  | 08/2025 | $2792 | 19982 | 10 | 0 |
|  MYI | 07/2025 | 7834 | $5750 | 1 | (3) |
|  | 07/2025 | 108995 | 754 | 0 | (2) |
|  | 07/2025 | $6357 | 926613 | 77 | 0 |
|  | 07/2025 | 401 | 4042 | 0 | 0 |
|  | 07/2025 | 12 | 43 | 0 | 0 |
|  | 08/2025 | 28417 | $3969 | 0 | (16) |
|  | 08/2025 | 923206 | 6357 | 0 | (77) |
|  | 08/2025 | 4041 | 401 | 0 | 0 |
|  | 10/2025 | 13900 | 2286 | 0 | (214) |
|  NGF | 07/2025 | $3870 | 63078832 | 20 | 0 |
|  | 08/2025 | 1195 | 49902 | 14 | 0 |
|  RYL | 08/2025 | 2643 | 18904 | 7 | 0 |
|  SCX | 07/2025 | 21774942 | $1334 | 0 | (7) |
|  | 07/2025 | 80 | 23 | 0 | (1) |
|  | 07/2025 | $1533 | 1127 | 14 | 0 |
|  | 07/2025 | 1504 | 24510464 | 7 | 0 |
|  | 07/2025 | 71 | 10323 | 0 | 0 |
|  | 07/2025 | 4013 | 5176 | 58 | 0 |
|  | 07/2025 | 440 | 14502 | 7 | 0 |
|  | 07/2025 | 16464 | 484549 | 219 | 0 |
|  | 08/2025 | 48959 | $6854 | 0 | (12) |
|  | 08/2025 | 10285 | 71 | 0 | 0 |
|  | 08/2025 | 5164 | 4013 | 0 | (59) |
|  | 08/2025 | 57785 | 1771 | 0 | (238) |
|  | 08/2025 | $1779 | 12969 | 40 | 0 |
|  | 08/2025 | 1982 | 170184 | 0 | (1) |
|  SOG | 07/2025 | 273 | $315 | 0 | (8) |
|  | 07/2025 | $10595 | 1529349 | 25 | 0 |
|  | 07/2025 | 42 | 421 | 0 | 0 |
|  | 08/2025 | 1523737 | $10595 | 0 | (26) |
|  | 08/2025 | 421 | 42 | 0 | 0 |
|  | 08/2025 | $5 | 399 | 0 | 0 |
|  SSB | 07/2025 | 15 | $11 | 0 | 0 |
|  | 07/2025 | 94802 | 128364 | 0 | (1766) |
|  | 08/2025 | $11 | 15 | 0 | 0 |
|  UAG | 07/2025 | 21678024 | $1336 | 0 | (1) |
|  | 07/2025 | 795 | 222 | 0 | (14) |
|  | 07/2025 | 71117 | 491 | 0 | (3) |
|  | 07/2025 | 1959701 | 1445 | 0 | (4) |
|  | 07/2025 | 2905 | 286 | 0 | (2) |
|  | 07/2025 | 7604 | 229 | 0 | (5) |
|  | 07/2025 | $1336 | 21672373 | 0 | (1) |
|  | 07/2025 | 1445 | 1958753 | 4 | 0 |
|  | 08/2025 | 3280 | 23566 | 25 | 0 |
|  | 09/2025 | 294 | $15 | 0 | 0 |
|  | 12/2025 | $2137 | 41355 | 27 | 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;13373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25592) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 23

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) |

---

#### 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 |
| BPS | Put - OTC EUR versus USD |  | $1.110 | 11/26/2025 | 4283 | $18 | $12 |
| BRC | Call - OTC USD versus SEK | SE | 10.200 | 11/26/2025 | 9136 | 57 | 48 |
| GLM | Put - OTC EUR versus USD |  | $1.100 | 12/17/2025 | 1042 | 119 | 77 |
| MBC | Put - OTC EUR versus USD |  | 1.098 | 12/23/2025 | 1212 | 141 | 85 |
| MYI | Put - OTC EUR versus USD |  | 1.110 | 11/24/2025 | 24426 | 114 | 69 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |

---

#### 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 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.360% | 07/14/2025 | 126200 | $126 | $3 |
| CBK Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.500 | 07/21/2025 | 249700 | 212 | 35 |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.650 | 08/04/2025 | 203100 | 254 | 119 |
| JPM Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.650 | 08/12/2025 | 17400 | 15 | 14 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.700 | 08/13/2025 | 59800 | 60 | 59 |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.450 | 07/17/2025 | 222500 | 211 | 18 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.650 | 08/04/2025 | 122500 | 150 | 71 |
| NGF Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600 | 08/05/2025 | 155600 | 213 | 78 |
|  |  |  |  |  |  | $1241 | $397 |
|  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;1690 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850% | 07/16/2025 | 7300 | $(10) | $(1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 14500 | (17) | (1) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 6900 | (7) | 0 |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 07/16/2025 | 7500 | (9) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 6700 | (8) | 0 |
|  |  |  |  |  |  | $(51) | $(3) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.770% | 07/09/2025 | 3200 | $(10) | $(29) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.120 | 07/09/2025 | 3200 | (10) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.519 | 07/14/2025 | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.637 | 07/18/2025 | 3500 | (11) | (18) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.037 | 07/18/2025 | 3500 | (11) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.700 | 07/21/2025 | 3200 | (10) | (25) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.050 | 07/21/2025 | 3200 | (10) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.555 | 07/24/2025 | 3200 | (10) | (12) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.905 | 07/24/2025 | 3200 | (10) | (6) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.489 | 07/21/2025 | 29700 | (212) | (57) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.605 | 07/23/2025 | 3300 | (12) | (16) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.955 | 07/23/2025 | 3300 | (11) | (4) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.564 | 07/24/2025 | 3100 | (10) | (12) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.914 | 07/24/2025 | 3100 | (9) | (5) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.380 | 07/03/2025 | 1400 | (4) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.640 | 07/03/2025 | 1400 | (4) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.460 | 07/16/2025 | 2000 | (6) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.720 | 07/16/2025 | 2000 | (6) | (3) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.750 | 07/03/2025 | 4100 | (15) | (28) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.100 | 07/03/2025 | 4100 | (15) | 0 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

June 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.790% | 07/09/2025 | 4000 | $(13) | $(42) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.140 | 07/09/2025 | 4000 | (13) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.700 | 08/04/2025 | 24200 | (254) | (238) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.680 | 07/07/2025 | 1700 | (6) | (6) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.775 | 07/07/2025 | 3400 | (10) | (30) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.030 | 07/07/2025 | 1700 | (6) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.125 | 07/07/2025 | 3400 | (10) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.653 | 07/14/2025 | 4200 | (13) | (18) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.053 | 07/14/2025 | 4200 | (13) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 07/17/2025 | 3300 | (10) | (23) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 07/17/2025 | 3300 | (10) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.583 | 07/23/2025 | 1700 | (6) | (7) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.933 | 07/23/2025 | 1700 | (6) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.525 | 07/28/2025 | 3100 | (10) | (10) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.875 | 07/28/2025 | 3100 | (10) | (8) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.555 | 07/30/2025 | 3000 | (9) | (12) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.905 | 07/30/2025 | 3000 | (9) | (7) |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.772 | 07/10/2025 | 3300 | (11) | (31) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.122 | 07/10/2025 | 3300 | (11) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.739 | 08/12/2025 | 2000 | (15) | (26) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 08/13/2025 | 7000 | (60) | (97) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 07/02/2025 | 3600 | (13) | (15) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 07/02/2025 | 3600 | (13) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.725 | 07/03/2025 | 3200 | (12) | (17) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.075 | 07/03/2025 | 3200 | (12) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.669 | 07/07/2025 | 3200 | (12) | (11) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.019 | 07/07/2025 | 3200 | (12) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.664 | 07/14/2025 | 4600 | (14) | (22) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.064 | 07/14/2025 | 4600 | (14) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.697 | 07/16/2025 | 3100 | (9) | (21) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.097 | 07/16/2025 | 3100 | (9) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.515 | 07/17/2025 | 26500 | (212) | (51) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.708 | 08/04/2025 | 14600 | (150) | (149) |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.545 | 07/28/2025 | 4200 | (14) | (16) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.895 | 07/28/2025 | 4200 | (14) | (9) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.628 | 08/05/2025 | 18500 | (212) | (134) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1739) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1247) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| SAL | Put - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 07/01/2055 | $92.469 | 07/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | $(16) | $0 |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 07/01/2055 | 96.469 | 07/07/2025 | 2900 | (13) | (1) |
|  |  |  |  |  | $(29) | $(1) |
| Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1819) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1251) |

---

#### 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>June 30, 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>June 30, 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 Bond | 1.000% | Quarterly | 12/20/2026 | 0.750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(708) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | $0 |
| BPS | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.163 | 2500 | (120) | 113 | 0 | (7) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.337 | 500 | (45) | 41 | 0 | (4) |
| BRC | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.050 | 4900 | (225) | 223 | 0 | (2) |
| CBK | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.050 | 3000 | (148) | 147 | 0 | (1) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.163 | 700 | (25) | 23 | 0 | (2) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.750 | 3500 | (169) | 183 | 14 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | 3441 | 0 | 19 | 19 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | 1682 | 0 | 10 | 10 | 0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.750 | 5200 | (236) | 256 | 20 | 0 |
| GST | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.163 | 3600 | (135) | 125 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>June 30, 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>June 30, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Colombia Government International Bond | 1.000% | Quarterly | 12/20/2027 | 1.337% | $1600 | $(143) | $131 | $0 | $(12) |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.490 | 2500 | (21) | 10 | 0 | (11) |
| JPM | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.163 | 500 | (19) | 18 | 0 | (1) |
| MYC | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.750 | 17500 | (837) | 905 | 68 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2831) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |

---

#### 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 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | EUR 14,372 | $2776 | $344 | $3120 | $0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 11715 | 2342 | 201 | 2543 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 17030 | 3491 | 205 | 3696 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8609 | $750 | $9359 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $5778 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |

---

#### 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 June 30, 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 | $138 | $0 | $0 | $138 | $(181) | $0 | $0 | $(181) | $(43) | $0 | $(43) |
|  BOA | 24 | 3 | 56 | 83 | (5082) | (112) | 0 | (5194) | (5111) | 4521 | (590) |
|  BPS | 258 | 12 | 3120 | 3390 | (1402) | 0 | (11) | (1413) | 1977 | (1809) | 168 |
|  BRC | 1851 | 48 | 0 | 1899 | (1597) | 0 | (2) | (1599) | 300 | (280) | 20 |
|  BSH | 108 | 0 | 0 | 108 | (608) | 0 | 0 | (608) | (500) | 262 | (238) |
|  CBK | 254 | 35 | 14 | 303 | (2898) | (101) | (3) | (3002) | (2699) | 2905 | 206 |
|  DUB | 2181 | 0 | 49 | 2230 | (2348) | 0 | 0 | (2348) | (118) | 208 | 90 |
|  FAR | 989 | 119 | 0 | 1108 | (2473) | (308) | 0 | (2781) | (1673) | 1392 | (281) |
|  GLM | 643 | 77 | 0 | 720 | (1958) | (125) | 0 | (2083) | (1363) | 1269 | (94) |
|  GST | 0 | 0 | 2543 | 2543 | 0 | (2) | (33) | (35) | 2508 | (2520) | (12) |
|  JPM | 5083 | 73 | 3696 | 8852 | (1949) | (154) | (1) | (2104) | 6748 | (6121) | 627 |
|  MBC | 1299 | 85 | 0 | 1384 | (2636) | 0 | 0 | (2636) | (1252) | 943 | (309) |
|  MYC | 0 | 89 | 68 | 157 | 0 | (288) | 0 | (288) | (131) | (30) | (161) |
|  MYI | 78 | 69 | 0 | 147 | (312) | 0 | 0 | (312) | (165) | (60) | (225) |
|  NGF | 34 | 78 | 0 | 112 | 0 | (159) | 0 | (159) | (47) | 0 | (47) |
|  RBC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  RYL | 7 | 0 | 0 | 7 | 0 | 0 | 0 | 0 | 7 | 0 | 7 |
|  SAL | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  SCX | 345 | 0 | 0 | 345 | (318) | 0 | 0 | (318) | 27 | 0 | 27 |
|  SOG | 25 | 0 | 0 | 25 | (34) | 0 | 0 | (34) | (9) | 0 | (9) |
|  SSB | 0 | 0 | 0 | 0 | (1766) | 0 | 0 | (1766) | (1766) | 1870 | 104 |
|  UAG | 56 | 0 | 0 | 56 | (30) | 0 | 0 | (30) | 26 | 0 | 26 |
|  Total Over the Counter | $13373 | $688 | $9546 | $23607 | $(25592) | $(1251) | $(50) | $(26893) |  |  |  |

---

(m) Securities with an aggregate market value of $13,370 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 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. 

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

June 30, 2025 (Unaudited)

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 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; Futures  | $0 | $0 | $0 | $0 | $2319 | $2319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 19 | 0 | 0 | 486 | 505 |
|  | $0 | $19 | $0 | $0 | $2805 | $2824 |
|  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 | $13373 | $0 | $13373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 291 | 397 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9546 | 0 | 0 | 0 | 9546 |
|  | $0 | $9546 | $0 | $13664 | $397 | $23607 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26431 |
|  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 | $246 | $246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 532 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 3020 | 3020 |
|  | $0 | $0 | $0 | $0 | $3798 | $3798 |
|  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 | $25592 | $0 | $25592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 3 | 0 | 0 | 1248 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 50 | 0 | 0 | 0 | 50 |
|  | $0 | $53 | $0 | $25592 | $1248 | $26893 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $53 | $0 | $25592 | $5046 | $30691 |

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The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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 | $955 | $955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 8071 | 8071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 859 | 0 | 0 | 6295 | 7154 |
|  | $0 | $859 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15321 | $16180 |
|  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 | $(15759) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15759) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 137 | (1256) | (1119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 98 | 0 | 0 | 3561 | 3659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1260 | 0 | 0 | 0 | 1260 |
|  | $0 | $1358 | $0 | $(15622) | $2305 | $(11959) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15622) | $17626 | $4221 |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 27

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| | | | | |
|:---|:---|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Portfolio | (Cont.) | June 30, 2025 | (Unaudited) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $70 | $70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 17972 | 17972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (374) | 0 | 0 | (7179) | (7553) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10489 |
|  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;(22064) | $0 | $(22064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (354) | (329) | (683) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 48 | 0 | 0 | 392 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 813 | 0 | 0 | 0 | 813 |
|  | $0 | $861 | $0 | $(22418) | $63 | $(21494) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $487 | $0 | $(22418) | $10926 | $(11005) |

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#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 | $1069 | $26262 | $27331 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 941412 | 1976 | 943388 |
| &nbsp;&nbsp; Industrials | 3600 | 498291 | 2442 | 504333 |
| &nbsp;&nbsp; Utilities | 0 | 240685 | 0 | 240685 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Illinois | 0 | 6407 | 0 | 6407 |
| &nbsp;&nbsp; Louisiana | 0 | 7061 | 0 | 7061 |
| &nbsp;&nbsp; Texas | 0 | 8440 | 0 | 8440 |
| &nbsp;&nbsp; West Virginia | 0 | 6321 | 0 | 6321 |
|  U.S. Government Agencies | 0 | 2129920 | 0 | 2129920 |
|  U.S. Treasury Obligations | 0 | 771773 | 0 | 771773 |
|  Non-Agency Mortgage-Backed Securities | 0 | 418476 | 0 | 418476 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 19380 | 0 | 19380 |
| &nbsp;&nbsp; CMBS Other | 0 | 96511 | 0 | 96511 |
| &nbsp;&nbsp; Home Equity Other | 0 | 169677 | 0 | 169677 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 2564 | 0 | 2564 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 7344 | 0 | 7344 |
| &nbsp;&nbsp; Other ABS | 0 | 110357 | 0 | 110357 |
|  Sovereign Issues | 0 | 353018 | 0 | 353018 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907 | 3907 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 10464 | 0 | 10464 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 24100 | 0 | 24100 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 3847 | 0 | 3847 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2282 | 0 | 2282 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5829399 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867586 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  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 | $176770 | $0 | $0 | $176770 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180370 | $5829399 | $34587 | $6044356 |
|  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 | $(88802) | $0 | $(88802) |
|  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 | 174 | 2646 | 0 | 2820 |
|  Over the counter | 0 | 23578 | 29 | 23607 |
|  | $174 | $26224 | $29 | $26427 |
|  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 | (88) | (3709) | 0 | (3797) |
|  Over the counter | 0 | (26893) | 0 | (26893) |
|  | $(88) | $(30602) | $0 | $(30690) |
|  Total Financial Derivative Instruments | $86 | $(4378) | $29 | $(4263) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5736219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951291 |

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There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

Notes to Financial Statements June 30, 2025 (Unaudited)

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 new 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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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.

(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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June 30, 2025 (Unaudited)

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, 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 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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

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

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

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

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Notes to Financial Statements (Cont.)

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 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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| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

(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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

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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.

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 June 30, 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>06/30/2025 | 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;3985 | $&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;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164923 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

#### 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>06/30/2025 | 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;326552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346800) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 | $&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 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.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

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Notes to Financial Statements (Cont.)

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.

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 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. 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.

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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 June 30, 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. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC 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) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation

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(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 to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program.

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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 June 30, 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

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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.

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

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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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the

agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change 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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| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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, or 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 factors affecting securities markets generally or particular industries.

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.

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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives 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 markets, differing 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **43** |

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Notes to Financial Statements (Cont.)

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 event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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

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

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

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June 30, 2025 (Unaudited)

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. 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

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Notes to Financial Statements (Cont.)

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% | 0.25% | 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

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| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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June 30, 2025 (Unaudited)

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; (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 June 30, 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. The recoverable amounts to PIMCO as of June 30, 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;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

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

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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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Notes to Financial Statements (Cont.)

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 June 30, 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;14730674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14791872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230577 |

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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>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO Total Return Portfolio | PIMCO Total Return Portfolio | PIMCO Total Return Portfolio | PIMCO Total Return Portfolio |
|  | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | **Six Months Ended<br>06/30/2025**<br> (Unaudited) | 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 | 4006 | $36479 | 12639 | $116795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 18658 | 170231 | 40147 | 365894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 7450 | 68343 | 18432 | 167844 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 740 | 6807 | 1362 | 12410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 4788 | 44041 | 10118 | 92245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 4122 | 37914 | 8449 | 77038 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2771) | (25371) | (16059) | (144732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (32643) | (298014) | (63143) | (576108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (18471) | (169178) | (24288) | (222104) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (14121) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128748) | (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 June 30, 2025, two persons owned of record or beneficially 10% or more of the Portfolio's total outstanding shares, comprising 28% of the Portfolio. One of the shareholders is a related party of the Portfolio and comprises 10% 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

---

| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

June 30, 2025 (Unaudited)

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 June 30, 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.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund 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 its last fiscal year ended December 31, 2024, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Short-Term | Long-Term |
| $371939 | $152713 |

---

---

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

---

As of June 30, 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>(1)</sup>** |
| $6299530 | $142759 | $(442517) | $(299758) |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **49** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | RBC | Royal Bank of Canada |
| BOS | BofA Securities, Inc. | 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 | JPS | J.P. Morgan Securities LLC | SOG | Societe Generale Paris |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | SSB | State Street Bank and Trust Co. |
| DEU | Deutsche Bank Securities, Inc. | MYC | Morgan Stanley Capital Services LLC | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC |  |  |
|  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 |
| CBOT | Chicago Board of Trade |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| Bobl | Bundesobligation, the German word for federal government bond | H15T1Y | 1 Year US Treasury Yield Curve Constant Maturity Rate | TSFR1M | Term SOFR 1-Month |
| CAONREPO | Canadian Overnight Repo Rate Average | MUTKCALM | Tokyo Overnight Average Rate | TSFR3M | Term SOFR 3-Month |
| CDX.IG | Credit Derivatives Index - Investment Grade | SOFR | Secured Overnight Financing Rate | 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 | CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | TBA | To-Be-Announced |
| BBR | Bank Bill Rate | DAC | Designated Activity Company | TBD | To-Be-Determined |
| BBSW | Bank Bill Swap Reference Rate | EURIBOR | Euro Interbank Offered Rate | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BRL-CDI | Brazil Interbank Deposit Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |

---

---

| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

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 June 30, 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

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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) |
|  January 2025 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  February 2025 | $0.0295 | $0.0000 | $0.0000 | $0.0295 |
|  March 2025 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  April 2025 | $0.0330 | $0.0000 | $0.0000 | $0.0330 |
|  May 2025 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
|  June 2025 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
| 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) |
|  January 2025 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  February 2025 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |
|  March 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  April 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  May 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  June 2025 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
| 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) |
|  January 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  February 2025 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  March 2025 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  April 2025 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  May 2025 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
|  June 2025 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **51** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **53** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

---

------

#### 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.

------

#### pimco.com/pvit
![LOGO](g78982g06y60.jpg)

PVITTOTRETFSTMSAR_063025

------

**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 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 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 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 as part of the 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.

**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 to the Registrant.

(b) Not applicable to the Registrant.

**Item 19.** **Exhibits.** <br>

(a)(1) Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2) Not applicable to the Registrant.

(a)(3) [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d43371dex99a3.htm)

(a)(4) Not applicable to the Registrant.

(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.](d43371dex99b.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: | August 26, 2025 |

---

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: | August 26, 2025 |
| By: | /s/ Bijal Y. Parikh |
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: | August 26, 2025 |

---

## Ex-99.(A)(3)

**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;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Variable Insurance
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | August 26, 2025 |
| <br> Signature:  | <br>/s/ Joshua D. Ratner |
| <br> Title: | <br>President (Principal Executive Officer) |

---

------

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Bijal Y. Parikh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Variable Insurance
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | August 26, 2025 |
| <br> Signature:  | <br>/s/ Bijal Y. Parikh |
| <br> Title: | <br>Treasurer (Principal Financial & Accounting Officer) |

---

## Ex-99.(B)

**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 | By: | /s/ Bijal Y. Parikh |
| <br> Name: | <br>Joshua D. Ratner | <br> Name: | <br>Bijal Y. Parikh |
| <br> Title: | <br>President (Principal Executive Officer) | <br> Title: | <br>Treasurer (Principal Financial & Accounting Officer) |
| <br> Date: | <br>August 26, 2025 | <br> Date: | <br>August 26, 2025 |

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**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.